Go Back   Team-BHP > BHP India > The Indian Car Scene


Reply
 
Thread Tools Search this Thread
Old 14th February 2015, 17:15   #4666
BHPian
 
Join Date: Jun 2012
Location: Ameerpet
Posts: 82
Thanked: 62 Times
Default Re: The Official Fuel Prices Thread

An incidence which I will like to highlight.
2010 when gas prices were all over the place, a Toronto transit bus tanks up at a gas station.
The desk clerk had a chat with the driver about gas prices. The driver simply informed that change in prices does not affect TTC the transit authority, as they have long duration fixed price contracts.

I understand upstream companies dig oil and downstream bring it to market.

But there still should be some long term price agreement between the two, and Brent/ International Petroleum Exchange price as a reference.

Indian companies buy from multiple sources, and then cry hoarse showing us the Brent price of the day. It seems a gimmick. Yes a seller wants best price of its product, but may be in a competitive market. Not in a monopoly market where they are also given Navratna status to serve the people.
ritz3645 is offline   Reply With Quote
Old 15th February 2015, 18:40   #4667
Distinguished - BHPian
 
saket77's Avatar
 
Join Date: Dec 2012
Location: Ranchi
Posts: 2,947
Thanked: 2,829 Times
Default Re: The Official Fuel Prices Thread

News is just in. Petrol is up by 82p and diesel by 61p. Looks like party is over :(
saket77 is online now   Reply With Quote
Old 15th February 2015, 18:48   #4668
BHPian
 
Join Date: Jun 2012
Location: Ameerpet
Posts: 82
Thanked: 62 Times
Default Re: The Official Fuel Prices Thread

I am getting a banner at Economic Times mobile site of a hike in fuel.

Will like to mention that PTI site does not have any info.

screen shot attached.

GOI site information of Indian crude basket.
http://pib.nic.in/newsite/pmreleases.aspx?mincode=20
Attached Images
 
ritz3645 is offline   Reply With Quote
Old 15th February 2015, 18:53   #4669
BHPian
 
gomzi's Avatar
 
Join Date: Mar 2004
Location: SF Bay Area
Posts: 784
Thanked: 125 Times
Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by saket77 View Post
News is just in. Petrol is up by 82p and diesel by 61p. Looks like party is over :(
Yeah, amid the euphoric cricket headlines, I saw this headline also sneak in on NDTV.

My question is, why raise retail prices and not absorb it by cutting excise duty?

So was the excuse of adjusting excise rates to cushion common man against price falls & hikes a big sham as we were all predicting but still hoping that it wont happen?

Last edited by gomzi : 15th February 2015 at 18:56.
gomzi is offline   (2) Thanks Reply With Quote
Old 15th February 2015, 19:57   #4670
Distinguished - BHPian
 
drmohitg's Avatar
 
Join Date: Sep 2010
Location: Delhi
Posts: 4,166
Thanked: 2,934 Times
Default Re: The Official Fuel Prices Thread

Wow so the first instance of a slight price rise in global crude and they raise the prices. All the excuses given before at the time of reductions are flushed down the toilet now like:

1. Retail price is affected by the average price that the company bought the crude at months before. This was one of the reasons given when global prices were having a free fall for not reducing the prices.

2. The Govt kept increasing taxes and so did some of the states. The reason was the buffer or cushion being provided. And now those taxes will stay forever or only a small percentage of them will be rolled back.

Bottom line is that oil is a cash cow for every one and all these excuses are just a Sham.
drmohitg is online now   (4) Thanks Reply With Quote
Old 15th February 2015, 21:01   #4671
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 6,637
Thanked: 3,050 Times
Infractions: 0/1 (4)
Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by saket77 View Post
News is just in. Petrol is up by 82p and diesel by 61p. Looks like party is over :(
With a 20% plus increase in Brent this is possibly only a sampler.
sgiitk is offline   Reply With Quote
Old 16th February 2015, 00:15   #4672
Senior - BHPian
 
nitinralli's Avatar
 
Join Date: Jun 2005
Location: Delhi
Posts: 1,117
Thanked: 438 Times
Default Re: The Official Fuel Prices Thread

Is this increase across India or particular states? Please let us know.
nitinralli is offline   Reply With Quote
Old 16th February 2015, 08:05   #4673
Senior - BHPian
 
NetfreakBombay's Avatar
 
Join Date: Jan 2008
Location: Bombay
Posts: 1,365
Thanked: 303 Times
Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by drmohitg View Post
Wow so the first instance of a slight price rise in global crude and they raise the prices.
This seems to be the buffer doing it job.

Crude Oil price increased by 39%, however increase in petrol/diesel price is notional.

Cost on

Jan 29th : $44
Feb 13th : $61

This is for a contract purchased for delivery in April and May (Symbol : LCOJ5). Prices started increasing from Jan 29th.
NetfreakBombay is offline   (1) Thanks Reply With Quote
Old 16th February 2015, 08:26   #4674
Distinguished - BHPian
 
drmohitg's Avatar
 
Join Date: Sep 2010
Location: Delhi
Posts: 4,166
Thanked: 2,934 Times
Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by NetfreakBombay View Post
This seems to be the buffer doing it job.

Crude Oil price increased by 39%, however increase in petrol/diesel price is notional.

Cost on

Jan 29th : $44
Feb 13th : $61

This is for a contract purchased for delivery in April and May (Symbol : LCOJ5). Prices started increasing from Jan 29th.
Buddy I would trust the government to go crazy advertising there generosity in cutting the excise duty back and letting us the enjoy the buffer provided by it. No word from them means that it is hard to believe what you say.
drmohitg is online now   (1) Thanks Reply With Quote
Old 16th February 2015, 08:37   #4675
Senior - BHPian
 
Join Date: Mar 2007
Location: Mumbai
Posts: 1,432
Thanked: 268 Times
Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by NetfreakBombay View Post
This seems to be the buffer doing it job.
No, it's not. The 'supposed' buffer was collected by Govt not by Oil Companies. So why would Oil Companies provide a buffer. If and when a buffer happens, it would have to happen via reduction of excise duty. And no excise duty has been reduced yet.
carboy is online now   (2) Thanks Reply With Quote
Old 16th February 2015, 08:52   #4676
Senior - BHPian
 
NetfreakBombay's Avatar
 
Join Date: Jan 2008
Location: Bombay
Posts: 1,365
Thanked: 303 Times
Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by drmohitg View Post
it is hard to believe what you say.
Look at actual data:

http://www.marketwatch.com/investing...CountryCode=uk

Oil prices go up by 39% and petrol, diesel by less than 1%.
NetfreakBombay is offline   Reply With Quote
Old 16th February 2015, 10:37   #4677
BHPian
 
civic-sense's Avatar
 
Join Date: Dec 2009
Location: Bangalore
Posts: 601
Thanked: 533 Times
Default Re: The Official Fuel Prices Thread

So all the talk about the govt buffering for us has been proved wrong. As usual, the "believers" are out with their rationalizations, but even they should know by now that the govt has pulled a fast one on us.

All we can do is crib, suck it up and go back to our work.
civic-sense is offline   (2) Thanks Reply With Quote
Old 16th February 2015, 11:02   #4678
BHPian
 
1lokesh's Avatar
 
Join Date: Dec 2014
Location: MP-09, MH-02,
Posts: 206
Thanked: 204 Times
Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by NetfreakBombay View Post
Look at actual data:

http://www.marketwatch.com/investing...CountryCode=uk

Oil prices go up by 39% and petrol, diesel by less than 1%.
Well, I was too a fan of this govt., especially its leader. With every passing day, I'm losing confidence and forced to believe that nothing will ever change or improve. I strongly feel that in the names of 'reforms' this govt. is going absolutely against the promises it made to the people of this country.

And high time now that rationalists (may be like me) stop defending them for every step that they take, which are mostly in wrong direction.

Apparently, excise duty was hiked to provide a buffer against future price hikes. And If I'm not wrong it was about Rs 8-10/Ltr. So whether 1% or 10% hike, there shouldn't have been any at the first place. This 1% hike should have been covered from that buffer itself, till it is utilized FULLY
1lokesh is offline   Reply With Quote
Old 16th February 2015, 11:16   #4679
BHPian
 
Carpainter's Avatar
 
Join Date: Aug 2014
Location: Kolkata
Posts: 305
Thanked: 267 Times
Default Re: The Official Fuel Prices Thread

I, personally, believe that the additional excise duty implemented recently by the Govt. will stay, atleast till the budget. Even if anymore price correction happens in between. They might roll back a part of that excise duty if and only if the market inflation go up again. Although whether they will rollback this entire additional excise duty or not is a million dollar (eh. million rupee) question. This is absolutely my personal opinion.
Carpainter is offline   Reply With Quote
Old 16th February 2015, 13:13   #4680
Senior - BHPian
 
Join Date: Jul 2010
Location: Bangalore
Posts: 1,565
Thanked: 2,362 Times
Default Re: The Official Fuel Prices Thread

As someone else quoted on this thread (I believe Tanveer) a few pages back, it doesn't matter which way the economy and percentages move, the common man is always at the screwed end of the stick, one way or another.

I have no choice in paying higher prices, but I'm sick of all these 'market experts' telling us how it's for our own benefit and we're just too dumb to see it. Same set of idiots who apparently fail to see or even orchestrate some of the biggest financial disasters with their 'expert' actions.
Chetan_Rao is online now   (1) Thanks Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
BMW to drop prices due to increased localisation. EDIT: New prices announced Aditya The Indian Car Scene 38 10th July 2015 21:19
Have official pioneer HU prices fallen? greenhorn In-Car Entertainment 3 11th January 2010 01:36
Hyundai Cut prices- New detailed prices. harry10 The Indian Car Scene 5 9th December 2008 00:45
Are these good prices for Tata\Fiat vehicles? Corporate Offer Prices sahakar The Indian Car Scene 15 8th July 2008 23:03


All times are GMT +5.5. The time now is 23:16.

Copyright 2000 - 2016, Team-BHP.com
Proudly powered by E2E Networks