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Petrol, diesel prices likely to increase by Rs4.8 per litre – SUCH TV
The prices of petroleum products are expected to rise by up to Rs4.79 per litre from September 16, under the fortnightly price review driven by fluctuations in the international oil market.
According to estimates, petrol may see an increase of Rs1.54 per litre, while high-speed diesel is likely to go up by Rs4.79 per litre.
Prices of kerosene and light diesel oil are projected to climb by Rs3.06 and Rs3.68 per litre, respectively.
The Oil and Gas Regulatory Authority (OGRA) will submit its final calculations to the Petroleum Division on September 15.
The Petroleum Division and the Ministry of Finance will forward the calculations, including levy and tax adjustments, to the PM, who will give the final approval.
The Bank of England has cut interest rates to the lowest level in nearly three years, as it said measures in the Budget will help bring down inflation quicker than previously thought.
The Bank’s Monetary Policy Committee (MPC) voted to reduce rates from 4% to 3.75%.
Governor Andrew Bailey said the UK has “passed the recent peak in inflation and it has continued to fall”, allowing the MPC to cut borrowing costs for the fourth time this year.
It takes the bank’s base interest rate to its lowest level since early 2023.
The nine-person committee voted five-to-four for a cut, with Mr Bailey among those preferring to lower rates at the Bank’s final meeting of the year.
The decision comes after official figures showed Consumer Prices Index (CPI) inflation fell sharply to 3.2% in November, from 3.6% in October.
Minutes of the MPC’s meeting read: “This was above the 2% target but, following the Budget announcements on administered prices and indirect taxes, headline inflation was now expected to fall back more quickly in April, to closer to 2%.”
It means CPI will near the Bank’s target level considerably earlier than the early 2027 timeframe that it had forecast in November.
Measures in the autumn Budget, delivered by Chancellor Rachel Reeves last month, are likely to lower CPI inflation by around 0.5 percentage points, according to the MPC.
This includes one-off support for household energy bills and freezing fuel duty which will kick in from April next year.
“We still think rates are on a gradual path downward,” Mr Bailey said.
“But with every cut we make, how much further we go becomes a closer call.”
Meanwhile, the MPC said it was expecting the economy to show no growth over the final quarter of 2025.
This comes after official data showed a 0.1% contraction in October, which was weaker than it had been expecting.
Meagre economic growth as well as a weakening jobs market and slower pay growth pointed to underlying inflation pressures reducing, the Bank said.
However, the four MPC members who voted to keep interest rates unchanged were more concerned about prolonged inflation persistence, particularly within the services sector and among wage growth.
Getty ImagesInsurers need to do more to improve how they handle claims and make it clearer to customers what their policies cover, the UK’s finance regulator has said.
The Financial Conduct Authority (FCA) was responding to a “super-complaint” by consumer group Which? about the home and travel insurance sectors.
The regulator acknowledged some problems needed addressing, and said it would expand its scrutiny of how claims are processed and how clear policies are to customers.
Consumer groups said the FCA must follow this up with strong action and see it as a first step to fundamental reform.
A super-complaint is rare, and only used by consumer groups when they believe a large number of people are being significantly harmed by practices across a particular sector.
Consumer group Which? had argued that the home and travel insurance sectors were “broken”. It said that in some cases making a claim to an insurance company could be a worse experience than the distress of the original incident.
The super-complaint was based on three areas of concern. The first was the way that claims are handled, with many being outsourced by insurers to specialists.
The second was the sales practices of insurers, which the consumer group argued were inappropriate and led to widespread confusion over what was covered in a policy.
Finally, it accused the FCA, as the regulator, of failing to provide an appropriate degree of protection for consumers.
Getty ImagesMillions of people across the UK take out insurance policies they hope they will never need to draw on.
Some 22 million home insurance policies were in force last year, with consumers paying more than £7bn in premiums. During the year, consumers made almost 900,000 claims, with insurers paying out a total of £3.2bn.
There were more than 6.8 million travel insurance policies, with premiums of £1.2bn paid last year. Some 600,000 claims led to payouts of more £400m.
But Which? highlighted that acceptance of claims and subsequent payouts were much less likely among home and travel insurance than motor and pet policies.
The FCA found that in 2024, 99% of motor claims were accepted, compared with 80% of standalone single trip travel claims and 74% of home content-only claims.
The regulator said that this, in part, reflected the lower levels of understanding among consumers of what their insurance policy covered.
Graeme Reynolds, director of competition at the FCA, said the regulator would “expand our existing workplan” to ensure improvements to the claims process and consumer understanding of their cover.
“We will continue to hold firms and their senior leaders to account for making improvements, to help build trust and make sure people get fair value insurance,” he said.
The Association of British Insurers (ABI), which represents companies, said the improvements demanded by the FCA were “a top priority” for the sector.
The FCA said it had already addressed various areas of concern in the sector, but consumer groups – including Which? – said more action was needed.
Rocio Concha, Which? director of policy and advocacy, said the FCA must now bring about meaningful change for consumers.
“These issues have been allowed to fester for years, so the FCA must now seize the opportunity to take strong action to stamp out widespread bad practice and issues with how the markets are working,” she said.
James Daley, managing director of consumer group Fairer Finance, said: “The [FCA] response is unlikely to be sufficient to get to grips with the many and growing problems in this sector.
“The insurance market is caught in a race to the bottom on price – leading to the hollowing out of products, as well as poorer claims experiences.”
Mahindra’s New Tata Sierra Rival SUV: Mahindra has several new models lined up, including petrol, diesel, hybrid and electric SUVs across various segments. One of the most talked-about upcoming products is a new midsize SUV that will take on the Hyundai Creta and Tata Sierra. Mahindra has not officially shared product details yet. Still, this new SUV is expected to carry the XUV badge. It will likely be built on Mahindra’s new NU_IQ modular platform. This platform supports ICE, hybrid and electric powertrains. That gives the brand a lot of flexibility for future models.
Reports suggest this Sierra rival could be the production version of the Vision S concept. Mahindra showcased this concept on Independence Day earlier this year. Some reports also hint that the final model might join the Scorpio family lineup.
The Vision S concept has a bold design. At the front, it gets Mahindra’s Twin Peaks logo and triple vertical LED lights on either side. The headlamps have an inverted L shape. The bumper looks sporty and houses radar and parking sensors. A raised bonnet and pixel-style fog lamps add to the tough look.
From the side, the SUV looks off-road ready. It has a tall stance, massive cladding and wheel arches, and large 19-inch wheels with red brake calipers. The concept even shows a jerry can and a side ladder. Some of these features may not make it to the final version or could be offered as accessories.
At the rear, the concept gets inverted L-shaped tail-lamps, pixel lighting on the bumper and a spare wheel mounted on the tailgate. Inside, the Vision S shows a modern cabin. It has a new steering wheel with Vision S branding, a large touchscreen with NU UX software, wireless phone connectivity and a panoramic sunroof.
The cabin uses dual-tone upholstery across seats, doors and dashboard. The visible fuel cap suggests an ICE setup. The production version is expected to come with petrol and diesel engine options. Mahindra’s new Sierra rival is likely to hit the market around 2027.
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