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Old 30th December 2014, 22:49   #4426
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I'm seeing a news item right now in a news channel that petrol and diesel prices to be hiked by upto Rs2 from Jan 1 ?
Eh? Why I saw TOI reported today that Brent is below $58 which 5-1/2 years low. I was expecting a cut. Which news channel is saying this?
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Old 31st December 2014, 08:52   #4427
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Default Re: The Official Fuel Prices Thread

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Originally Posted by narayan View Post
I'm seeing a news item right now in a news channel that petrol and diesel prices to be hiked by upto Rs2 from Jan 1 ?
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Originally Posted by DRIVE_ADDICT View Post
Eh? Why I saw TOI reported today that Brent is below $58 which 5-1/2 years low. I was expecting a cut. Which news channel is saying this?
As per ET, there could be a price cut from midnight!

Petrol, diesel price cut likely as New Year’s gift

Quote:
Petrol and diesel may get cheaper from midnight as the government is pushing the state-run oil marketing firms to pass on the benefit of falling global prices to consumers as a New Year's gift, officials said.

Price reductions may not be very sharp though
SOURCE: http://economictimes.indiatimes.com/...w/45698275.cms

Anurag.
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Old 31st December 2014, 10:34   #4428
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Default Re: The Official Fuel Prices Thread

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Originally Posted by DRIVE_ADDICT View Post
Eh? Why I saw TOI reported today that Brent is below $58 which 5-1/2 years low. I was expecting a cut. Which news channel is saying this?
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Originally Posted by a4anurag View Post
As per ET, there could be a price cut from midnight!
Price adjustments are done effective the 1st and 16th of the month. So if it happens expect it to be announced today evening only. And be prepared for some VAT hikes to negate it!!
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Old 31st December 2014, 12:03   #4429
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Default Re: The Official Fuel Prices Thread

Guys I saw this in NEWSX yesterday night just around the time I was posting. They reported that the news is not yet confirmed but the ministry is contemplating a rate hike of Rs1.5-2 for petrol and Rs1-1.5 for diesel.
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Old 31st December 2014, 12:31   #4430
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Originally Posted by narayan View Post
Guys I saw this in NEWSX yesterday night just around the time I was posting. They reported that the news is not yet confirmed but the ministry is contemplating a rate hike of Rs1.5-2 for petrol and Rs1-1.5 for diesel.
I too saw this news note on NEWSX yesterday, but none of the other news channels had anything on it. In the same feed, they also mentioned that LPG rates could be cut by Rs.40. Both some how do not seem to add up.

In today's Deccan Herald paper, there was a article about how oil companies are losing money due to weaker rupee as the oil was purchased much earlier. Ridiculous article, as the same article does not hold its light when the oil prices were higher and lesser dollars were spent to purchase them, but no reduction in fuel costs that time

All these broken news articles point towards an impending price rice, but may not happen Tomorrow, due to sentimental value, but sometime in Jan for sure.
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Old 1st January 2015, 11:10   #4431
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Our government continues to treat us (the citizens) as if we are IQ challenged idiots and they know best (and also want us to only work for the government). If the silly 32 Internet websites ban was not enough (all the fellows who did this should be sacked!) now the oil PSUs say that they are sitting on inventory losses of more than Rs. 10,000 cr and therefore they are doing us a favour by not actually increasing prices when crude prices have fallen another 2-3% (net of exchange difference). They were very quick to increase prices based on increase in crude prices earlier. At that time there was no mention of any inventory gain? Our media seems also quite spineless, simply printing out whatever spiel is handed out to them.

Crude prices have now fallen by about 50% but petrol and diesel prices have only reduced by about 15%. The news report talks about telling the officers at IOC to go home since there is no word of a hike!!! If this is not clear evidence of the so called de-regulation being a scam perpetrated by the authorities then I do not know what is.

Last edited by sandeep108 : 1st January 2015 at 11:12.
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Old 1st January 2015, 11:14   #4432
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Default Re: The Official Fuel Prices Thread

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Originally Posted by narayan View Post
Guys I saw this in NEWSX yesterday night just around the time I was posting. They reported that the news is not yet confirmed but the ministry is contemplating a rate hike of Rs1.5-2 for petrol and Rs1-1.5 for diesel.
NEWSX, CNBC, IBN etc are owned by Mukesh Bhai (Mota bhai) Ambani and may be first to get all oil related news.
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Old 1st January 2015, 11:32   #4433
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Default Re: The Official Fuel Prices Thread

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Originally Posted by sandeep108 View Post
Our government continues to treat us (the citizens) as if we are IQ challenged idiots and they know best (and also want us to only work for the government). If the silly 32 Internet websites ban was not enough (all the fellows who did this should be sacked!) now the oil PSUs say that they are sitting on inventory losses of more than Rs. 10,000 cr and therefore they are doing us a favour by not actually increasing prices when crude prices have fallen another 2-3% (net of exchange difference). They were very quick to increase prices based on increase in crude prices earlier. At that time there was no mention of any inventory gain? Our media seems also quite spineless, simply printing out whatever spiel is handed out to them.

Crude prices have now fallen by about 50% but petrol and diesel prices have only reduced by about 15%. The news report talks about telling the officers at IOC to go home since there is no word of a hike!!! If this is not clear evidence of the so called de-regulation being a scam perpetrated by the authorities then I do not know what is.
That is actually true. While the slump in international crude oil prices had resulted in successive cuts in petrol and diesel prices, for oil companies they had meant inventory losses as they would typically buy crude at one rate but by the time it is processed and marketed its market value would have come down. They have an inventory of 35 to 40 days and this is what is causing them a loss. To cut all of these losses and to recover the money they have lost before, they should not reduce the price for a month or two and they will be profit making companies again.
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Old 1st January 2015, 11:34   #4434
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That is actually true. While the slump in international crude oil prices had resulted in successive cuts in petrol and diesel prices, for oil companies they had meant inventory losses as they would typically buy crude at one rate but by the time it is processed and marketed its market value would have come down. They have an inventory of 35 to 40 days and this is what is causing them a loss. To cut all of these losses and to recover the money they have lost before, they should not reduce the price for a month or two and they will be profit making companies again.
Ha Ha. But did they not make gains similar to the losses when crude prices increased? So why should they cry about this now?
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Old 1st January 2015, 11:40   #4435
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Isn't crude purchased on long-term contracts with locked-in price ranges? Then why such a hue and cry from OMCs about price fluctuation?

No wonder investors don't want to put in serious money in this pseudo-regulated economy. Unless these crooks can smarten up and let go of their short-sighted greed, 'Acche Din' will remain on poll slogans alone.
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Old 1st January 2015, 11:41   #4436
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Default Re: The Official Fuel Prices Thread

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Ha Ha. But did they not make gains similar to the losses when crude prices increased? So why should they cry about this now?
Well Diesel was not deregulated then and even with the crude at its high's and government subsidies, Oil marketing companies like BPCL and IOC were selling it at a loss to keep the prices low. Check out their balance sheet and quarterly results, they are filled with losses.
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Old 1st January 2015, 12:13   #4437
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Default Re: The Official Fuel Prices Thread

They claim that Inventory costs are hurting. In a fortnight expect that to have declined somewhat, but a ₹2 cess to make up for the Bear (Bhalu) and cos ineptness may end up in a zilch change.
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Old 1st January 2015, 12:31   #4438
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Default Re: The Official Fuel Prices Thread

It is the airline business that is most affected by the ad-hoc oil pricing mechanism in India. All of them are running at a loss or are without profit and loss at best, just managing to pay off the employees and expenses. In this economy, maybe that is win-win in the perception of some.

In India, the oil pricing mechanism favours the seller rather than the buyer. I think we should stop discussing this sham day in and day out.
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Old 1st January 2015, 12:46   #4439
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Default Re: The Official Fuel Prices Thread

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Oil marketing companies like BPCL and IOC were selling it at a loss to keep the prices low. Check out their balance sheet and quarterly results, they are filled with losses.
Their Balance Sheets are not prepared by God. These crooks will show huuuge losses where there is none. I do not trust their claims. Actually, not just them, every company indulges in window dressing or cooking up of their books of accounts. We have see how the reputed multinational accounting firms helped cook up Satyam computers accounts.
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Old 1st January 2015, 13:21   #4440
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Default Re: The Official Fuel Prices Thread

News just in. LPG (non-subsidised) cut by Rs. 43.50; jet fuel price slashed by 12.5%. No news on petrol & diesel though.

TOI header news.
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