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Tuesday,17-May-2022
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Petrol, diesel prices unchanged on Tuesday

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Petrol

 Auto fuel prices in the country have maintained stability amidst volatility in global oil prices over rise in demand and concerns on production.

The oil marketing companies (OMCs) on Tuesday kept pump prices of petrol and diesel unchanged, marking ninth consecutive day of no revision, and decided to wait and watch the global oil situation before making further changes.

Accordingly, the price of petrol and diesel remained unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per the Indian Oil Corporation, the country’s largest fuel retailer.

In Mumbai, the petrol price is stable at Rs 107.26 per litre, while the diesel rate also remain unchanged at Rs 96.19 a litre.

Across the country as well, petrol and diesel prices remained static on Tuesday but their retail rates varied depending on the level of local taxes in a particular state.

Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis.

The new prices becomes effective from morning at 6 a.m.

The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps.

This has also prevented companies from increasing fuel prices whenever their is a mismatch between globally arrived and pump price of fuel.

Fuel consumers can expected fuel prices to remain unchanged or get some relief by way of cut in days ahead as global oil is expected to remain soft.

Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent upward price movement. The concerns on demand due to the pandemic is also affecting oil prices.

After touching $74 a barrel mark couple of weeks back and then falling, benchmark Brent crude is again back at around $74 a barrel.

Business

Pakistani rupee falls to yet another historic low against US dollar

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The Pakistani rupee continued to tumble against the US dollar, breaching yet another important threshold of 196 in the interbank market to hit its weakest level on Tuesday, media reports said.

Maintaining its downturn for the eighth successive working day, the Pakistani rupee was being traded at Rs 195.74 against the greenback surpassing its last low, Geo News reported.

A persistent delay in the receipt of the next tranche of $1 billion from the International Monetary Fund (IMF) is mounting pressure on the rupee.

The situation is likely to remain uncertain for the local currency, Commodities Director Adnan Agar said as the local unit fell below 196-mark against the greenback during the trading session on Tuesday.

“If the government decides to remove subsidies on petroleum products, the rupee will bounce back,” he said, adding that the local unit will remain within the range of 180-185.

Agar, however, added that if the government decided to dissolve the Assembly and move towards early elections, the situation for the already tumbling currency market will deteriorate.

Since the beginning of this fiscal year (July 1, 2021) to date, the rupee has collectively dropped by a massive 24.24 per cent (or Rs 38.2) compared to the previous fiscal year’s close at Rs 157.54.

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5G technology to contribute USD 450 billion to Indian economy: Narendra Modi

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Prime Minister Narendra Modi on Tuesday said 5G technology will contribute US Dollar 450 billion to the Indian economy.

Underscoring the role of the telecom sector in the progress of the country, he also said that by the end of this decade, the country will be able to launch 6G services of its own.

Addressing the silver jubilee celebrations of the Telecom Regulatory Authority of India (TRAI), Modi said: “It is estimated that in the coming time, 5G will contribute USD 450 bn to the Indian economy. This will not only accelerate internet speed but also boost development and employment.”

“By the end of this decade, we will be able to launch 6G services, our task force is working on it. Our efforts will help our startups to become global champions in the telecom sector and 5G technology,” he said.

He launched a 5G Test Bed, developed by a multi-institutes collaborative project that included a eight institutes led by IIT Madras.

“5G Test Bed is an important step towards the country’s self reliance on critical and modern technology in the telecom sector. The 5G technology is also going to bring positive changes in the governance of the country, ease of living and ease of doing business,” the Prime Minister said.

This facility will boost growth in every sector – agriculture, health, education, infrastructure and logistics, creating vast employment opportunities, the Prime Minister noted.

Referring to the situation prior to 2014, he said that the growth was slow and in last eight years, the investment has gone up one and half time more than what it used to be in 2014.

With the new initiatives taken by the government, the Prime Minister also said that the call and data rates in India are cheaper than other countries.

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Aborted Kerala Seaplane project to be turned into dam plane service

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 The ambitious sea plane project envisaged during the 2011-16 Oommen Chandy government that got aborted following serious objections from the fisher folk community appears to have taken a new shape with the Pinarayi Vijayan government deciding to turn it into a dam plane project.

If the Chandy government thought of landing the sea plane on water bodies in lakes and rivers, the Vijayan government has proposed the same but has turned the landing of such planes inside the catchment areas of numerous dams in the state.

Chandy’s project was shot down by inland fishermen who eke out a living fishing in lakes and rivers stating that their primary vocation of fishing might get affected because of frequent landing and take off by these sea planes.

According to sources, the same project of sea planes has taken a new shape and the proposed landing and takeoff is now proposed to take place in the catchment areas of the dams.

In Kerala, dams are the properties of the Kerala State Electricity Board and the Kerala Water Authority and so far there have been keen interests shown by about half-a-dozen companies.

If this project turns out to be a success, then the biggest gainer would be the tourism industry in the state as tourists can reach several prime destinations in the state by air, cutting a lot of travel time as roads in the state are congested.

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