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Petrol now just Rs 19 short of 100 mark in Delhi, diesel prices hiked too

Petrol now just Rs 19 short of 100 mark in Delhi, diesel prices hiked too

Finance
Oil marketing companies have hiked the prices of petrol and diesel again on Thursday by 13 paisa and 11 paisa respetively. As a result, petrol has reached its all time high of Rs 81 per litre in Delhi while diesel costs Rs 73.08 per litre in the national capital. In Mumbai, petrol now costs Rs 88.39 per litre and for disel you have to shell out Rs 77.58 per litre. Petrol and diesel prices have been rising for a while now owing to a falling rupee and rising international oil prices. A fear that the US sanctions on Iran may end up contracting global oil supplies more than other producers can make up is pushing up oil prices. Crude oil prices have risen to $ 77 a barrel, gaining about $ 7 in a month. Recently Andhra Pradesh as well as Rajasthan have announced cut in state taxes to rein in th...
Petrol, diesel prices at highest-ever levels on rupee woes

Petrol, diesel prices at highest-ever levels on rupee woes

Finance
Petrol and diesel prices in the country touched their highest levels Monday mainly due to dramatic fall in rupee and a sharp rise in crude oil rates. Petrol price in Delhi rose to a record Rs 79.15 a litre and diesel climbed to a fresh high of Rs 71.15, according to price notification of state-owned fuel retailers. This follows ‎a 31 paise/litre hike in prices on Monday. Rates have breached the previous high of Rs 78.43 a litre hit on May 28. On that day, the rate in Mumbai was Rs 86.24 per litre. A litre of petrol in Mumbai costs Rs ‎86.56 on Monday. Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced i...
VW fined €1.2bn over diesel emissions scandal

VW fined €1.2bn over diesel emissions scandal

Business
The emissions scandal that engulfed Volkswagen three years ago continues to dog the carmaking giant, as German authorities hit the group with a €1.2bn fine. Volkswagen has said that prosecutors in the German city of Braunschweig levied the £880m fine, saying the carmaker failed to properly oversee its engine development department's activities, resulting in about 10.7m diesel vehicles with illegal emissions-controlling software being sold worldwide.The firm said it hoped that paying the fine would have "positive effects on other official proceedings being conducted in Europe against Volkswagen" and its subsidiaries.:: VW Group set to 'recall up to 28,000' Volkswagens and Seats over seatbelt issue Image: Reacquired Volks...
Ex Volkswagen executive jailed in US amid diesel scandal

Ex Volkswagen executive jailed in US amid diesel scandal

Business
A former Volkswagen executive has been sentenced to seven years in prison and a $ 400,000 (£298,778) fine, after admitting he helped the firm evade clean-air laws.Oliver Schmidt, 48, is the second person to receive jail time in the US over the diesel emissions scandal.Volkswagen first admitted in September 2015 that it had used illegal software to cheat US emissions tests. It has spent as much as $ 30bn to address US claims.US prosecutors say Volkswagen installed special software in certain diesel vehicles that allowed them to perform better during emissions tests than they did under normal driving conditions. VW emissions cheat bill hits $ 30bnVolkswagen: The scandal explainedVW papers shed light on emissions scandalDiesel cars: What's all the fuss about?The emissions were sometimes 30 ti
'Excise duty cut on petrol, diesel adds to fiscal concerns'

'Excise duty cut on petrol, diesel adds to fiscal concerns'

Finance
NEW DELHI: Government's decision to cut excise duty on petrol and diesel will be a relief for consumers as it will lower CPI inflation by around 8-9 bps, but will add to fiscal concerns of the economy, says a Nomura report.According to the global financial services major, this decision further adds to the risk that the government will likely miss its fiscal deficit target for this fiscal."Given already stretched fiscal finances due to front- loaded spending and lower non-tax revenues, this decision further adds to the risk that the government will likely miss its 2017-18 fiscal deficit target of 3.2 per cent of GDP," Nomura said in the research note.The government had hiked excise duty on petrol and diesel in 2015-16 when international prices were declining, which resulted in substantial f...