Petrol price was on Friday hiked by 75 paise and diesel by 50 paise a litre as rise in global oil rates and fall in rupee value increased the cost of production.

Diesel prices have risen by Rs 6.62 since January, causing a drop in demand. Indian Oil Corporation Chairman RS Butola said another reason for fall in demand was better power production, which saw lesser burning of the fuel in generator sets.

Inflation data have rarely provided any reasons to cheer for over two years now. And that trend continues. It has not only been eating into our budgets but also eroding the value of our incomes.

The panel, headed by former Planning Commission member Kirit S Parikh, suggested that after the price hike, oil companies should be given a fixed subsidy of only Rs 6 per litre on diesel and any difference between cost of production and retail price should be passed on to consumers.

Terrano marks Nissan's entry in the fast growing compact SUV segment which is currently witnessing several launches including that of Ford's Ecosport, Mahindra's Quanto, Renault Duster among others.

The oil marketing companies will pass on to the consumer the recent twin benefits of the slight strengthening of the rupee against the US dollar and the drop in international petrol prices.

The prices of vehicles manufactured by the country's largest carmaker start from Rs 2.35 lakh and go up to Rs 10.21 lakh. Maruti had last hiked prices of its models in January this year, to offset the pressure of a fluctuating rupee.

Staggered office timings for government employees to decongest traffic and staffers taking public transport to workplace once a week are part of the mega drive unveiled by Oil Minister M Veerappa Moily to save $5 billion in oil imports.

Newspapers are flush with advertisements of discounts and schemes on cars, but those planning to buy a vehicle this festive season might actually have to shell out as much as 5 per cent more.

The petrol price in Delhi will go up by Rs 1.96 to Rs 76.06 per litre. The fuel's price in Delhi alone has surged by Rs 13.06 per litre, inclusive of state tax, since June 1.

Oil and gas stocks rose up to 7.1 per cent amid hopes that a decision on raising fuel prices will be taken after UPA Chairperson Sonia Gandhi returns from the US.

According to officials of oil marketing companies, price of petrol is expected to rise by another Rs 4-5 for a litre and the diesel price could be corrected by Rs 5 for a litre.

The government could announce a steep hike in diesel prices soon as it looks to cut oil costs by nearly $20 billion. Rising global prices of crude and the rupee's slide have left India facing an oil bill potentially 50 per cent higher than on May 1.

Petrol price in Delhi will go up by 84 paisa to Rs 71.28 per litre while diesel will cost Rs 51.40 per litre, up 56 paise.

Jet fuel (ATF) prices were on Sunday hiked by a steep 5.8 per cent, the second consecutive increase since June, as rupee depreciation made imports costlier.

The increase comes to Rs 1.02 per litre in Delhi where the fuel will now cost Rs 49.69 a litre compared to Rs 48.67 previously, Indian Oil Corp, the nation's largest fuel retailer, said in a press statement.

Hyundai Motor India, India's second-largest car maker, has reported 4.30 per cent rise in total sales at 56,954 units in April.

Finance Minister P Chidambaram, who is in the US to woo foreign investors, said the government would set up regulators for the coal and road sectors and undertake more power sector reforms.

Oil firms, which hiked diesel prices by equal measure of 45 paisa on January 18 and then on February 16, were to hike rate on March 16 along with a cut in petrol price. The latest hike is timed perfectly, as Parliament is adjourned for a month-long break.

Even two months after the partial decontrol of diesel prices, private players such as Essar Oil, Reliance Industries and Shell are selling the fuel at 25 per cent higher price than the public sector units.