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Prices of fuels continue to remain unchanged

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Price of fuels remains unchanged in metro cities

Akankshya Mukherjee, Mumbai Uncensored, 18th January 2022 :

The prices of fuels remained unchanged. The previous month the Delhi government reduced the Value Added Tax (VAT) which was earlier 30% to now 19.4%. Now the price of petrol in the capital is low as by Rs.8.56 per litre.

In Delhi, the price of petrol and diesel respectively are Rs. 95.41 and Rs. 86.67, while in Mumbai it is Rs. 109 and Rs. 94.14. Among all metro cities, Mumbai has the highest rates of fuels. State run Oil Refiners such as Indian Oil, Bharat Petroleum, Hindustan Petroleum, have revised their fuel rates on a daily basis, up for considering the crude oil prices in international markets, and the dollar-rupees exchange rate. All changes in price are effective since 6am every day.

Internationally, the oil prices have grown higher since the last few years since the supply was disrupted because of an attack by the Yemen’s Houthi group over UAE which escalated hostilities, the involved ones were an Iraq aligned group and Saudi Arabian that led to a coalition. Brent Crude Futures went up to 0.5% that is $86.92 a barrel and US West Texas Intermediate (WTI) crude futures jumped 1 per cent or 81 cents in a settlement to $84.62 made on Friday.

High prices of crude oils have set up new prices of diesel and petrol records high in India since 2018. However, the Petroleum Ministry of India has stated that they have been trying to speak to the key oil exporting countries to increase the supply of crude and lower the official selling price for Asia. All this have breached the previous records, the rise in fuel price in domestic market is mainly because of the global resurgence.

The Oil Marketing Companies (OMC) have the prices of petrol and diesel unchanged in most cities across the country, there are no fluctuations and the prices stagnant for around 2 months now. In the latest round of meetings, Organization of the Petroleum Exporting Countries (OPEC+) group the oil producing countries such as Russia, Iraq, UAE, Kuwait have re-affirmed that they will increase total crude oil supply by 4,00,000 barrels only, despite the sharp increase in prices.

India and other countries importing oil have called on OPEC+ for boosting oil supply faster, they have argued that increasing prices of crude oil can lead to undermining the recovery of Global Economy. Low crude oil supply from USA plays a keo role in keeping crude oil prices elevated.

The Central Government had increased levies in 2021 on petrol by Rs 13 per litre and diesel by Rs 16 per litre to shore up revenues due to the pandemic which forced a slowdown in the economic activity.

Politics

Congress claims scam of Rs 10,000 crore in housing scheme for project-hit people

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congress has alleged a scam of nearly Rs 10,000 crore in allotment of TDR in a PAP housing plan by the BMC

Khushi Shah – Mumbai Uncensored, 20th may 2022

‘’There is a clear TDR scam that has took place in BMC worth Rs. 9380 crores. It is in the context of @mybmc project to construct 14000 tenements for project affected persons in the city. We are filing a complaint with Lokayukta and requesting them to conduct an enquiry into it.’’ Tweeted Ravi Raja, Leader of opposition, Municipal Corporation of Greater Mumbai.

The party said the BMC has given undue benefits to various developers amounting to INR 9,380.25 crores within the type of credit score notes throughout these initiatives by allotting Transfer of Development Rights (TDR) and premium for the construction of the housing units in December last year and January 2022. As these credit score notes can be utilized any time, and are transferable, the civic physique is about to lose the quantity over the subsequent few years, Ravi Raja stated in an announcement.

“Developers finalised for the project will get credit notes of Rs 5,602 crore. The BMC is giving them hefty premiums, construction TDR and land TDR and land cost,” said Raja.

He accused the civic body of giving benefits of around Rs 8,000-Rs 10,000 crore to developers in the PAP rehabilitation project. He also mentioned that a letter has been sent to Mumbai Municipal Commissioner-Administrator Iqbal Singh Chahal, the Lokayukta and the Central Vigilance Committee.

BMC’s general body on 9th January 2022 cleared a proposal to construct 4,000 units for project-affected persons (PAPs) in Chandivli using a controversial ‘cashless’ scheme. Each unit would cost around Rs 59 lakh to the BMC. These houses are supposed to be given to people who will be relocated due to various projects of the BMC like construction of storm water drainage, water pipelines, bridges, etc. 

BMC had in 2021 floated a plan to give credit notes instead of money to contractors to build 12,000 housing units for PAPs for nearly Rs 9,000 crore.

The proposal to build 4,000 PAP units by way of credit notes and transfer of development rights (TDR) was placed before the general body for approval. BJP opposed the plan, it was cleared by the ruling Shiv Sena.

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Business

Govt. Plans to Cut Cooking Oil Tax

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The Indian market after seeing an unprecedented rise in the prices of edible oils plans to cut taxes on edible oil to keep the prices in check.

Khushi shah – Mumbai Uncensored, 5th May 2022

The war, combined with weather disruptions that limited harvests in other vegetable oil-producing regions, led to a supply shortage of sunflower oil. The ban by the world’s biggest palm oil producer and exporter on 28th April 2022, on the export on the widely used edible oil and all the conflicts between Russia and Ukraine that already upended the global agricultural trade in the world, sent oil prices skyrocketing in the market.

India is particularly sensitive to rising vegetable oil prices as it is dependent on imports for 60% of its needs. Inorder to keep the prices in check ,India, the world’s top importer of vegetable oils is planning to cut taxes on some edible oils to cool the domestic market after the war in Ukraine. 

India has tried to reduce prices in the past, including reducing import duties on palm, soybean oil and sunflower oil, and limiting inventory to prevent stocking the oil.[ In September 2021] The import taxes on palm oil had been slashed to 2.5% from 10 %, while soy oil and sunflower oil had been reduced to 2.5 per cent from 7.5 per cent. 

The reduction in these taxes were aimed at bringing down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country.It would also bring down edible oil prices ahead of key festivals, when edible oil demand rises in the country

However, The moves so far have not been effective enough to cut down the rates of oil in the market 

India, the world’s top importer of vegetable oils, wants to reduce the agricultural infrastructure and development cess on imports of crude palm oil to below 5% . According to reports, it is said that the government is now considering reducing import duties on crude varieties of canola oil, olive oil, rice bran oil and palm kernel oil from 35% to 5% to help boost domestic supplies. The new tax amount is still being deliberated The cess is levied over and above basic tax rates on certain items, and is used to finance agriculture infrastructure projects. The base import duty on crude palm oil has already been scrapped.

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Politics

Woman alleges rape by Shivsena MP Rahul Shewale.

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KHUSHI SHAH – Mumbai Uncensored, 29th April 2022

Rape is such a thing in our country that has been systematically  used against the vulnerable to silence and to dominate. Rape in  our country has been more easily commercialised than it has  received justice. 

Shiv Sena Member of Parliament, Rahul Shewale, a son to  Ramesh Sambhaji Shewale, an Indian Navy officer was accused  of rape by a 26-year-old girl on Thursday, while the MP went on  to deny it. The woman has filed a written complaint at the  Sakinaka Police Station. 

An officer of Sakinaka Police Station said, “There is a written  complaint in this matter and FIR has not been registered yet.  Police are probing the matter.”Further investigation is underway. 

The parliamentarian issued a statement denying the rape charge  and termed the complaint as a conspiracy aimed at maligning his  

political image. He confidently maintained that he was ready to face any police  investigation and said people behind the conspiracy will be exposed.  

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