[StarScream]

This sort of explains why the oil-marketing companies need to make money. It'll cost them $13 billion to upgrade their refineries to get to Euro V-quality fuels. I just hope they take this opportunity:
http://www.bloomberg.com/news/2015-0...-s-cities.html

[sgiitk]

@StarScream; I do not think the OMCs are even able to produce BS-IV in adequate quantities, and are buying from Reliance. I think it is high time that the BS-V delay is used to make the entire country BS-IV and then proceed. Also, the relaxation given in Sulphur in BS-IV is tightened up to Euro-IV norms.

[sgiitk]

Let us hope that prices remain stable after the demise of King Abdullah.

Also, saw somewhere that Excise on Petrol is now an unprecedented ₹19.65 per litre. The article was somewhat silly claiming that the Octane rating of ATF was higher than Petrol and that ATF is a better fuel, forgetting that ATF is essentially Kerosene.

[el lobo 6061]

Originally Posted by sgiitk

Let us hope that prices remain stable after the demise of King Abdullah.

Prices would remain stable as it was KSA that went on rapid supply spree as it wanted to reduce investment & development of shale oil in USA & Canada.

Currently their are more supplier who are ready to get market share if someone decides to lower production level.

[joslicx]

I wonder why we never look at fuel prices in Venezuela and crib about the sky high prices here. Who wants petrol at $0.002 a gallon!!

http://www.bloomberg.com/news/2015-0...78e0830fb26538

[RSR]

In previous posts, there was mention of sustained low crude oil prices bringing tremendous benefits to the oil importing countries, especially those of the Third World, whose citizens were earlier crushed under the burden of artificially inflated, ridiculously high crude oil and natural gas prices for a long, long time and whose governments were saddled with shocking current account deficits.

The lifeblood of Third World citizens was being sucked dry by the international oil mafia, who were feasting on windfall profits from a commodity that was being sold for anywhere between three to five times of what is its sustainable and reasonable price. Worse, two vile rogue entities (one in the Middle-East & the bigger, more dangerous one in Eurasia) that got enriched beyond their wildest dreams by high crude oil (& natural gas) prices used the money to embark on a vicious voyage of horrendous mass-murder, promoting cross-border terrorism, land-grabbing, barbaric forms of mass executions and other unspeakable crimes against humanity. They are still sadistically continuing to commit their crimes at the moment, but it won't be too long before those evil ones' heinous crimes come back to haunt them!

Earlier, we had the ones who run our "very friendly" neighbour (the PRC) joyously shouting from the rooftops about how their country is benefitting tremendously from crude oil prices coming down to a reasonable level in recent months. Their unconcealed happiness at low crude oil prices stood out among more sober, diplomatic and boring official expressions of relief and optimistic hope by the governments of many other oil importing countries from the Third World.

Guess whose turn it is now? A big surprise! Yes, India is about to record a current account surplus after years and years of huge current account deficits:

India may report a current account surplus very soon, minister of state for finance Jayant Sinha said on Sunday.

“The International Monetary Fund (IMF) has said the sharp drop in oil prices will drive global economic growth up between 0.5 to one percentage points, which is extraordinary. So it is a very excellent and beneficial environment for India because we are such a large oil importer. From a CAD (current account deficit) perspective, it is improving our situation dramatically. In my view, we might run a current account surplus very soon, given the way the oil prices have collapsed,” Sinha said.

The Indian basket of international crude oil prices stood at $45.14 per barrel on 22 January.

Read more at:

http://www.livemint.com/Politics/TWl...tm_source=copy

This is a tremendous development. Just think of it, after several years of India's total imports exceeding its exports by a large margin, we are going to see the reverse.

Crude oil (& natural gas) prices falling to reasonable levels does indeed benefit the whole of humankind tremedously. May they continue to fall further to reach a fair price and stay there for a long time!

God bless competition! God bless modern technology and free market principles that helped to unlock shale reserves. North American shale extraction may prove to be the economic saviour of the Third World.

[S_U_N]

Over the weekend, I filled up petrol somewhere around Manor for Rs. 64.73.
I suppose Thane rates are a bit higher. In the previous week the rate in Pune was 66.xx.

With such dynamic rates and variations between cities in the same state, I am never sure on the current rates at any given point in time.

[sgiitk]

@S_U_N; In many countries fuel prices are set by the oil companies through the web. So there are difference between the companies, and the price may change on the spot.

[ghodlur]

Originally Posted by S_U_N

With such dynamic rates and variations between cities in the same state, I am never sure on the current rates at any given point in time.

This is mainly due to the non uniform state and municipal taxes such as octroi, LBT etc. With GST and with fuel also being brought under its umbrella, the tax rate is expected to be uniform across the country and so would the fuel prices.

[sgiitk]

@ghoulur; Fond hope on GST implementation. I think it is being put there so that amendments are not required (that too constitutional!), but I do not see that coming anytime soon. I will love to see the high tax states like MH, KA, TN, AN fall in line.

[glenmz]

Interesting article.
http://www.bangaloremirror.com/banga...w/46071259.cms

Diesel price in city should be just Rs13.35, not Rs 52.50
A writ petition in Karnataka high court has argued in favour of a sharp drop in retail price of diesel, petrol and LPG to benefit the common man. It argues that the cost for such a drop in retail prices could be easily covered by the humongous sale of 166 by-products of crude oil, and has gone on to say that the actual retail price of diesel in Bengaluru comes to Rs 13.35 per litre. Acting on the petition, the high court issued notices to the Union government and its oil marketing companies and agencies.

[el lobo 6061]

Originally Posted by glenmz

Interesting article.
http://www.bangaloremirror.com/banga...w/46071259.cms

The petitioner wants to have short term fun with Rs 13 fuel price per litre. Not concerned about long term effects, fiscal deficits and Govt spending. Will this same petitioner be willing to pay market price when crude breaches prices of $140?

[civic-sense]

Originally Posted by el lobo 6061

The petitioner wants to have short term fun with Rs 13 fuel price per litre. Not concerned about long term effects, fiscal deficits and Govt spending. Will this same petitioner be willing to pay market price when crude breaches prices of $140?

Actually, I'd prefer it if we are made to pay market price. We pay market price for food, then why not fuel?

[stanjohn123]

Originally Posted by civic-sense

Actually, I'd prefer it if we are made to pay market price. We pay market price for food, then why not fuel?

+1 , it's not like our government is using our tax money wisely anyways. So why should we pay for their spending ?

[sgiitk]

Now LPG (non-quota) is down by ₹100+. So maybe there is hope but brent has shot up overnight.