Petrol, diesel price hikes to restart from next week

Thursday March 3, 2022

Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past USD 100 a barrel.

Petrol, diesel price hikes to restart from next week

Petrol and diesel price hikes are likely to resume after state elections get over next week to bridge the Rs 9 a litre gap created by international oil prices soaring past USD 100 a barrel.

International crude oil prices shot above USD 110 a barrel for the first time since mid-2014 on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.

The basket of crude oil India buys rose above USD 102 per barrel on March 1, the highest since August 2014, according to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.

This compares to an average of USD 81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.

State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are making a loss of Rs 5.7 a litre on petrol and diesel.

This is without taking into account their normal margin of Rs 2.5 per litre. The brokerage said for oil marketing companies to revert to normalised marketing margins, retail prices need to increase by Rs 9 a litre or 10 per cent.

Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.

But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports.

India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia. While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.

Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 118 days in a row.

Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.

Novak Djokovic no longer with longtime coach Marian Vajda; splitting up after 15 years

Thursday March 3, 2022

Novak Djokovic and coach Marian Vajda are no longer working together, splitting up after 15 years and 20 Grand Slam titles.

Men's T20I Rankings: Virat Kholi Slips out of top ten, Shreyas Iyer moves to top 20

Thursday March 3, 2022

India batter Shreyas Iyer jumped a massive 27 spots and secured the 18th position in the latest ICC Men's T20I Player Rankings weekly update on March 2.

Pakistan, Australia to play for Benaud-Qadir Trophy

Thursday March 3, 2022

To celebrate Australia's first Test series in Pakistan in 24 years, the Pakistan Cricket Board and Cricket Australia on March 2 announced the introduction of the Benaud-Qadir Trophy.

PM Modi asks IAF to join evacuation from Ukraine, several C-17 aircraft deployed

Wednesday March 2, 2022

With one Indian student killed in shelling in Kharkiv, Prime Minister Narendra Modi has propelled India’s evacuation from Ukraine by asking the Indian Air Force (IAF) to join in the evacuation process under Operation Ganga.

Indian student from Haveri district in Karnataka killed in shelling in Ukraine's Kharkiv

Wednesday March 2, 2022

Karnataka student from Haveri district died in an attack by Russian force at Kharkiv city of Ukraine on Mar 1 morning. From the last two days, the Russian force entered Ukraine's second-largest city and build pressure on the Ukrainian government the Russian force has begun the attack on civilians too.

7 flights to land in India carrying stranded Indians from Ukraine on March 2

Wednesday March 2, 2022

As many as seven flights will land in Delhi on march 2 carrying stranded Indians from Ukraine under Operation Ganga.

India slips to rank 120 on 17 Sustainable Development Goals goals adopted as 2030 agenda: Report

Wednesday March 2, 2022

India has slipped three spots from last year's 117 to rank 120 on the 17 Sustainable Development Goals adopted as a part of the 2030 agenda by 192 United Nations member states in 2015 .

India slips to rank 120 on 17 Sustainable Development Goals goals adopted as 2030 agenda: Report

India has slipped three spots from last year's 117 to rank 120 on the 17 Sustainable Development Goals adopted as a part of the 2030 agenda by 192 United Nations member states in 2015 .

With the latest rankings, India is now behind all south Asian nations except Pakistan, which stands at 129. The south Asian countries ahead of India are Bhutan ranked 75, Sri Lanka 87, Nepal 96 and Bangladesh 109. India's overall Sustainable Development Goals (SDG) score was 66 out of 100.

According to the Centre for Science and Environment's State of India's Environment Report, 2022, released by Union Environment Minister Bhupender Yadav , India's rank dropped primarily because of major challenges in 11 SDGs including zero hunger, good health and wellbeing, gender equality and sustainable cities and communities. India also performed poorly in dealing with quality education and life on land aspects, the report stated.

The previous year, India had suffered on the fronts of ending hunger and achieving food security, achieving gender equality and building resilient infrastructure, promoting inclusive and sustainable industrialisation and fostering innovation.

On the state-wise preparedness, the report said Jharkhand and Bihar are the least prepared to meet the SDGs by the target year 2030. Kerala ranked first, followed by Tamil Nadu and Himachal Pradesh in the second position.

The third position was shared by Goa, Karnataka, Andhra Pradesh and Uttarakhand. Among the Union Territories, Chandigarh was ranked first, followed by Delhi, Lakshadweep and Puducherry in the second place and the Andaman and Nicobar Islands on the third, the report said.

The 2030 Agenda for Sustainable Development, was adopted by all United Nations Member States in 2015, which provides a shared blueprint for peace and prosperity for people and the planet. There are 17 Sustainable Development Goals which are an urgent call for action by all countries in a global partnership.

Some of these goals are no poverty, zero hunger, good health and wellbeing, quality education, gender equality, clean water and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure.

It also includes, reduced inequalities, sustainable cities and communities, responsible consumption and production, climate action, life below water, life on land, peace, justice and strong institutions and lastly strengthening global partnerships for the goals.

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Petrol, diesel price hikes to restart from next week

Petrol, diesel price hikes to restart from next week

Novak Djokovic no longer with longtime coach Marian Vajda; splitting up after 15 years

Novak Djokovic no longer with longtime coach Marian Vajda; splitting up after 15 years

Men's T20I Rankings: Virat Kholi Slips out of top ten, Shreyas Iyer moves to top 20

Men's T20I Rankings: Virat Kholi Slips out of top ten, Shreyas Iyer moves to top 20

Pakistan, Australia to play for Benaud-Qadir Trophy

Pakistan, Australia to play for Benaud-Qadir Trophy

PM Modi asks IAF to join evacuation from Ukraine, several C-17 aircraft deployed

PM Modi asks IAF to join evacuation from Ukraine, several C-17 aircraft deployed

Indian student from Haveri district in Karnataka killed in shelling in Ukraine's Kharkiv

Indian student from Haveri district in Karnataka killed in shelling in Ukraine's Kharkiv

7 flights to land in India carrying stranded Indians from Ukraine on March 2

7 flights to land in India carrying stranded Indians from Ukraine on March 2

India slips to rank 120 on 17 Sustainable Development Goals goals adopted as 2030 agenda: Report

India slips to rank 120 on 17 Sustainable Development Goals goals adopted as 2030 agenda: Report

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