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Old 24th August 2012, 07:52   #391
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Another hike of Rs 3 in the offing.

Petrol may cost more by Rs 3/litre - The Times of India

One thing I cannot understand how come the crude price yo-yos so much. It is close to $116 now while just a few weeks back it was $90. A difference of $26 in a matter of weeks . How come the demand has changed so much? It seems to me like purely a supply phenomenon intelligently manipulated by the manufacturers and the speculators for mutual gain at the cost of the hapless consumers .
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Old 24th August 2012, 08:16   #392
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

The foolhardy part is that this subsidized diesel(HSD) is available to Industries and is cheaper than Furnace Oil(HFO) which is not correct as it also is a burden on Petrol users.
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Old 24th August 2012, 11:05   #393
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Chidambaram rules out hike in fuel prices, slams RBI's move to hike repo rates

Quote:
Finance minister P. Chidambaram on Thursday ruled out a hike in fuel or fertilizer prices for now.

Responding to a question in Parliament, the minister said the hike in prices "would have a cascading impact on food prices".He said the finance ministry's endeavour was to restrict government spending on subsidies in an attempt to curb expenditure and keep fiscal deficit under control.

The minister also attacked the Reserve Bank of India's decision to hike repo rates in an attempt to check inflation, adding that the move has dampened investor sentiment in the country.

The losses incurred by oil marketing companies by selling fuel at subsidized rates below market prices have been steadily mounting, and the subsidy the government is providing is adding to the already swelling fiscal deficit.

While petrol has been decontrolled—government approval is still needed though for increasing prices—diesel, kerosene and liquefied petroleum gas (LPG) are still sold at government-determined rates. The price of diesel was last revised in June 2011.

At present, the oil firms are incurring record-high losses of around Rs 14 per litre on diesel, Rs 29 per litre on kerosene and Rs 250 per cylinder on LPG.
Source : NDTV
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Old 24th August 2012, 11:11   #394
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Quote:
Originally Posted by karanraheja View Post
Chidambaram rules out hike in fuel prices, slams RBI's move to hike repo rates



Source : NDTV
I always take what PC says with a pinch of salt.. The only activity the govt has done ever since UPA-2 apart from the innumerous scams has been to increase the petrol price!!! Innumerous scams are OK with them but giving subsidy for fuel isnt !!!
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Old 24th August 2012, 12:54   #395
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

I knew this hike was coming when Shell increased their prices from 76.10 to 79.<something> here in Bangalore. Shell prices are a clear indicator of what to expect in terms of petrol costs!
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Old 14th September 2012, 08:48   #396
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Here's from HT's report today.

The government has removed subsidy form branded diesel. Who will buy it at market rates?

I support this hike. Why should petrol car owners suffer every time, and diesel cars make merry on the back of "essential fuel for supplies" argument.

This move should rationalise the situation to some end.

Tapish


Quote:
In a move fraught with political risks, the government on Thursday raised diesel prices by Rs. 5 a litre — the steepest ever hike.
The high price of diesel, which will now cost Rs. 46.94 a litre (including local taxes) in Delhi, is likely to fan inflation as it will increase the cost of ferrying goods across locations.

But the government’s economic managers, battling to reverse a severe slowdown that has hit jobs and income growth, have chosen to suffer short-term price pains for the sake of medium-term growth prospects.

The government also removed the subsidy on branded diesel, which will now be sold at market rates. It, however, left kerosene prices unchanged, and spared an increase in petrol price by cutting excise duty by Rs. 5.50 a litre.
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Old 14th September 2012, 11:19   #397
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Quote:
Originally Posted by Tapish View Post
Here's from HT's report today.

The government has removed subsidy form branded diesel. Who will buy it at market rates?

I support this hike. Why should petrol car owners suffer every time, and diesel cars make merry on the back of "essential fuel for supplies" argument.

This move should rationalise the situation to some end.

Tapish
Excuse me. What is the meaning of branded diesel? Does it mean Speed or something?
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Old 14th September 2012, 13:09   #398
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Quote:
Originally Posted by shadows123

Excuse me. What is the meaning of branded diesel? Does it mean Speed or something?
Branded diesel is Xtramile diesel i.e premium diesel. However hardly anyone uses that as its got additives. I got this info from Indian oil website, which classifies the prices into branded and non branded categories.
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Old 15th November 2012, 16:41   #399
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Petrol to be cheaper by 95 paise from midnight of 16 Nov. Breaking new on ABP news.
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Old 15th November 2012, 17:01   #400
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Cool re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Confirmed by NDTV also:

Quote:
"There has been some reduction in gasoline rates (against which the domestic price of petrol is benchmarked) giving us some margins (on petrol). But they have moved up again in the last few days," R S Butola, Chairman of Indian Oil Corp, the nation's largest fuel retailer, said earlier this month.

"Also, rupee has appreciated against the US dollar ... we have to take a view (on prices) keeping all these factors in mind," Mr Butola had added.
Source: http://profit.ndtv.com/news/economy/...sources-313316

Cheers!
Irish
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Old 15th November 2012, 17:32   #401
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Time to update the thread heading. For a change, its a decrease ..
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Old 15th November 2012, 18:42   #402
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

This thread is now more of tracking thread mode.
How about updating the thread title accordingly? Taking the numerical value out of the thread title will call for reduced frequency of thread title updation plus, a more meaningful pointer.
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Old 16th November 2012, 10:49   #403
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Hello Freinds,

Something to cheer up for Petrol Car owners.

Petrol prices are reduced upto Rs. 1.20 effective yesterday midnight. This reduction, brings down the Petrol price in Mumbai to approx Rs. 73.60.

Still one thing I fail to understand that Petrol prices are generally increased by Rs. 3 to Rs. 5 but reduction is always approx one rupee. Does this means that Oil marketing companies are making heavy profits on Petrol sales currently?

Thanks,
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Old 16th February 2013, 00:45   #404
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Default re: Petrol price hiked by Rs. 7.50. EDIT 1st March 2013 : Up by Rs. 1.4

Petrol and Diesel getting dearer again by Rs 1.50 and 0.45 respectively with effect from just now onwards. This is excluding applicable local taxes.
The price increase is the 20th one for petrol since the fuel was deregulated.

While petrol prices have been revised in step with the steep rise in international rates, oil firms used the newly accorded freedom to increase diesel price in small dozes to effect the second price adjustment in one month.

It may be noted here that the Finance Ministry has earlier this week announced payout of Rs.25,000 crores amongst IOCL BPCL and HPCL, as compensation to ease their losses on account of subsidies..

See the historical petrol price chart of the hike in the last ten years in Delhi; Source and Link
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Last edited by rajeev k : 16th February 2013 at 01:04.
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Old 16th February 2013, 02:46   #405
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Quote:
Originally Posted by rajeev k View Post
Petrol and Diesel getting dearer again by Rs 1.50 and 0.45 respectively with effect from just now onwards. This is excluding applicable local taxes.
The price increase is the 20th one for petrol since the fuel was deregulated.

While petrol prices have been revised in step with the steep rise in international rates, oil firms used the newly accorded freedom to increase diesel price in small dozes to effect the second price adjustment in one month.

It may be noted here that the Finance Ministry has earlier this week announced payout of Rs.25,000 crores amongst IOCL BPCL and HPCL, as compensation to ease their losses on account of subsidies..

See the historical petrol price chart of the hike in the last ten years in Delhi; Source and Link
Rajeev,

With crude price hovering at around 97$ / 5200 Rs per 100 barrel and the fiscal deficit issue / GDP expectation of 5.7% this was bound to happen. I believe this is just the beginning...

That's why you see gold import policy change and the bullions price dropping...
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