India trying to get resolution soon on rising fuel prices: oil minister

Petrol Diesel Prices in India Should go Down as International Crude Oil Rate Slips

Petrol and diesel prices rose for the 11th consecutive day on Thursday, with prices in Delhi touching Rs 77.47 for a litre of petrol and Rs 68.53 for a litre of diesel.

Oil Companies To Share The Burden After Petrol And Diesel Prices To Be Slashed:- The fuel prices in the country reached all time high and the Centre has been facing the heat. Instead, he plans on asking the state governments to reduce Value-Added Tax on petroleum products to bring relief in the prices while the Centre thinks over a long term solution.

Bharatiya Janata Party (BJP) president Amit Shah, on Tuesday, said that the government is working on a plan to check the spike in fuel prices.

The ruling Biju Janata Dal (BJD) has made a decision to stage demonstrations across Odisha for three days against the steep rise in fuel prices. Khalid al-Falih was quick to assure his Indian counterpart and the market at large that there is no fundamental reason why crude should be trading so high, even though earlier he had said Saudi Arabia would like to see oil at US$80 or even higher. Eight weeks later, on 23 May, their pump prices averaged 124.74ppl for petrol and 127.69ppl for diesel.

Harvey Weinstein's Accusers React to His Arrest
His lawyers have reportedly negotiated an agreement that will see him surrender his passport and wear a movement-tracking device. McGowan expressed her joy over Weinstein's arrest on Instagram when news first started to break on the matter on Thursday.

It has also worked out the math of the amount of taxes that are shared with states as part of the devolution formula and what goes to the exchequer. "The price of petrol and diesel will automatically come down if the centre reduces excise duty", he said. The fiscal impact will, however, depend on the political headroom available for making energy price adjustments ahead of the elections, putting the Reserve Bank of India in a tough spot.

As of now, the excise duties levied by the Centre in last three years has gone up 105% (petrol) and 300% (diesel). "We are in discussions with them", said a second government official. The oil price issue indicates several economic implications for India, going forward. In October previous year, the Centre cut excise duty by Rs 2.

Criticising the government for the spiralling fuel prices, the Congress has demanded that petro products be brought under the Goods and Services Tax.

Related News:

  • "Putin claims Russian Federation 'cannot fully trust" MH17 crash investigation

    At the time of the incident on July 17, 2014 , pro-Russian separatists were fighting Ukrainian government forces in the region. Mr Peskov referred a question about possible compensation for families of the victims to the Russian Foreign Ministry.
    Far Cry 5's Vietnam War DLC gets a release date

    Far Cry 5's Vietnam War DLC gets a release date

    If that's not enough, Ubisoft is also releasing the soundtrack for Hours of Darkness on several select music providers. It will be interesting to see if Ubisoft can tie in the next two DLCs with the main story of Far Cry 5 .
    Minister Says US May Soon Recognize Israel's Hold on Golan

    Minister Says US May Soon Recognize Israel's Hold on Golan

    Israel was the first country outside the United States to acquire the F-35. The jets are believed to be the conventional takeoff and landing F-35A.
  • PayPal Now Fully Integrates With Google Accounts

    PayPal Now Fully Integrates With Google Accounts

    As there is support for any service that makes use of Google Pay, users will also be able to make peer-to-peer payments. This won't mean a lot for everyone, but if you're a heavy PayPal user, this is bound to be exciting news.
    Is Meghan Markle’s Wedding Dress a Ripoff? This Designer Claims It Is

    Is Meghan Markle’s Wedding Dress a Ripoff? This Designer Claims It Is

    Meghan Markle has been bestowed one of the Queen's most trusted aides - and she's an Aussie. But all in all, Markle's friend was glad to experience the monumental event.
    Elon Musk now wants to rate journalists, editors

    Elon Musk now wants to rate journalists, editors

    A tweet from journalist Mark Harris linked to a filing that certified Pravda Corp.as a foreign corporation in October. Pravda or "Truth" in Russian was also the name of the official newspaper of the Communist Party of the Soviet Union.
  • Samsung Galaxy S9+ Camera Review: Back on track

    Samsung Galaxy S9+ Camera Review: Back on track

    In terms of rumoured specifications, the device will feature a 6.4-inch Super AMOLED display with an aspect ratio of 18.5:9. The Geekbench listing shows the model number SM-N960N and the device is running on Android 8.1.0 Oreo right out of the box.
    White House team to go to Singapore for Trump-Kim summit prep

    White House team to go to Singapore for Trump-Kim summit prep

    He said he expects the talks to go smoothly because Pyongyang and Washington both know what they want from each other. The Trump administration has demanded that North Korea completely and irreversibly shut its nuclear weapons program.
    Sony CEO comments on original PlayStation Classic Edition

    Sony CEO comments on original PlayStation Classic Edition

    Nintendo has already announced plans to bring back its NES Classic Edition and Super NES Classic Edition later this year. God of War , the newest entry in the long-running action-adventure franchise, was originally released on April 20th.
  • Play Music subscribers can migrate collections, playlists to YouTube Music

    Play Music subscribers can migrate collections, playlists to YouTube Music

    Users who already subscribe to YouTube Red or Google Play Music might be somewhat confused as to where they stand with this. A new survey indicates that YouTube is the most widely used app by South Korean music aficionados.
    Higher Seafood Intake May Shorten Time to Pregnancy

    Higher Seafood Intake May Shorten Time to Pregnancy

    If this is the case, then the study could still suggest that eating more seafood bring couples closer together. These could include effects on semen quality, ovulation or embryo quality, Gaskins said.

    Russia's Novak: return to Oct'16 oil output levels possible

    OPEC's compliance surpassed 150% last month as Venezuela production is at a 70-year low. OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22.


Most liked

It’s "Not Looking Good" For Liverpool Fans Struggling To Get To Kiev
Liverpool fans were left battered and covered in blood with wounds to their heads and necks as they ran for cover. One of them, Chris Bolland, told the BBC: "I am gutted, to say the least".

Police investigating death threats issued to Liverpool goalkeeper Loris Karius
Real Madrid defeated Liverpool 3-1 on Saturday to win their third consecutive Champions League title. Karius was pictured in tears at the final whistle after being at fault for Real's opener.

Red Sox letting Ramirez go
Somehow, though, Pedroia's return isn't the biggest Red Sox story of the day - or even the biggest part of this particular story. To make room on the 25-man roster, the Red Sox designated first baseman/designated hitter Hanley Ramirez for assignment.

Golden State Warriors beat Houston Rockets, force Game 7
So it was important Green be given liberty to roam on the defensive end Game 6 - to be in the fray. Chris Paul's status for the final game of the Western Conference finals doesn't look promising.

Hugh Grant Celebrates First Wedding at 57 Years Old!
I've seen very few good examples, maybe five, in my life, but I think otherwise it's a recipe for mutual misery'. The silver ring goes from the bottom of his finger to his knuckle and features three red stones.

Israel kills three Islamic Jihad fighters in Gaza Strip
The infiltration came just hours after Palestinians threw an explosive device at IDF soldiers during a protest on the border. On Saturday, militants briefly infiltrated Israel and set a fire.

Ricciardo is master of Monaco with record pole lap
He added that Red Bull had more to prove before he could be a contender. "Will it get better?" enquired the Australian. Red Bull's Daniel Ricciardo overcame a mid-race power loss to win the Monaco Grand Prix from pole position on Sunday.

Liverpool fans’ petition for UEFA to ban Ramos reaches 150,000 signature target
Florentino Perez's resistance has offended Ronaldo, who has implied several times all is not well in their relationship. Mohamed Salah's misfortune represented a key moment in Saturday's Champions League final, Georginio Wijnaldum feels.

Family of Texas school shooting victim sues attacker's parents
But she opposed the idea of forcing students to pass through a metal detector every time they wanted to go into the building. He told the BBC that he wanted his daughter's death to catalyse a change in United States gun laws.

Froome kept the lead and won the race
Though that gap did slip in the final kilometres, it was enough for him to cross the line solo, 2-17 ahead of second place Gesink. I should know. past year I was in the shape of my life.

Rockets' injured Chris Paul an unknown for Game 7
He suffered it when he banged knees with Rockets guard James Harden in the fourth quarter of Game 3 on Sunday. Outplayed for much of the series by Gordon, Thompson answered when the Warriors needed him most.

Karius accepts blame for Liverpool's Champions League heartbreak
Taking the blame: Loris Karius has accepted responsibility for Liverpool's defeat by Real Madrid . In the 61st minute, Gareth Bale would substitute into the match.

Russian Federation says 4 of its soldiers have been killed in Syria
The biggest number of casualties came in March when a transport plane crashed at Syria's Hmeimim airbase, killing all 39 people on board.

LOGAN Director in Talks for BOBA FETT Film
But the studio has been developing its slate of character-driven standalone Star Wars films for a while now. Well, after months of uncertainty and speculation, we finally know what's happening with the bounty hunter.

Seattle's Puget Sound Mussels Test Positive For Opiods
The contaminants in this case are thought to be passed into Puget Sound through discharge from wastewater treatment plants. He explained that the areas where they took mussels contaminated with oxycodone are highly urbanized.