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Old 16th July 2018, 10:42   #6331
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Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by bhavik.1991 View Post
https://timesofindia.indiatimes.com/...w/64979673.cms

May be the final blow to the sales of diesel PVs? Meanwhile, MSIL & Honda would be extremely happy having class leading petrol engines. MSIL somehow is always prepared for the new government policies. Skipping new 1.5L diesel & just focusing on new 1.5L petrol for new ciaz makes sense now.
Even if they are priced on par, those looking for ease of driving and better fuel efficiency will always go for the diesel. Diesel engines have come a long, long way compared to their petrol counterparts. Unless you are looking at wringing the hell out of your engine, diesels are almost always easier to drive in the city due to their better low and mid range performance.
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Old 19th August 2018, 16:26   #6332
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Default Re: The Official Fuel Prices Thread

Falling rupee likely to increase fuel prices later this month.

https://www.livemint.com/Industry/ut...y-26-bill.html
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Old 23rd August 2018, 20:18   #6333
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Default Re: The Official Fuel Prices Thread

Petrol and diesel won’t be included under GST

Source

Article :
Quote:
Petrol and diesel will not be included under the Goods and Services Tax (GST) any time soon. According to a PTI report, neither the central government nor state governments are in favour of this move, as they fear it could result in major revenue losses.

GST was implemented in India on July 1, 2017 as a part of the One Nation One Tax movement, doing away with other taxes such as the Value Added Tax (VAT), excise duty and service tax. However, petro-products such as petrol, diesel, natural gas, crude oil and aviation turbine fuel (ATF) were excluded from the GST regime.

According to the report, the Union Finance Ministry brought up the issue at the GST council meeting on August 4, but central and state governments were opposed to the idea. The reason for that is if the fuels are also included under GST, the central government’s input tax credit will be slashed by approximately Rs 20,000 crore, which it receives in the form of all the taxes levied on petro-products. In much the same way, states also stand to lose a major revenue source.

Under the GST rule, the total taxation on goods or a service has to fit into one of the four tax slabs of 5, 12, 18, or 28 percent. However, the current taxation on petrol and diesel is already beyond the peak rate of 28 percent, hence, it will result in a big loss of revenue for both governments.

Currently, Mumbai levies the highest VAT on petrol at 39.12 percent. The total tax percentage on petrol and diesel in the country comes up to 45-50 percent and 35-40 percent, respectively.
Unfair IMO. Firstly, the petrol and diesel prices were never fully deregulated and now it seems fuel wont be included in GST. Somehow I feel that even if fuel is brought under the umbrella of GST, the "cess" for sure would eventually compensate for loss in tax revenue. This is exactly what was done in case of taxes on cars.

Last edited by aaggoswami : 23rd August 2018 at 20:21.
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Old 23rd August 2018, 22:35   #6334
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Default Re: The Official Fuel Prices Thread

'We can't allow fair taxation of fuel because we'll lose all the free revenue we make by taxing fuel to ridiculous levels.'

'Kindly forget all the promises we made to offset rising fuel costs with excise duty hikes we made when crude was cheap. We were kidding, of course.'


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Old 28th August 2018, 12:19   #6335
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Default Re: The Official Fuel Prices Thread

Meanwhile, Oil companies post record profits.

BPCL posts 3 fold rise in profits

Indial oil profit jumps 50%
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Old 28th August 2018, 13:03   #6336
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Default Re: The Official Fuel Prices Thread

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Originally Posted by RoadTrippin View Post
Meanwhile, Oil companies post record profits.

BPCL posts 3 fold rise in profits

Indial oil profit jumps 50%
Major chunk of this profit will go to government as dividend as it is major share holder. I wonder when this exercise of filling coffers with direct/ indirect loot will stop.
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Old 28th August 2018, 14:19   #6337
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Default Re: The Official Fuel Prices Thread

It is high time to sell our car/s and invest in petroleum/allied companies. I am sure the return on investment will be much better. Also free from all other hassles associated with car ownership.

Just joking.
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Old 28th August 2018, 14:33   #6338
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Originally Posted by AutoNoob View Post
Major chunk of this profit will go to government as dividend as it is major share holder. I wonder when this exercise of filling coffers with direct/ indirect loot will stop.
You don't have BPCL, HPCL, IOC, ONGC and OIL in your portfolio? I buy these stocks every time I refuel my car.
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Old 29th August 2018, 11:40   #6339
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Default Re: The Official Fuel Prices Thread

Petrol crosses Rs 80/- per litre in most cities.

https://www.google.co.in/amp/s/www.o...h-2764422.html
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Old 29th August 2018, 12:33   #6340
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Default Re: The Official Fuel Prices Thread

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Originally Posted by CrAzY dRiVeR View Post
Petrol crosses Rs 80/- per litre in most cities.
Had been so for about a month in my city. It is hovering around ₹81.xx now. Even in Bengaluru, it was ₹80.xx a week back. Shell (normal) petrol was retailing at ₹84.xx during the same time.

Hope we will not hit a century this time.
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Old 29th August 2018, 12:52   #6341
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Originally Posted by dailydriver View Post
Hope we will not hit a century this time.
With the elections around the corner, I highly doubt that. But, what is more concerning is that the resistance for any price hike post the elections could nearly be 0.
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Old 29th August 2018, 12:59   #6342
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Default Re: The Official Fuel Prices Thread

We have got into a trap with regard to taxes on fuel. Both centre and states depend hugely on fuel tax and nobody is ready to take a cut in revenues. They will only blame each other but not take any steps to cut taxes. My gut feeling is that the central govt. will milk the fuel tax for some more time and then come out with cuts and rationalisation a few months before elections. But with rising crude and falling rupee, it seems like the Govt. has a tough task on its hands.
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Old 1st September 2018, 11:54   #6343
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Default Re: The Official Fuel Prices Thread

With even diesel breaching the ₹70/litre mark, I couldn't refrain myself from directing you all to some witty cartoons posted in the Official Jokes Thread, more than a decade ago.

A Sample

The Official Fuel Prices Thread-screenshot_20180901114746713_com.android.chrome889x631.png

Please click on the below link for more.

https://www.team-bhp.com/forum/shift...tml#post864379

OT: Incidentally, as things stand today, it is enough to monitor either the value of ₹ against the US $ or the price of diesel and not both. For, both are almost at par and moving in the same direction .
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Old 1st September 2018, 12:31   #6344
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Default Re: The Official Fuel Prices Thread

^^^
Quote:
Originally Posted by tsk1979 View Post
Note from mod: Right now we will leave these in joke thread, in future we will move them to the fuel price thread
You were right...probably the time has come. Petrol is 78 bucks here in Ranchi.

Last edited by saket77 : 1st September 2018 at 12:32.
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Old 2nd September 2018, 19:16   #6345
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Default Re: The Official Fuel Prices Thread

Petrol touches record price of Rs 86.25 per litre in Mumbai, diesel at new high.

Diesel too touched a new high of Rs 75.12 per litre. The prices are expected to escalate further.

Link
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