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Old 28th May 2008, 10:00   #31
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This is what the Govt is considering. A Fuel surcharge on Income tax.

be mentally prepared to pay more taxes.
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Old 28th May 2008, 13:04   #32
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Oil prices have come down from $135 to $129 today...
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Old 28th May 2008, 14:17   #33
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@rajismine,
Thats something good to hear, However, if the fuel prices is going to be up soon, they would not even change this for some months even if the price/barrel comes down to $75
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Old 29th May 2008, 16:11   #34
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Folks, you got to understand that buying crude oil is not like going to kirana store to buy sabji. Petroleum trade is complex and companies employ long term hedging strategies.

So, it is utter nonsense on the part of media to propogate stories saying Oil companies losing so and so millions every day etc

IOC FY numbers have just come out. Checkout whether they are loosing money
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Old 29th May 2008, 16:28   #35
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Heard today that a Rs 10/- hike on petrol and Rs.5/- on Diesel looks imminent.

Govt to decide on fuel price hike in 2-3 days- Oil & Gas-Energy-News By Industry-News-The Economic Times

It would be interesting to see wether Reliance can come back into the fray with this price hike. How competitive would they be with the state run oil companies, once the price hike is in effect.

Last edited by smsrini : 29th May 2008 at 16:34. Reason: added the economic times URL.
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Old 30th May 2008, 17:02   #36
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I went to the Shell Petrol Pump today on UB City Road and the price of Shell Super Petrol was Rs 64.25.

Think its high time we make our voices heard for atleast a Uniform Tax for Oil across India.

The guys in Delhi are lucky, they are spared of the exorbitant Tax that we in Karnataka have to pay for...
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Old 30th May 2008, 22:14   #37
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Petrol car owners are going to have a very hard time ahead because govt is not going to increase the prices of diesel and cooking gas due to obvious reasons.

I used to refuel my car from Reliance regularly even when petrol was expensive by 4 Rs than sate run oil outlets(50Rs/L).But i had to discontine going to Reliance (62Rs/L) when difference of 12 Rs was too big to ignore.

Quote:
So, it is utter nonsense on the part of media to propogate stories saying Oil companies losing so and so millions every day etc

IOC FY numbers have just come out. Checkout whether they are loosing money
So true.
They make huge profit on aviation fuel and other petroleum by-products and also get money from govt in the form of oil-bonds.
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Old 30th May 2008, 23:18   #38
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Quote:
Originally Posted by rsjaurr View Post
So true.
They make huge profit on aviation fuel and other petroleum by-products and also get money from govt in the form of oil-bonds.
huge profit? Ha ha ha. Boss, today they have zero money for working capital. Guess you're reading the wrong newspapers.

And oil bonds is like paying current debts with credit card - sometime in future someone has to pay a bigger amount. which is ...

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Originally Posted by dadu View Post
This is what the Govt is considering. A Fuel surcharge on Income tax.

be mentally prepared to pay more taxes.
of course US taxpayers. The oil bonds are a mild panacea - they postpone the issue. But the rot is deep and those hundreds of thousands of crores of oil price deficit now needs to be paid WITH interest. And of course - it WILL come from taxes. Tell me something new.

PS: High five to the punjabi mega farmer who owns a skoda and pays nothing to income tax! Or to all the big shopkeepers who do the same. yay!
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Old 31st May 2008, 14:48   #39
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I agree with you, phamilyman. There are thousands of farmers who are earning lakhs of rupees. But income tax laws spare them from paying tax on that income. As a result, some city folks who just own some land, are showing in balance sheet some fictitious income and availing benefit on that. Sorry state of affair but congress and madam is bent on crashing the entire economy.

God save the queen!
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Old 2nd June 2008, 11:06   #40
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Quote:
Originally Posted by phamilyman View Post
huge profit? Ha ha ha. Boss, today they have zero money for working capital. Guess you're reading the wrong newspapers.
Would you please share the source of your claim that Oil companies have zero working capital?

As far as I know IOC made operating losses only in Q4, and their FY 07-08 numbers would be still positive.
HPCL made operating profit in Q4, surprisingly. Still they suffered small net loss, largly due to depreciation and interest payouts. Still the numbers look good for the FY.
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