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Petrol, diesel price move up by a higher margin

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Petrol and diesel rates rose sharply on Friday as global oil prices remained firm reaching its highest levels this fiscal.

Petrol price increased by 19 paise per litre to Rs 81.89 per litre on Friday from Rs 81.70 per litre on the previous day.

Diesel price, on the other hand, increased by a higher margin of 24 paise to Rs 71.86 a litre, up from Rs 71.62 a litre on the previous day.

Oil companies began increasing pump prices of the two petroleum products from last Friday after a nearly two-month-long hiatus in the fuel price revision. The prices increased for five consecutive days before going for a day’s pause on Wednesday. It has risen on both days thereafter.

In five days, petrol price has gone up by 53 paise and diesel rate has risen by 95 paise per litre. With Friday’s increase, petrol price has now risen by 83 paise per litre and diesel by Rs 1.40 a litre since last Friday.

Petrol price had been static since September 22, and diesel rate hadn’t changed since October 2.

Though the retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent the volatility in the international oil markets from impacting the fuel prices regularly during the pandemic.

But with crude on the boil again on the news of a successful coronavirus vaccine launch soon, the patience was lost by the OMCs who finally resorted to the price increase to cover for their under recovery on the sale of two petroleum products.

The benchmark Brent crude has crossed $48 a barrel on the Intercontinental Exchange (ICE). It has remained over $ 43 a barrel for most part of November.

OMCs need almost 40 paise per litre increase in the retail price of petrol and diesel to cover for $ 1 increase in crude. Going by this yardstick, the product prices would have to be increased by up to Rs 2 per litre to cover the under recovery on its sale.

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447 cases of adverse effect reported,Covid-19 vaccine given to 2,24,301 beneficiaries :Govt.

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A total of 2,24,301 beneficiaries have been inoculated with COVID-19 vaccine so far, out of which only 447 adverse events following immunisation (AEFI) were reported, the Union Health Ministry said on day two of the nationwide vaccination drive on Sunday.

Addressing a press briefing, the ministry’s Additional Secretary Manohar Agnani said out of the 447 adverse events following immunisation, only three required hospitalisation.

“Today being Sunday, only six states conducted vaccination drive and in 553 sessions a total of 17,072 beneficiaries were vaccinated,” he said.

The six states where the vaccination drive was carried out on Sunday are Andhra Pradesh, Arunachal Pradesh, Karnataka, Kerala, Manipur and Tamil Nadu, he added.

Agnani said a total of 2,24,301 beneficiaries have been vaccinated till January 17 as per provisional reports, adding that 2,07,229 of them received the jabs on day one of the drive.

“A total of 447 AEFI have been reported on January 16 and 17, out of which only three required hospitalisation. Most of the AEFI reported so far are minor like fever, headache, nausea,” he said.

He said a meeting was held with all states and union territories on Sunday to review the progress of the drive, identify bottlenecks and plan corrective actions.

Prime Minister Narendra Modi rolled out the world’s largest inoculation drive against COVID-19 on Saturday and said the two vaccines being deployed will ensure a “decisive victory” for India against the pandemic.

India has approved two vaccines—Covaxin developed by Bharat Biotech and Covishield from the Oxford/AstraZeneca stable being manufactured by the Serum Institute of India—for emergency use in the country.

According to the government, the shots will be offered first to an estimated one crore healthcare workers and around two coror frontline workers, and then to persons above 50 years of age, followed by persons younger than 50 years of age with associated comorbidities. PTI

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