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Though Indian Oil Corporation (IOC) on Tuesday evening announced a price hike of 28 paise a litre for petrol and 25 paise for diesel, it reversed the decision on Wednesday.
As much as 60 per cent of the retail price of petrol, which shot above Rs 100-mark in some places in Rajasthan and Madhya Pradesh and is at an all-time high elsewhere in the country, is made up of central and state taxes.
In February alone, petrol price was hiked by Rs 3.87 and diesel by Rs 4.30 per litre, a record since the pricing was deregulated in 2010.
The increase took petrol prices to a fresh high of Rs 87.30 a litre in Delhi and to Rs 93.83 in Mumbai. Diesel rates rose to Rs 77.48 per litre in the national capital and to an all-time high of Rs 84.36 in Mumbai.
On the other hand, the petrol price has also came close to record highs. The price of petrol within Kochi city is now Rs 85.47 per litre. The record for 2018 is Rs 85.99.
Petrol now costs Rs 84.70 per litre in Delhi and diesel is priced at Rs 74.88, according to a price notification from oil marketing companies.
'I still have too many ideas and books, and articles to write, friends to meet and talk to, causes to support, countries to travel to and life to live,' writes the economist in the book.
Finance Minister Nirmala Sitharaman said the economy is facing an extraordinary 'Act of God' situation, which may result in economic contraction.
The benefit will be available from April 1 last year due to non-collection of taxes amid the COVID pandemic.
Delhi government had faced a lot of flak when the number of COVID-19 cases spiked in the capital in June and early July.