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Wednesday,27-September-2023
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Business

OMCs again resort to alternate day fuel price revision

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Petrol

Oil marketing companies seem to have moved once again towards a revised fuel price mechanism, shifting to the practice of changing petrol and diesel rates after every couple of days rather than undertaking changes on a daily basis.

In the last few days, pump prices of petrol and diesel have been revised every two days but the practice had not helped consumers as even under this system prices have only moved up making the fuel dearer.

On Thursday, OMCs kept retail price of petrol and diesel unchanged. So petrol still costs Rs 96.66 per litre and diesel Rs 87.41 per litre in Delhi.

In Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the prices continued to be at new high of Rs 102.58 per litre on Thursday. Diesel prices also remained unchanged at Rs 94.70 a litre, the highest among metros.

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

The price pause on Thursday came after petrol and diesel prices were raised by 25 and 13 paisa per litre respectively in Delhi on Wednesday. Prior to Wednesday, there was no price revision on Tuesday. Similarly, while fuel prices were raised on Monday, it remained unchanged in the previous day.

“It seems oil companies are giving a sense of relief to consumers as fuel prices are not being raised on a daily basis. But still prices are not actually falling but being raised on every alternate day too this month,” said an oil sector expert not willing to be named.

He said that the practice of daily price revision, started after deregulation of petrol and diesel prices.

Under daily price revision, OMCs revised petrol and diesel prices every morning benchmarking retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. However, in a market where fuel prices need to be increased successively, alternate day price revision seems to be the flavour.

With Thursday’s price pause, fuel prices have now increased on 25 days and remained unchanged on 23 days since May 1. The 25 increases have taken up petrol prices by Rs 6.26 per litre in Delhi. Similarly, diesel have increased by Rs 6.68 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler — the US, retail prices of fuel in India is expected to firm up further in coming days. The benchmark Brent crude is currently over $74 a barrel on ICE or Intercontinental Exchange.

Crime

UP Shocker: Cop Tied To Pole Naked, Thrashed After Being Caught Molesting Girl In Agra; Suspended After Video Goes Viral

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Agra: In a shocking incident, a police sub-inspector was tied to pole and beaten in Uttar Pradesh’s Agra. The video of the incident is doing rounds on social media. It can be seen in the video that a Uttar Pradesh Police officer is being beaten after being tied naked to a pole in the village. The police sub-inspector was allegedly beaten by the villagers after he was caught in a compromising position with a woman. The family of the woman alleged that the police officer was molesting the woman.

He jumped through the roof and sneaked into the house in an inebriated condition

As per reports, the UP Police sub-inspector who was beaten by the villagers has been identified as Sandeep Kumar. Sandeep Kumar allegedly jumped through the roof and sneaked into the house in an inebriated condition and started to molest the girl present in the house.

The girl raised an alarm after which the family of the girl came

The girl raised an alarm after which the family of the girl came and caught the police officer red-handed in an objectionable position inside their house in Tihaiya village in Barhan Police Station limits. They then called the villagers and the angry villagers then stripped Sandeep Kumar naked and tied him to a pole. The villagers also thrashed the police officer for his act. The accused was rescued by the police that reached the spot and took the culprit with them.

Sandeep Kumar has been suspended

Uttar Pradesh Police Sub-Inspector Sandeep Kumar has been suspended and a departmental inquiry has been initiated against him after the video of the locals beating the police officer after tying him naked to the pole has gone viral on social media. A case of rape has been registered against the police officer. The incident occurred late night on Sunday (September 17) when the police officer sneaked into the house of the woman and was caught by her family in a compromising position with the woman.

The police have initiated an inquiry in connection with the matter

The police have initiated an inquiry in connection with the matter. They are also scanning the video that is going viral on social media. Etmadpur ACP said, “In the case of a sub-inspector being caught with a girl under police station Barhan area, the sub-inspector is being suspended with immediate effect, strictest departmental action is being taken and after receiving the complaint, legal action will be taken against the SI.”

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National

Karnataka: Woman Dies By Suicide Alleging Harassment By Police In Ramanagara, Says ‘After Death She Will Get Justice’

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Bengaluru, September 4: An incident of a homemaker ending her life allegedly due to harassment by police has come to light in the limits of Channapatna town police station in Ramanagara district on Monday. The deceased woman is identified as 31-year-old Madhuri, a resident of Kote Layout in Channapatna city. Madhuri consumed sleeping pills on Saturday and succumbed at the hospital on Sunday. She had stated in the video that she is not able to take torture and harassment by the police she is ending her life.

The cops had not lodged her complaint

It is alleged that when Madhuri went to file a complaint to the Channapatna Rural police station regarding a financial dispute, the cops had not lodged her complaint. The victim had alleged that the cops insulted her at the police station.

Victim has many cheating cases against her

She was allegedly sent back by the police and cops told her that the victim has many cheating cases against her. The woman had stated in her video before committing suicide that at least after her death she will get justice. The relatives and family members have met Ramanagara SP in this regard.

The family have made allegations against Channapatna Town Inspector

The family have made allegations against Channapatna Town Inspector Shobha and other staff. The police department is yet to make an official statement regarding the case.

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Business

Petrol, Diesel Prices Remain Unchanged On August 31: Check Rates In Mumbai, Delhi, Chennai And Other Cities

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According to the most recent price notification by fuel retailers, petrol and diesel prices have been unchanged on August 31 in major cities, and costs have been steady for a year now.

However, the prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, the local taxes, etc.

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd. (IOCL) and Hindustan Petroleum Corporation Ltd. (HPCL) revise their prices daily in line with international benchmark prices and forex rates.

Citywide breakdown

In Delhi, petrol and diesel cost Rs 96.72/litre and Rs 89.62/litre, respectively.

In Mumbai, petrol is being sold for Rs 106.31/litre and diesel for Rs 94.27/litre.

Petrol and diesel are priced at Rs 102.86/litre and Rs 94.46/litre in Chennai and at Rs 106.03/litre and Rs 92.76/litre in Kolkata, respectively.

The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

You can check petrol and diesel prices from the comfort of your own home. All you need to do is send a message from your phone to 9224992249 with your city code. City codes are available on Indian Oil’s website.

Oil prices

Oil prices were trading higher on Thursday morning amid tightening US supply with investors waiting on China factory activity data to be released later today. Brent crude futures for October that expires on Thursday gained 14 cents at $86 per barrel and US West Texas Intermediate crude fell to $81.74 per barrel with a gain of 10 cents.

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