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Government Hikes Petrol And Diesel PricesThursday, July 02, 2009 The Indian government has announced a hike in the prices of petrol and diesel by Rs 4 per litre and Rs 2 per litre respectively. The new prices are effective with immediate effect.
'International crude oil prices have risen from $40 a barrel in December 2008 to $70 a barrel today. When prices had declined to $40 a barrel, the Government responded by reducing, in two steps, the price of petrol by Rs 10 a litre and the price of diesel by Rs 4 a litre. In view of the increase in the price of crude oil by 75 percent, the under-recoveries have reached a level where it has become inevitable to revisit the prices,' said Petroleum Secretary, R S Pandey.
While petrol and diesel will now cost more, the government has not hiked prices on LPG and kerosene. The subsidy on kerosene is currently Rs 15.26 per litre, and on domestic LPG, Rs 92.96 on each cylinder. Despite the increased prices of petrol and diesel, the government expects under-recoveries of about Rs 56,000 crore in the current fiscal, on the sale of petrol, diesel, kerosene and LPG.
[Via: indiaautomotive]
Recent Auto Manufacturers News- Audi: Sales Up 69% In India, In August 2009 9/2/2009
Audi has reported a 69.31% hike in its sales in India during August this year, at 171 units, as against 101 units in the year-ago period.
- Fiat India May Hike Car Prices 8/29/2009
Fiat India is considering raising prices of its cars as the margins are under pressure. Fiat expects to sell in excess of 27,000 units this year on the back of newly launched cars, the Grande Punto and Linea. Fiat will start exporting the Linea to South Africa from September. The company had announced Rs 4,000 crore investment in India operations.
[Via: motorbeam]
- Hyundai Introduces Updated Santro 9/2/2009
Hyundai Motor India Ltd., the country's largest exporter and the second largest car manufacturer today introduced the new model of its flagship brand Santro. The new Santro has been designed with luxurious interiors and improved exterior features to further enhance its appeal to the customers.
- Hyundai's Domestic Sales Up 12.9% In August 2009 9/2/2009
Hyundai Motor India Ltd. (HMIL) has reported a 12.9% increase in sales in the domestic market during August this year, at 24,401 units, as against 21,610 units in August 2008. Exports went up from 23,100 units in August 2008, to 25,120 units during August this year.
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