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Petrol, diesel prices steady amid drop in global crude rates

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Consumers continue to get relief from rising fuel prices with oil marketing companies (OMCs) keeping pump prices of petrol and diesel unchanged post revision of duties by the state governments on Diwali eve.

Accordingly, their prices remained static for 13th consecutive day on Wednesday under the daily price revision mechanism followed by oil marketing companies.

The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on the Diwali day on November 4 from previous day’s Rs 110.04 a litre, remains the same. The diesel rates also remained unchanged in the capital at Rs 86.67 a litre.

In the financial capital Mumbai, petrol continues to be priced at Rs 109.98 a litre and diesel Rs 94.14 a litre.

Fuel prices remained static in Kolkata also with petrol being sold at Rs 104.67 a litre after being slashed by Rs 5.82 and diesel at Rs 89.79 per litre after reduction of 11.77 per litre in the first week of November.

Petrol prices in Chennai also continues to be Rs 101.40 per litre and diesel Rs 91.43 per litre.

Across the country as well price of the fuel largely remained unchanged on Wednesday but the retail rates varied depending on the level of local taxes.

The global crude prices which has touched three year high level of over $85 a barrel on several occasions in past one month has softened now to less th a $ 82 a barrel. Rise in US inventory has pushed down crude prices but OPEC + decision on only gradual increase in production in December could raise cr ude prices further. This could put pressure on oil companies to revise fuel p rices upwards again.

Before price cuts and pauses, diesel prices had increased on 30 out of the last 54 days taking up its retail price by Rs 9.90 per litre in Delhi.

Petrol prices have also risen on 28 of the previous 50 days taking up its pump price by Rs 8.85 per litre.

Since, January 1, 2021 petrol and diesel prices have risen by more than Rs 26 a litre before the duty cuts.

The excise duty cut by the Centre on November 3 was first such exercise since the onset of Covid pandemic. In fact, government had revised excise duty on petrol and diesel sharply in March and again in May last year to mobilise additional resources for Covid relief measures.

The excise duty was raised by Rs 13 and Rs 16 per litre on petrol and diesel between March 2020 and May 2020 and was standing high at Rs 31.8 on diesel and Rs 32.9 per litre on petrol before the Centre decided on the duty cut.

Business

Bharti Airtel Receives ₹1,74,000 Penalty Notice From DoT For Subscriber Verification Lapses

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New Delhi: Bharti Airtel has disclosed a regulatory development involving a minor financial penalty tied to compliance checks on customer onboarding processes.

The Department of Telecommunications, Madhya Pradesh Licensed Service Area, has issued a notice imposing a penalty of Rs 1,74,000 on the company. The action relates to alleged non-compliance with subscriber verification requirements under telecom licensing conditions, as detailed in Annexure A on page 2.

The issue stems from a Customer Application Form audit conducted by the DoT for January 2026. These audits are carried out periodically to ensure telecom operators adhere to rules governing customer identity verification before activating services.

Under the license agreement, telecom operators are required to maintain strict verification processes when enrolling subscribers. The audit identified alleged gaps in meeting these standards, prompting regulatory action from the authority.

Bharti Airtel has decided not to contest the notice and will pay the penalty. The company clarified that the financial impact is limited to the amount levied, with no broader operational implications highlighted in the filing. The disclosure reflects routine regulatory oversight in the telecom sector, where periodic audits ensure adherence to compliance norms.

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Maharashtra Minister Nitesh Rane Announces AI Project For Mango, Cashew Farming In Sindhudurg With 400 Farmers In Pilot Phase

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Mumbai, March 27: Maharashtra Fisheries and Ports Minister Nitesh Rane on Friday announced that an Artificial Intelligence (AI)-based project will be implemented to enhance mango and cashew cultivation in Sindhudurg district.

Initially, 400 farmers—200 each cultivating mango and cashew—will be selected for the pilot phase. The project aims to digitise farms by collecting basic data such as farmers’ names, contact details and village information. Based on the success of the initial phase, the initiative will be expanded to include more farmers.

The proposal was presented by experts from ADT Krishi Vigyan Kendra Baramati in the presence of agricultural scientists and officials, including representatives from Dr Balasaheb Sawant Konkan Krishi Vidyapeeth.

Under the project, sensors will be installed to monitor soil health, crop conditions and yield patterns. Farmers will receive training and awareness about AI technology through group-based sessions conducted over a 150-day initial phase.

The use of drones for pesticide spraying is expected to significantly reduce time from several days to just a few hours, ensuring quicker and more effective disease control. Additionally, AI-based predictive models will help detect crop diseases in advance, reducing excessive pesticide use and curbing black marketing.

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Retail petrol and diesel prices won’t change, excise cut to offset oil firms’ losses: Govt

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New Delhi, March 27: The government on Friday said retail pump prices of petrol and diesel will not change, and the excise reduction is not being passed on as a price cut at the pump.

Instead, it directly reduces the under-recoveries being absorbed by public sector oil marketing companies (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — who have continued to supply fuel to Indian consumers at prices well below their cost of supply, the Petroleum Ministry said.

At current international crude prices, under-recoveries stand at approximately Rs 26 per litre on petrol and Rs 81.90 per litre on diesel.

The combined daily under-recovery being absorbed by OMCs is approximately Rs 2,400 crore.

The excise reduction offsets Rs 10 per litre of these losses, ensuring OMCs can continue to supply fuel without disruption while keeping retail prices unchanged, said the ministry.

The government has reduced excise duty by Rs 10 per litre on both petrol and diesel with immediate effect.

“This decision has been taken in response to the steep and rapid rise in international crude oil prices, which have surged from approximately $70 per barrel to around $122 per barrel over the past month — an increase of nearly 75 per cent in under four weeks, driven by the ongoing conflict in West Asia and associated disruptions to global energy supply chains,” the ministry said.

The contrast with global fuel markets is instructive. Fuel prices have risen by 30 to 50 per cent across South and South-East Asian countries, 30 per cent in North America, and 20 per cent in Europe since the onset of the current crisis. India has held the line. That stability carries a fiscal cost, and the government has chosen to bear it.

Earlier in the day, Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said that Prime Minister Narendra Modi decided to take a hit on government finances to safeguard the Indian citizen.

“The government has taken a substantial impact on its taxation revenues to reduce the high losses being faced by oil marketing companies at this time of sky-high international prices,” he mentioned.

Alongside the excise reduction, the government has simultaneously introduced an export levy on diesel. At a time when international diesel prices have surged sharply, the levy is designed to disincentivise exports and ensure that refinery output is directed first towards meeting domestic demand.

Keeping Indian pumps fully supplied takes precedence over export opportunities, however commercially attractive those may be at current global prices. The government will continue to monitor the evolving global energy situation and take all measures necessary to maintain supply stability and price protection for Indian consumers.

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