Petrol and diesel prices were hiked for a 13th consecutive day in a row on Saturday. Although the magnitude of the hike was less as compared to the past four days, the fuel rates were increased by near about 12-20 paise across the UTs and state capitals.

The worst impact of the booming petrol prices will be felt in Mumbai, where the per litre cost jumps to Rs 85.78 today. Diesel in the city will cost at Rs 68.90.&nbsp

In Delhi, the petrol prices have shot to Rs 77.97, whereas, the rate of diesel has been increased to Rs 68.90. Kolkata witnessed a similar fuel rate surge, with petrol costing in the city at Rs 80.61, whereas, the per litre cost of diesel is Rs 71.45.&nbsp

The spree of hike in petrol and diesel prices were triggered following a peak in the international crude oil rate.

The brent crude oil jumped to $84.4 on May 14 -- crossing the $80-benchmark for the first-time ever since November 2014.

The price rise was primarily caused to the sanctions re-imposed by the US against Iran and Venezuela, two among the handful of oil exporting nations.

The price rise was primarily caused to the sanctions re-imposed by the US against Iran and Venezuela, two among the handful of oil exporting nations.

Petrol and diesel prices were hiked for a 13th consecutive day in a row on Saturday. Although the magnitude of the hike was less as compared to the past four days, the fuel rates were increased by near about 12-20 paise across the UTs and state capitals. The worst impact of the booming petrol prices will be felt in Mumbai, where the per litre cost jumps to Rs 85.78 today. Diesel in the city will cost at Rs 68.90. In Delhi, the petrol prices have shot to Rs 77.97, whereas, the rate of diesel has been increased to Rs 68.90. Kolkata witnessed a similar fuel rate surge, with petrol costing in the city at Rs 80.61, whereas, the per litre cost of diesel is Rs 71.45. The spree of hike in petrol and diesel prices were triggered following a peak in the international crude oil rate. The brent crude oil jumped to $84.4 on May 14 -- crossing the $80-benchmark for the first-time ever since November 2014. The price rise was primarily caused to the sanctions re-imposed by the US against Iran and Venezuela, two among the handful of oil exporting nations.

Petrol, diesel prices hiked for 13th consecutive day in a row

Commuters are unlikely to get any relief from soaring oil prices today also as petrol and diesel on Friday morning hit an all-time high in the last five days. Petrol price&nbsp;per litre in Delhi was recorded at Rs 77.83. For Mumbai petrol per litre was registered at Rs 85.65, Rs 80.47 in Kolkata and Rs 80.80 per litre in Chennai.&nbsp;

Diesel was selling at Rs Delhi 68.75 per litre in Delhi, Rs 73.20 in Mumbai, Rs 71.30 per litre in Kolkata and Rs 72.58 for a litre in Chennai.&nbsp;

This is the fifth new high in oil prices recorded in the past five days.&nbsp;

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px;">
	<tbody>
		<tr>
			<td>Date</td>
			<td>Delhi (petrol in Rs/per litre)</td>
			<td>Mumbai</td>
			<td>Kolkata</td>
			<td>Chennai</td>
		</tr>
		<tr>
			<td>May 25</td>
			<td>77.83</td>
			<td>85.65</td>
			<td>80.47</td>
			<td>80.80</td>
		</tr>
		<tr>
			<td>May 24</td>
			<td>77.47</td>
			<td>85.29</td>
			<td>80.12</td>
			<td>80.42</td>
		</tr>
		<tr>
			<td>May 23</td>
			<td>77.17</td>
			<td>84.99</td>
			<td>79.83</td>
			<td>80.11</td>
		</tr>
		<tr>
			<td>May 22</td>
			<td>76.87</td>
			<td>84.70</td>
			<td>79.53</td>
			<td>79.79</td>
		</tr>
		<tr>
			<td>May 21</td>
			<td>76.57</td>
			<td>84.40</td>
			<td>79.24</td>
			<td>79.47</td>
		</tr>
		<tr>
			<td>May 20</td>
			<td>76.24</td>
			<td>84.07</td>
			<td>78.91</td>
			<td>79.13</td>
		</tr>
	</tbody>
</table>

&nbsp;

Petrol prices were recorded at Rs 77.47/litre in Delhi on Thursday morning while for Mumbai it stood at Rs 85.29/litre. In Delhi, the price of diesel was registered at Rs 68.53/litre and at Rs 72.96/litre for Mumbai.

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px;">
	<tbody>
		<tr>
			<td>Date&nbsp;</td>
			<td>Delhi (diesel in Rs/per litre)</td>
			<td>Mumbai</td>
			<td>Kolkata</td>
			<td>Chennai</td>
		</tr>
		<tr>
			<td>May 25</td>
			<td>68.75</td>
			<td>73.20</td>
			<td>71.30</td>
			<td>72.58</td>
		</tr>
		<tr>
			<td>May 24</td>
			<td>68.53</td>
			<td>72.96</td>
			<td>71.08</td>
			<td>72.35</td>
		</tr>
		<tr>
			<td>May 23</td>
			<td>68.34</td>
			<td>72.76</td>
			<td>70.89</td>
			<td>72.14</td>
		</tr>
		<tr>
			<td>May 22</td>
			<td>68.08</td>
			<td>72.48</td>
			<td>70.63</td>
			<td>71.87</td>
		</tr>
		<tr>
			<td>May 21</td>
			<td>67.82</td>
			<td>72.21</td>
			<td>70.37</td>
			<td>71.59</td>
		</tr>
		<tr>
			<td>May 20</td>
			<td>67.57</td>
			<td>71.94</td>
			<td>70.12</td>
			<td>71.32</td>
		</tr>
	</tbody>
</table>

According to reports, petrol price in Delhi crossed Rs 77 per litre for the first time ever on Wednesday while in Mumbai, the petrol price amounted to 1 paise short of Rs 85 per litre.&nbsp;

Petrol prices per litre in Delhi was recorded at Rs 77.83. For Mumbai petrol per litre was registered at Rs 85.65

Commuters are unlikely to get any relief from soaring oil prices today also as petrol and diesel on Friday morning hit an all-time high in the last five days. Petrol price per litre in Delhi was recorded at Rs 77.83. For Mumbai petrol per litre was registered at Rs 85.65, Rs 80.47 in Kolkata and Rs 80.80 per litre in Chennai. Diesel was selling at Rs Delhi 68.75 per litre in Delhi, Rs 73.20 in Mumbai, Rs 71.30 per litre in Kolkata and Rs 72.58 for a litre in Chennai. This is the fifth new high in oil prices recorded in the past five days. Date Delhi (petrol in Rs/per litre) Mumbai Kolkata Chennai May 25 77.83 85.65 80.47 80.80 May 24 77.47 85.29 80.12 80.42 May 23 77.17 84.99 79.83 80.11 May 22 76.87 84.70 79.53 79.79 May 21 76.57 84.40 79.24 79.47 May 20 76.24 84.07 78.91 79.13 Petrol prices were recorded at Rs 77.47/litre in Delhi on Thursday morning while for Mumbai it stood at Rs 85.29/litre. In Delhi, the price of diesel was registered at Rs 68.53/litre and at Rs 72.96/litre for Mumbai. Date Delhi (diesel in Rs/per litre) Mumbai Kolkata Chennai May 25 68.75 73.20 71.30 72.58 May 24 68.53 72.96 71.08 72.35 May 23 68.34 72.76 70.89 72.14 May 22 68.08 72.48 70.63 71.87 May 21 67.82 72.21 70.37 71.59 May 20 67.57 71.94 70.12 71.32 According to reports, petrol price in Delhi crossed Rs 77 per litre for the first time ever on Wednesday while in Mumbai, the petrol price amounted to 1 paise short of Rs 85 per litre.

No relief in sight as petrol, diesel prices hit a new high

Petrol price on Sunday touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57 as the oil public sector undertakings (PSUs) passed on four weeks of relentless rise in international oil prices to consumers.&nbsp

Petrol price today increased by 33 paisa a litre in Delhi —the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa, according to price notification issued by state-owned oil firms.

Rates vary from state to state depending on the incidence of local sales tax or value-added tax (VAT). Prices in Delhi are the cheapest in all metros and most state capitals.

With this increase, petrol has touched an all-time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. Diesel rates are also at the all-time high level.

This is the seventh straight day of price increase since oil PSUs on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus. In all, petrol price has been raised by Rs 1.61 a litre and diesel by 1.64 in last one week.

In India, petrol is the costliest in Mumbai where high local taxes have led a price of Rs 84.07 per litre. Petrol has breached Rs 80 mark in Bhopal (Rs 81.83 a litre), Patna (Rs 81.73), Hyderabad (Rs 80.76) and Srinagar (Rs 80.35), according to the price notification.

Petrol in Kolkatta costs Rs 78.91 per litre while it is priced at Rs 79.13 in Chennai.

On Friday, Economic Affairs Secretary Subhash Chandra Garg refused to say if the government will cut excise duty on auto fuel to ease the burden on consumers.

The government is watching the situation developing from oil prices hitting $80 a barrel -- the highest since November 2014, and adequate steps will be taken, is all he said without elaborating.

Oil PSUs are estimated to have lost about Rs 5 billion (Rs 500 crore) on absorbing higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar during the nearly three-week hiatus.

This is the seventh straight day of petrol price increase since oil PSUs on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus.

Petrol price on Sunday touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57 as the oil public sector undertakings (PSUs) passed on four weeks of relentless rise in international oil prices to consumers. Petrol price today increased by 33 paisa a litre in Delhi —the highest since the daily price revision came into force in mid-June 2017, and diesel by 26 paisa, according to price notification issued by state-owned oil firms. Rates vary from state to state depending on the incidence of local sales tax or value-added tax (VAT). Prices in Delhi are the cheapest in all metros and most state capitals. With this increase, petrol has touched an all-time-high, breaching the previous high of Rs 76.06 touched in Delhi on September 14, 2013. Diesel rates are also at the all-time high level. This is the seventh straight day of price increase since oil PSUs on May 14 resumed daily price revision after a 19-day pre-Karnataka poll hiatus. In all, petrol price has been raised by Rs 1.61 a litre and diesel by 1.64 in last one week. In India, petrol is the costliest in Mumbai where high local taxes have led a price of Rs 84.07 per litre. Petrol has breached Rs 80 mark in Bhopal (Rs 81.83 a litre), Patna (Rs 81.73), Hyderabad (Rs 80.76) and Srinagar (Rs 80.35), according to the price notification. Petrol in Kolkatta costs Rs 78.91 per litre while it is priced at Rs 79.13 in Chennai. On Friday, Economic Affairs Secretary Subhash Chandra Garg refused to say if the government will cut excise duty on auto fuel to ease the burden on consumers. The government is watching the situation developing from oil prices hitting $80 a barrel -- the highest since November 2014, and adequate steps will be taken, is all he said without elaborating. Oil PSUs are estimated to have lost about Rs 5 billion (Rs 500 crore) on absorbing higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar during the nearly three-week hiatus.

Petrol prices now above Rs 84/litre in Mumbai, Rs 76 in Delhi

The prices of diesel and petrol hit their highest-ever level on Sunday.&nbsp;

Petrol is selling at Rs 76.24 a litre in Delhi, while diesel is selling at Rs 67.57.&nbsp;

The previous petrol price high was Rs 76.06 on September 14, 2013.&nbsp;

Petrol is selling at Rs 84.07 in Mumbai. And at Rs 78.91 and Rs 79.13 in Kolkata and Chennai.&nbsp;

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As prices of petrol touch Rs 84.07/litre in Mumbai, locals say 'Why are prices so high in Mumbai when it is comparatively lower in Gujarat & Delhi? It is tough for those who have to travel everyday. We shell out Rs 120 for petrol regularly.' <a href="https://t.co/E9BwoFRm5M">pic.twitter.com/E9BwoFRm5M</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/998116306791608320?ref_src=twsrc%5Etfw">May 20, 2018</a></blockquote>
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Locals in Delhi say 'The govt must bring down prices of petrol. They must reduce excise duty & use other measures. The prices are already so high'. Prices of petrol in Delhi touched Rs 76.24/litre. <a href="https://t.co/4kdxnMTzDh">pic.twitter.com/4kdxnMTzDh</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/998123481614217216?ref_src=twsrc%5Etfw">May 20, 2018</a></blockquote>
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Diesel meanwhile is selling at 71.94, Rs 70.12, and Rs 71.32 a litre in Mumbai, Kolkata and Chennai. respectively.

Petrol is selling at Rs 76.24 a litre in Delhi, while diesel is selling at Rs 67.57

The prices of diesel and petrol hit their highest-ever level on Sunday. Petrol is selling at Rs 76.24 a litre in Delhi, while diesel is selling at Rs 67.57. The previous petrol price high was Rs 76.06 on September 14, 2013. Petrol is selling at Rs 84.07 in Mumbai. And at Rs 78.91 and Rs 79.13 in Kolkata and Chennai. As prices of petrol touch Rs 84.07/litre in Mumbai, locals say 'Why are prices so high in Mumbai when it is comparatively lower in Gujarat & Delhi? It is tough for those who have to travel everyday. We shell out Rs 120 for petrol regularly.' pic.twitter.com/E9BwoFRm5M — ANI (@ANI) May 20, 2018 × Locals in Delhi say 'The govt must bring down prices of petrol. They must reduce excise duty & use other measures. The prices are already so high'. Prices of petrol in Delhi touched Rs 76.24/litre. pic.twitter.com/4kdxnMTzDh — ANI (@ANI) May 20, 2018 × Diesel meanwhile is selling at 71.94, Rs 70.12, and Rs 71.32 a litre in Mumbai, Kolkata and Chennai. respectively.

Petrol, diesel prices hit record highs in Delhi

The petrol and diesel prices continue to increase for the second consecutive day on Tuesday by 15 paise a litre and diesel by 23 paise a litre.&nbsp;

That marked a second increase in petrol and diesel rates this month. On May 14, the prices were raised after a 19-day hiatus, a day before Karnataka election results.

With the increased prices on Tuesday, petrol price in Delhi is at a fresh 56-month peak and the price of diesel has registered a new all-time high.&nbsp;

As on 6:00 am on May 15, petrol retailed at Rs. 74.95 per litre in Delhi, Rs. 77.65 per litre in Kolkata, Rs. 82.79 per litre in Mumbai and Rs. 77.77 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs. 66.36 per litre, Rs. 68.9 per litre, Rs. 70.66 per litre and Rs. 70.02 per litre respectively.&nbsp;

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.

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.

That marked a second increase in petrol and diesel rates this month. On May 14, the prices were raised after a 19-day hiatus, a day before Karnataka election results

The petrol and diesel prices continue to increase for the second consecutive day on Tuesday by 15 paise a litre and diesel by 23 paise a litre. That marked a second increase in petrol and diesel rates this month. On May 14, the prices were raised after a 19-day hiatus, a day before Karnataka election results. With the increased prices on Tuesday, petrol price in Delhi is at a fresh 56-month peak and the price of diesel has registered a new all-time high. As on 6:00 am on May 15, petrol retailed at Rs. 74.95 per litre in Delhi, Rs. 77.65 per litre in Kolkata, Rs. 82.79 per litre in Mumbai and Rs. 77.77 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs. 66.36 per litre, Rs. 68.9 per litre, Rs. 70.66 per litre and Rs. 70.02 per litre respectively. 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. 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.

On Karnataka results day, government hikes petrol, diesel prices again

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

Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran.

Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear programme, Iranian crude exports could be hit, adding to tightness in the oil market, which is coming back into balance after years of glut.

US&nbspWest Texas Intermediate (WTI) crude futures fell 63 cents, or 0.9 percent, to $70.10 a barrel by 0024 GMT. At one point they fell below $70, after settling above that level for the first time since November 2014 on Monday.

Brent crude futures were down 53 cents, or 0.7 percent, at $75.64, having jumped 1.7 percent to settle at $76.17 a barrel in the previous session.

Trump said on Monday a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday, four days earlier than expected.

Trump is likely to either announce he will not be renewing a waiver on sanctions, leading to a "significant reduction" in Iranian oil sales within six months, or will restate his opposition to the nuclear agreement, Barclays Research analysts said in a report.

"Regardless, his foreign policy continues to ignite tensions in the main oil-exporting centre and is, thus, price supportive," they said.

If Trump restores core US. sanctions, under US&nbsplaw he must wait at least 180 days before imposing their furthest-reaching measure, which is to target banks of nations that fail to significantly cut their purchases of Iranian oil.

Analysts at RBC Capital Markets said Iran's exports could be cut by 200,000 to 300,000 bpd as a result. Iranian officials, however, said that the country's oil industry would continue to develop even if the United States exits the accord.

If Trump restores core US. sanctions, under US law he must wait at least 180 days before imposing their furthest-reaching measure

Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran. Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear programme, Iranian crude exports could be hit, adding to tightness in the oil market, which is coming back into balance after years of glut. US&nbspWest Texas Intermediate (WTI) crude futures fell 63 cents, or 0.9 percent, to $70.10 a barrel by 0024 GMT. At one point they fell below $70, after settling above that level for the first time since November 2014 on Monday. Brent crude futures were down 53 cents, or 0.7 percent, at $75.64, having jumped 1.7 percent to settle at $76.17 a barrel in the previous session. Trump said on Monday a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday, four days earlier than expected. Trump is likely to either announce he will not be renewing a waiver on sanctions, leading to a "significant reduction" in Iranian oil sales within six months, or will restate his opposition to the nuclear agreement, Barclays Research analysts said in a report. "Regardless, his foreign policy continues to ignite tensions in the main oil-exporting centre and is, thus, price supportive," they said. If Trump restores core US. sanctions, under US&nbsplaw he must wait at least 180 days before imposing their furthest-reaching measure, which is to target banks of nations that fail to significantly cut their purchases of Iranian oil. Analysts at RBC Capital Markets said Iran's exports could be cut by 200,000 to 300,000 bpd as a result. Iranian officials, however, said that the country's oil industry would continue to develop even if the United States exits the accord.

Oil prices fall as market awaits Trump decision on Iran

Protesting against the high petrol and fuel prices, Congress President Rahul Gandhi today rode a bicycle as he led a march on the issue while campaigning in Karnataka's Kolar district.

Later, standing on a bullock cart, he addressed a gathering where he alleged that the BJP-led government wanted to take money from the common man to give it to its "rich friends" and asked it to tell the people why they were not reducing the price of petrol in the country.

Gandhi, who resumed his poll campaign for the May 12 assembly polls, took out a protest march in Maluru in Kolar against rising petrol prices by riding a bicycle with other Congress workers walking or running behind him.

The world over petrol prices were decreasing, but in India prices were still high, he lamented.

"Earlier in international market, the price was USD 140 per barrel, now it is USD 70 per barrel. So lakhs of crores of money is being saved by the government. Where is the money going?" Gandhi asked.

"Why are you not saying to people that you don't want to put GST on petrol and diesel? You want to take away money from common man and want to give it to your five or ten industrialist friends," he said before the gathering.

"You want to take money from the pockets of those driving scooter, truck, bus and other vehicles in the country and want to give it your rich friends," the Congress leader said.

During his three-day visit, Gandhi will be campaigning in Kolar, Bengaluru Rural, Chikkballapura, Tumakuru districts and Bengaluru city. PTI&nbsp;

The Congress President alleged the BJP-led government wanted to take money from the common man to give it to its 'rich friends'. Rahul was campaigning in Karnataka, which goes to the polls on May 12

Protesting against the high petrol and fuel prices, Congress President Rahul Gandhi today rode a bicycle as he led a march on the issue while campaigning in Karnataka's Kolar district. Later, standing on a bullock cart, he addressed a gathering where he alleged that the BJP-led government wanted to take money from the common man to give it to its "rich friends" and asked it to tell the people why they were not reducing the price of petrol in the country. Gandhi, who resumed his poll campaign for the May 12 assembly polls, took out a protest march in Maluru in Kolar against rising petrol prices by riding a bicycle with other Congress workers walking or running behind him. The world over petrol prices were decreasing, but in India prices were still high, he lamented. "Earlier in international market, the price was USD 140 per barrel, now it is USD 70 per barrel. So lakhs of crores of money is being saved by the government. Where is the money going?" Gandhi asked. "Why are you not saying to people that you don't want to put GST on petrol and diesel? You want to take away money from common man and want to give it to your five or ten industrialist friends," he said before the gathering. "You want to take money from the pockets of those driving scooter, truck, bus and other vehicles in the country and want to give it your rich friends," the Congress leader said. During his three-day visit, Gandhi will be campaigning in Kolar, Bengaluru Rural, Chikkballapura, Tumakuru districts and Bengaluru city. PTI

Watch: Rahul rides cycle in Karnataka to protest fuel prices, gives speech from bullock cart

Farmers in Bihar's Rohtas on Sunday dumped tomatoes on roads and ran vehicles over them in a bid to protest over insufficient profits from the produce.&nbsp

Farmers stated that they hardly earn the profit and did not get fair and adequate prices from the produced tomatoes.&nbsp

The farmers said that they are not even getting wholesale rate of Rs&nbsp1 per kilogram for tomatoes and whereas the cost to bring tomatoes to the market comes at Rs&nbsp2 per kilogram.

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Rohtas based farmers threw away tomatoes on road & ran a vehicle over them alleging they didn't get fair and adequate prices for the product in the market said, 'we haven't even met our expenses & that's why we are protesting on road' <a href="https://twitter.com/hashtag/Bihar?src=hash&ref_src=twsrc%5Etfw">#Bihar</a> <a href="https://t.co/nYCqwyyUxJ">pic.twitter.com/nYCqwyyUxJ</a>
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A farmer said, "I spent Rs. 50000 per acre to produce tomatoes and now I am not even getting Rs. 500 for tomatoes produced in an acre. We don't have any other option left than destroying tomatoes here only."

To register their protest, the farmers spilled tomatoes on road near Post Office square and ran their tractor trolleys over it. Some of them were seen crushing tomatoes with their feet.

The farmers said that they are not even getting wholesale rate of Rs 1 per kilogram for tomatoes and whereas the cost to bring tomatoes to the market comes at Rs 2 per kilogram

Farmers in Bihar's Rohtas on Sunday dumped tomatoes on roads and ran vehicles over them in a bid to protest over insufficient profits from the produce. Farmers stated that they hardly earn the profit and did not get fair and adequate prices from the produced tomatoes. The farmers said that they are not even getting wholesale rate of Rs&nbsp1 per kilogram for tomatoes and whereas the cost to bring tomatoes to the market comes at Rs&nbsp2 per kilogram. Rohtas based farmers threw away tomatoes on road & ran a vehicle over them alleging they didn't get fair and adequate prices for the product in the market said, 'we haven't even met our expenses & that's why we are protesting on road' #Bihar pic.twitter.com/nYCqwyyUxJ — ANI (@ANI) April 22, 2018 × A farmer said, "I spent Rs. 50000 per acre to produce tomatoes and now I am not even getting Rs. 500 for tomatoes produced in an acre. We don't have any other option left than destroying tomatoes here only." To register their protest, the farmers spilled tomatoes on road near Post Office square and ran their tractor trolleys over it. Some of them were seen crushing tomatoes with their feet.

Bihar: Farmers dump tomatoes on roads over inadequate prices

Following a recent notification from the government increasing the prices of domestically produced natural gas, Indraprastha Gas Limited (IGL), a joint venture of GAIL (India) Ltd., Bharat Petroleum Corporation Limited (BPCL) and government of National Capital Territory (NCT) of Delhi, on Sunday announced a revision in the selling prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG).

This revision in prices would result in an increase of 90 paise per kg in the consumer price of CNG in Delhi and Re 1 per kg in Noida, Greater Noida and Ghaziabad.

The new consumer price of Rs 40.61 per kg in Delhi and Rs 47.05 per kg in Noida, Greater Noida and Ghaziabad would be effective from Sunday night.

The price of CNG being supplied in Rewari is being increased by 95 paise per kg from Rs 50.67 per kg to Rs 51.62 per kg.

However, IGL will continue to offer a discount of Rs 1.50 per kg at the selling prices of CNG for filling between 12.30 am to 5.30 am at select outlets.

Thus, the consumer price of CNG would be Rs. 39.11 per kg in Delhi and Rs 45.55 per kg in Noida, Greater Noida and Ghaziabad during 12.30 am to 5.30 am at the select CNG stations across the region.

IGL has also announced an increase in its domestic PNG prices.

The consumer price of PNG to the households in Delhi has been increased by Rs 1.15 per scm from Rs 25.99 per scm to Rs. 27.14 per scm, while the applicable price of domestic PNG to households in Noida, Greater Noida and Ghaziabad would be Rs 28.84 per scm, which has been increased by Rs 1.20 per scm from existing Rs 27.64 per scm.

In Rewari, the applicable price of domestic PNG would now be Rs 28.78 per scm, which has been increased by Rs 1.15 per scm.

The IGL is supplying PNG to nearly six lakh households in Delhi and over 2.7 lakh households in Noida, Greater Noida, Ghaziabad and Rewari.

The revision in retail prices of CNG and domestic PNG has been effected after taking into account the overall impact on the cost, as a result of the increase in prices of domestically produced natural gas notified by the government and increase in various operational expenses since the last price revision.

However, this increase would have a marginal impact on the per km running cost of vehicles.

For autos, the increase would be 2 paise per km, for taxi it would be 4 paise per km and in case of buses, the increase would be 26 paise per km.

With the revised price, CNG would still offer over 60 per cent savings towards the running cost when compared to petrol driven vehicles at the current level of prices.

When compared to diesel driven vehicles, the economics in favour of CNG at the revised price would be over 37 per cent.

This revision in prices would result in an increase of 90 paise per kg in the consumer price of CNG in Delhi and Re 1 per kg in Noida, Greater Noida and Ghaziabad

Following a recent notification from the government increasing the prices of domestically produced natural gas, Indraprastha Gas Limited (IGL), a joint venture of GAIL (India) Ltd., Bharat Petroleum Corporation Limited (BPCL) and government of National Capital Territory (NCT) of Delhi, on Sunday announced a revision in the selling prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). This revision in prices would result in an increase of 90 paise per kg in the consumer price of CNG in Delhi and Re 1 per kg in Noida, Greater Noida and Ghaziabad. The new consumer price of Rs 40.61 per kg in Delhi and Rs 47.05 per kg in Noida, Greater Noida and Ghaziabad would be effective from Sunday night. The price of CNG being supplied in Rewari is being increased by 95 paise per kg from Rs 50.67 per kg to Rs 51.62 per kg. However, IGL will continue to offer a discount of Rs 1.50 per kg at the selling prices of CNG for filling between 12.30 am to 5.30 am at select outlets. Thus, the consumer price of CNG would be Rs. 39.11 per kg in Delhi and Rs 45.55 per kg in Noida, Greater Noida and Ghaziabad during 12.30 am to 5.30 am at the select CNG stations across the region. IGL has also announced an increase in its domestic PNG prices. The consumer price of PNG to the households in Delhi has been increased by Rs 1.15 per scm from Rs 25.99 per scm to Rs. 27.14 per scm, while the applicable price of domestic PNG to households in Noida, Greater Noida and Ghaziabad would be Rs 28.84 per scm, which has been increased by Rs 1.20 per scm from existing Rs 27.64 per scm. In Rewari, the applicable price of domestic PNG would now be Rs 28.78 per scm, which has been increased by Rs 1.15 per scm. The IGL is supplying PNG to nearly six lakh households in Delhi and over 2.7 lakh households in Noida, Greater Noida, Ghaziabad and Rewari. The revision in retail prices of CNG and domestic PNG has been effected after taking into account the overall impact on the cost, as a result of the increase in prices of domestically produced natural gas notified by the government and increase in various operational expenses since the last price revision. However, this increase would have a marginal impact on the per km running cost of vehicles. For autos, the increase would be 2 paise per km, for taxi it would be 4 paise per km and in case of buses, the increase would be 26 paise per km. With the revised price, CNG would still offer over 60 per cent savings towards the running cost when compared to petrol driven vehicles at the current level of prices. When compared to diesel driven vehicles, the economics in favour of CNG at the revised price would be over 37 per cent.

CNG, PNG prices to be revised

Petrol and diesel prices in India are to a &quot;large extent&quot; aligned to international rates, Indian Oil Corp (IOC) Chairman Sanjiv Singh said today, responding to the charges of government meddling in fixing of fuel prices. 
 
The prices are revised daily based on 15-day rolling average rate of their international benchmark, he said. 
 
&quot;To a large extent, our prices are aligned to international product prices,&quot; he said. 
 
He was responding to questions on government interfering with rates of deregulated fuels at a press briefing called to discuss the company&#39;s third quarter earnings. 
 
Prices in international markets have been fluctuating and are being reflected in domestic rates, he said. 
 
&quot;Kindly don&#39;t look at international spot (or current market) prices. And also please do not relate product prices with (international) crude oil rates,&quot; Singh said. 
 
&quot;Domestic prices of petrol and diesel are revised based on changes in the benchmark international product prices. Many a times, crude oil prices rises but there is hardly any change in product prices, which form the basis fixing domestic rates,&quot; he added. 
 
It was alleged in some quarters that the government informally directed state-owned fuel retailers not to raise petrol and diesel prices in the run up to the December 2017 elections in Gujarat. 
 
By some accounts, as much as 45 paisa increase warranted in petrol and diesel rates was not passed on. 
 
The prices at petrol pumps of state-owned fuel retailers like IOC were cut by 1-3 paisa every day in the first fortnight of December. 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 on to 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. 
 
Petrol prices today hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 64 a litre. 
 
Petrol price rose to Rs 72.92 per litre in&nbsp;Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms. 
 
Rates have risen by Rs 3.85 per litre since mid-December. In Mumbai, prices have nearing Rs 81-mark - costliest in the country. 
 
Diesel is being sold at Rs 68.15 in Mumbai, where the local sales tax or VAT rates are higher. 
 
Since mid-December, diesel rates have jumped Rs 5.66 a litre, according to oil companies.

IOC Chairman Sanjiv Singh was responding to questions on government interfering with rates of deregulated fuels at a press briefing called to discuss the company's third quarter earnings

Petrol and diesel prices in India are to a "large extent" aligned to international rates, Indian Oil Corp (IOC) Chairman Sanjiv Singh said today, responding to the charges of government meddling in fixing of fuel prices. The prices are revised daily based on 15-day rolling average rate of their international benchmark, he said. "To a large extent, our prices are aligned to international product prices," he said. He was responding to questions on government interfering with rates of deregulated fuels at a press briefing called to discuss the company's third quarter earnings. Prices in international markets have been fluctuating and are being reflected in domestic rates, he said. "Kindly don't look at international spot (or current market) prices. And also please do not relate product prices with (international) crude oil rates," Singh said. "Domestic prices of petrol and diesel are revised based on changes in the benchmark international product prices. Many a times, crude oil prices rises but there is hardly any change in product prices, which form the basis fixing domestic rates," he added. It was alleged in some quarters that the government informally directed state-owned fuel retailers not to raise petrol and diesel prices in the run up to the December 2017 elections in Gujarat. By some accounts, as much as 45 paisa increase warranted in petrol and diesel rates was not passed on. The prices at petrol pumps of state-owned fuel retailers like IOC were cut by 1-3 paisa every day in the first fortnight of December. 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 on to 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. Petrol prices today hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 64 a litre. Petrol price rose to Rs 72.92 per litre in Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms. Rates have risen by Rs 3.85 per litre since mid-December. In Mumbai, prices have nearing Rs 81-mark - costliest in the country. Diesel is being sold at Rs 68.15 in Mumbai, where the local sales tax or VAT rates are higher. Since mid-December, diesel rates have jumped Rs 5.66 a litre, according to oil companies.

Petrol, diesel prices aligned to international rates to large extent, says IOC

Oil prices fell on Monday as last week&#39;s rise in the US rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets.&nbsp;A statement by Kuwait&#39;s oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said.&nbsp;

US West Texas Intermediate (WTI) crude futures were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 per cent, from their last settlement.&nbsp;Brent crude futures, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.

&quot;The largest concern for investors currently remains the rise in the US rig count, which could potentially jeopardise the OPEC and Russian agreement when they meet for a review in June 2018&quot;, said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.&nbsp;

The number of rigs drilling for new oil output in the United States rose by two in the week to December 8, to 751, the highest level since September, General Electric Co&#39;s Baker Hughes energy services firm said on Friday.&nbsp;A higher rig count points to a further rise in US crude production, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd).&nbsp;

That&#39;s the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia.&nbsp;Rising US output threatens to undermine efforts led by the <a href="http://www.wionews.com/business-economy/oil-prices-slip-as-us-drilling-undermines-opec-led-production-cut-16196">Organization of the Petroleum Exporting Countries</a> (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies.&nbsp;

OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018.&nbsp;Kuwait&#39;s oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier.&nbsp;

Also Read:&nbsp;<a href="http://www.wionews.com/business-economy/oil-prices-dive-after-britain-votes-to-leave-eu-1097">Oil prices dive after Britain votes to leave EU</a>

United State's rig count rose to 751 with 2 more adding in last week alone. The number points to rise in crude production in U.S. leading to price drops of crude oil

Oil prices fell on Monday as last week's rise in the US rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets. A statement by Kuwait's oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices, traders said. US West Texas Intermediate (WTI) crude futures were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 per cent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel. "The largest concern for investors currently remains the rise in the US rig count, which could potentially jeopardise the OPEC and Russian agreement when they meet for a review in June 2018", said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers. The number of rigs drilling for new oil output in the United States rose by two in the week to December 8, to 751, the highest level since September, General Electric Co's Baker Hughes energy services firm said on Friday. A higher rig count points to a further rise in US crude production, which is already up by more than 15 percent since mid-2016 to 9.71 million barrels per day (bpd). That's the highest level since the early 1970s, and close to levels from top producers Russia and Saudi Arabia. Rising US output threatens to undermine efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers, including Russia, to support prices by withholding supplies. OPEC and its allies started withholding supplies last January and currently plan to continue doing so throughout 2018. Kuwait's oil minister Essam al-Marzouq said on Sunday, however, OPEC and other oil producers will study before June possibly ending the global oil supply cuts earlier. Also Read: Oil prices dive after Britain votes to leave EU

Oil prices drop on increased US drilling activity

Apple on Tuesday rejected allegations from Russia&#39;s state competition watchdog it may have been involved in fixing prices for iPhones, saying resellers set their own prices. 
 
Apple reacted a day after Russia&#39;s Federal Anti-Monopoly Service (FAS) said it had opened a case into the allegations after a consumer had pointed out that identical prices had been set for iPhone 6s and iPhone 6s Plus models, which appeared in Russia in October 2015, at 16 major resellers. 
 
Apple, in emailed comments, said it did not oblige Russian resellers to fix prices for its products. 
 
&quot;Resellers set their own prices for the Apple products they sell in Russia and around the world,&quot; the company&#39;s press office said. 
 
FAS said it was looking into the idea that Apple had somehow obliged Russian resellers to treat its recommended product prices as mandatory. It said an investigation had shown that retailers had set identical prices and kept them at that level for a certain time period, including for other models. 
 
FAS has the power to fine firms it finds guilty of price-fixing. 
 
(Reuters)

The Russian state watchdog had opened a case after a consumer pointed out identical prices had been set for the 6s and 6s Plus models

Apple on Tuesday rejected allegations from Russia's state competition watchdog it may have been involved in fixing prices for iPhones, saying resellers set their own prices. Apple reacted a day after Russia's Federal Anti-Monopoly Service (FAS) said it had opened a case into the allegations after a consumer had pointed out that identical prices had been set for iPhone 6s and iPhone 6s Plus models, which appeared in Russia in October 2015, at 16 major resellers. Apple, in emailed comments, said it did not oblige Russian resellers to fix prices for its products. "Resellers set their own prices for the Apple products they sell in Russia and around the world," the company's press office said. FAS said it was looking into the idea that Apple had somehow obliged Russian resellers to treat its recommended product prices as mandatory. It said an investigation had shown that retailers had set identical prices and kept them at that level for a certain time period, including for other models. FAS has the power to fine firms it finds guilty of price-fixing. (Reuters)

Apple dismisses iPhone price-fixing allegations in Russia

India&#39;s headline inflation probably stayed near a two-year high in June even as industrial production in May likely contracted, increasing the odds that the central bank will keep interest rates on hold next month. 
 
Consumer prices in June are estimated to have risen 5.73 per cent on an annual basis, according to a Reuters poll, a tad lower than May&#39;s 5.76 per cent - the fastest pace since August 2014.&nbsp;That would be a worry for outgoing Reserve Bank of India (RBI) Governor Raghuram Rajan, who wants inflation kept below at 5 per cent by March 2017. 
 
The Aug. 9 policy meeting will be the last for Rajan, whose three-year term ends in early September. Between January 2015 and this April, he cut the repo rate by 150 basis points, to 6.50 per cent.&nbsp;After holding rates in June, the governor said the central bank was looking for room to reduce them further, but it remained concerned about pressure on food and commodity prices. 
 
Demand-driven pressures are likely to be stoked by the hike of salaries and pensions for about 10 million government employees and pensioners. Vegetable prices, meanwhile, have surged due to seasonal supply disruptions. 
 
While a pick-up in summer monsoon rains in recent weeks is expected to cool food inflation, most analysts don&#39;t expect another rate cut before a new governor is on the job. DBS in Singapore expects a rate cut in the October-December quarter. 
 
New Governor, New Mechanism 
 
Prime Minister Narendra Modi is widely expected to name a new governor before July 18. Government sources say the race is mainly between former RBI deputy governors Rakesh Mohan and Subir Gokarn. 
 
The government has to also constitute a Monetary Policy Committee (MPC) to set interest rates by a majority vote, a departure from the current regime where the decision effectively rests with the RBI chief.&nbsp;It aims to name the six-member committee before the August policy review. Three members of the MPC would be RBI insiders, headed by the governor who would have the casting vote in the event of a 3-3 split. 
 
Three external members would be chosen by a panel comprising Modi&#39;s cabinet secretary, the RBI governor, a top finance ministry bureaucrat and three outside experts named by the government.&nbsp;India&#39;s statistics office will release retail inflation data and industrial production data at 1200 GMT today. 
 
Analysts surveyed by Reuters expect output at factories, mines and utilities to shrink 0.4 per cent in May from a year earlier compared with a surprise 0.8 per cent annual contraction a month ago. 
 
(Reuters)

According to a Reuters poll, consumer prices in June rose 5.73 per cent on an annual basis, a tad lower than May's 5.76

India's headline inflation probably stayed near a two-year high in June even as industrial production in May likely contracted, increasing the odds that the central bank will keep interest rates on hold next month. Consumer prices in June are estimated to have risen 5.73 per cent on an annual basis, according to a Reuters poll, a tad lower than May's 5.76 per cent - the fastest pace since August 2014. That would be a worry for outgoing Reserve Bank of India (RBI) Governor Raghuram Rajan, who wants inflation kept below at 5 per cent by March 2017. The Aug. 9 policy meeting will be the last for Rajan, whose three-year term ends in early September. Between January 2015 and this April, he cut the repo rate by 150 basis points, to 6.50 per cent. After holding rates in June, the governor said the central bank was looking for room to reduce them further, but it remained concerned about pressure on food and commodity prices. Demand-driven pressures are likely to be stoked by the hike of salaries and pensions for about 10 million government employees and pensioners. Vegetable prices, meanwhile, have surged due to seasonal supply disruptions. While a pick-up in summer monsoon rains in recent weeks is expected to cool food inflation, most analysts don't expect another rate cut before a new governor is on the job. DBS in Singapore expects a rate cut in the October-December quarter. New Governor, New Mechanism Prime Minister Narendra Modi is widely expected to name a new governor before July 18. Government sources say the race is mainly between former RBI deputy governors Rakesh Mohan and Subir Gokarn. The government has to also constitute a Monetary Policy Committee (MPC) to set interest rates by a majority vote, a departure from the current regime where the decision effectively rests with the RBI chief. It aims to name the six-member committee before the August policy review. Three members of the MPC would be RBI insiders, headed by the governor who would have the casting vote in the event of a 3-3 split. Three external members would be chosen by a panel comprising Modi's cabinet secretary, the RBI governor, a top finance ministry bureaucrat and three outside experts named by the government. India's statistics office will release retail inflation data and industrial production data at 1200 GMT today. Analysts surveyed by Reuters expect output at factories, mines and utilities to shrink 0.4 per cent in May from a year earlier compared with a surprise 0.8 per cent annual contraction a month ago. (Reuters)

India's retail inflation expected to remain high in June

Oil&nbsp;prices surged on Friday, and&nbsp;Brent&nbsp;crude posted its largest&nbsp;weekly gain since mid May, as investors positioned for the start of third quarter trading, while a weaker Dollar boosted prices of most commodities.

The market shook off a closely-followed industry report that showed a fourth&nbsp;weekly rise in the last five in the number of US&nbsp;oil&nbsp;rigs operating. According to&nbsp;oil&nbsp;services firm Baker Hughes, producers added 11&nbsp;oil&nbsp;rigs this&nbsp;week, the biggest increase since December, signalling a near-two year rout in drilling may have ended.

&quot;Higher rigs indicate higher production, but we&#39;re still down by more than 300 rigs from a year ago, so no one&#39;s really too worried about it for now,&quot; said Phil Flynn, analyst at the Price Futures Group brokerage in Chicago.

Brent&nbsp;crude futures settled up 64 cents, or 1.3 per cent, at $50.35 a barrel. It was down 1 per cent early in the session.

US&nbsp;crude&#39;s West Texas Intermediate (WTI) futures&nbsp;rose 66 cents, or 1.4 per cent, to settle at $48.99.

Investors also bought&nbsp;oil&nbsp;after cashing out in the previous session on the market&#39;s largest quarterly gain in seven years. Crude prices gained about 25 per cent in the second quarter.

Friday&#39;s rebound came as the dollar index fell 0.5 per cent, making commodities denominated in the greenback more affordable for holders of the euro and other currencies.

Brent&#39;s 4 per cent rise since last Friday was the biggest in seven&nbsp;weeks, and was fed by a return of fund&nbsp;buying&nbsp;as the turmoil&nbsp;sparked by Britain&#39;s shock exit from the European Union receded. WTI gained nearly 3 per cent on the&nbsp;week.

Front-month volume in WTI was about three-quarters of Thursday&#39;s level, not typical for the eve of a long&nbsp;weekend. US&nbsp;financial and commodity markets will be closed on Monday for the Independence Day holiday.

&quot;There is some pre-holiday market positioning for the second half that&#39;s going on,&quot; said David Thompson, executive vice-president at Washington-based commodities-focused broker Powerhouse. &quot;People are also moving on from Brexit, accepting they have to deal with an &#39;organized divorce&#39; with Britain.&quot;

Even so, some were pessimistic of significant price gains in the second half.

British bank Barclays, for instance, cut its price forecasts by $3 a barrel for both&nbsp;oil&nbsp;benchmarks, forecasting&nbsp;Brent&nbsp;at $44 and WTI at $43 for the remainder of 2016.

&quot;Markets have experienced only the tip of the iceberg in terms of the impact of the UK&#39;s &#39;leave&#39; vote,&quot; Barclays analysts said in a note. 
 
(Reuters)

The return of fund-buying after the turmoil sparked by Brexit receded makes Brent crude reach a seven-week high

Oil prices surged on Friday, and Brent crude posted its largest weekly gain since mid May, as investors positioned for the start of third quarter trading, while a weaker Dollar boosted prices of most commodities. The market shook off a closely-followed industry report that showed a fourth weekly rise in the last five in the number of US oil rigs operating. According to oil services firm Baker Hughes, producers added 11 oil rigs this week, the biggest increase since December, signalling a near-two year rout in drilling may have ended. "Higher rigs indicate higher production, but we're still down by more than 300 rigs from a year ago, so no one's really too worried about it for now," said Phil Flynn, analyst at the Price Futures Group brokerage in Chicago. Brent crude futures settled up 64 cents, or 1.3 per cent, at $50.35 a barrel. It was down 1 per cent early in the session. US crude's West Texas Intermediate (WTI) futures rose 66 cents, or 1.4 per cent, to settle at $48.99. Investors also bought oil after cashing out in the previous session on the market's largest quarterly gain in seven years. Crude prices gained about 25 per cent in the second quarter. Friday's rebound came as the dollar index fell 0.5 per cent, making commodities denominated in the greenback more affordable for holders of the euro and other currencies. Brent's 4 per cent rise since last Friday was the biggest in seven weeks, and was fed by a return of fund buying as the turmoil sparked by Britain's shock exit from the European Union receded. WTI gained nearly 3 per cent on the week. Front-month volume in WTI was about three-quarters of Thursday's level, not typical for the eve of a long weekend. US financial and commodity markets will be closed on Monday for the Independence Day holiday. "There is some pre-holiday market positioning for the second half that's going on," said David Thompson, executive vice-president at Washington-based commodities-focused broker Powerhouse. "People are also moving on from Brexit, accepting they have to deal with an 'organized divorce' with Britain." Even so, some were pessimistic of significant price gains in the second half. British bank Barclays, for instance, cut its price forecasts by $3 a barrel for both oil benchmarks, forecasting Brent at $44 and WTI at $43 for the remainder of 2016. "Markets have experienced only the tip of the iceberg in terms of the impact of the UK's 'leave' vote," Barclays analysts said in a note. (Reuters)

?Oil jumps on pre-holiday buying, Brent up 4 per cent?

Americans pay the highest prices in the world for cancer drugs, but the treatments are least affordable in lower income countries, according to the results of a new study released on Monday.

The study of cancer drug prices in seven countries, which did not take into account discounts or rebates to list prices, was presented at the annual meeting of the American Society of Clinical Oncology in Chicago.

The lowest drug prices were found in India and South Africa. After calculating price as a percentage of wealth adjusted for the cost of living, however, cancer drugs appeared to be least affordable in India and China.

Researchers at Rabin Medical Center in Petah-Tikvah, Israel, calculated monthly drug doses for 15 generic and eight brand-name cancer drugs used to treat a wide range of cancer types and stages. List prices in Australia, China, India, South Africa, the United Kingdom, Israel, and the United States were obtained from government websites.

The high prices commanded by modern cancer drugs are generating increased resistance and demands for price discounts from politicians,&nbsp;health&nbsp;care providers, insurers, patients and some doctors.

Drug companies argue that they need to make a profit to pay for the billions of dollars needed for drug research. Many companies also have extensive low-cost or free access schemes for patients who cannot afford their medicines.

The study researchers used gross domestic product and cost of living statistics from the International Monetary Fund to estimate drug price affordability.

Median monthly prices for branded drugs ranged from $1,515 in India to $8,694 in the United States. For generics, median prices were highest in the United States, at $654, and lowest in South Africa, $120, and India, $159.

In terms of ability to pay, the study found cancer drugs to be most affordable in Australia, where generic drugs were priced at 3 percent of &quot;domestic product per capita at purchasing power parity&quot; and patented drugs were 71 percent of the same measure.

In China, the study found generic drug prices were 48 percent and patented drugs were 288 percent of wealth adjusted for the cost of living.

In India, the cost of generics was 33 percent of that measure, while patented drugs were 313 percent.

In the United States, generics were found to be priced at 14 percent of wealth adjusted for the cost of living, and patented cancer drugs were 192 percent of the same measure.

The study did not take into account that drug costs are paid by either the government,&nbsp;healthinsurers, or patients themselves, depending on each country&#39;s&nbsp;health&nbsp;insurance system.

Worldwide spending on cancer medicines will exceed $150 billion by 2020, driven by the emergence of expensive new therapies that help the immune system to attack tumors, according to a forecast earlier this year from IMS&nbsp;Health&nbsp;Holdings.

The study found that cancer drugs were least affordable in India and China although Americans pay the highest in the world for cancer drugs

Americans pay the highest prices in the world for cancer drugs, but the treatments are least affordable in lower income countries, according to the results of a new study released on Monday. The study of cancer drug prices in seven countries, which did not take into account discounts or rebates to list prices, was presented at the annual meeting of the American Society of Clinical Oncology in Chicago. The lowest drug prices were found in India and South Africa. After calculating price as a percentage of wealth adjusted for the cost of living, however, cancer drugs appeared to be least affordable in India and China. Researchers at Rabin Medical Center in Petah-Tikvah, Israel, calculated monthly drug doses for 15 generic and eight brand-name cancer drugs used to treat a wide range of cancer types and stages. List prices in Australia, China, India, South Africa, the United Kingdom, Israel, and the United States were obtained from government websites. The high prices commanded by modern cancer drugs are generating increased resistance and demands for price discounts from politicians, health care providers, insurers, patients and some doctors. Drug companies argue that they need to make a profit to pay for the billions of dollars needed for drug research. Many companies also have extensive low-cost or free access schemes for patients who cannot afford their medicines. The study researchers used gross domestic product and cost of living statistics from the International Monetary Fund to estimate drug price affordability. Median monthly prices for branded drugs ranged from $1,515 in India to $8,694 in the United States. For generics, median prices were highest in the United States, at $654, and lowest in South Africa, $120, and India, $159. In terms of ability to pay, the study found cancer drugs to be most affordable in Australia, where generic drugs were priced at 3 percent of "domestic product per capita at purchasing power parity" and patented drugs were 71 percent of the same measure. In China, the study found generic drug prices were 48 percent and patented drugs were 288 percent of wealth adjusted for the cost of living. In India, the cost of generics was 33 percent of that measure, while patented drugs were 313 percent. In the United States, generics were found to be priced at 14 percent of wealth adjusted for the cost of living, and patented cancer drugs were 192 percent of the same measure. The study did not take into account that drug costs are paid by either the government, healthinsurers, or patients themselves, depending on each country's health insurance system. Worldwide spending on cancer medicines will exceed $150 billion by 2020, driven by the emergence of expensive new therapies that help the immune system to attack tumors, according to a forecast earlier this year from IMS Health Holdings.

Cancer drug prices highest in U.S., least affordable in India, China: study

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