Petrol and diesel prices were hiked on Monday for the sixteenth straight day, seeing a hike of 33 paise per litre and 59 paise per litre respectively. The cumulative increase in the prices for the 16 days as petrol and diesel saw a hike of Rs. 9.21 a litre and Rs. 8.55 a litre respectively. The customers in Delhi will now have to pay Rs. 79.56 per litre instead of Rs. 79.23 for petrol. However, they will have to shed Rs. 78.85 a litre for diesel. The new prices were updated as per the notification of state oil marketing companies. Notably, the new prices are effective across the country and it varies from state to state in accordance with the local sales tax or value-added tax.
Petrol and diesel prices on Sunday, yet again, were revised as the two fuel products saw a hike of 35 paisa and 60 paisa respectively. With the new rates coming into effect earlier this morning, the diesel price has hit a new record high, taking the cumulative increase in rates to Rs. 8.88 per litre in just 15 days. Moreover, the cumulative price of petrol stood at Rs. 7.97 a litre. The petrol rates in Delhi were increased to Rs. 79.23 per litre from Rs 78.88, while the diesel prices were hiked to Rs 78.27 a litre from Rs 77.67, as per the price notification received from the state oil marketing companies.
In a bid to attract new customers this month, Honda Cars India is offering lucrative deals and offers on selected models. As a part of the offer, the Japanese car manufacturer is providing discounts of up to Rs. 1 lakh on select models. For the month of June, the carmaker is offering attractive deals on Honda Amaze and Honda City. Notably, these offers on Honda cars are subject to variant, grade and location and it may vary by the model or by variants. All the offers are valid till June 30, 2020, or till the stock lasts.
Fuel prices in India yet again have been increased on Saturday, which is 14th day in a row to witness a hike in prices of petrol and diesel. The petrol prices have been hiked by Rs 0.51 per litre in Delhi whereas the diesel rates have hiked by Rs 0.61 per litre. With the new prices coming into effect, diesel price has hit a record high taking the cumulative rise in prices for two weeks to Rs 8.28 for petrol and Rs 7.62 for diesel respectively. The rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
The upcoming Kia Sonet subcompact SUV has been spotted testing on the Indian roads as the Indian government has eased the lockdown restrictions. The production-ready version of the Sonet SUV was captured on camera by DCV bikes while testing in Haryana. The test mule can be seen heavily camouflaged concealing the details, however, the overall boxy silhouette, sharply raked window-line and dual-tone alloy wheels revealed its identity. The carmaker is expected to launch the Sonet subcompact SUV in India during the festive season.
Skoda Auto India recently launched multiple new products in the Indian market, which includes Rapid 1.0 TSI, Skoda Superb, and the Karoq SUV. Now, the Czech carmaker seems to be preparing to launch another product in the country. The Skoda Kamiq SUV has been captured on camera while testing on the Indian roads. The company is expected to launch the Skoda Kamiq SUV by early next year. The spy shot gives a clear glimpse of the rear profile of the SUV as the test mule was spotted with any camouflage.
Audi India is gearing up to launch the second-generation Audi RS7 Sportback in the country. The carmaker has released a teaser image on its official website, confirming the arrival of the performance car. Additionally, the company also released a teaser video of the car via Twitter, which confirms that it would be launched soon in India. To be based on the second-generation Audi A7, the upcoming car will be built on the Volkswagen MLB Evo platform. The carmaker is expected to launch the all-new RS7 Sportback in India by next month.
Hyundai, the South Korean automaker has officially introduced Venue Flux special edition in its home market. The special edition of the subcompact SUV is made exclusively for the South Korean market, which is priced at KRW 2,15,00,000 (approximately Rs. 13.56 lakh). The Hyundai Venue Flux edition comes in dual-tone black and neon green shade, giving a sportier look and funky character to the SUV than the regular version. Apart from the cosmetic treatment, the Hyundai Venue Flux edition doesn't see any mechanical or dimensional changes.
The new generation Lexus IS sedan was previously scheduled to make its world premiere on June 9, 2020, which was postponed to a later date due to the coronavirus outbreak. After delaying the global premiere, the carmaker has announced a new date for the unveiling of the fourth-generation Lexus IS sedan. The company will be revealing the highly-awaited IS sedan on June 15, 2020, through a digital event which will be streamed online on Facebook. The event is scheduled to take place at 7 pm EDT, which is 4.30 am IST.
RR Global, the largest firm in the electrical industry officially announced its entry into the Indian two-wheeler electric vehicle (EV) segment. The company will be launching two-wheeler EV products under its BGAUSS brand, which will be a range of premium electric vehicles designed for urban and emerging areas. The company will be introducing EV products in the Indian market intending to elevate lifestyles and conserve the environment. The EV products under the BGAUSS brand will offer fluid design, low maintenance, great power, quick charging, IoT, comfort and several other features.
Ajay Jadeja, a former Indian cricketer became the first celebrity to purchase the all-new Kia Carnival MPV in the country. Kia Carnival premium MPV is the flagship product of the South Korean car manufacturer, which was launched in India at the 2020 Auto Expo. The former Indian right-handed batsmen received the delivery of his latest possession at his residence in Udaipur, Rajasthan amid lockdown, as seen in the image. The retired cricketer took the home delivery of the white coloured top-end Limousine variant of the Kia Carnival, which costs Rs. 33.95 lakh (Ex-showroom, Delhi).
The petrol and diesel prices continue to rise even on the eight consecutive days across all metro cities in the country. With the new retail prices coming into effect this morning, the auto fuels retail at the pumps at Rs. 75.78 per litre and Rs. 74.03 per litre respectively in the capital city. On Sunday, the petrol retailed at pumps in Delhi at Rs. 75.16, which has been hiked by 62 paise. Diesel previously cost Rs. 73.39 per litre, which has been increased by 64 paise per litre in Delhi. The consumers in Mumbai will have to pay Rs. 82.70 per litre for petrol and Rs. 72.64 per litre for diesel.
After launching Bonneville T100 Black & T120 Black bikes, Triumph Motorcycles India is all geared up for another launch in the country. The iconic British two-wheeler brand will be launching the new Tiger 900 middleweight adventure motorcycle in India on June 19, 2020. The company was expected to launch the new Tiger 900 adventure motorcycle in May, however, the same got delayed to the COVID-19 pandemic. After much delay, the company has finally revealed the launch date of the motorcycle, which will be held digitally. The company is already taking pre-bookings for the adventure motorcycle with a token payment of Rs. 50,000.
Eicher Motors on Friday officially announced the financial results for the fourth quarter as well as the year ended March 31, 2020. The company recorded a total revenue from operations of Rs. 2,208 crores, witnessing a fall of 12 per cent as compared to Rs. 2,500 crores in the corresponding quarter of FY 2018-19. The EBITDA stood at Rs. 432 crores with a decrease of 37 per cent. It stood at Rs. 685 crores in the same quarter of the previous financial year. Additionally, the companys Profit After Tax massively dipped to Rs. 304 crores in comparison to Rs. 545 crores during the same period last year.
Petrol and diesel prices yet again have been increased and it is the seventh day in a row to witness the hike. With the new prices coming into effect, the two petroleum products became dearer by 59 paise and 58 paise per litre for petrol and diesel respectively. The fuel prices have risen throughout the week witnessing a hike of Rs. 3.90 per litre for petrol and Rs. 4 per litre for diesel, since Sunday. The auto fuel prices have risen by around 60 paise per day, except Tuesday when the hike was marginally lower than 40 paisa per litre.
Tesla, an American electric vehicle manufacturer has officially started the international deliveries for the Model Y deliveries in Canada, which is believed to be the first major market expansion for the new electric Crossover. The Tesla Owners Club of British Columbia revealed that the first delivery of the Tesla Model Y was done yesterday. Moreover, the Canadian customers receiving the delivery of the Blue Metallic Model Y was shared on an Instagram under British Columbia Tesla Owners Instagram page. The company started delivering the electric crossover in the US market earlier this year in March. And now, the company has started deliveries in Canada.
The Insurance Regulatory and Development Authority of India (IRDAI) on Monday officially released a circular mentioning the withdrawal of long-term motor insurance package plans including 3rd party insurance as well as own damage. This will come into effect from August 1, 2020. The insurance regulator decided to withdraw the long-term insurance package policy after noticing several issues and concerns related to the performance of these policies. Some of the reasons that compelled the body to take this step are challenges in actuarial pricing for long term own damage policies, distribution of polices is difficult, an expensive proposition, and a possibility of owners selling their vehicles due to financial reasons or default in loans.
BMW, the Bavarian car manufacturer will be launching the new generation X6 in the country on June 11, 2020. The car manufacturer has teased the 2020 BMW X6 ahead of its India debut on its official social media accounts. The third-generation BMW X6 will be offered in two trim options - xLine and M Sport. The carmaker initiated the bookings for the car earlier this year in January. Once launched, the next-gen BMW X6 will be pitted against the likes of Porsche Cayenne Coupe, Mercedes Benz GLE Coupe and Audi Q8. It will be launched in India as a completely built unit (CBU).
Fuel demand massively dropped in April after Prime Minister Narendra Modi announced complete lockdown across the country to contain the spread the coronavirus pandemic. Prime Minister urged everyone to break the chain of the COVID-19 by staying at home, which resulted in a temporary closure of factories, offices, air travel suspension and more. With nationwide lockdown coming into effect, most of the vehicles were off roads that led to decreased demand for fuel. Within weeks of lockdown, the oil firms saw record low fuel sales across the country. Indian Oil Corp (IOC), the country's largest oil firm told PTI that the demand for the fuel might return with the resumption of economic activities.
The Indian auto component sector is likely to see massive job cuts if the sector continues to face business difficulties because of the reduced demand owing to coronavirus pandemic. According to PTI, the Automotive Component Manufacturers Association of India (ACMA) stated that the sector could witness huge job losses due to lack of demand caused by the pandemic. The industry body also mentioned that the auto component manufacturers would be forced to cut down the workforce in a bid to survive with muted demands and excess capacities in place. Moreover, SIAM has already predicted an annual downturn of 35 to 40 per cent because of the COVID-19 crisis.
