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Old 12th October 2008, 20:53   #1
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Default petrol down by 25% in the States

it was above 4$ a gallon in summer.
now it's less than 3$ a gallon.

any similar effects in india?
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Old 12th October 2008, 20:58   #2
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Unfortunately no :(

Wondering when it's gonna go up again here....
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Old 12th October 2008, 20:58   #3
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Good for you mate!

Prices here in India falling... if wishes were horses...!!!

Our Petro.Minister has said that any change in the petrol price will be looked at only if the barrel prices comes to around 65$; which, even then wont happen, since our petroleum companies are eternally at LOSS!!!
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Old 12th October 2008, 20:59   #4
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Default Very unlikely

It doesnt seem likely in India. Oil prices came down from 145$ a barrel few months ago to under 80$ currently, however at the same time the rupee has weakened. One dollar was 39 Rupees but now it stands are 49 rupees so most of the reduction in international oil prices is severely hindered by the rupee:dollar equation.

To add insult to injury, they have increased the price of beer as well sometime back. That is simply unfair!!!
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Old 12th October 2008, 21:27   #5
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Its always same.

Any increase will be in effect the immd midnight.

Any decrease will take its own time

Btw, even after RBI reducing the CRR points, no bank has reduced the interest I guess. The response was it was a temporary measure and they will wait for permanent solution. What to do?

OT: Happywheels, just noticed. Congrats. Guess you can make out why
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Old 12th October 2008, 22:08   #6
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Quote:
Originally Posted by mjothi View Post
Its always same.

Any increase will be in effect the immd midnight.

Any decrease will take its own time

Btw, even after RBI reducing the CRR points, no bank has reduced the interest I guess. The response was it was a temporary measure and they will wait for permanent solution. What to do? ...
So true. But we all know this is not limited to just the petrol price. Bank charges, refunds, and all that involve money getting back to us or us saving some will always (always) take more time than that involved in getting it away from us!!!

OT:
Quote:
Originally Posted by mjothi View Post
...OT: Happywheels, just noticed. Congrats. Guess you can make out why
Thanks! cheers:
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Old 12th October 2008, 22:23   #7
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Prices of petrol maybe down else where
But in India , it wont happen

Because the companies would try to regain their losses.

On a serious note : why do these companies even run if they are suffering losses?
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Old 12th October 2008, 22:26   #8
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Quote:
On a serious note : why do these companies even run if they are suffering losses?
Coz. they are PSUs. Do still have the Reliance stations running? ;-)
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Old 12th October 2008, 23:41   #9
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The rupee has weakened against the USD. I don't see the oil prices going down so easy :(
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Old 12th October 2008, 23:56   #10
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I wish they would cut prices here in India.
But my wish will stay that way - just another wish.
As already pointed out in the thread the fact that the rupee has weakened and the fact that petrol companies are running at a loss inspite of fuel price hikes will ensure that prices dont come down in the near future.
If it does come down, well!
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Old 13th October 2008, 00:06   #11
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Pardon my ignorance but what is PSU?
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Old 13th October 2008, 00:09   #12
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Quote:
Originally Posted by abhinav.gupta88 View Post
Pardon my ignorance but what is PSU?
Power Supply Unit, Public Sector Unit, etc. Take your pick.
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Old 13th October 2008, 00:29   #13
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Arguments like
1) Oil companies were running in losses so they are now covering up.
2) Rupee has weakened.
are baseless. Oil companies were never in loss and if they were in loss, why there was no reduction in the taxes on fuel ?
And the point 1 and 2 are dependent : If rupee has weakened, how the oil companies are covering up ?

Basically, its a huge mess and it would take more than 7 incarnations to get to the root of this.
No effect like this in India, and also I read in Times Of India a couple of days ago that fuel prices wont be coming down in recent times.
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Old 13th October 2008, 07:15   #14
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Quote:
Originally Posted by mjothi View Post
Its always same.

Any increase will be in effect the immd midnight.

Any decrease will take its own time

Btw, even after RBI reducing the CRR points, no bank has reduced the interest I guess.
Reduction in CRR will only raise the liquidity(there by increasing the inflation) in market.

To see a reduction in interest rate, the repo rate has to be decreased. Considering the high inflation we have, I don't see that happening any time soon(but that is what the industry is asking for).

Hold on tight buddy. We are in for a long bear phase...
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Old 13th October 2008, 08:23   #15
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the prices of petrol & diesel will fall by Rs. 5 soon.... mark my words, this will happen just before the elections at the centre ... here in india prices are not market driven, they're politically driven!!!
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