The Official Fuel Prices Thread

[Turbokick]

Originally Posted by karty_83

The recent trend is getting a little scary. Two price drops in a fortnight is welcome alright.
A big hike is round the corner.

That is exactly what they policy makers are trying to impose.
They hike the price by Rs 5/- at a time and drop it by Rs 1/- in two installments. Net hike is still on the positive side

[amit_2025]

Report from TOI:

'Petrol prices may be cut by about one rupee' - The Times of India


NEW DELHI: The state refiners could cut petrol prices by about one rupee a litre or 1.5 percent as softening Singapore spot gasoline prices have offset the impact of a declining rupee, an industry source said on Monday.

The companies cut petrol prices by about 3.2 percent earlier this month, the first reduction in retail prices in nearly three years and the first since prices were decontrolled in June 2010.

"As per current calculations, there is scope to cut the basic price of petrol by about 0.85 rupees a litre, including taxes it should be about one rupee. We have to see price movements in the next two days also before deciding the final impact," the official said on condition of anonymity.

Refiners discuss prices every two weeks and so far in this fortnight, spot FOB gasoline prices in Singapore have averaged $108.76 a barrel compared with $114.13 in the previous fortnight, according to Reuters calculations.

Oil companies had earlier this month cut gasoline prices considering the rupee average at 49.30 to a dollar, an Indian Oil Corp press release said. Since then, Reuters data shows the rupee has decline to an average 51.78.

India's three state fuel retailing giants, IOC, Hindustan Petroleum Corp and Bharat Petroleum Corp tend to move their prices in tandem.

Gasoline is nowhere near as widely used as diesel in India -- accounting for around 10 percent of fuel demand compared with about 40 percent for diesel -- but it is high-profile because it powers many of the cars owned by the growing middle class.

Gasoline has a 1.09 percent weighting in the inflation index and near double-digit consumer prices have provoked criticism of the government, which subsidises other fuels such as diesel and cooking gas.

The widening price gap between gasoline and diesel has slowed the growth of gasoline consumption, which has recently fallen behind that of diesel.

[karty_83]

Originally Posted by Turbokick

That is exactly what they policy makers are trying to impose.
They hike the price by Rs 5/- at a time and drop it by Rs 1/- in two installments. Net hike is still on the positive side

That is true, but we had the fuel prices in Bangalore at 75 for quite sometime before they raised it to around 78. Now two price drops will bring down to around 73-74. The last 2 drops defy their logic of increasing prices.
I have a strong feeling that they will soon increase it by Rs. 5. Would have been happier had they just left it at 75.

[raghu230506]

2rs cut on petrol possible this Dec 1

Source:

http://economictimes.indiatimes.com/...w/10912402.cms

[anilisanil]

Originally Posted by amit_2025

Report from TOI:

'Petrol prices may be cut by about one rupee' - The Times of India



Gasoline is nowhere near as widely used as diesel in India -- accounting for around 10 percent of fuel demand compared with about 40 percent for diesel
.....................................
.....................................

The widening price gap between gasoline and diesel has slowed the growth of gasoline consumption, which has recently fallen behind that of diesel.

While TOI being really crappy with their reporting could be a different topic altogether, aren't the above lines contradicting and hence a bad report by TOI or am I missing anything here?

[abhi1309]

Originally Posted by anilisanil

While TOI being really crappy with their reporting could be a different topic altogether, aren't the above lines contradicting and hence a bad report by TOI or am I missing anything here?

Yeah even I got confused reading that. Does the dude think Gasoline is LPG? Even then, it's totally incorrect.

[abhi1309]

Okay I definitely know he thinks Gasoline is LPG

[NetfreakBombay]

Originally Posted by anilisanil

While TOI being really crappy with their reporting could be a different topic altogether, aren't the above lines contradicting and hence a bad report by TOI or am I missing anything here?

It could be that, "growth" of Gasoline(petrol) consumption was higher but has declined more as compared to diesel.

But in absolute consumption, Diesel might still be higher even when Pertol consumption was growing at higher rate.

[libranof1987]

Fuel prices cut very very meagrely :

Petrol prices cut down by 65 paise/litre - The Times of India

I think in Bangalore, the reduction is Rs. 0.78/l.

[libranof1987]

Originally Posted by libranof1987

Fuel prices cut very very meagrely :

Petrol prices cut down by 65 paise/litre - The Times of India

I think in Bangalore, the reduction is Rs. 0.78/l.

And Times of India suddenly changed it's mind.

Petrol price further cut by 78 paise a litre - The Times of India

[ravib]

Raise in rupees - reduction in paise... wow !
Will that atleast happen frequently ?

-Ravi

[srishiva]

Just read that in Pakistan, High Speed diesel costs 98.94 per litre, light diesel oil (used in rural areas) 86.78 per litre. Kerosene is 89.84 per litre.
Petrol is 87.89 per litre.
I have always been reading in our press that fuel is cheaper over there. Their rupee might be less valued, but still.

[hrman]

Originally Posted by srishiva

Just read that in Pakistan, High Speed diesel costs 98.94 per litre, light diesel oil (used in rural areas) 86.78 per litre. Kerosene is 89.84 per litre.
Petrol is 87.89 per litre.
I have always been reading in our press that fuel is cheaper over there. Their rupee might be less valued, but still.

87.89 PKR converts to 51.88 INR. Not sure how it is when you look at cost of living etc. But when i spoke to a colleague from Pakistan a couple of years back, he said a major part of their cars run on CNG. Which is priced quite reasonably compared to petrol. There was also a very thriving second hand car market in which the petrol cars used to be bought and converted to CNG..

[msdivy]

Originally Posted by srishiva

Just read that in Pakistan, High Speed diesel costs 98.94 per litre, light diesel oil (used in rural areas) 86.78 per litre. Kerosene is 89.84 per litre.
Petrol is 87.89 per litre.

Quoting post from another thread:

Originally Posted by msdivy

More information revealed by Govt. Nepal being land-locked, does not have a refinery and imports all its requirement from India. Petrol price in Nepal is Rs 65.26 per litre. While its Rs 66.42 a litre in Delhi.

Other regions:
US: Rs 44.88
Pakistan: Rs 48.64
Sri Lanka: Rs 61.38
Bangladesh: Rs 52.42
UK: Rs 104.60 per litre.

Tax on petrol:
Delhi: Rs 26.59 (both central excise and local sales tax or VAT).
US: Rs 5.32 per litre tax on petrol
UK: Rs 62.47 a litre tax

(all in INR)

Source: Petrol in India costlier than in US - The Economic Times

[libranof1987]

Someone said, all that goes up must come down. Clearly, that idiot wasn't aware of fuels.

For all of us who were cheering about the recent Rs. 0.80/l reduction, here's the dampener :

Goldman introduces 2013 crude oil price forecasts - The Economic Times

A $130/barrel estimate for crude oil in 2013. I don't want to do the math!