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Old 1st January 2015, 17:36   #4441
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Default Re: The Official Fuel Prices Thread

Business standard and couple of other websites are reporting that Petrol and Diesel prices have been cut by Rs. 2 excluding local levies. No other mainstream channels/websites are reporting the same, though. Is the news really true?
The Official Fuel Prices Thread-petrol.jpg

The article mentions that petrol price in Delhi is 61.33 after the cut, but I find the rates to be the same before the 'cut'.
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Old 1st January 2015, 17:49   #4442
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Default Re: The Official Fuel Prices Thread

url is http://www.business-standard.com/art...0100366_1.html

No other mention! Let us see. IOC were cribbing about Inventory costs only a couple of days ago!
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Old 1st January 2015, 18:39   #4443
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Default Re: The Official Fuel Prices Thread

Im seeing the news in Yahoo too
https://in.news.yahoo.com/petrol-die...--finance.html

but the mentioned revised price (after cut) equals the price revision done on Dec 16.

***
Allowing for local levies, petrol per litre from Thursday costs Rs.61.33 in Delhi, Rs.68.86 in Mumbai, Rs.68.65 in Kolkata and Rs.63.94 in Chennai.
The new per litre prices for diesel are Rs.50.51 in Delhi, Rs.57.91 in Mumbai, Rs.55.00 in Kolkata and Rs.53.78 in Chennai.
***
http://www.livechennai.com/petrol_price.asp

I don't know from where these reporters take these statistics
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Old 1st January 2015, 20:04   #4444
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Default Re: The Official Fuel Prices Thread

The confusion on price hike this time around seems to be never ending. A recent report states that the government has hiked excise duty on petrol and diesel by Rs. 2/- per litre:
Quote:
The government on Thursday raised excise duty on both branded and unbranded petrol and diesel by Rs. 2 per litre each. It could not be immediately ascertained if retail pump rates will increased or not.
More here: http://profit.ndtv.com/news/commodit...om=home-latest
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Old 1st January 2015, 20:36   #4445
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Default Re: The Official Fuel Prices Thread

Now NDTV is saying otherwise... :(

http://profit.ndtv.com/news/commodit...2-litre-721147
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Old 1st January 2015, 20:49   #4446
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Default Re: The Official Fuel Prices Thread

Confirmed in ET also:

http://economictimes.indiatimes.com/...w/45718641.cms

Same old story repeating!!!!
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Old 1st January 2015, 20:51   #4447
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Default Re: The Official Fuel Prices Thread

Excise duty on Petrol and Diesel hiked again! There goes all hope of a price reduction
http://timesofindia.indiatimes.com/b...w/45718638.cms
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Old 1st January 2015, 21:02   #4448
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Default Re: The Official Fuel Prices Thread

As frustrating as it might be for some of us about majority of the price drop going into the government's coffers, the average Joe on the street is pretty happy about the fact that both petrol and diesel rates have been brought down a lot by this government, something which the earlier government could not do. In short, acche din aa gaye

This is from TOI

Quote:
The excise duty hike has now been set off against the reduction in rates that was due because of slide in oil prices.

The slump in global oil rates had warranted a price cut of Rs 3.22 per litre in petrol and about Rs 3 in diesel and even after adjusting the excise increase, oil firms will have a neat margin of over Re 1 per litre
http://timesofindia.indiatimes.com/b...w/45718638.cms

Last edited by i10 : 1st January 2015 at 21:12. Reason: Update
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Old 1st January 2015, 22:06   #4449
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Default Re: The Official Fuel Prices Thread

So one more round of balancing. All states waiting to hike VAT may have to wait for another fortnight!!!
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Old 1st January 2015, 22:09   #4450
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Default Re: The Official Fuel Prices Thread

So we can safely assume that regardless of the Crude prices, there is no way we will ever see Fuel prices going own further than what they are today? This is absolute sham since like all other previous governments, I am sure even this one will never roll these excise duties back once the prices start climbing up.
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Old 2nd January 2015, 07:35   #4451
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Default Re: The Official Fuel Prices Thread

So, deregulation works only when crude prices rise. Very nice formula!
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Old 2nd January 2015, 07:51   #4452
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Quote:
Originally Posted by i10 View Post
As frustrating as it might be for some of us about majority of the price drop going into the government's coffers, the average Joe on the street is pretty happy about the fact that both petrol and diesel rates have been brought down a lot by this government, something which the earlier government could not do. In short, acche din aa gaye

This is from TOI



http://timesofindia.indiatimes.com/b...w/45718638.cms

I agree people are under the misconception that it is the government who is decreasing fuel prices. The other day I overheard an auto rickshaw driver saying "yeh government kaam toh kar rahi hai. Unke aane ke baad petrol diesel ke daam kitna ghira hai. "- this government seems to be working. After them coming to power the price of petrol diesel has come down a lot.
The government is getting brownie points just like that. 😓
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Old 2nd January 2015, 08:58   #4453
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Default Re: The Official Fuel Prices Thread

Deruglation Deactivated. This seems to be the motto of the government as of now. Pathetic!
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Old 2nd January 2015, 09:17   #4454
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Definition of Deregulation:
If loss put it on to aam aadmi's head. If profit let we (oil companies & govt) put it on our pockets.
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Old 2nd January 2015, 09:35   #4455
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Default Re: The Official Fuel Prices Thread

The fiscal deficit for the year has hit 99% of the targeted figure already and that means the overspending of the government has to be funded from whatever sources possible. Excise duties on fuel seem one of the easiest ways to bureaucrats. The deregulation is active for OMC but not for the executive, which has the excise power.

The fuel sale is a milch cow for any government as can be seen in the recent GST debate where almost all states are clamoring for auto fuel to be kept out of GST. That way, they could levy excise and fill coffers as they want.

Himanshu
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