Petrol and Diesel Price Today, 10 Sep 2022: Fuel prices unchanged; Check rates in Delhi, Mumbai, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 10 September 2022 (Saturday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

The prices of petrol and diesel vary in each state depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc. Since the central government excise duty cut, only two states have reduced VAT rates on auto fuels. Meghalaya was the last to revise the fuel rates when it increased VAT August 24, because of which petrol now costs Rs. 96.83 per litre in Shillong and diesel is now priced at Rs. 84.72 per litre.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also Read: FM Sitharaman’s fight against inflation: Centre, state govts collectively responsible to tame rising prices

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Petrol, Diesel Price Today, 13 Sep 2022: Fuel cost steady; Check rates in Delhi, Noida, Mumbai, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 13 September 2022 (Tuesday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

The prices of petrol and diesel vary in each state depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc. Since the central government excise duty cut, only two states have reduced VAT rates on auto fuels. Meghalaya was the last to revise the fuel rates when it increased VAT August 24, because of which petrol now costs Rs. 96.83 per litre in Shillong and diesel is now priced at Rs. 84.72 per litre.

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Capex-led growth to kickstart investment; agri, infra, consumption sectors attractive | LIC MF INTERVIEW

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The Union Budget 2021 helped fuel Dalal Street to 9% rally in the previous week, and the benchmark indices continued to trade near fresh all-time highs. Diving into the fine-print of Nirmala Sitharaman’s third budget, Yogesh Patil, Fund Manager – Equity, LIC Mutual Fund tells Kshitij Bhargava of Financial Express Online, where he sees opportunities now. Patil explains how investors should look at valuations and discusses positive triggers for PSU banks after the Budget. Here are the edited excerpts.

What sectors look the most attractive to you post the budget?

Will infrastructure be a big theme to be played in the next few months now? 

Infrastructure got significant focus in the budget with the coverage being broad-based, across road, rail, shipping, power to name a few. When infrastructure sees an uptick it has a multiplier effect in the economy spurring economic growth. We welcome this move of capex-led growth which would kickstart the investment cycle and could then spread to multiple sectors – Cement, Auto, BFSI, Metals, and Capital Goods. While we refrain from commenting on stock-specific ideas, businesses which are scalable, having a clear competitive advantage and capital efficiency would be where our focus will stay.

Banks look strong after the Union Budget; is it the time to now closely watch PSU banks?

Proposal to set up an Asset Reconstruction Company (ARC) & Asset Management Company (AMC) to consolidate and take over the existing stressed debt of public sector banks will help clean up their books, which have high levels of provisioning on their stressed assets, which were created over the last couple of years. Overall, this will help PSU Banks focus on funding new growth at the margin.

What negative triggers do you spot for equity markets post the Union Budget?

Abnormally high levels of net market borrowing programme (Rs12trn) could lead to pressure on bond yields. Furthermore, divestment targets are still aggressive. We need to watch out if this is achievable this year, unlike the past few years.

Valuations have been a worry for some investors; how should they look at high valuations right now?

Firstly, we would like to advise investors to take attention away from index levels. An investor should have clarity about the investment objective in terms of time horizon, specific financial goals to be met. It should be complemented with their understanding of where they stand on risk-taking ability and appetite. This will give clarity about how an individual can plan optimal asset allocation.

Only after undertaking the above exercise one should look at investing savings into individual stocks. Asset allocation is the most critical factor in determining the investment outcome. For individual stocks, we would avoid being simplistic. One should not change the investment philosophy based on index levels. Sticking to your asset allocations and disciplined investment process is key to avoid taking undue risks beyond risk appetite.

Spice prices skyrocket amid lower output, high demand

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By Sandip Das, Nayan Dave & Geeta Nair

There has been a double-digit increase in mandi prices of spices, including cumin (jeera), coriander (dhania), black pepper and dry chilli, in the last one year, due to decline in production amid robust domestic demand.

Traders say while turmeric prices have stabilised since its peak earlier this year, mandi prices of all other spice varieties are expected to rise further, because of supply constraints caused by lower production and robust global demand driving exports.

The mandi price of cumin (jeera) is currently ruling around Rs 4,700 per 20 kg bag at Unjha mandi (Gujarat), the largest market of the spice in the world, against a price range of around Rs 2,400-2,600 per 20 kg bag that prevailed a year ago.

“We are expecting the prices to further surge and touch Rs 5,000 per 20-kg bag by November, as there is a robust demand for quality cumin in the export market, while the domestic demand is encouraging,” Arvind Patel, vice-president of Unjha Agriculture Market Produce Committee (APMC), told FE.

Also Read: Tamilnad Mercantile Bank shares end flat after tepid debut

In the current 2021-22 season, cumin production is estimated around 5 million bags (55 kg per bag) as against over 8 million bags in 2020-21.

As the cumin crop is highly sensitive to weather and disease, a section of farmers in the key producing states of Rajasthan and Gujarat has switched to other crops such as cotton, mustard seed, groundnut, soyabean and coriander seed, thus reducing the production, Patel said.

Dipak Sanghvi, managing director, Nilon’s, a major manufacturer of pickle and spices, said the last year saw spice prices go up significantly, with an around 14% increase in prices of packaged spices. The price of raw chilies has doubled from Rs 120 to Rs 240 per kg during December 2021-September 2022, while coriander prices went up from Rs 75-80 to Rs 120 per kg in the same period.

According to Sanghvi, black cardamom prices rose from Rs 350 to Rs 650-700 per kg, while green cardamom prices increased from Rs 400 to Rs 650-700 kg since the beginning of 2022. “Food ingredients coming from China, such as bonding agents and emulsifiers, too had gone up substantially due to Covid disruption and shutdowns,” he said.

In the case of turmeric, mandi prices have been prevailing around Rs 70-75 a kg currently, compared to around Rs 105-Rs 107 a kg that prevailed in January.“Turmeric mandi prices spiked earlier this year because of reports of possible crop losses. However, the prices have eased since April after a robust harvest,” Ankit Agarwal, director, Amar Agarwal Foods India, Erode, a Tamil Nadu-based turmeric trader, said. Agarwal said that the prices are expected to hold at the current level and a spike in prices is highly unlikely.

Karnataka, Maharashtra, Assam, Odisha, Uttar Pradesh, West Bengal, Tamil Nadu and Kerala are major producers of spices in the country.

US sanctions on Indian firm may abort Delhi’s plans to resume purchase of Iranian crude

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Washington’s decision to impose sanctions on Mumbai-based petrochemical trading company Tibalaji Petrochem Pvt Ltd for dealing with Iran may pull the plug on a reported plan by Delhi to resume purchase of Iranian crude, after a four year gap.

Ever since the US announced the sanctions on Iran in 2018-19 for walking out of a nuclear pact, India hasn’t been purchasing sweet crude from the Western Asian country, which used to account for over 10% its crude imports. However, the prospect of a rethink by India looked bright after prime minister Narendra Modi met Iranian president Ebrahim Raisi in Samarkand, Uzbekistan on September 16, on the sidelines of the 22nd meeting of the council of heads of states of the Shanghai Cooperation Organisation. Iranian officials have since sounded optimistic about India’s willingness to restart import of crude from Iran.

What boosted the Iranian side’s confidence about revival of India-Iran oil trade is open assertions by senior Indian government functionaries about the country’s resolve to buy discounted Russian crude, notwithstanding the western sanctions on Moscow.

India’s imports from Russia jumped 414% between April and July from a year before to $13.4 billion. Of these, purchases of oil and oil products accounted for as much as $11.2 billion, up almost 773% from a year earlier.

Washington has in recent months been targetting Chinese companies which it believed were aiding export of Iran’s petrochemicals, as the chances of reviving the nuclear pact with Tehran have become slimmer.

Also Read: Plan for extra excise duty on unblended petrol, diesel deferred

According to a Reuters report, the US Treasury Department slapped sanctions on a network of companies involved in what it said was the sale of hundreds of millions of dollars worth of Iranian petrochemical and petroleum products to South and East Asia. The action targeted Iranian brokers and front companies in the United Arab Emirates, Hong Kong and India, the Treasury said. “India-based petrochemical company Tibalaji Petrochem Private Limited has purchased millions of dollars’ worth of Triliance-brokered petrochemical products, including methanol and base oil, for onward shipment to China,” it added.

Washington also iterated that it would continue to accelerate enforcement of sanctions on Iran’s petroleum and petrochemical sales so long as Tehran continues to accelerate its nuclear programme. “So long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action, the United States will continue to enforce its sanctions on the sale of Iranian petroleum and petrochemical products,” the Treasury’s Under Secretary for Terrorism and Financial Intelligence Brian Nelson said in a statement.

Already, following Russia’s attack on Ukraine, the US and its European allies decided to block certain Russian banks from the SWIFT financial-messaging infrastructure for cross-border payment. VTB, Russia’s second-largest bank by assets, VEB, another big player, and five smaller ones have been cut off from the SWIFT. This has adversely affected India’s trade transactions with Russia. While transactions can still happen through the Russian banks that are not under sanctions yet, foreign banks are not keen to deal with them in a big way.

Moscow had offered New Delhi rupee-rouble trade using Russia’s messaging system SPFS.

On its part, the Reserve Bank of India (RBI) had in July notified a new mechanism to settle international trade in rupees to reduce the depreciation of the domestic currency against the dollar. Already, Uco Bank and Yes Bank have firmed up arrangements with Russian banks under this mechanism, and more banks are supposed to follow suit.

Rupee may fall below 80 against US Dollar if 79.60 breached; INR in sync with other EM peers

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By NS Ramaswamy

The much awaited U.S annual rate of consumer price growth in August finally came in on Tuesday at 8.3% (July 8.50%; four decade peak June 9.10%), as a shocker with big increases in consumer spending. The expectations and optimism were at 8.1% paving way for deceleration and continued slowdown. Despite a moderation in soaring energy costs and inflation-driven slowdown in demand for fuel it failed to play the key role in easing inflation. Core CPI (which excludes volatile food and energy prices) rose to 6.3% (July 5.9%) against expectations of 6%. 

The FED’s inflation target rate of 2% is now likely to take much longer time. The September 20th – 21st FOMC which had expectations of a 75 basis point increase is now tipped for 100 basis point increase. Dollar instantly gained strength and surged to its near 20-year peak (7th Sept at 110.785). Markets are now anticipating interest rates by year end to be above 4% (4.00% to 4.25% from 3.75% to 4.00%). The continued job market tightness and the support it brings in demand would pave the way to FED’s decision to keep rates higher for longer.

European markets were initially indicating optimism with a three week high EURUSD at 1.0199 based on the lower expectations of US CPI which improved global sentiments. But the disappointment led to EURUSD retreat to 0.9961 levels (3% fall). Meanwhile last week the Euro gained against the dollar on the European Central Bank (ECB) raising the key deposit rate to 0.75% from zero. Will ECB guidance for further aggressive monetary tightening alone help the euro climb up higher to the dollar?

ECB policymakers (with hawkish commentary) are in a dilemma that for at least two years to come, the key interest rates have to be hiked to 2% or more above target rate. Their attempt would be to curb record high inflation (August inflation at 9.1%), despite a likely recession in the euro zone. However, the impact of higher rates is expected to be cushioned due to the strong labour market. Next policy meeting of the ECB is slated on 27th Oct.

Also read: Why ArcelorMittal, other metal giants are shutting factories amid Europe energy crisis; here’s what lies ahead

Global aggressive rate hikes could dampen demand and cause economic slowdown. Indian rupee is insulated for this event only if we have a premeditated policy response and a strong macro-fundamental to stabilize rupee. However we are vulnerable to the global rate hikes on account of capital outflow depressing rupee further. RBI’s response with domestic rate hikes would have to be in line with the global shocks.

Threat to imported inflation (even if the global prices remain unchanged, a weaker rupee will increase the prices of imported inputs), capital outflow and weakening of rupee are the consequences of these interest rate hikes. India’s export oriented sectors are the front-line recipients of this impact, widening our current account deficit (CAD).

USD INR appeared to have consolidated at 79.30 and indicated lower limit support at 78.70 levels. Taking cue from the latest inflation fears in the U.S and dollar index rebounding, in the short term USDINR seeks a strong resistance at 79.60 with support at 79.30. Breaking this resistance, Rupee could cross the 80 mark and depreciate further before higher resistances at 80.30 to 81.00 is seen in the medium term. So far, the depreciating trend in the Indian rupee is a tad out of sync with other emerging economies’ currencies.

(NS Ramaswamy, Head of Commodities, Ventura Securities. Views expressed are the author’s own.)

Petrol, Diesel Price Today, 21 Sep 2022: Fuel cost steady; check rates in Delhi, Mumbai, Noida, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 21 September 2022 (Wednesday), keeping costs steady for more than three months now. Petrol rate and diesel rate in Delhi are at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read: Rupee likely to trade volatile amid risk aversion in equity markets; USDINR to trade sideways in this range

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read: Will bears drag Nifty towards 17450 or bull rally to continue? 5 things to know before market opening bell

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Delhi air quality continues to remain in ‘poor’ category, AQI at 249

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The overall air quality remained in the ‘poor’ category with an Air Quality Index (AQI) of 249 recorded on Friday morning in the national capital, according to the System of Air Quality and Weather Forecasting and Research (SAFAR) in India.

As per the latest data provided by SAFAR, the air quality around Delhi University was recorded at 307 in the morning hours, while the IIT area in New Delhi had an AQI of 273. Lodhi Road recorded an AQI of 218, falling into the ‘poor’ category.

Further, according to the data, Noida recorded an AQI of 208 (poor), and Gurugram had an AQI of 352 (very poor).

#WATCH | Overall air quality in the ‘Poor’ category in Delhi todayVisuals from Kartavya Path, India Gate pic.twitter.com/DhT4KYk5Ot

— ANI (@ANI) October 27, 2023

The India Meteorological Department, in a statement on Delhi’s AQI, had forecast predominant surface winds likely from northwest/northeast directions in Delhi with a wind speed of 04-16 kmph, resulting in mainly clear skies and mist in the morning on Friday.

Also Read:Smog shrouds Delhi as air quality dips to ‘very poor’ category, AQI at 306

Earlier on Thursday, the air quality stood at 256 in Delhi, deteriorating from the ‘moderate’ to ‘poor’ category, according to data from SAFAR.

As stubble burning continues in parts of Punjab and Haryana, air quality in the national capital has worsened in the past few days. According to data, over 2,500 cases of stubble burning have been reported this year so far.

Also Read:Ban stubble burning, firecrackers: Delhi environment minister’s recommendations for NCR to tackle pollution

Meanwhile, the second phase of the Graded Response Action Plan (GRAP) was implemented in Delhi on Tuesday to reduce the effects of increased pollution.

The Air Quality Index is a tool for effective communication of air quality status to people in terms that are easy to understand. There are six AQI categories, namely good, satisfactory, moderately polluted, poor, very poor, and severe.

(With Inputs from ANI)

Rupee falls to fresh lifetime low, slips below 81 for the first time amid strong dollar, high bond yield

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The Indian rupee depreciated further on Friday as it slipped past the 81 mark for the first time ever. Rupee opened at a fresh record low of 81.09 against the US dollar, and slipped further to 81.13, a fresh lifetime low. Volatility and uncertainty have risen as the market comes to grips with a policy regime that is reducing liquidity after a decade of abundance. The strength in US dollar is putting pressure on emerging market currencies including rupee. The domestic currency may face resilience around 81 in anticipation of RBI’s intervention. However, the direction will depend on broad-based dollar movement.

The 10-year bond yield was trading at 7.383% — a level last seen on 25 July, up 7 bps from its previous close of 7.383% The US 10-year treasury yield soared 18 basis points to 3.7% on Thursday, its highest in a decade as traders weighed the risk of recession. Meanwhile, Asian currencies were trading mixed on Friday. China Offshore fell 0.3%, China renminbi 0.27%, Taiwan dollar fell 0.5%. The Philippines peso was up 0.3%, South Korean won gained 0.27%, and the Japanese yen 0.2%.

USDINR resistance at 81.25-81.40, support at 80.12

Spot USDINR now has resistance in the area of 81.25 to 81.40 while the previous top 80.12 is likely to act as support. Asian stocks headed for a sixth weekly decline following another day of losses for US shares and surging Treasury yields that underscore expectations for tighter monetary policy and a slowing global economy, said Dilip Parmar, Research Analyst, HDFC Securities.

Rupee fell 90 paise in the previous session. RBI has been making continuous efforts to limit the losses in the rupee. However, the absence of RBI was felt yesterday as the rupee independently followed the global factors towards achieving its fair value. One of the reasons that RBI couldn’t rescue the fall in the currency was inadequate liquidity in the banking system which is currently in deficit, according to Amit Pabari, MD, CR Forex Advisors.

Also Read: Reliance New Energy to acquire 20% stake in solar tech company Caelux Corp to produce low cost solar modules

Rupee likely to depreciate further, may fall to 82

“RBI’s intervention in the spot market could make the case worst for the banking system liquidity amid short-term interest rates going higher. It will be interesting to watch RBI monetary policy next week as it comes up with some tools to smoothen the liquidity and talks about the current run in the currency and falling reserves. Historically, whenever a big figure in rupee has been taken out, a move of 2.5 rupees an average has been seen within one month of breakout. Overall, with RBI’s absence, the rupee is going to test new lows in the short term and we expect the currency to weaken up to 81.80 and 82.00 levels in the near term,” Pabari added.

Rajasthan Election 2023: Congress releases third list, 95 names of candidates out so far

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The Congress on Thursday released its third list of 19 candidates for the upcoming Rajasthan elections. The state goes to polls on November 25 in a single phase and counting of votes will be on December 3. With the latest list, the party has so far declared 95 names.

The party has fielded Shoba Rani Kushwah from Dholpur, Rajendra Prateek from Sikar, Wajib Ali from Nagar, Harish Chandra Meena from Deoli-Uniara, Heera lal Darangi from Jhalod (ST) and Lakhan Singh Meena from Karauli.

— ANI (@ANI) October 26, 2023

On Sunday, the party had released its second list of 43 candidates, while the first list of 33 candidates was released on Saturday.

The Congress is seeking to retain power on the strength of its work over the past five years and the welfare schemes announced by the Gehlot government.