Connect with us
Saturday,26-November-2022
Breaking News

Business

Inflationary Blow: Petrol, diesel prices raised after over 4 months

Published

on

State-owned oil marketing companies (OMC) on Tuesday raised petrol and diesel prices after more than four months of stable rates.

Accordingly, the increase in selling price, which includes state levies, central excise and cess amongst other factors, came days after an astronomical rise in crude oil prices due to the Russia-Ukraine war.

In New Delhi, the price of petrol and diesel increased by 80 paise per litre.

As per pump prices, petrol now costs Rs 87.47 per litre and diesel Rs 96.21 per litre in the national capital.

The prices had remained unchanged since November 2021 at Rs 86.67 per litre for diesel and Rs 95.41 per litre for petrol.

In the financial capital Mumbai, prices were hiked to Rs 95 per litre for petrol from Rs 94.14 and Rs 110.82 per litre from Rs 109.98.

Besides, prices of both the transport fuels were raised in Kolkata. The petrol prices rose to Rs 105.51 and diesel to Rs 90.62 per litre.

In Chennai too, they were increased. Petrol there now costs Rs 102.16 and Rs 92.19 per litre.

Till now, fuel prices have been steady since early November when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively.

The OMCs revise the transportation fuel cost based on various factors such as rupee to US Dollar exchange rate, cost of crude oil and demand of fuel amongst others.A

Resultantly, the final price includes excise duty, value added tax and dealer’s commission.

It was widely expected that the OMCs will revise the current prices due to high crude oil cost.

Lately, crude oil prices have been volatile surging by nearly 35-40 per cent on fear of tight supplies.

Furthermore, it is feared that current sanctions against Russia will curtail more global supplies and stifle growth.

In case of India, the crude oil price range is a cause of concern as it may ultimately add Rs 15-Rs 25 in petrol and diesel selling prices.

At present, India imports nearly 85 per cent of its crude oil requirements.

“On signals that the European Union is coming closer to a ban on Russian crude imports to punish Moscow for its invasion of Ukraine, oil rose for a fourth day, set for its greatest run in a month,” said Kshitij Purohit, Lead of Commodities and Currencies CapitalVia Global Research.

“The oil market will continue to benefit from a lack of supply in the system, and of course, Russia’s invasion of Ukraine hasn’t helped matters.”

According to Dilip Parmar, Retail Research Analyst, HDFC Securities: “Currently, Brent crude oil prices are quoting at $119 per barrel rose more than $10 per barrel in two days as Indian basket of $108.25 per barrel on 18 March. Looking at the geopolitical uncertainties’ prices of crude oil likely to head higher in coming days.

“We believe the retail petrol and diesel prices could rise in near term looking at current price movement in crude oil.”

Business

Google Play introduces UPI Autopay payment in India

Published

on

By

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.

Continue Reading

Business

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

Published

on

By

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.

Continue Reading

Business

Unfortunately, there is no choice: Musk on Twitter layoffs

Published

on

By

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.

Continue Reading

Trending