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Tuesday,29-September-2020

Business

Petrol and diesel prices may rise again from next week

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Petrol

Consumers might see fuel prices going up again as oil companies are bracing up to pass the rise in global crude and product prices on retail sales.

Accordingly, petrol and diesel prices may begin their rising trend all over again much to the discomfort of fuel consumers that have faced constant increasing prices since June 7.

The pump price of petrol and diesel had remained unchanged for last one week as oil prices were steady and crude was hovering around $42 per barrel mark for past several days. But with crude price now rising and inching towards $45 per barrel mark, oil companies said that they will be left with no option but to raise retail prices of petrol and diesel.

“We will observe the price movement for next couple of days and if oil prices remains firm, a decision may be taken to revise retail product prices again under the daily price revision mechanism,” said an executive of a public sector oil company on condition of anonymity.

Diesel continues to be priced at Rs 73.56 per litre in Delhi while petrol price remains static at Rs 80.43 per litre. This price level has been maintained since last Friday when diesel were cut by a sharp Rs 8.38 per litre following Delhi government’s decision to reduce VAT on the product from 30 per cent to 16.75 per cent.

This price cut has again made diesel cheaper than petrol in the city after more than month. In fact, diesel is cheaper than petrol in Delhi by the widest margin among all metros now.

Delhi was the only major city in the country where diesel prices were higher than petrol. Diesel prices first rose above petrol in Delhi last month, much to the discomfort of the transport sector and the fuel dealers.

The Rs 1.5 per litre differential had led substantial loss of business to pump operators in Delhi as vehicles were getting diesel filled in neighbouring Haryana and Uttar Pradesh.

Business

Diesel fall continues as petrol holds firm

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Petrol

Diesel is getting cheaper by the day in the country on the back of subdued product prices and almost steady crude oil prices globally.

On Tuesday, pump price of the auto fuel fell by 8 paisa per litre across all major metros.

In the national capital, diesel is now priced Rs 70.63 per litre, 8 paise down from Rs 70.72 a litre on Monday.

Similarly, prices of the fuel also fell in the other metros.

In Mumbai, Chennai and Kolkata, the fuel was sold at Rs 77.04, Rs 76.10 and Rs 74.15, respectively on Tuesday, compared to the previous levels of Rs Rs 77.12, Rs 76.18 and Rs 74.23 per litre.

Diesel prices have now fallen for five consecutive days. In earlier months as well, diesel had maintained a consistent fall.

Oil marketing companies, however, kept petrol prices unchanged for the six consecutive days.

In Delhi, Mumbai, Chennai and Kolkata, petrol was priced at Rs 81.06, Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively.

The recent fuel price fall is on the back of expectation of slowing demand for oil globally as a second wave of coronavirus spike threatens further derail economic activity.

Brent crude price is also subdued around $42 a barrel.

For domestic auto fuel consumers, the price fall has been a bonanza amidst the current tough economic conditions.

With the price cut on Tuesday, diesel has now become cheaper by Rs 2.93 per litre in Delhi this month.

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Business

MECL starts exploration in Kolar Gold Fields, rekindles hope among people

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KGF-gold-mines

After nearly two decades of its closure, Bharat Gold Mines Limited (BGML) in the Kolar Gold Field (KGF) again saw a ray of hope for its revival with Union Minister for Coal, Mines and Parliamentary Affairs Pralhad Joshi directing the Mineral Exploration Corporation Limited (MECL) to start exploration work in these mines.

Nearly 100 km from Bengaluru, KGF is a town known for gold mining for more than a century. The mines were closed on February 28, 2001 due to the fall in gold prices. The pyroclastic and pillow lava at Kolar Gold Fields have been declared a National Geological Monument by the Geological Survey of India (GSI) for their protection, maintenance and encouragement of geo-tourism.

Joshi took to Twitter to announce this decision on Monday, saying,”Happy to convey that exploratory drilling at Betrayaswamy block of Kolar Gold Fields commenced today (Monday).”

He also shared photographs on Twitter of the commencement of the activities. Joshi said the mining would help resolve Bharat Gold Mines Limited (BGML) issue over exploration in KGF that has been pending for the last 16 years.

The exploration started after Joshi’s meeting with Karnataka Chief Minister B. S. Yediyurappa on August 28.

Joshi said he had directed MECL to carry out immediate exploration in the mining lease area of BGML after meeting Yediyurappa.

In the meeting, Yediyurappa and Joshi had also decided that either the high-value minerals at BGML are explored or handed over to the Industries department for setting up an industrial cluster to start large-scale economic activities there.

One of India’s first power-generation units in Shivanasamudra, which is 100 km from Bengaluru’s Mandya district, was built in 1889 to support mining operations. To its credit the mine complex hosted some particle physics experiments between the 1960s and 1992.

The Kannada blockbuster film “K.G.F: Chapter 1” and its sequel “K.G.F: Chapter 2” were set here.

The Kolar gold mines were nationalised in 1956 and provided over 900 tonne gold until it was shut. Mining operations were closed by the Union government on February 28, 2001 for environmental and economic reasons citing production did not justify the investment.

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Business

Etrio raises $3mn to launch new EVs in India

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Dollar

Hyderabad-based electric vehicle startup Etrio on Tuesday said it has raised of $3 million (approximately Rs 22 crore) in Series A round from high networth individual investors based out of Singapore.

The investment will fuel Etrio’s foray into new electric vehicles (EVs) in three-wheelers and bicycle product lines, the company said, adding that it aims to focus on customer acquisition across both the B2B and consumer segments.

The group of investors is led by serial investor, Janardhan Rao, founder of Triumph Global Group, a Singapore-headquartered international commodity trading house.

“With over a year of extensive work, we finally make our big transition from retrofitment to creation of new electric vehicles,” Deepak MV, Co-founder and CEO, Etrio, said in a statement.

“We will continue to evolve as an EV OEM (original equipment manufacturer) bringing reliable products based on superior vehicle architecture, efficient system integration, robust design, and connected systems to drive mass adoption of EVs in India.”

Etrio said it plans to launch new electric three-wheelers Touro in October and Ashva and iSwitch e-bike lines in the coming months.

“We aim to enter the highly-dense three-wheeler EV market starting with the cargo segment aimed at e-commerce logistics space and then subsequently set up its channel network for driving both passenger and cargo three-wheeler sales across major states in the North and South India,” the Etrio CEO said.

The company plans to use fresh funds to fuel its go-to-market strategy, set up sales and service networks across select cities, and hire key personnel over the next six-nine months.

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