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Old 18th October 2016, 13:01   #5701
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Default Re: The Official Fuel Prices Thread

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Originally Posted by jetsetgo08 View Post
Should we add GST to that list? I presume that it would be the biggest Hogwash.
Fuel is kept out of perview of GST. Fuel will attract local vat rates only. as fuel gives close to 30% of income for states of today's VAT collection, hence it has been kept untouched.

Otherwise states wouldn't have agreed for implementation of GST.
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Old 18th October 2016, 15:40   #5702
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Default Re: The Official Fuel Prices Thread

Has anyone filled Petrol at Shell in Bangalore after price increase?

The Shell website shows price as Rs 72.75/-. The price before hike was Rs 70.25/-. How did it increase Rs 2.50/-.

The Indian Oil website shows Petrol price in Bangalore as Rs 71.28/-.

So, is Shell Rs 1.47/- costlier than IOC?
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Old 18th October 2016, 15:53   #5703
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Default Re: The Official Fuel Prices Thread

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Fuel is kept out of perview of GST. Fuel will attract local vat rates only. as fuel gives close to 30% of income for states of today's VAT collection, hence it has been kept untouched.

Otherwise states wouldn't have agreed for implementation of GST.
Fuel was one of the reasons a former Gujarat CM had opposed GST in toto, as the then Govt wanted it included.

I am hoping for a final U-turn on this before GST is fully implemented, will benefit industry & consumers in a big way, but will require states / center to manage budget better.

GST is not really fully in unless all such excise heavy items are included, fuel, alcohol etc.

Plus there are about 200+ excise exempt items - will these continue to remain outside GST or the list pruned drastically?

The more exemptions there are, the more difficult it is to make a clean & fair implementation, the main point of GST.
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Old 18th October 2016, 16:15   #5704
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Default Re: The Official Fuel Prices Thread

Slightly Off topic but on GST - chances are that they will start with multiple rates of GST along with an exception list. In the long run, both will be phased out or reduced to the maximum.

Fuel will be a part of the long term play, it will be an exemption in the current phase.
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Old 19th October 2016, 15:21   #5705
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Default Re: The Official Fuel Prices Thread

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Originally Posted by jetsetgo08 View Post
Should we add GST to that list? I presume that it would be the biggest Hogwash.
Following insistence from states Fuel (and Ethanol) have been kept out of GST. As per the proposed rules this is for three years (extendable). No prizes for guessing the outcome. Our constitution had some provisions for a decade, they are still there!!
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Old 19th October 2016, 22:53   #5706
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Default Re: The Official Fuel Prices Thread

Shell is a private enterprise and not answerable for the price of their product to the government.

They & any independent company such as Reliance, Essar (BP to follow) always have and will continue to price products per their own calculations.

Quote:
Originally Posted by pramodpk View Post
.........How did it increase Rs 2.50/-.

......

So, is Shell Rs 1.47/- costlier than IOC?
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Old 20th October 2016, 00:14   #5707
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Default Re: The Official Fuel Prices Thread

Unless GST is all-pervasive from the get go, it will remain fragmented forever. Any exceptions allowed today may well be added to the 'out of scope' section, not 'subject to future consideration'.

Fuel is a major item that needs to be freed from price manipulation via taxation and leaving it out, for reasons well-known but un-debatable on this forum, is just absurd.
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Old 20th October 2016, 00:28   #5708
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Default Re: The Official Fuel Prices Thread

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Originally Posted by pramodpk View Post
So, is Shell Rs 1.47/- costlier than IOC?
Yes, Shell regular unleaded is a little more than that from PSU outlets. But worth the difference starting with the FE itself.

Shell V-Power is often 7 Rs more than their regular. Compare that with PSU outlets where the power versions are about 3 Rs more than regular.
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Old 20th October 2016, 07:09   #5709
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Default Re: The Official Fuel Prices Thread

Folks

I drove to Chennai on 18th Oct. Pretty handsome petrol price difference between Bangalore and Chennai. I filled petrol in a bunk located close to Kanchipuram. The price of petrol / litre was 65.75 Rs while in Bommanahalli, Bangalore it is Rs 71.3.
Infact price in Chennai was Rs 66.2 / litre. A good Rs 5 difference.
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Old 23rd October 2016, 01:46   #5710
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Default Re: The Official Fuel Prices Thread

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Originally Posted by NetfreakBombay View Post
Analysis from financial point of view. All data is available at http://ppac.org.in/content/149_1_PricesPetroleum.aspx



This example mentions only two variables (Crude rate and USDINR rate) and compares petrol price at the pump.

Few other variables need to be added to complete the picture :

1. "Under recovery" cost carried forward (from 1.4 lakh crore in FY2013 to expected cost of 50k crore in current financial year)
2. Dealers' Commission
3. Central Taxes
4. State Taxes
5. Processing and manpower cost of OMCs

All these variables have changed as compared to October 2014.



Under recovery for Diesel is Zero for last month. This would not have been possible (unless petrol prices subsidized the diesel prices).

Decontrolled prices have a very technical meaning specified in act. My attempt at simplifying that is "OMCs are allowed to set rates to keep under/over recover near Zero for Petrol and Diesel".
Really now ... can you tell us what these items add up to (apart from the obvious rip off) ... some real numbers with supportings would be acceptable. (Standard audit practice, you see, when you have smooth explanations, you look for the rough in the real numbers, unless you are literate but not numerate).
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Old 23rd October 2016, 12:25   #5711
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Default Re: The Official Fuel Prices Thread

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Originally Posted by paperweight View Post
what these items add up to
https://www.iocl.com/uploads/priceBu...S-15-10-16.pdf

Link mentioned in the quoted post has data for all individual components, such as :

The Official Fuel Prices Thread-petro_price_components.png
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Old 27th October 2016, 17:34   #5712
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Default Re: The Official Fuel Prices Thread

End of month approaching, what are we expecting about price revision this time ?
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Old 27th October 2016, 20:34   #5713
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Default Re: The Official Fuel Prices Thread

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Originally Posted by ptaneja View Post
End of month approaching, what are we expecting about price revision this time ?
I have got hints of a price increase from 3 people who have a couple of gas stations. I am not surprised either
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Old 27th October 2016, 21:44   #5714
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Default Re: The Official Fuel Prices Thread

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Originally Posted by Sheel View Post
I have got hints of a price increase from 3 people who have a couple of gas stations. I am not surprised either
How much would be increased? What can we expect in Diwali gift this time?
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Old 27th October 2016, 23:01   #5715
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Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by ptaneja View Post
End of month approaching, what are we expecting about price revision this time ?
Quote:
Originally Posted by Sheel View Post
I have got hints of a price increase from 3 people who have a couple of gas stations. I am not surprised either
I was thinking about putting up this query, whether to do a tankful tomorrow or after Diwali, but looks like there there won't be any respite from price hike. So I would be better off re-fuelling tomorrow itself to beat the price rise.
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