Category Archives: Markets

Markets

LPG companies to stop supplying households with multiple-connections

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The PSU Oil Marketing Companies have been directed not to supply households with multiple-connections with LPG, for which no Know Your Customer (KYC) details have been submitted. This will come into effect on June 1, 2013. Transactions, including the delivery of non-subsidised cylinders will not be allowed once such connections have been blocked.

Customer data has been shared between IOC, HPC and BPC, while multiple LPG connection holders have been identified and intimated. List of such customers has been displayed at the respective LPG distributors, as well as published on the OMC websites including ebharatgas.com, indane.co.in and hpgas.com.

Only these customers will have to submit their KYC details with identity proof and proof of address immediately to the nearest LPG distributors, so that they can receive uninterrupted quota of subsidised cylinders. Other customers whose names do not appear on the list need not to submit their KYC details as they do not have to do so as of now.

The PSU Oil Marketing Companies will have to advise all multiple-connection holders to submit their KYC details. Customers are also advised to surrender their LPG connections immediately to their LPG distributors in order to avoid blocking of future supplies.

Markets

Petrol rates to be reduced by Rs 3 per litre

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The rates of petrol have been reduced by Rs. 3 per litre from March 1, 2013 in India. The new rates will be the first substantial price cut in about a year. This is also the fourth reduction in the rates since the month of March.

After the reduction, Petrol in Delhi will cost Rs. 63.09 per litre, which was earlier 66.9 per litre and the rates of petrol will vary from city to city. In Mumbai, the price of petrol will be cut by Rs. 3.15 and will cost Rs. 69.73 per litre, whereas in Kolkata  fuel will cost Rs. 70.35, against 73.48 per litre. In Chennai, petrol rates will be cut by Rs. 3.18 per litre to Rs. 65.90.

The recent price cut has been conducted after three consecutive price cuts have taken place, due to a fall in international fuel rates. The decision was taken by the Indian Oil Corporation Ltd. on April 16, 2013 and the price of petrol was reduced by Rs. 1.20 per litre in Delhi. The rates were reduced due to the variations in the international prices.

Oil companies are facing loses in the sales of petrol, while the OMCs are suffering under –recovery on the sale of HSD retail at Rs. 3.80 per litre.

Markets

Britain to improve electric vehicles market

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Think tank IPPR says that Britain must enhance its domestic market for electric vehicles,  or it will risk missing out on job opportunities. According to a media report, Britain is now the fifth most competitive auto industry in the world.

On the other hand, the demand for electric vehicles (EVs) in the country has fallen behind the rest of the world, despite the fact that 30 newly  branded EVs were being scheduled for release by the year 2014. The low emission standards are covered by two third of the world economy including the US, China, Russia, Australia, Canada and South Korea. This is something Britain must capitalise on according to the IPPR.

The report by the IPPR added, ‘Leading the charge: Can Britain develop a global advantage in ultra-low emission vehicles?’ It also said that the EVs can also reduce motoring costs,  particularly for organizations which buy large EV fleets. The government was urged to spearhead this opportunity.

The leaders of the government were asked to support low emission vehicles with active industrial policies and to also create an advanced propulsion centre to encourage innovation. The report has also mentioned that the government must give powers to an British investment bank and said that the Funding for Lending scheme is not feasible.

Markets

UK car sales goes up in March in the UK

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Car buyers in the UK are being tempted to buy the new 13 plate registration these days. This has resulted in the acceleration of car sales,  with about 400,000 vehicles being sold in the month of March, 2013.

In the same month last year, the figures were the 5.9 pc ahead. Data from the Society of Motor Manufacturers and Traders said that about 394,806 new vehicles were rolling off forecourts. This event marked the 13th consecutive month when the sales of cars in Britain have risen. The dealers in the country have enjoyed the highest volume of sales since 2010, when the government introduced a scrappage incentive scheme to bring the industry out from a financial crisis.

Moreover, the figures were way beyond the expectations of the association,  due to which the forecast of full year car sales has totalled 2.06 million vehicles. The current strength of Britain is in contrast with a drop of 10.5 pc recorded across all the European Union countries.

Mike Baunton, the SMMT interim chief said that despite the current economic concerns, consistent monthly growth is an encouraging sign of returning  consumer confidence, as the buyers are attracted to forecourts by new models, as well as the latest technology.

Markets

Auto makers in US mark increase in sales

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Auto manufacturers in the US have reported their strongest sales for five years in the month of March 2013. The recent situation has prompted some analysts to lift their US estimates for the full year. The sales figures for General Motors rose to 6.4%, while Ford was up by 5.7%. On the other hand, Chrysler went up by 5% over the previous year.

The increase in the sales was due to rising consumer confidence amidst healthy stock and housing market gains in the recent months. On the other hand, foreign car makers like Toyota and Nissan posted just a 1% increase over the previous year. The improved market situation prompted Edmunds.com, an automotive researcher to raise its 2013 sales forecast to 15.5 million.

Moreover, manufacturers are still calculating sales and the full results for the month are expected to be out soon. Edmunds.com estimated that the industry has sold 5.3% more units than a year ago and 24% more than the month of February.

Lacey Plache, the chief economist at Edmunds.com said, “Even though consumer confidence has been up and down so far this year, there are ‘wealth effects’ that are making Americans feel comfortable finally buying the new cars they’ve been waiting for”. Among the smaller companies, Subaru reported a sales increase of 13.3 %.