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Monday,25-October-2021

Business

Fuel price rise for 2nd straight day takes it to new highs

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Petrol

Fuel price rise in the country continued on Monday with oil marketing companies (OMCs) increasing the the pump rate of both petrol and diesel for the second consecutive day.

Accordingly, the retail prices of petrol and diesel increased by 28 paise and 27 paise per litre to Rs 95.31 and Rs 86.22 per litre respectively in Delhi on Monday.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 101.53 per litre on Monday. Diesel price also increased in the city to reach Rs 93.57 a litre, the highest among metros.

Across the country as well petrol and diesel prices increased between 24-28 paise per litre on Monday but its retail prices varied depending on the level of local taxes in different states.

Mumbai is not the only city to have unique distinction of petrol breaching the Rs 100 pet litre mark. Thane reached the mark few days back while few other cities in Rajasthan (including Jaipur) Madhya Pradesh and Maharashtra, having the highest VAT levels on auto fuels in the country, have already been selling normal petrol for over Rs 100 a litre for past several days.

Ganganagar in Rajasthan has the highest level of petrol prices at Rs 106.29 a litre while diesel price there as well is closing on the century mark remaining at Rs 99.23 a litre. While Rajasthan in general has high retail prices of fuels due to high VAT rates, Sri Ganganagar, a small city in the state near the India-Pakistan border, has the most expensive auto fuel in the country due to higher freight it had pay to get fuel at stations.

Premium petrol price has already crossed the Rs 100 per litre mark in several parts of the country through increase in the retail rates in the month of January and February.

With Monday’s price hike, fuel prices have now increased on 20 days and remained unchanged on 18 days since May 1. The 20 increases have taken up petrol prices by Rs 4.91 per litre in Delhi. Similarly, diesel has increased by Rs 5.50 per litre in the national capital.

Business

Equity indices trade lower; Sensex down by over 300 pts

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India’s key equity indices – S&P BSE Sensex and NSE Nifty50 – traded lower during Monday’s early-morning session.

At 10 a.m., the 30-scrip sensitive index traded at 60,504.75 points, down 316.87 points or 0.52 per cent.

The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.

Besides, the NSE Nifty50 traded at 17,989.40 points, lower by 125.50 points or 0.69 per cent.

It opened at 18,229.50 points from its previous close of 18,114.90 points.

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Business

Nissan, Porsche face action over false emissions information

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South Korea’s antitrust regulator has decided to order Nissan Motor, Porsche AG and their two Korean units to take corrective steps for falsified information over gas emissions of their diesel cars.

Nissan Motor, Nissan Korea, Porsche and Porsche Korea are alleged to have stated false information about gas emissions of their diesel vehicles imported for sale in South Korea, according to the Korea Fair Trade Commission (KFTC).

The KFTC also decided to impose a fine of 173 million won ($146,700) only on Nissan Korea, reports Yonhap news agency.

Illegal software installed in their cars caused gas emission reduction devices to not fully operate during normal driving conditions.

The practice meant that the cars did not meet permissible emission levels, but the automakers falsified such facts in signs attached to their cars, according to the commission.

In September, the regulator fined Audi-Volkswagen Korea and Stellantis Korea a combined 1.06 billion won for similar allegations over gas emissions.

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Business

Fuel price hike paused after 5 days of increase

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The price hike of petrol and diesel paused on Monday after increasing for the last five days to reach their highest-ever levels across the country.

Accordingly, the pump price of petrol in Delhi remained at Rs 107.59 a litre, while diesel prices also stood at Sunday’s level of Rs 96.32 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, where petrol prices increased to Rs 113.47 per litre and diesel to Rs 104.47 a litre, the highest among all metros, there was no further hike in the retail rates on Monday.

The fuel prices remained static on October 18 and 19, but increased for a fourth straight day by 35 paise per litre previously before again rising for five consecutive days between October 20 to 24. There was no change in rates on October 12 and 13.

Diesel prices have now increased on 24 out of the last 31 days, taking up its retail price by Rs 7.80 per litre in Delhi.

Due to the sharp hike, the fuel is now available at over Rs 100 a litre in several parts of the country.

This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week.

The rates increased on 21 of the previous 27 days taking up the pump price of petrol by Rs 6.40 per litre.

Crude price has been on a surge rising over a three-year high level of over $86 a barrel as global demand remains firm while OPEC+ continues to move s lowly on increasing production.

Since September 5, wthe price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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