WPI witnessed a growth of 3.18 percent in April and 2.26 percent in May 2017
RBI revised CPI inflation estimated for 2018-19 and projected it at 4.8-4.9 percent in April-September
"This (bringing petrol and diesel under GST) is not a correct decision. It would hurt the federal spirit of our country. If these products are brought under GST, state finances will be further reduced," he said.
The International Air Transport Association (IATA) expects the airlines to achieve a collective net profit of USD 33.8 billion, at a net margin of 4.1 per cent, in 2018 compared to a record USD 38 billion last year.
This is the second reduction in rates coming after a 16 day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.
The oil companies Wednesday morning announced a reduction in petrol price by 60 paise to Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi. This was rectified to 1 paisa a litre.
As a part of the online campaign, titled "Tweet Morcha", the opposition would mobilise people to post tweets to Prime Minister Narendra Modi and Chief Minister Devendra Fadnavis over the issue and suggest ways to reduce the fuel prices, Mumbai Congress chief Sanjay Nirupam told PTI today.
Petrol and diesel prices were on Wednesday cut by one paisa per litre each, the first reduction after 16 days of relentless price hikes.
In New Delhi, a cut of less than 1 percentage point means that petrol will cost 77.83 rupees/litre on Wednesday, while diesel will be sold at 68.75 rupees/litre.
In a series of tweets, the former finance minister said the bonanza to central government is Rs 25 on every litre of petrol and this money rightfully belongs to the average consumer.
Here’s a quick look at what the hiked fuel prices are across major cities in India
A draft proposal circulated by the U.S. Transportation Department would freeze requirements at 2020 levels through 2026, but the administration is not expected to formally unveil the proposal until later this month or in June.
Later, standing on a bullock cart, he addressed a gathering where he alleged that the BJP-led government wanted to take money from the common man to give it to its "rich friends" and asked it to tell the people why they were not reducing the price of petrol in the country.
"The BJP Government collected Rs 10 lakh crore in taxes on Petrol/LPG/Diesel since 2014. Yet, NO relief in prices for our citizens. This video shows the truth about fuel prices under PM Modi," Gandhi said on Twitter using the hashtag 'BJPReducePetrolPrices'.
Diesel prices touched an all-time high today with a litre of diesel costing Rs 65.27 in Delhi and Rs 69.50 in Mumbai
Retail inflation, measured by Consumer Price Index (CPI), is the main price gauge that the Reserve Bank of India (RBI) tracks
The government had earlier set a target of 1 billion tonnes of coal output by FY2019-20 for Coal India (CIL).
With the rail network at its best carrying 320 rakes of fuel from coal pitheads to power plants every day, the road network can help boost supplies to power producers as a short-term measure.
The move will help airlines in bringing down their operational costs of which fuel expenses is a major component.
Speaking during a discussion of Budgetary demands of his department in the Legislative Assembly, Finance Minister Nitin Patel also indicated that the Value Added Tax (VAT) on fuel is not likely to be reduced.
Cooking gas or liquefied petroleum gas (LPG) sales increased 7.9 percent to 1.95 million tonnes, while naphtha sales fell 10.7 percent to 0.96 million tonnes.
Prime Minister Narendra Modi, who faces elections in key states later this year, and a nationwide election in early 2019, has faced pressure over a rise in retail prices of petrol and diesel to a record level.
Fuel prices are now dynamic and unregulated which means prices change on a daily basis based on the crude oil rates and the demand and supply mechanism.
Consumption of fuel, a proxy for oil demand, totalled 17.39 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Consumption of fuel, a proxy for oil demand, totalled 17.41 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.