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Wednesday,30-November-2022
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After 2 days of fall, fuel price revision on a pause

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Petrol

Oil marketing companies on Friday went on pause mode and decided against revising petrol and diesel after cutting its retail rates in the previous two days.

Accordingly, the pump price of petrol and diesel remained at previous days level of Rs 90.78 and Rs 81.10 a litre respectively in the national capital.

Petrol and diesel prices fell by 39 paise and 37 paise per litre respectively in two consecutive days of revision on Wednesday and Thursday in wake global softening of oil prices. OMCs have decide to pause price revision as crude has again gained and climbed up to close to $63 a barrel from a lower $ 60 a barrel earlier.

Across the country as well the petrol and diesel prices remained static on Friday but its retail levels varied depending on the level of local levies in respective states.

In Mumbai, petrol continues to be priced at Rs 97.19 a litre and diesel at Rs 88.20 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several other cities across the country.

The OMCs went on a price cut for the first time this year on Wednesday after keeping oil prices steady for the past 24 days.

Petrol and diesel prices were last revised upwards on February 27 and ever since then retail prices remained unchanged even though during the period crude jumped to over $70 a barrel only to start falling after touching close to $ 60 a barrel and is now slightly up at $ 63.5 a barrel. It was cut for the first time this year on March 24 and 25 before revision being put on hold again.

Sources said that oil companies took time to revise petrol and diesel prices downwards earlier as they were covering up for losses incurred on its sale when crude was high and retail prices remained static. Some indications suggest that there was a loss of Rs 4 and Rs 2 per litre on sale of diesel and petrol respectively earlier that had now been more or less covered.

The current reduction in retail prices has not helped in bringing down fuel prices that have crossed Rs 100 per litre (petrol) mark in several parts of the country and continues to remain above the levels even now.

Since the beginning of February crude has gained more than $7 per barrel that pushed OMCs to increase fuel prices on 14 occasions raising the prices by Rs 4.22 per litre for petrol and by Rs 4.34 a litre for diesel in Delhi.

The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year. This is for the first time it has fallen this year.

Officials in public sector oil companies said that retail prices may rise again if crude and product prices pick up but for now it will fall over the needy few days.

Business

Google Play introduces UPI Autopay payment in India

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Google announced on Tuesday that it is introducing UPI Autopay as a payment option for subscription-based purchases on Google Play in India.

Introduced under UPI 2.0 by NPCI (National Payments Corporation of India), UPI Autopay helps customers make recurring payments using any UPI application that supports the feature.

“With the introduction of UPI Autopay on the platform, we aim to extend the convenience of UPI to subscription-based purchases, helping many more people access helpful and delightful services – while enabling local developers to grow their subscription-based businesses on Google Play,” Saurabh Agarwal, Head of Google Play Retail & Payments Activation – India, Vietnam, Australia and New Zealand said in a statement.

Moreover, UPI Autopay makes setting up subscriptions easy.

Users need to simply tap on the payment method in the cart, select “Pay with UPI,” and then approve the purchase in their supported UPI app after selecting a subscription plan to purchase.

Google Play helps consumers transact safely and seamlessly in more than 170 markets, according to the report.

Also, the platform supports over 300 local payment methods in over 60 countries, removing complexities associated with finding and integrating local payments.

UPI is one such payment option, introduced on the Play Store in India in 2019.

In India, UPI has transformed the mobile payment framework, and on Google Play as well, many people are enjoying and using apps that take advantage of UPI-based transactions, the statement added.

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Business

Invest Karnataka 2022 paved way for Rs 9.82 lakh cr investment: CM Bommai

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Karnataka Chief Minister Basavaraj Bommai announced at the concluding ceremony of the 3-day Global Investors Meet (GIM) in Bengaluru that “investments totaling about Rs 9.82 lakh have been committed in diverse sectors in the state.” Bommai thanked the participants in the event and investors.

Addressing the gathering, the CM said, “This GIM is different from other such Investor Meets as this has been organised during challenging times and has succeeded in showing us the way forward. What Karnataka thinks today, India thinks tomorrow. We will work with the investors shoulder to shoulder to make all these investments fructify on the ground.”

Thanking all the investors and delegates who participated in the GIM 2022, Karnataka Large and Medium Industries Minister, Murugesh Nirani, said “Invest Karnataka has laid a strong foundation for the development of Karnataka in the next five years. I am happy that we have met the core objective of this GIM, which is to bring in investments in diverse sectors and create jobs, and take industries beyond Bengaluru.”

The valedictory session was also attended by Bhagwanth Khuba, Union Minister of State for New and Renewable Energy, Chemicals & Fertilizers.

Inaugurated by Prime Minister Narendra Modi virtually on Wednesday, the event culminated on Friday with the valedictory session in which Chief Minister Basavaraj Bommai re-assured investors from all across the world of sustained support by his government.

Among top industrialists, Chairman of Jindal Group, Sajjan Jindal; Vice Chairman of Toyota Kirloskar Motor Pvt Ltd, Vikram S. Kirloskar; Chairman, Wipro, Rishad Premji; Vice Chairman, Bharti Enterprises, Rajan Bharti Mittal; CEO, Adani Ports and SEZ, Karan Adani and MD, Sterlite Power, Pratik Agarwal shared their experience in Karnataka and expressed continued interest in the state.

The Global Investors Meet witnessed 30+ immersive sessions spread across three days. These sessions were a mix of innovative formats such as panel discussions, fireside chats, and TED-style talks.

In addition to the speaker sessions, a number of networking events, cultural performances, business exhibitions (with 300+ exhibitors), and country sessions ran parallelly across the 3 days. The country sessions were hosted by partner countries — France, Germany, Netherlands, South Korea, Japan and Australia.

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Business

Unfortunately, there is no choice: Musk on Twitter layoffs

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Elon Musk on Saturday said that there is no choice other than brutally firing half of Twitter’s workforce as the company is losing over $4 million a day.

After axing nearly 3,800 employees across the globe, including in India, the new Twitter CEO said that he has given three months of severance to everyone who has been asked to go.

“Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” Musk tweeted.

“Everyone exited was offered 3 months of severance, which is 50 per cent more than legally required,” he added.

Musk has laid off people across the departments at Twitter, eliminating several teams across the globe.

He also said that Twitter has seen a massive drop in revenue as activist groups are putting undue pressure on its advertisers.

“Again, to be crystal clear, Twitter’s strong commitment to content moderation remains absolutely unchanged. In fact, we have actually seen hateful speech at times this week decline below our prior norms, contrary to what you may read in the press,” he posted.

“Twitter will not censor accurate information about anything,” said Musk.

On charging $8 for the Blue subscription service, he said: “Trash me all day, but it’ll cost $8.”

The company lost $270 million in the April-June period after revenue slipped 1 per cent to $1.18 billion, reflecting advertising industry headwinds.

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