The US Federal Reserve voted Wednesday to pause its aggressive campaign of interest rate hikes despite "elevated" inflation while indicating a sharp increase could be needed before the end of the year.

US Federal reserve pauses rate hikes but signals more tightening ahead

Amid the failure of Silicon Valley Bank, subsequent disruptions to the banking system, and stubborn inflation, the Federal Reserve has some tough questions to answer on the future of interest rates. After ten straight meetings where it raised interest rates, the Fed took a breather on raising rates at its June 13-14 meeting.

US Fed pauses rate hike: How will it impact the markets?

Ahead of the Fed, the US dollar has generally fallen vs. the euro this year, but there are signs EUR/USD may be losing its bullish momentum after a failed breakout to 1-year highs.

US: Fed poised to hike, but will it be the last?

Delta's raise includes a 5% base pay increase for ground and flight attendant employees worldwide at all steps of the pay scale and a 5% pool for eligible merit employees worldwide. Watch video to know more.

Delta Airlines employees to get 5% pay hike

Pakistan has hiked the price of petroleum products including petrol and diesel. This came after the Pakistani Rupees saw devaluation last week along with the rise in global price of crude.

Pakistan hikes prices of key petroleum products

The French prime minister stated on Tuesday, ahead of crucial discussions with unions, that the government is ready to be flexible on President Emmanuel Macron's proposal to increase the retirement age to 65.

Prime Minister Elisabeth Borne said that the retirement age of 65 is "not set in stone" and suggested that "other solutions" could be able to assist the government to achieve its goal of balancing the pension system by 2030.

She said that the proposal, which she described as the centrepiece domestic policy of Macron's second term, will be submitted to the cabinet on 23 January&nbsp;before being discussed in parliament at the start of February.

Also read |&nbsp;<a href="https://www.wionews.com/world/france-australia-and-canada-impose-covid-restrictions-on-travellers-from-china-548798">France, Australia, Canada impose Covid restrictions on travellers from China</a>

The unions have outright rejected the plan's main goal, which is to raise the retirement age from the existing level of 62, and the complete specifics will be revealed on 10&nbsp;January, she confirmed.

In a succession of pension changes implemented by succeeding governments on the left and right in recent decades in an effort to close budget gaps, Macron's revision would be among the most comprehensive.

Also watch | Coming soon on WION: The India Story &amp; This World

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The revamp&nbsp;was intended to be unveiled in the middle of December, but <a href="https://www.wionews.com/world/french-president-macron-says-pension-system-reform-will-be-implemented-in-2023-548520">Macron</a> postponed it so that further discussions could take place after his party's ruling party lost the majority in parliament overall in polls last year.

Later on Tuesday, Borne is scheduled to hold&nbsp;further meetings with unions.

(With inputs from agencies)

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The French prime minister stated on Tuesday, ahead of crucial discussions with unions, that the government is ready to be flexible on President Emmanuel Macron's proposal to increase the retirement age to 65.

The French prime minister stated on Tuesday, ahead of crucial discussions with unions, that the government is ready to be flexible on President Emmanuel Macron's proposal to increase the retirement age to 65. Prime Minister Elisabeth Borne said that the retirement age of 65 is "not set in stone" and suggested that "other solutions" could be able to assist the government to achieve its goal of balancing the pension system by 2030. She said that the proposal, which she described as the centrepiece domestic policy of Macron's second term, will be submitted to the cabinet on 23 January before being discussed in parliament at the start of February. Also read | France, Australia, Canada impose Covid restrictions on travellers from China The unions have outright rejected the plan's main goal, which is to raise the retirement age from the existing level of 62, and the complete specifics will be revealed on 10 January, she confirmed. In a succession of pension changes implemented by succeeding governments on the left and right in recent decades in an effort to close budget gaps, Macron's revision would be among the most comprehensive. Also watch | Coming soon on WION: The India Story & This World The revamp was intended to be unveiled in the middle of December, but Macron postponed it so that further discussions could take place after his party's ruling party lost the majority in parliament overall in polls last year. Later on Tuesday, Borne is scheduled to hold further meetings with unions. (With inputs from agencies) WATCH WION LIVE HERE:

Retirement age hike to 65 'not set in stone', says French PM Elisabeth Borne

The world's largest economy, the United States of America is struggling with a 40-year high inflation. US federal reserve is poised to unleash another interest rate hike after the latest data showed a worrying U.S inflation picture. An increase in the interest rate is expected on Wednesday.

US attempts to tackle 40-year-high inflation; hike in interest rate expected on Wednesday

Indonesia has raised subsidised fuel prices by 30% on Saturday. Meanwhile President Joko Widodo said the decision to increase the fuel prices was his last option as the country’s energy subsidy had tripled this year.

Indonesia hikes fuel prices by 30%, President Widodo claims it was govt's last option

Indonesia raises fuel prices, cuts energy subsidies

Amid the ongoing tensions with China, Taiwan has again proposed to increase its defence spending next year. It will be Taiwan's sixth consecutive year of growth in defence spending since 2017.

Taiwan proposes a significant hike in defence spending amid China tensions

In a bid to safeguard citizens from inflation, Turkey has hiked the minimum wage for the second time in 2022. The new nominal wage now stands at $330.

Turkiye hikes the minimum wage for the second time in 2022

Barclays is giving 35,000 of its staff in Britain $1,450 annual pay rise to help to ease the impact of the cost of living crisis. It also said that the pay rise will apply to staff in customer-facing roles.

Barclays offers pay hike to 35,000 staff to ease cost-of-living burden

In United States, inflation is rocking American consumers at levels not experienced in over 40 years. From the weekly groceries to filling up the gas tank, rising prices have hit up Americans.

US inflation hits 40-year-high, Americans worry about price hikes

The US Federal Reserve raised its benchmark interest rate by 75 basis point. This is the biggest and most aggressive interest rate increase since 1994. The Federal Open Market Committee said that it decided to raise the target range for the benchmark borrowing rate to 1.5%-1.75%.

Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994

Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis.&nbsp;

Wednesday’s rate hike by the Fed was its biggest in a single action since 1994. The US central bank raised the benchmark borrowing rate on Wednesday by 0.75 percentage points, bigger than the telegraphed half-point increase after economic data in recent days showed inflation strengthening and consumer confidence weakening.

Mortgage buyer Freddie Mac reported on Thursday that the brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.

Also Read:&nbsp;<a href="https://www.wionews.com/world/unhappy-bill-mcdonalds-to-pay-more-than-usd-1-billion-to-avoid-tax-evasion-case-488748">Unhappy bill: McDonald's to pay more than USD 1 billion to avoid tax evasion case</a>

Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association. Those figures are likely to worsen with more Fed rate increases a near certainty.

Higher borrowing rates appear to be slowing the housing market. Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates increased, driving up borrowing costs for buyers as home prices soared.

Homeownership has become invariably difficult nowadays, especially for first-time buyers. Besides high inflation, rising mortgage rates and increasing home prices, the supply of homes for sale continues to be limited.&nbsp; 
&nbsp;

(with inputs from agencies) 
&nbsp;

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Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.

Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis. Wednesday’s rate hike by the Fed was its biggest in a single action since 1994. The US central bank raised the benchmark borrowing rate on Wednesday by 0.75 percentage points, bigger than the telegraphed half-point increase after economic data in recent days showed inflation strengthening and consumer confidence weakening. Mortgage buyer Freddie Mac reported on Thursday that the brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market. Also Read: Unhappy bill: McDonald's to pay more than USD 1 billion to avoid tax evasion case Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association. Those figures are likely to worsen with more Fed rate increases a near certainty. Higher borrowing rates appear to be slowing the housing market. Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates increased, driving up borrowing costs for buyers as home prices soared. Homeownership has become invariably difficult nowadays, especially for first-time buyers. Besides high inflation, rising mortgage rates and increasing home prices, the supply of homes for sale continues to be limited. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Long-term US mortgage rates show biggest one-week jump in 35 years after Fed’s rate hike

Cooking gas LPG price was on Thursday hiked by Rs 3.50 per cylinder, the second increase in rate this month following the firming of international energy rates.

Non-subsidised LPG now costs Rs 1,003 per 14.2-kg cylinder in the national capital, up from Rs 999.50 previously, according to a price notification of state-owned fuel retailers.

This is the second increase in LPG rate this month and the third in less than two months. The price was hiked by Rs 50 per cylinder on March 22 and again by the same quantum on May 7.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/no-more-imported-cold-weather-gear-indian-start-ups-solution-for-army-480326">No more imported cold weather gear: Indian start-up's solution for Army</a>&nbsp;

Since April 2021, prices have risen by Rs 193.5 per cylinder.

Petrol and diesel prices however continue to be on freeze for the 43rd day in a row. The pause followed rates being hiked by a record Rs 10 per litre in a matter of 16 days beginning March 22.

Non-subsidised cooking gas is the one that consumers buy after exhausting their quota of 12 cylinders at subsidised or below-market rates.

Also watch |&nbsp;India: Special arrangements for animals at Delhi Zoo amid heatwave

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However, the government pays no subsidy on LPG in most cities and the price of the refill that consumers, including the poor women who got free connection under the much-talked Ujjwala scheme, is the same as that for non-subsidised or market price LPG.

Non-subsidised LPG costs Rs 1,002.50 per 14.2-kg cylinder in Mumbai while it is priced at Rs 1,018.50 a bottle in Chennai and Rs 1,029 in Kolkata.

Rates differ from state to state depending on the incidence of local taxes such as VAT. Prices are higher in states with higher taxes.

Alongside, oil firms also hiked the price of commercial LPG cylinders - the ones used by establishments like hotels and restaurants - by Rs 8 per cylinder to Rs 2,354 per 19-kg bottle. On May 1, the price of a commercial LPG cylinder was increased by Rs 102.50 to Rs 2,355.50 but on May 7 it was reduced to Rs 2,346.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/wheat-exports-ban-india-says-measure-to-help-nations-in-need-food-grains-shouldnt-face-covid-shots-fate-480265">Wheat export ban: India says measure to help nations in need, food grains shouldn't meet Covid shots' fate</a>&nbsp;

International oil prices have been on the rise this year. They jumped to a 13-year high of USD 140 per barrel in March before shedding some of the gains. Brent was trading at USD 110.13 per barrel on Thursday.

To compound things, the Indian rupee tumbled to Rs 77.74 to a dollar, making imports costlier.

India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices.

While India has surplus oil refining capacity, it does not manufacture enough LPG to meet domestic demand and imports significant quantities from nations such as Saudi Arabia.

On Wednesday, an oil ministry official stated that the Saudi LPG prices have gone up by 33 per cent while domestic rates have increased by only 11 per cent.

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Cooking gas LPG price was on Thursday hiked by Rs 3.50 per cylinder, the second increase in rate this month following the firming of international energy rates. Non-subsidised LPG now costs Rs 1,003 per 14.

Cooking gas LPG price was on Thursday hiked by Rs 3.50 per cylinder, the second increase in rate this month following the firming of international energy rates. Non-subsidised LPG now costs Rs 1,003 per 14.2-kg cylinder in the national capital, up from Rs 999.50 previously, according to a price notification of state-owned fuel retailers. This is the second increase in LPG rate this month and the third in less than two months. The price was hiked by Rs 50 per cylinder on March 22 and again by the same quantum on May 7. Also read | No more imported cold weather gear: Indian start-up's solution for Army Since April 2021, prices have risen by Rs 193.5 per cylinder. Petrol and diesel prices however continue to be on freeze for the 43rd day in a row. The pause followed rates being hiked by a record Rs 10 per litre in a matter of 16 days beginning March 22. Non-subsidised cooking gas is the one that consumers buy after exhausting their quota of 12 cylinders at subsidised or below-market rates. Also watch | India: Special arrangements for animals at Delhi Zoo amid heatwave However, the government pays no subsidy on LPG in most cities and the price of the refill that consumers, including the poor women who got free connection under the much-talked Ujjwala scheme, is the same as that for non-subsidised or market price LPG. Non-subsidised LPG costs Rs 1,002.50 per 14.2-kg cylinder in Mumbai while it is priced at Rs 1,018.50 a bottle in Chennai and Rs 1,029 in Kolkata. Rates differ from state to state depending on the incidence of local taxes such as VAT. Prices are higher in states with higher taxes. Alongside, oil firms also hiked the price of commercial LPG cylinders - the ones used by establishments like hotels and restaurants - by Rs 8 per cylinder to Rs 2,354 per 19-kg bottle. On May 1, the price of a commercial LPG cylinder was increased by Rs 102.50 to Rs 2,355.50 but on May 7 it was reduced to Rs 2,346. Also read | Wheat export ban: India says measure to help nations in need, food grains shouldn't meet Covid shots' fate International oil prices have been on the rise this year. They jumped to a 13-year high of USD 140 per barrel in March before shedding some of the gains. Brent was trading at USD 110.13 per barrel on Thursday. To compound things, the Indian rupee tumbled to Rs 77.74 to a dollar, making imports costlier. India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices. While India has surplus oil refining capacity, it does not manufacture enough LPG to meet domestic demand and imports significant quantities from nations such as Saudi Arabia. On Wednesday, an oil ministry official stated that the Saudi LPG prices have gone up by 33 per cent while domestic rates have increased by only 11 per cent. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Domestic LPG prices hiked again, cross ₹1000-mark in Delhi

The Federal Reserve’s decision to hike interest rates rattled Wall Street on Thursday as major US stocks tanked at the stock market.

The S&amp;P 500, Dow and Nasdaq plunged sharply, with losses accelerating during intraday trading.

The S&amp;P 500 fell by 3.7 per cent, the Dow Jones Industrial Average tumbled 1,100 points, or 3.3 per cent, to 32,945 and the Nasdaq lost 5 per cent.

Major tech stocks tanked at Nasdaq, with Google-parent Alphabet Inc, Apple Inc,&nbsp;Microsoft Corp, Meta Platforms, Tesla Inc and Amazon.com falling between 4. 5 per cent and 6.5 per cent

A day earlier, the blue-chip index posted its best single-session gain since May 2020, rising 2.99 per cent.

The bloodbath in the US was also reflected in European stocks as fears of a recession, suggested by the Bank of England after it hiked rates, dampened enthusiasm from Federal Reserve Chair Jerome Powell’s remarks on Wednesday.

He had said that policymakers were not considering 75 basis-point moves in the future.

The yield on 10-year Treasury notes rose 16.9 basis points to 3.084 pre cent, while inflation-hedge gold bounced higher after Powell also emphasized risks to the economy from soaring inflation.

Watch |&nbsp;Fed raises interest rates by 50-bps

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"It's a very messy environment for investors right now," Anthony Saglimbene, global market strategist at Ameriprise Financial, told Reuters.

"There`s an overall negative sentiment in the market."

He expects the markets to remain volatile until there is a clear picture on Fed rate policy and its trajectory later this year.

The dollar index rose 1.131 per cent, rebounding after falling sharply on Wednesday following the Fed`s rate hike. It is up more than 7 per cent so far this year.

There was some respite in China where shares recovered some ground, gaining 0.7 per cent as mainland markets resumed trade after a three-day holiday.

Investors also cheered a pledge by China’s central bank for more monetary policy support to help businesses badly hit by the latest COVID-19 outbreak.

Oil prices rose as a stronger dollar offset supply concerns after the European Union`s plans for new sanctions against Russia, including an embargo on crude in six months.

(With inputs from agencies)

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The Federal Reserve’s decision to hike interest rates rattled Wall Street on Thursday as major US stocks tanked at the stock market. The S&P 500, Dow and Nasdaq plunged sharply, with losses accelerating during intraday trading.

The Federal Reserve’s decision to hike interest rates rattled Wall Street on Thursday as major US stocks tanked at the stock market. The S&P 500, Dow and Nasdaq plunged sharply, with losses accelerating during intraday trading. The S&P 500 fell by 3.7 per cent, the Dow Jones Industrial Average tumbled 1,100 points, or 3.3 per cent, to 32,945 and the Nasdaq lost 5 per cent. Major tech stocks tanked at Nasdaq, with Google-parent Alphabet Inc, Apple Inc, Microsoft Corp, Meta Platforms, Tesla Inc and Amazon.com falling between 4. 5 per cent and 6.5 per cent A day earlier, the blue-chip index posted its best single-session gain since May 2020, rising 2.99 per cent. The bloodbath in the US was also reflected in European stocks as fears of a recession, suggested by the Bank of England after it hiked rates, dampened enthusiasm from Federal Reserve Chair Jerome Powell’s remarks on Wednesday. He had said that policymakers were not considering 75 basis-point moves in the future. The yield on 10-year Treasury notes rose 16.9 basis points to 3.084 pre cent, while inflation-hedge gold bounced higher after Powell also emphasized risks to the economy from soaring inflation. Watch | Fed raises interest rates by 50-bps "It's a very messy environment for investors right now," Anthony Saglimbene, global market strategist at Ameriprise Financial, told Reuters. "There`s an overall negative sentiment in the market." He expects the markets to remain volatile until there is a clear picture on Fed rate policy and its trajectory later this year. The dollar index rose 1.131 per cent, rebounding after falling sharply on Wednesday following the Fed`s rate hike. It is up more than 7 per cent so far this year. There was some respite in China where shares recovered some ground, gaining 0.7 per cent as mainland markets resumed trade after a three-day holiday. Investors also cheered a pledge by China’s central bank for more monetary policy support to help businesses badly hit by the latest COVID-19 outbreak. Oil prices rose as a stronger dollar offset supply concerns after the European Union`s plans for new sanctions against Russia, including an embargo on crude in six months. (With inputs from agencies) WATCH WION LIVE

Dow, Nasdaq plunge sharply on account of US Fed hike, markets expected to remain volatile

The Indian vehicle industry is suffering a major setback as a result of rising inflation. In March, car sales were down considerably from the prior two years. Watch this report.

Why are car prices on the rise in India?

To control inflation and also to prop up the economy, the US central bank is preparing for a rate hike that can come as soon as next month.

US interest rate hike likely in March: Powell testified before US Congress

The official website of the Kremlin published a series of appealing photos in which Russian President Vladimir Putin can be seen hiking and fishing in Siberia.

Kremlin releases pictures of Russian President Vladimir Putin's weekend in Siberia

Investigators are confused and worried about the unexplained deaths of a California family who were found dead on a hiking trail.<o:p></o:p>

John Gerrish along with his wife, Ellen Chung, their one-year-old daughter, Muji, and their dog were found dead on a hiking trail in Mariposa county. The family was reported missing by a family friend on Monday evening.

Also read :&nbsp;<a href="https://www.wionews.com/world/russian-spy-faces-investigation-after-she-falls-in-love-with-her-subject-407233">Russian spy faces investigation after she falls in love with her subject</a>

<o:p></o:p>

After the family friend was reported missing, the local police started a search and rescue mission to find the California family. Their vehicle was located near a gate of the Sierra national forest on Tuesday.<o:p></o:p>

A little later the dead bodies of the family were found a mile away. The area the family was found in did not have any cellphone service and there was no obvious reason behind their death.

As of now, the experts have said there is a possibility that the nearby toxic algae could have been responsible for the sad demise of the family. There is also a possibility that this incident might have been due to exposure to carbon monoxide or to gas from mines in the area.

<o:p></o:p>

Also&nbsp;watch-&nbsp;<a href="https://www.wionews.com/world/watch-hail-satan-news-channel-mistakenly-plays-satanic-ritual-during-live-telecast-407242">'Hail Satan': News channel mistakenly plays satanic ritual during live telecast</a><o:p></o:p>

"We haven’t ruled anything out yet," Kristie Mitchell, a spokesperson with the Mariposa county sheriff’s office, told the Guardian.<o:p></o:p>

Gerrish is known to be a software designer who "fell in love with the Mariposa area" and had also bought several homes in that area, said his friend.<o:p></o:p>

The couple loved hiking and were "a loving couple, they loved each other quite a bit".<o:p></o:p>

Investigators are confused and worried about the unexplained deaths of a California family who were found dead on a hiking trail. John Gerrish along with his wife, Ellen Chung, their one-year-old daughter, Muji, and their dog were found dead on a hiking trail in Mariposa county.

Investigators are confused and worried about the unexplained deaths of a California family who were found dead on a hiking trail. John Gerrish along with his wife, Ellen Chung, their one-year-old daughter, Muji, and their dog were found dead on a hiking trail in Mariposa county. The family was reported missing by a family friend on Monday evening. Also read : Russian spy faces investigation after she falls in love with her subject After the family friend was reported missing, the local police started a search and rescue mission to find the California family. Their vehicle was located near a gate of the Sierra national forest on Tuesday. A little later the dead bodies of the family were found a mile away. The area the family was found in did not have any cellphone service and there was no obvious reason behind their death. As of now, the experts have said there is a possibility that the nearby toxic algae could have been responsible for the sad demise of the family. There is also a possibility that this incident might have been due to exposure to carbon monoxide or to gas from mines in the area. Also watch- 'Hail Satan': News channel mistakenly plays satanic ritual during live telecast "We haven’t ruled anything out yet," Kristie Mitchell, a spokesperson with the Mariposa county sheriff’s office, told the Guardian. Gerrish is known to be a software designer who "fell in love with the Mariposa area" and had also bought several homes in that area, said his friend. The couple loved hiking and were "a loving couple, they loved each other quite a bit".

Experts look at toxic algae after California family is found dead on hiking trail

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight. &nbsp;&nbsp;

At Rs 100, oil in India was reportedly the costliest in South Asia. The Sensex fell by more than 1,000 points today. Oil wasn't the only reason for the falling stocks, but it was a major reason. Investors were spooked by the soaring prices. &nbsp;&nbsp;

There are also reports of fuel smuggling. A tanker carrying more than 1,000 litres of oil was held in Nepal last week. That's when prices in Nepal were around Rs 70 a litre. &nbsp;

The irony is Nepal gets its oil supplies from India. So, the question is why are Indians paying so much for oil? &nbsp;

The short and simple answer is taxes. Our oil taxes are abominably high. The long answer is more complex, it includes global oil prices and international politics. &nbsp; &nbsp;

A year ago, oil prices had hit negative territory less than zero. It was at the height of the pandemic. Now, the demand has increased. &nbsp;

<a href="https://www.wionews.com/videos/gravitas-2-factors-are-dictating-how-much-you-spend-on-fuel-365528">WATCH|</a>

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Prices have shot up again. Where will they go from here? It depends on what oil producers decide and how the market responds. These two factors will dictate how much you pay for fuel. &nbsp; &nbsp;

Earlier this month, the price of oil recovered and returned to pre-pandemic levels. The lockdowns around the world had killed demand for oil. &nbsp;

Now, the world is out. So, the demand has revived and prices have gone up. &nbsp;

Right now, they are hovering around 60 dollars per barrel. Oil was selling at 20 dollars per barrel in April last year. So, the prices have tripled. &nbsp;

The brent-crude futures is the benchmark of the energy markets. It has risen by more than 50 per cent since October last year. It's proof of recovery. &nbsp;

The global prices are higher. So, a country like India, which imports more than 80 per cent of its fuel needs, must pay more to buy oil in the international market. &nbsp;

So far, so bad. What about the future? It depends on one meeting next month. The meeting of organisation of petroleum exporting countries (OPEC) and Russia. Together, they form a cartel and control the supply of oil into the global markets. &nbsp;

Now, this grouping has a problem as the two leading exporters, Saudi Arabia and Russia are at loggerheads with each other. One wants to increase supply, the other doesn't. &nbsp;

According to reports, Saudi Arabia does not want to increase oil supply and wants the prices to remain high. While Russia wants to increase supply. &nbsp; &nbsp;

It affects us. If Saudi Arabia has its way, supply will be limited but demand is increasing. So, prices will go up. If Russia has its way, supply will increase and there will be more oil in the market. So, prices could come down. &nbsp; &nbsp;

Reports say OPEC and its allies are withholding seven million barrels a day from the market. It's about seven per cent of the global supply. If all of this is released, global prices would fall, dramatically. But that isn't happening at the moment. &nbsp;

In recent months, some events have contributed to the jump in global prices. Saudi Arabia has cut production. In January, Riyadh decided to make an extra cut of one million barrels. It led to a spike in prices. &nbsp;

The winter storm in oil-rich Texas, US is another reason as the big freeze has knocked out 40 per cent of US's oil output. Production has been shut due to the icy weather for days now. Output has dropped by one to four million barrels per day. &nbsp;

The result of the shutdown was hike in oil prices. The global oil markets are nowhere close to a full recovery. But they have got a short-term boost.&nbsp;

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight.

Fuel is on fire in India, touching Rs 100 a litre at some places. For the first time, it has hit a three-digit number. Before Sunday, oil prices were hiked every day for 12 days straight. At Rs 100, oil in India was reportedly the costliest in South Asia. The Sensex fell by more than 1,000 points today. Oil wasn't the only reason for the falling stocks, but it was a major reason. Investors were spooked by the soaring prices. There are also reports of fuel smuggling. A tanker carrying more than 1,000 litres of oil was held in Nepal last week. That's when prices in Nepal were around Rs 70 a litre. The irony is Nepal gets its oil supplies from India. So, the question is why are Indians paying so much for oil? The short and simple answer is taxes. Our oil taxes are abominably high. The long answer is more complex, it includes global oil prices and international politics. A year ago, oil prices had hit negative territory less than zero. It was at the height of the pandemic. Now, the demand has increased. WATCH| Prices have shot up again. Where will they go from here? It depends on what oil producers decide and how the market responds. These two factors will dictate how much you pay for fuel. Earlier this month, the price of oil recovered and returned to pre-pandemic levels. The lockdowns around the world had killed demand for oil. Now, the world is out. So, the demand has revived and prices have gone up. Right now, they are hovering around 60 dollars per barrel. Oil was selling at 20 dollars per barrel in April last year. So, the prices have tripled. The brent-crude futures is the benchmark of the energy markets. It has risen by more than 50 per cent since October last year. It's proof of recovery. The global prices are higher. So, a country like India, which imports more than 80 per cent of its fuel needs, must pay more to buy oil in the international market. So far, so bad. What about the future? It depends on one meeting next month. The meeting of organisation of petroleum exporting countries (OPEC) and Russia. Together, they form a cartel and control the supply of oil into the global markets. Now, this grouping has a problem as the two leading exporters, Saudi Arabia and Russia are at loggerheads with each other. One wants to increase supply, the other doesn't. According to reports, Saudi Arabia does not want to increase oil supply and wants the prices to remain high. While Russia wants to increase supply. It affects us. If Saudi Arabia has its way, supply will be limited but demand is increasing. So, prices will go up. If Russia has its way, supply will increase and there will be more oil in the market. So, prices could come down. Reports say OPEC and its allies are withholding seven million barrels a day from the market. It's about seven per cent of the global supply. If all of this is released, global prices would fall, dramatically. But that isn't happening at the moment. In recent months, some events have contributed to the jump in global prices. Saudi Arabia has cut production. In January, Riyadh decided to make an extra cut of one million barrels. It led to a spike in prices. The winter storm in oil-rich Texas, US is another reason as the big freeze has knocked out 40 per cent of US's oil output. Production has been shut due to the icy weather for days now. Output has dropped by one to four million barrels per day. The result of the shutdown was hike in oil prices. The global oil markets are nowhere close to a full recovery. But they have got a short-term boost.

What led to hike in fuel prices?

China 'deeply regrets' U.S. tariff hikes on $200 bn goods. Watch this video to know more.

News Alert: China 'deeply regrets' U.S. tariff hikes

China's top trade negotiator Liu He said that the first day of a new round of trade talks with his U.S. counterparts, that an increase in U.S. tariffs on Chinese goods "won't solve anything." Watch this video to know more.

Hike comes amidst U.S-China trade talks

There was a marginal hike in diesel prices on Sunday while petrol prices remained unchanged in the national capital and Mumbai.

In Delhi, diesel prices went up by 10 paise, costing at Rs 66 per litre now.

Petrol is sold at Rs 71.27 per litre, it was last increased on Tuesday by 13 paise per litre, according to data from the Indian Oil Corporation website.

Petrol and diesel prices in Delhi are the cheapest among all metropolitan cities.

In Mumbai, people will have to shell out Rs 76.90 per litre for petrol. Diesel costs Rs 69.11 per litre in the city.

In October, &nbsp;petrol prices had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai.&nbsp;

Diesel went up to Rs 75.45 a litre in October in the national capital and Rs 80.10 in Mumbai.

At present, all the oil marketing companies of the country revise the domestic prices of petrol and diesel on a daily basis, in accordance with the international crude oil and rupee-dollar.&nbsp;

There was a marginal hike in diesel prices on Sunday while petrol prices remained unchanged in the national capital and Mumbai. In Delhi, diesel prices went up by 10 paise, costing at Rs 66 per litre now.

There was a marginal hike in diesel prices on Sunday while petrol prices remained unchanged in the national capital and Mumbai. In Delhi, diesel prices went up by 10 paise, costing at Rs 66 per litre now. Petrol is sold at Rs 71.27 per litre, it was last increased on Tuesday by 13 paise per litre, according to data from the Indian Oil Corporation website. Petrol and diesel prices in Delhi are the cheapest among all metropolitan cities. In Mumbai, people will have to shell out Rs 76.90 per litre for petrol. Diesel costs Rs 69.11 per litre in the city. In October, petrol prices had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai. Diesel went up to Rs 75.45 a litre in October in the national capital and Rs 80.10 in Mumbai. At present, all the oil marketing companies of the country revise the domestic prices of petrol and diesel on a daily basis, in accordance with the international crude oil and rupee-dollar.

Diesel prices up by 10 paise, petrol remains unchanged

Iran criticised a US&nbsp;request that Saudi Arabia pump more oil to cover a drop in Iranian exports and predicted OPEC would not heed the appeal, setting the stage for a tough meeting of the producer group later this month.

Iran’s OPEC governor, Hossein Kazempour Ardebili, was responding to news that the US&nbsp;government had unofficially asked Saudi Arabia and some other OPEC producers to raise output.

“It’s crazy and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran’s export due to their Illegal sanction on Iran and Venezuela,” Kazempour said in comments to Reuters.

He predicted OPEC would not heed the US&nbsp;request and said oil prices would jump in response to Washington's sanctions on Iran and Venezuela, as they did during a previous round of US&nbsp;sanctions against Iran.

“No one in OPEC will act against two of its founder members,” he said.

“The US&nbsp;tried it last time against Iran, but oil prices got to $140 a barrel.”

The Organization of the Petroleum Exporting Countries meets to review its oil output policy on June 22 in Vienna.

OPEC, founded in 1960, has a history of collaboration over oil policy despite differences of opinion and even wars between some members over the years.

Kazempour said the group would unite in opposition to the US&nbsp;request.

“OPEC will not accept such a humiliation. How arrogant and ignorant one could be (to) underestimate the history of 60 years' cooperation among competitors,” he said.“We have to live together - we cannot change geography but we must build better history,” he said.

Iran’s OPEC governor, Hossein Kazempour Ardebili, was responding to news that the US government had unofficially asked Saudi Arabia and some other OPEC producers to raise output

Iran criticised a US request that Saudi Arabia pump more oil to cover a drop in Iranian exports and predicted OPEC would not heed the appeal, setting the stage for a tough meeting of the producer group later this month. Iran’s OPEC governor, Hossein Kazempour Ardebili, was responding to news that the US government had unofficially asked Saudi Arabia and some other OPEC producers to raise output. “It’s crazy and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran’s export due to their Illegal sanction on Iran and Venezuela,” Kazempour said in comments to Reuters. He predicted OPEC would not heed the US request and said oil prices would jump in response to Washington's sanctions on Iran and Venezuela, as they did during a previous round of US sanctions against Iran. “No one in OPEC will act against two of its founder members,” he said. “The US tried it last time against Iran, but oil prices got to $140 a barrel.” The Organization of the Petroleum Exporting Countries meets to review its oil output policy on June 22 in Vienna. OPEC, founded in 1960, has a history of collaboration over oil policy despite differences of opinion and even wars between some members over the years. Kazempour said the group would unite in opposition to the US request. “OPEC will not accept such a humiliation. How arrogant and ignorant one could be (to) underestimate the history of 60 years' cooperation among competitors,” he said.“We have to live together - we cannot change geography but we must build better history,” he said.

Iran slams US for seeking Saudi oil output hike, says OPEC won’t comply

The Reserve Bank of India has hiked its repo rate by 25 basis points to 6.25%.&nbsp;

This is the first hike in over four years.&nbsp;

The reverse repo rate has been hiked to 6.5%.&nbsp;

The repo rate is the rate of interest at which the RBI loans money to other banks. The repo rate then determines the rate of interest at which the banks loan money to their customers.&nbsp;

A hike in the repo rate will mean an increase in the EMIs of people who have borrowed money at fluctuating rates.&nbsp;

The reverse repo rate is the rate at which the RBI borrows money from the market.&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Reserve Bank of India (RBI) projects inflation for 2018-19 at 4.8- 4.9% in first half and 4.7% in the second half of the year, projection for GDP is 7.5-7.6 in first half and 7.3-7.4 in the second half.
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1004288695942254595?ref_src=twsrc%5Etfw">June 6, 2018</a></blockquote>
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The RBI meanwhile projected inflation for 2018-19 at 4.8- 4.9% in the first half and 4.7% in the second half of the year.&nbsp;

Its GDP projection was 7.5-7.6% for the first half and 7.3-7.4% in the second half.

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Gross domestic product (GDP) growth for 2017-18 has been revised & estimated at 6.7% backed by an all time high production of food grains and horticulture, strengthening of industrial growth and resilient services sector activity: RBI Guv Urjit Patel <a href="https://t.co/3Eam0qniRf">pic.twitter.com/3Eam0qniRf</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1004298584139841536?ref_src=twsrc%5Etfw">June 6, 2018</a></blockquote>
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&nbsp;

This was the first hike in over 4 years. The reverse repo rate is now 6.5%

The Reserve Bank of India has hiked its repo rate by 25 basis points to 6.25%. This is the first hike in over four years. The reverse repo rate has been hiked to 6.5%. The repo rate is the rate of interest at which the RBI loans money to other banks. The repo rate then determines the rate of interest at which the banks loan money to their customers. A hike in the repo rate will mean an increase in the EMIs of people who have borrowed money at fluctuating rates. The reverse repo rate is the rate at which the RBI borrows money from the market. Reserve Bank of India (RBI) projects inflation for 2018-19 at 4.8- 4.9% in first half and 4.7% in the second half of the year, projection for GDP is 7.5-7.6 in first half and 7.3-7.4 in the second half. — ANI (@ANI) June 6, 2018 × The RBI meanwhile projected inflation for 2018-19 at 4.8- 4.9% in the first half and 4.7% in the second half of the year. Its GDP projection was 7.5-7.6% for the first half and 7.3-7.4% in the second half. Gross domestic product (GDP) growth for 2017-18 has been revised & estimated at 6.7% backed by an all time high production of food grains and horticulture, strengthening of industrial growth and resilient services sector activity: RBI Guv Urjit Patel pic.twitter.com/3Eam0qniRf — ANI (@ANI) June 6, 2018 ×

RBI hikes repo rate to 6.25%, EMIs to get costlier

The BCCI has decided to reward the three national selectors with increased remuneration besides doubling the fees of umpires, scorers and video analysts.

The decision was taken by the Cricket Operations wing of BCCI headed by Saba Karim and the COA also feels that chief selector MSK Prasad and company should be rewarded for their services.

Interestingly, BCCI treasurer Aniruddh Chaudhry is not aware of the remuneration hike.

As of now, chairman gets Rs 80 lakh per annum while other selectors get Rs 60 lakh. The decision to increase the remuneration was taken as two ousted selectors Gagan Khoda and Jatin Paranjpe are drawing the same salary as Devang Gandhi and Sarandeep Singh.

"Since selectors can be only appointed in AGMs, Jatin and Gagan despite not rendering services are drawing a fat salary as per norms. This is being unfair to Devang and Sarandeep, who are crisscrossing the country," a senior BCCI official said.

It is expected that chairman will get something in the range of Rs 1 crore while the two others will get anything between Rs 75 to 80 lakh.

The BCCI has also decided to double the match duty fees of domestic match referees, umpires, scorers and video analysts after a gap of six years.

The recommendation for a hike in fees was made by the Cricket Operations Division headed by Karim in consultation with the CoA during a meeting on April 12.

However, treasurer Chaudhary has not been kept in the loop regarding any of these financial decisions.

"I can remember that Aniruddh had suggested a substantial hike during a finance committee meeting last year but I don't think he has been kept in the loop this time," a senior BCCI official told PTI on conditions of anonymity.

As per the revised pay structure, an umpire will now get Rs 40, 000 per day for a first class, three days or 50 over game compared to the earlier Rs 20,000.

For T20 matches, it will be Rs 20,000 per match from the earlier Rs 10,000.

For the match referees, it will be Rs 30,000 for four days, three day and one day games while Rs 15,000 for T20 games.

The scorers, who have been the least paid, will now get Rs 10,000 per match day, save T20 games where they will be paid Rs 5000.

The video analysts will now get Rs 15000 per day for non-T20 games and Rs 7500 for the shortest format.

Meanwhile, Telangana Cricket Association has sought for associate membership from COA since Hyderabad has primary membership as a voting member.

The BCCI has decided to reward the three national selectors with increased remuneration besides doubling the fees of umpires, scorers and video analysts

The BCCI has decided to reward the three national selectors with increased remuneration besides doubling the fees of umpires, scorers and video analysts. The decision was taken by the Cricket Operations wing of BCCI headed by Saba Karim and the COA also feels that chief selector MSK Prasad and company should be rewarded for their services. Interestingly, BCCI treasurer Aniruddh Chaudhry is not aware of the remuneration hike. As of now, chairman gets Rs 80 lakh per annum while other selectors get Rs 60 lakh. The decision to increase the remuneration was taken as two ousted selectors Gagan Khoda and Jatin Paranjpe are drawing the same salary as Devang Gandhi and Sarandeep Singh. "Since selectors can be only appointed in AGMs, Jatin and Gagan despite not rendering services are drawing a fat salary as per norms. This is being unfair to Devang and Sarandeep, who are crisscrossing the country," a senior BCCI official said. It is expected that chairman will get something in the range of Rs 1 crore while the two others will get anything between Rs 75 to 80 lakh. The BCCI has also decided to double the match duty fees of domestic match referees, umpires, scorers and video analysts after a gap of six years. The recommendation for a hike in fees was made by the Cricket Operations Division headed by Karim in consultation with the CoA during a meeting on April 12. However, treasurer Chaudhary has not been kept in the loop regarding any of these financial decisions. "I can remember that Aniruddh had suggested a substantial hike during a finance committee meeting last year but I don't think he has been kept in the loop this time," a senior BCCI official told PTI on conditions of anonymity. As per the revised pay structure, an umpire will now get Rs 40, 000 per day for a first class, three days or 50 over game compared to the earlier Rs 20,000. For T20 matches, it will be Rs 20,000 per match from the earlier Rs 10,000. For the match referees, it will be Rs 30,000 for four days, three day and one day games while Rs 15,000 for T20 games. The scorers, who have been the least paid, will now get Rs 10,000 per match day, save T20 games where they will be paid Rs 5000. The video analysts will now get Rs 15000 per day for non-T20 games and Rs 7500 for the shortest format. Meanwhile, Telangana Cricket Association has sought for associate membership from COA since Hyderabad has primary membership as a voting member.

BCCI set to increase selectors', umpires' salaries

After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.

Petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93, according to a price notification issued by state-owned oil marketing companies.

With this, diesel prices have touched a record high while petrol is at a 56-month peak.

Oil PSUs, who had kept rates unchanged for nearly three weeks before Karnataka went to polls despite input cost spiking, reverted to daily revision in prices no sooner had the state voted to elect a new government on Saturday.

State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar.

Oil PSUs, which have been since June last year revising auto fuel prices on a daily basis to reflect changes in the cost, have kept pump rates static since April 24, an analysis of daily price notification issued by oil companies showed.

Oil PSUs have refused to acknowledge if the freeze followed a government diktat so as to help ruling BJP in Karnataka.

Indian Oil Corp (IOC) Chairman Sanjiv Singh last week said that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers.

Petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each. But prices were frozen thereafter. This despite benchmark international rate for petrol going up from USD 78.84 per barrel, which was used for raising the price to Rs 74.63 a litre on April 24, to USD 82.98 now, according to sources privy to fuel pricing methodology.

The benchmark international diesel rates during this period have climbed from USD 84.68 per barrel to USD 88.63. Also, the rupee has weakened to Rs 67 per US dollar from Rs 66.62, making imports costlier.

Oil Minister Dharmendra Pradhan had last month denied reports of a directive to state oil firms to absorb at least Re 1 a litre hike by not raising prices in line with cost.

The prices at petrol pumps of state-owned fuel retailers like Indian Oil Corp (IOC) were cut by 1-3 paise every day in the first fortnight of December 2017 before Gujarat went to polls.

They started moving up immediately after polling for assembly elections in Gujarat concluded on December 14, leading to speculation that government may have asked oil companies to hold the prices.

State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost.

If this practice was followed in letter and spirit, petrol and diesel prices should have been increased by Rs 1.5 a litre in last 19 days, an analyst tracking the sector said.

The government had in June 2010 freed petrol price from its control and the diesel rates were deregulated in October 2014. Prices have since then moved more or less in tandem with international rates barring a few exceptions like the period before a crucial election.

Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in international oil price.

The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

The government had between November 2014 and January 2016 raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 per litre to take away gains arising from plummeting global oil prices. This led to its excise mop up more than doubling to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre.

However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.

Petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93, according to a price notification issued by state-owned oil marketing companies.

After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers. Petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93, according to a price notification issued by state-owned oil marketing companies. With this, diesel prices have touched a record high while petrol is at a 56-month peak. Oil PSUs, who had kept rates unchanged for nearly three weeks before Karnataka went to polls despite input cost spiking, reverted to daily revision in prices no sooner had the state voted to elect a new government on Saturday. State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar. Oil PSUs, which have been since June last year revising auto fuel prices on a daily basis to reflect changes in the cost, have kept pump rates static since April 24, an analysis of daily price notification issued by oil companies showed. Oil PSUs have refused to acknowledge if the freeze followed a government diktat so as to help ruling BJP in Karnataka. Indian Oil Corp (IOC) Chairman Sanjiv Singh last week said that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers. Petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each. But prices were frozen thereafter. This despite benchmark international rate for petrol going up from USD 78.84 per barrel, which was used for raising the price to Rs 74.63 a litre on April 24, to USD 82.98 now, according to sources privy to fuel pricing methodology. The benchmark international diesel rates during this period have climbed from USD 84.68 per barrel to USD 88.63. Also, the rupee has weakened to Rs 67 per US dollar from Rs 66.62, making imports costlier. Oil Minister Dharmendra Pradhan had last month denied reports of a directive to state oil firms to absorb at least Re 1 a litre hike by not raising prices in line with cost. The prices at petrol pumps of state-owned fuel retailers like Indian Oil Corp (IOC) were cut by 1-3 paise every day in the first fortnight of December 2017 before Gujarat went to polls. They started moving up immediately after polling for assembly elections in Gujarat concluded on December 14, leading to speculation that government may have asked oil companies to hold the prices. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. If this practice was followed in letter and spirit, petrol and diesel prices should have been increased by Rs 1.5 a litre in last 19 days, an analyst tracking the sector said. The government had in June 2010 freed petrol price from its control and the diesel rates were deregulated in October 2014. Prices have since then moved more or less in tandem with international rates barring a few exceptions like the period before a crucial election. Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in international oil price. The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. The government had between November 2014 and January 2016 raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 per litre to take away gains arising from plummeting global oil prices. This led to its excise mop up more than doubling to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.88 per litre in Delhi and diesel Rs 59.14. Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56.89 per litre and petrol to Rs 68.38 per litre. However, a global rally in crude prices pushed domestic fuel prices far higher than those levels.

Karnataka elections done, fuel prices hiked

After over six years, Tamil Nadu government today hiked the fares of buses under State-run transport corporations and private entities approximately by 20 to 54.54 per cent, saying it was inevitable.

Significantly, the government also announced a fund for accident compensation and prevention, besides a panel to go into restructuring of bus fares in future.

Effective from tomorrow, the fare has been hiked for buses across categories viz moffusil, city, ordinary, express, deluxe, bypass-non-stop, ultra deluxe, airconditioned and Volvo modes, an official release said.

While the minimum hike is in the ordinary category, where the fare of Rs&nbsp;5 for 10 km would now be Rs&nbsp;6 (20 per cent hike), the highest is in Volvo buses, where the fare of Rs&nbsp;33 for 30 km will now go up to Rs&nbsp;51 (54.54 per cent hike).

In town buses, the fare has been hiked from a minimum of Rs&nbsp;3 to Rs&nbsp;5 and the maximum from Rs&nbsp;12 to Rs&nbsp;19.

The government cited a host of factors for the hike, including an increase in fuel price and maintenance, annual increment in salaries, pension and purchase of new buses to increase efficiency.

Defending the hike, it said the last time fares were increased was on November 18, 2011, when diesel cost Rs&nbsp;43.10, whereas the price now was Rs&nbsp;65.83.

The government also cited data to claim that the fares, despite the increase, was lesser than in neighbouring states, including Andhra Pradesh.

A recent interim direction of the Madras High Court in a transport-related petition was also cited to support the decision to effect a hike in fares.

The government quoted the interim order as saying, &quot;data furnished in the supporting affidavit shows that the present bus fare is inadequate to meet, even the operational cost.&quot;

The court had also said, &quot;with the existing funds and resources, maintenance cost, debt, loss and such other economic factors ...the need to revise bus fare, appears to be inevitable, though it may cause inconvenience.&quot;

The government said that since 2000 to date, Karnataka had hiked the fare 16 times, while Andhra Pradesh and Kerala had done so eight times.

In the past seven years, the Tamil Nadu government gave Rs&nbsp;12,059.17 crore subsidy to State-run transport corporations to help them tackle the fund crunch.

These corporations have so far incurred a recurring loss of Rs&nbsp;20,488 crore, the government said.

&quot;Though the increase in fare was avoided so far, it is now inevitable so as to tackle the fund crunch and to continue to give the people a good transport service,&quot; the release said.

In a significant step, the government said an integrated &#39;Accident prevention, compensation and toll fee fund&#39; would be set up, under which speed governors would be installed in long-distance express buses as part of accident prevention efforts.

Private transport entities will be permitted to establish similar funds.

Unlike neighbouring states, the fare in Tamil Nadu presently does not cover insurance and toll fee components.

Henceforth, the fare will cover an integrated component of accident insurance and toll fee as well, it said.

From a minimum of Rs&nbsp;1 (up to Rs&nbsp;25 fare) a maximum of Rs&nbsp;10 will be levied (for fares above Rs&nbsp;501) for this purpose.

Defending its decision, the government said since timely compensation for accidents was not provided, as many as 652 State-run transport corporation buses were under court attachment proceedings. Also, the state transport corporations spent an average of Rs&nbsp;12 crore per month towards toll fee.

A new accident compensation fund will ensure that victims (or their kin in case of death) would be provided compensation ranging between Rs&nbsp;2.5 to Rs&nbsp;five lakh immediately, it said.

For those injured, it would be between Rs&nbsp;10,000 to Rs&nbsp;two lakh depending upon the nature of injuries and duration of hospitalisation. For those who suffer permanent disability or head injury, the compensation will be Rs&nbsp;five lakh, it said.

The government said restructuring of fares in future would be done by a committee of senior government officials based on a computation involving indices covering fuel price hike, changes in maintenance and repair cost and increment in salaries.

There are eight State-run transport corporations in Tamil Nadu with 22,509 buses, employing 1,40,615 personnel.

Workers of Tamil Nadu State Transport Corporation (TNSTC) owing allegiance to 17 trade unions, including those affiliated to DMK and Left parties, had gone strike on January 4 after failure of talks with the government on wage revision.

While unions wanted a 2.57 times hike, the government offered only 2.44, resulting in a stalemate.

The strike severely crippled public sector bus services, causing immense hardship to the public, including office-goers in cities though the government tried to maintain services by roping in temporary drivers and private buses.

The AIADMK backed union, besides some others, had not participated in the protests.

The unions had called off the strike on January 11 after the Madras High Court appointed an arbitrator to settle their wage dispute with the government.&nbsp; 
&nbsp;

In town buses the fare has been hiked from a minimum of Rs 3 to Rs 5 and the maximum from Rs 12 to Rs 19

After over six years, Tamil Nadu government today hiked the fares of buses under State-run transport corporations and private entities approximately by 20 to 54.54 per cent, saying it was inevitable. Significantly, the government also announced a fund for accident compensation and prevention, besides a panel to go into restructuring of bus fares in future. Effective from tomorrow, the fare has been hiked for buses across categories viz moffusil, city, ordinary, express, deluxe, bypass-non-stop, ultra deluxe, airconditioned and Volvo modes, an official release said. While the minimum hike is in the ordinary category, where the fare of Rs 5 for 10 km would now be Rs 6 (20 per cent hike), the highest is in Volvo buses, where the fare of Rs 33 for 30 km will now go up to Rs 51 (54.54 per cent hike). In town buses, the fare has been hiked from a minimum of Rs 3 to Rs 5 and the maximum from Rs 12 to Rs 19. The government cited a host of factors for the hike, including an increase in fuel price and maintenance, annual increment in salaries, pension and purchase of new buses to increase efficiency. Defending the hike, it said the last time fares were increased was on November 18, 2011, when diesel cost Rs 43.10, whereas the price now was Rs 65.83. The government also cited data to claim that the fares, despite the increase, was lesser than in neighbouring states, including Andhra Pradesh. A recent interim direction of the Madras High Court in a transport-related petition was also cited to support the decision to effect a hike in fares. The government quoted the interim order as saying, "data furnished in the supporting affidavit shows that the present bus fare is inadequate to meet, even the operational cost." The court had also said, "with the existing funds and resources, maintenance cost, debt, loss and such other economic factors ...the need to revise bus fare, appears to be inevitable, though it may cause inconvenience." The government said that since 2000 to date, Karnataka had hiked the fare 16 times, while Andhra Pradesh and Kerala had done so eight times. In the past seven years, the Tamil Nadu government gave Rs 12,059.17 crore subsidy to State-run transport corporations to help them tackle the fund crunch. These corporations have so far incurred a recurring loss of Rs 20,488 crore, the government said. "Though the increase in fare was avoided so far, it is now inevitable so as to tackle the fund crunch and to continue to give the people a good transport service," the release said. In a significant step, the government said an integrated 'Accident prevention, compensation and toll fee fund' would be set up, under which speed governors would be installed in long-distance express buses as part of accident prevention efforts. Private transport entities will be permitted to establish similar funds. Unlike neighbouring states, the fare in Tamil Nadu presently does not cover insurance and toll fee components. Henceforth, the fare will cover an integrated component of accident insurance and toll fee as well, it said. From a minimum of Rs 1 (up to Rs 25 fare) a maximum of Rs 10 will be levied (for fares above Rs 501) for this purpose. Defending its decision, the government said since timely compensation for accidents was not provided, as many as 652 State-run transport corporation buses were under court attachment proceedings. Also, the state transport corporations spent an average of Rs 12 crore per month towards toll fee. A new accident compensation fund will ensure that victims (or their kin in case of death) would be provided compensation ranging between Rs 2.5 to Rs five lakh immediately, it said. For those injured, it would be between Rs 10,000 to Rs two lakh depending upon the nature of injuries and duration of hospitalisation. For those who suffer permanent disability or head injury, the compensation will be Rs five lakh, it said. The government said restructuring of fares in future would be done by a committee of senior government officials based on a computation involving indices covering fuel price hike, changes in maintenance and repair cost and increment in salaries. There are eight State-run transport corporations in Tamil Nadu with 22,509 buses, employing 1,40,615 personnel. Workers of Tamil Nadu State Transport Corporation (TNSTC) owing allegiance to 17 trade unions, including those affiliated to DMK and Left parties, had gone strike on January 4 after failure of talks with the government on wage revision. While unions wanted a 2.57 times hike, the government offered only 2.44, resulting in a stalemate. The strike severely crippled public sector bus services, causing immense hardship to the public, including office-goers in cities though the government tried to maintain services by roping in temporary drivers and private buses. The AIADMK backed union, besides some others, had not participated in the protests. The unions had called off the strike on January 11 after the Madras High Court appointed an arbitrator to settle their wage dispute with the government.

Tamil Nadu hikes bus fares after six years

The judges of Supreme Court and 24 high courts have got almost 200% hike in their salary, the government notified on Tuesday.&nbsp;

The chief justice of India will now earn Rs 2.8 lakh - up from Rs 1 lakh, including dearness and other allowances.&nbsp;

The revised&nbsp;salary is in addition to perks such as official residence, cars, staff and allowances as applicable.

Other judges of the Supreme Court and chief justices of the high courts will be earning a monthly salary of Rs 2.50 lakh, up from the current Rs 90,000.

The judges of the high courts, who get Rs 80,000 per month now, will get Rs 2.25 lakh per month&nbsp;

SC judges and chief justices of high courts shall also be entitled to allowances, at the level of the cabinet secretary, the service chiefs and some constitutional functionaries such as the CAG and the CEC.

The High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Act, 2018 also revises the rates of house rent allowance with effect from July 1, 2017, and the rates of sumptuary allowance with effect from September 22, 2017.&nbsp;

The salary hike is in line with the recommendations of the 7th Pay Commission for officers of all-India services&nbsp;and makes it on par with bureaucrats.

On January 4, the Lok Sabha had passed a bill to hike the salaries of judges of the Supreme Court and High Courts.&nbsp;

SC judges to get Rs 2.8 lakhs per month and HC judges to get Rs 2.5 lakhs per month

The judges of Supreme Court and 24 high courts have got almost 200% hike in their salary, the government notified on Tuesday. The chief justice of India will now earn Rs 2.8 lakh - up from Rs 1 lakh, including dearness and other allowances. The revised salary is in addition to perks such as official residence, cars, staff and allowances as applicable. Other judges of the Supreme Court and chief justices of the high courts will be earning a monthly salary of Rs 2.50 lakh, up from the current Rs 90,000. The judges of the high courts, who get Rs 80,000 per month now, will get Rs 2.25 lakh per month SC judges and chief justices of high courts shall also be entitled to allowances, at the level of the cabinet secretary, the service chiefs and some constitutional functionaries such as the CAG and the CEC. The High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Act, 2018 also revises the rates of house rent allowance with effect from July 1, 2017, and the rates of sumptuary allowance with effect from September 22, 2017. The salary hike is in line with the recommendations of the 7th Pay Commission for officers of all-India services and makes it on par with bureaucrats. On January 4, the Lok Sabha had passed a bill to hike the salaries of judges of the Supreme Court and High Courts.

200% hike in salary for Supreme Court, High Court judges

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