Since August, petrol price has been cumulatively cut by Rs9.36 per litre. Brent has lost almost 30% since its June peak amid speculation that global supply is outpacing demand
Petrol and diesel prices are likely to be cut by close to Re1 per litre this weekend on sliding global oil rates. This would be the seventh reduction in petrol prices since August and the third in rates of diesel since its decontrol last month.
State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) following the fortnightly review practice, are due to revise rates of petrol and diesel on Saturday.
In all probability, rates will be reduced if the current trend of declining international oil prices continue, industry sources said.
Petrol price was last cut by Rs2.41 a litre on 1st November. On the same day, diesel rates were reduced by Rs2.25 per litre. A litre of petrol in Delhi as on Wednesday costs Rs64.25 a litre.
Since August, petrol price has been cumulatively cut by Rs9.36 per litre.
Diesel price was for the first time in more than five years cut on 19th October by Rs3.37 a litre when the government decided to deregulated the fuel. This was followed by another cut on 1st November and diesel currently costs Rs53.35 a litre in Delhi.
Prior to the 19th October reduction, diesel rates were previously cut in January 2009.
Sources said oil marketing companies revise rates of petrol, which was deregulated in June 2010, and diesel on 1st and 16th of every month based on average international oil price and rupee-US dollar exchange rate.
Brent crude fell for a third day amid signs that OPEC members are reluctant to reduce supply even as prices slumped deeper into a bear market. It declined by 82 cents to $80.85 per barrel.
While public attention was much more in Saradha as it turned out to be a high profile one, Rose Valley scam is probably six times bigger with a collection of deposits worth about Rs15,000 crore
The mobilisation of money from the market is much more in Rose Valley than in the Saradha ponzi companies, according to Enforcement Directorate (ED), which is probing the money laundering aspects of both the firms.
"The Rose Valley scam is of much bigger magnitude than the Saradha. It is probably six times bigger as Rose Valley had collected deposits of around Rs15,000 crore from the public", a source from ED told PTI.
To track the money trail of Rose Valley, ED had already frozen around 2,500-odd accounts of the company. While money can be deposited in those accounts, no amount can be withdrawn from them, the source said.
The source said that public attention was much more in Saradha as it turned out to be a high profile one. The Central Bureau of Investigation (CBI) had also been directed to probe the Saradha scam which the agency was doing now along with the ED.
Tracking the accounts of these two firms was a humongous task as each account was having several branch accounts.
"For instance, we have unearthed so far ten lakh accounts for the Saradha group. There could be more which is yet to be ascertained", the source said.
Relating to Saradha probe, which ED started from April 2013, the source said that identification of substantial part of 'crime proceeds' was over.
"We will be able to file the charge sheet once the predicate offence was established by CBI", the source said.
The latest scandal deals with rigging currencies markets, which have a massive daily turnover of $5.3 trillion
The British Financial Conduct Authority (FCA) and the US' Commodity Futures Trading Commission (CFTC) imposed fines totalling $3.16 billion, on five of the world's biggest banks. The banks fined were JP Morgan Chase, Citigroup, Royal Bank of Scotland, HSBC and Swiss bank UBS.
CFTC's statement on the fines said, "attempted manipulation of, and for aiding and abetting other banks' attempts to manipulate, global foreign exchange benchmark rates to benefit the positions of certain traders."
Reports suggested that Barclays was expected to join the settlement but dropped out and the regulators were reportedly looking to pursue their investigations into the bank’s role in the latest rigging accusations.
The foreign exchange markets have a daily turnover of about $5.3 trillion. Currencies are much bigger than stocks and bond markets, and in comparison to some of the fines paid by banks for their involvement in the 2008 financial crisis. These latest fines for banks come after similar fines were levied for trans-Atlantic rigging of LIBOR rates by major banks a few months ago.
Criticisms abound that these fines were too small for the scale of operations and effects of the rigging, like most bank fines over the last few years, stemming from wide-ranging malpractices in the worldwide financial markets. A BBC report estimates that 40% of the world's currencies trade goes through London, which was also why the British FCA was the lead on this investigation, with co-operation from American federal agencies.
While the British Chancellor of the exchequer George Osborne said that the fines were part of a long term plan to restore confidence in the financial markets, there is a long way to go before the impression that for the most part, bankers have escaped serious punishment for their misadventures, is dealt with effectively.