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Old 1st February 2016, 16:42   #5296
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Default Re: The Official Fuel Prices Thread

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Originally Posted by romeomidhun View Post
For all those expecting acha din:

Petrol prices reduced by 4 paise, and Diesel prices by 3 paise! Well done!
Are you serious..I have to probably open a swiss bank account for keeping all the savings that i will make from this.

Honestly, I get the feeling that they are just making fun of us now and proving that we (the people of this country) will take any nonsense and will not react. After the excise duty hike i was not expecting any drop and now they do this to add insult to injury. They are just doing this to make tall claims on the number of times the prices have been dropped. This is really shameful attitude and action.

Last edited by Zappo : 1st February 2016 at 19:45. Reason: Quoted post edited to match the edit in the OP.
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Old 1st February 2016, 16:59   #5297
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Default Re: The Official Fuel Prices Thread

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Originally Posted by Mohan Mathew A View Post
Are you serious..I have to probably open a swiss bank account for keeping all the savings that i will make from this.

Don't open the account just yet. Excise duty will probably be increased tomorrow to compensate for this.
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Old 1st February 2016, 17:04   #5298
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Default Re: The Official Fuel Prices Thread

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Don't open the account just yet. Excise duty will probably be increased tomorrow to compensate for this.
Is TN one of the very few states which has not declared a floor VAT? Else I do not understand it!! Then Amma's rant may be justified.
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Old 1st February 2016, 17:05   #5299
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Default Re: The Official Fuel Prices Thread

Quick clarification, it would be nice to know how much money the government is actually saving on the oil import bill due to the plunging crude prices , and how much money the taxes both central and state on fuels add to the governments kitty this year say compared to 2014 . That should give a clearer picture of how much money the government makes on account of fuels . Just curious to know . Regards
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Old 1st February 2016, 17:22   #5300
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Default Re: The Official Fuel Prices Thread

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Originally Posted by carboy View Post
Don't open the account just yet. Excise duty will probably be increased tomorrow to compensate for this.
I don't think they will take away the 3/4 paise because that will rob them of the sadistic pleasure of toying with us and throwing peanuts at us.

Sorry state of affairs
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Old 1st February 2016, 17:34   #5301
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Default Re: The Official Fuel Prices Thread

Realized the tactic of the fleecing govt the day first time excise duty was hiked to compensate for the fall in oil market rate.
Despite the fall in market rate over the last few weeks, if price of fuel cannot be reduced by oil companies, what is the reason then to maintain same price as before (assuming still no change in excise duty)? Is there simply no accountability? Are we really in a non price administered regime or do we have a new name for the "price fixing" process?
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Old 1st February 2016, 18:28   #5302
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Default Re: The Official Fuel Prices Thread

@cs_rajesh; Now they are using the International Price parity as the benchmark and not crude prices. I must add that the unsubsidized LPG cylinder is down by ₹80 and ATF is also down by some 15%. Raju has asked the airlines to pass on the benefits.
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Old 1st February 2016, 18:34   #5303
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Default Re: The Official Fuel Prices Thread

This sounds against the grain of the discussion here but increasing tax on fuels is a good thing (making mockery is not). In addition to many reasons that have already been posted, the Government is also in a clean-up mode for the mess that high deficit created earlier. Its a fact that Government had been holding up IT refunds for close to 2 years to show better revenue collection and lower deficit. These are being cleared now. So for all the additional mop-ups the extra collections are just about catching up with the queue created earlier.

The mockery of passing on 3/4 paise reduction is of course another matter.

~m
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Old 1st February 2016, 18:54   #5304
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Default Re: The Official Fuel Prices Thread

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Originally Posted by nicedude View Post
Quick clarification, it would be nice to know how much money the government is actually saving on the oil import bill due to the plunging crude prices , and how much money the taxes both central and state on fuels add to the governments kitty this year say compared to 2014 . That should give a clearer picture of how much money the government makes on account of fuels . Just curious to know . Regards
Check my post # 5216 in this thread
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Old 1st February 2016, 21:02   #5305
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Default Re: The Official Fuel Prices Thread

Filled diesel in my Linea yesterday at Rs.46.54/L. (Whitefield, Bangalore).

(OT : Averaged 16kmpl driving mostly within-city.)

I feel diesel price should be kept at a certain level for a fixed period, else the volatility could disturb many markets. In many traditional businesses, stability is preferred.

I have a theory, but my short theory is that if something is not a massive worry, then it's not the worst thing if govt keeps it that way (even artificially). Price fluctuations can make many uninformed people take hasty decisions.

Makes almost NO difference to (higher) middle class (car owners) if we pay 100-200Rs. more or less, every month.
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Old 1st February 2016, 21:54   #5306
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Default Re: The Official Fuel Prices Thread

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Originally Posted by GrammarNazi View Post
Makes almost NO difference to (higher) middle class (car owners) if we pay 100-200Rs. more or less, every month.
Its no longer a matter of Rs 100 -200 per month. Its more like Rs 10 per litre of diesel and around Rs 15 per litre of petrol at conservative estimates.
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Old 1st February 2016, 22:13   #5307
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Default Re: The Official Fuel Prices Thread

Is part of Central tax collection going to states? So any excise hike would be split between center and state? Or is this not applicable here?
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Old 1st February 2016, 23:24   #5308
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Quote:
Originally Posted by GrammarNazi View Post
Filled diesel in my Linea yesterday at Rs.46.54/L. (Whitefield, Bangalore).

(OT : Averaged 16kmpl driving mostly within-city.)

I feel diesel price should be kept at a certain level for a fixed period, else the volatility could disturb many markets. In many traditional businesses, stability is preferred.

I have a theory, but my short theory is that if something is not a massive worry, then it's not the worst thing if govt keeps it that way (even artificially). Price fluctuations can make many uninformed people take hasty decisions.

Makes almost NO difference to (higher) middle class (car owners) if we pay 100-200Rs. more or less, every month.
Exactly, I don't mind a few hundreds of mine going to the government provided they take care of our economy. I wouldn't want a popular government reducing the taxes and end up being broke . Reforms are needed and the government needs funds to spend on infrastructure and other schemes and at the end of the day someone has to pay. And here the bad bit is that fuel is the softest target.

Agree that our fuel prices can go lower, but should it? View it as a economist and most people would say No. I do love driving and do a lot of driving , but still I'd go against the tide an say I am happy with the way it is functioning now.However they should also reduce the exise in a big way when the prices go up as well, If they don't do that that's when I'll curse them .

Just my two cents
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Old 1st February 2016, 23:42   #5309
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Default Re: The Official Fuel Prices Thread

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Originally Posted by sgiitk View Post
Is TN one of the very few states which has not declared a floor VAT? Else I do not understand it!! Then Amma's rant may be justified.
Yes indeed, the TN govt since she held office, have cut the VAT excise duties to compensate the price hike from the center and so the prices of fuel is hardly changed here.

Of course the benefit is passed to us
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Old 2nd February 2016, 08:16   #5310
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Default Re: The Official Fuel Prices Thread

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Originally Posted by JD1 View Post
Is part of Central tax collection going to states? So any excise hike would be split between center and state? Or is this not applicable here?
Yes, 42% goes to the states.

Quote:
Originally Posted by Ajay_the_Don View Post
Yes indeed, the TN govt since she held office, have cut the VAT excise duties to compensate the price hike from the center and so the prices of fuel is hardly changed here.
The 4/3p cut is pan India. Good to learn that TN does not have a 'floor VAT'.
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