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Old 30th December 2011, 23:49   #2341
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Default Re: The Official Fuel Prices Thread

Petrol price at the pump nearby Wipro Technologies Hinjewadi Phase 2 is 68.73 whereas another nearby Pimple Gurav is 71.2! 3 Rs difference in the same city for normal petrol! I was quite surprised at this.
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Old 31st December 2011, 12:59   #2342
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Thumbs down Re: The Official Fuel Prices Thread

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Originally Posted by misquitas View Post
It's always the same old story...

* Oil companies claim huge losses and demand price hikes.
* They claim the rupee-dollar rate has shifted and demand another price hike.
* They will claim that the Gulf region has encountered a political crisis of sorts and will demand another petrol price hike.
* They will then claim that petrol price should be hiked to offset the subsidized prices of diesel.
* When everything normalises, they will lower petrol prices by Rs 1 and then demand a Rs 3 price hike.
* As soon as elections are completed, they will demand a petrol price hike.
I dont think the petrol price will increase from tomorrow as UP elections are crucial for Congress. But you never know what they come up with.

Lets hope that fuel prices do not go up.
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Old 3rd January 2012, 08:44   #2343
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Default Re: The Official Fuel Prices Thread

Sometimes it becomes so evident that the Media houses are all nothing more than the Govt's puppets. Its disheartening to see that no one has the courage or will to question the govt on why do the oil companies still take the ministry's nod when the prices have been deregulated. All this does is increase the losses of the companies and after the elections the prices spiral up like crazy rather then a gradual increase that may happen otherwise.
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Old 3rd January 2012, 09:18   #2344
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Red face Re: The Official Fuel Prices Thread

I am dreading of the fact since the fuel hike has been put off due to election pressure by the govt, the hike might be more severe later in the coming days.

I only wish Pranab da is thinking about increasing the travel allowance exemption limit of 9.6K in the coming budget looking at the way the petrol prices are moving.
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Old 3rd January 2012, 10:40   #2345
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Default Re: The Official Fuel Prices Thread

With the elections in UP only starting from February and Iran trying to jack up the price of crude because of new sanctions, I truly wonder how long the oil companies can hold out against a price rise. This when the FM will not meet the target budget deficit and additionally will need to borrow another 40000 crores to run the government.
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Old 3rd January 2012, 11:04   #2346
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Default Re: The Official Fuel Prices Thread

I suspect fuel price rise and also strict budget is on the anvil. This is the reason that they dont want to come out with it before the elections.
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Old 3rd January 2012, 14:09   #2347
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Default Re: The Official Fuel Prices Thread

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Originally Posted by drmohitg View Post
Sometimes it becomes so evident that the Media houses are all nothing more than the Govt's puppets. Its disheartening to see that no one has the courage or will to question the govt on why do the oil companies still take the ministry's nod when the prices have been deregulated. All this does is increase the losses of the companies and after the elections the prices spiral up like crazy rather then a gradual increase that may happen otherwise.
1. If we are talking about private players like Reliance Essar Shell etc - then they have complete freedom to sell at whatever price they want to - of course whether it will sell or not depends on all the other players also. Which brings us to:

2. We are talking about public sector companies like IOCL HPCL BPCL etc, which are under govt control. So the owner of these companies = govt (and executor = MOPNG) has full freedom to decide what they deem as "right" price.
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Old 3rd January 2012, 14:16   #2348
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Default Re: The Official Fuel Prices Thread

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1. If we are talking about private players like Reliance Essar Shell etc - then they have complete freedom to sell at whatever price they want to - of course whether it will sell or not depends on all the other players also.
They are too small a group to have any kind of impact. Is relaince still into retail? Most of there pumps which had sprouted up on highways like Delhi-Jaipur are all shut down.

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2. We are talking about public sector companies like IOCL HPCL BPCL etc, which are under govt control. So the owner of these companies = govt (and executor = MOPNG) has full freedom to decide what they deem as "right" price.
But then why do they keep singing the "De-Regularization" song in front of the media. Either control the fuel prices upfront else let the market economics decide the price. You can't take the middle path here is all I am saying.
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Old 3rd January 2012, 20:42   #2349
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Default Re: The Official Fuel Prices Thread

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Originally Posted by drmohitg View Post
But then why do they keep singing the "De-Regularization" song in front of the media. Either control the fuel prices upfront else let the market economics decide the price. You can't take the middle path here is all I am saying.
I completely agree in the last few month this de-regulation song has gone for a toss completely with many instances of government delaying decision on hiking the prices.
In my opinion unless government finds a way to reduce dependence on revenue from fuel taxes they will not be able to completely de regulate even petrol prices. Fuel will always be a dear issue for the public and could destroy the vote banks, government can however soften the blow by altering the taxes which is currently not feasible due to huge unplanned fiscal deficits
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Old 3rd January 2012, 20:54   #2350
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Default Re: The Official Fuel Prices Thread

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Originally Posted by spiritofdriving View Post
Petrol price at the pump nearby Wipro Technologies Hinjewadi Phase 2 is 68.73 whereas another nearby Pimple Gurav is 71.2! 3 Rs difference in the same city for normal petrol! I was quite surprised at this.
Thats because the one in Hinjewadi is outside PMC limits and there are lesser taxes / octroi levied.
Similarly, if you fill up fuel from the petrol pump at the expresway, it will be even cheaper.
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Old 3rd January 2012, 20:57   #2351
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Default Re: The Official Fuel Prices Thread

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Originally Posted by shk_24 View Post
I
In my opinion unless government finds a way to reduce dependence on revenue from fuel taxes they will not be able to completely de regulate even petrol prices. Fuel will always be a dear issue for the public and could destroy the vote banks, government can however soften the blow by altering the taxes which is currently not feasible due to huge unplanned fiscal deficits
They will never lower down the Taxes. The fiscal deficit just keeps increasing with each passing year. I just hope they don't increase the diesel prices the same way they did with Petrol. Yes I love the amount of money I save driving a diesel car .
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Old 4th January 2012, 08:05   #2352
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Default Re: The Official Fuel Prices Thread

With the Brent futures at almost $113 Commodity Futures Online Trading - Bloomberg I wonder how long the government can stave off increasing the price with also the rupee in such weak territory. This clearly calls the bluff of the government on oil prices specially because I remember the prices being raised when Brent was at the same rate and the rupee value depreciated from 45 to 49. Every time our venerable PM talks about transparency in governance, it qualifies as the joke of the year.
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Old 4th January 2012, 08:26   #2353
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Default Re: The Official Fuel Prices Thread

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Originally Posted by samarjitdhar View Post
With the Brent futures at almost $113 Commodity Futures Online Trading - Bloomberg I wonder how long the government can stave off increasing the price with also the rupee in such weak territory. This clearly calls the bluff of the government on oil prices specially because I remember the prices being raised when Brent was at the same rate and the rupee value depreciated from 45 to 49. Every time our venerable PM talks about transparency in governance, it qualifies as the joke of the year.
I am unable to understand why can't the Election Commission take note of this and raise an objection? When announcing any new schemes and packages is against the laws then not increasing fuel prices when the oil prices are making huge losses should also fall into the same category right?

I am not sure if the Govt can withstand such huge losses for almost 2 more months. Or may be they are hoping the rupee to get stronger?

As far as the PM is concerned the lesser said the better. Democracy has been made into a real joke in these last couple of years.
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Old 4th January 2012, 09:26   #2354
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Default Re: The Official Fuel Prices Thread

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Originally Posted by drmohitg View Post
I am unable to understand why can't the Election Commission take note of this and raise an objection? When announcing any new schemes and packages is against the laws then not increasing fuel prices when the oil prices are making huge losses should also fall into the same category right?

I am not sure if the Govt can withstand such huge losses for almost 2 more months. Or may be they are hoping the rupee to get stronger?

As far as the PM is concerned the lesser said the better. Democracy has been made into a real joke in these last couple of years.
The Rupee won't get any stronger if they delay the hike. Not many voters are aware of the facts that you have mentioned.

Petrol price hike unlikely this fortnight - India News - IBNLive
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Old 4th January 2012, 10:15   #2355
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Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by drmohitg View Post
I am unable to understand why can't the Election Commission take note of this and raise an objection? When announcing any new schemes and packages is against the laws then not increasing fuel prices when the oil prices are making huge losses should also fall into the same category right?

I am not sure if the Govt can withstand such huge losses for almost 2 more months. Or may be they are hoping the rupee to get stronger?

As far as the PM is concerned the lesser said the better. Democracy has been made into a real joke in these last couple of years.
With weak manufacturing and the global economy shrinking I fail to see how the rupee can rebound in a span of one month in time for the elections to take care of the losses. The losses made in the interim to be recovered after the election makes the subsequent price rise very very dreadful. Moreover there is no faith in the finances of the government because of the huge deficits it has run up now. I am afraid India's time of financial reckoning is about to arrive soon
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