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Old 16th September 2019, 13:13   #6721
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Default Re: The Official Fuel Prices Thread

Read this article today which says that oil prices are bound to rise by $5-7 per barrel after the drone attacks on the Aramco.

https://www.moneycontrol.com/news/bu...s-4437401.html

This rise in price will most likely get passed on to us.
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Old 16th September 2019, 15:56   #6722
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Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by rajvardhanraje View Post
Read this article today which says that oil prices are bound to rise by $5-7 per barrel after the drone attacks on the Aramco.

https://www.moneycontrol.com/news/bu...s-4437401.html

This rise in price will most likely get passed on to us.
They are up $5 already: https://www.bloomberg.com/news/artic...d=premium-asia
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Old 17th September 2019, 12:30   #6723
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Default Re: The Official Fuel Prices Thread

With more than half of the Saudi production, gone (Iran or otherwise) a sharp spike in fuel prices in inevitable. Also, the Rupee will fall adding to our woes. Grin & bear it!
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Old 18th September 2019, 17:57   #6724
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Default Re: The Official Fuel Prices Thread

So the prices have been promptly increased. But when it comes to decreasing, they talk of lead time and what not.
https://www.rediff.com/business/repo...s/20190918.htm
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Old 25th September 2019, 18:49   #6725
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Default Re: The Official Fuel Prices Thread

Today I received a SMS from SBI Credit Card-
"Dear SBI Credit Cardholder, as advised by Public Sector Oil Marketing Companies, the 0.75% Cashback on fuel transactions will be discontinued w.e.f 1 Oct'19.T&C"
Looks like this change is across all the credit cards or digital payments. Has anyone else received a similar information?
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Old 25th September 2019, 18:52   #6726
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Default Re: The Official Fuel Prices Thread

Yup, I got a similar communication from AMEX as well. Looks like PSUs want to stop encouraging digital transactions.

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As advised by Public Sector Oil Marketing Companies, the 0.75% cashback (capped at a maximum of Rs.45 per transaction) that you earn on fuel transactions on your American Express Card will be discontinued, effective October 1, 2019.
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Old 25th September 2019, 18:53   #6727
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Default Re: The Official Fuel Prices Thread

Today I received a SMS from SBI Credit Card-

"Dear SBI Credit Cardholder, as advised by Public Sector Oil Marketing Companies, the 0.75% Cashback on fuel transactions will be discontinued w.e.f 1 Oct'19.T&C"

Looks like it was only a temporary push for digital payments. Has anyone else received a similar information?
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Old 25th September 2019, 19:02   #6728
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Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by UMe View Post
Today I received a SMS from SBI Credit Card-
"Dear SBI Credit Cardholder, as advised by Public Sector Oil Marketing Companies, the 0.75% Cashback on fuel transactions will be discontinued w.e.f 1 Oct'19.T&C"
Looks like this change is across all the credit cards or digital payments. Has anyone else received a similar information?
Even Standard Chartered has changed their policy wrt cashbacks on Fuel payment. 5% cashbacks if the bill is less than Rs. 2000. Earlier there was no limit as such.

In Rs. 2000 I don't think we can get a full tank filled of most cars
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Old 25th September 2019, 19:25   #6729
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It is for credit cards only. Rebate for debit cards and other digital modes will continue
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Old 29th September 2019, 12:31   #6730
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Default Re: The Official Fuel Prices Thread

The fuel prices have risen to some what uncomfortable levels again.

The trend may continue till the tensions reduce in Saudi Arabia
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Old 24th November 2019, 23:48   #6731
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Default Re: The Official Fuel Prices Thread

Now a difference of around Rs 8 between Petrol and Diesel in Chennai! These morons keep raising the price of Petrol continuously. Is it a ploy to fasten the sales of unsold BS-4 diesel vehicles, or pure greed, or help to the (friendly) common men? How come the price of Diesel can come down and that of Petrol go up simultaneously while there is no change in tax structure?
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Old 23rd December 2019, 13:06   #6732
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Default Re: The Official Fuel Prices Thread

Not exactly what we wished for. Paying more for cars and like to do so for even fuel now.
Source.

Quote:
New Delhi: Consumers may feel the pinch of higher fuel prices in coming months as the government is considering a proposal to allow oil marketing companies charge a premium on retail prices of petrol and diesel to recover their investment in producing less polluting fuel.

Public and private sector oil marketing companies (OMCs) have appealed to petroleum ministry to support a plan to raise consumer prices of auto fuels to help them recover a portion of investments made in upgrading their refineries to produce BS Stage-VI fuel.

If this proposal is accepted by the government, retail prices of petrol and diesel would come at a premium of about Rs 0.80 a litre and Rs 1.50 a litre, respectively for the next five years much to the discomfort of consumers.

Global oil market has largely remained flat for past several months due to slower demand. This has also resulted in retail prices of petrol and diesel being cut by OMCs on numerous occasions in past few weeks. But if a premium charge is allowed, retail fuel prices would not reflect global pricing trend but would remain artificially higher at all times.

Refineries of public sector companies (Indian Oil, Hindustan Petroleum and Bharat Petroleum) have spent close to Rs 80,000 crore to reach BS-VI levels after rolling out BS-IV complaint fuel for national introduction in April 2017. Even private refiners, Nayara Energy (formerly Essar Oil) and Reliance Industries have spent heavily to upgrade their facilities ahead of nationwide launch of BS-VI compliant fuel from April 1, 2020.

Recovery of investment without a proper plan may push OMCs into the red if oil market remains subdued and a portion of demand shifts to electric mobility. Government already has indicated that it wants electric to become prime mobility vehicle by 2030.

On their part OMCs are also looking to diversify, but face immediate challenge to recover their current investment before consumption of conventional fuels start receding.
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Old 31st December 2019, 14:45   #6733
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Default Re: The Official Fuel Prices Thread

This thread used to be very active when fuel prices used to change every fortnight. There were increases and decreases of 40 to 50 paisa per liter. And people used to discuss this.

Ever since fuel price revisions became a daily affair, people started ignoring this, and hence stopped discussing. Even this thread had become inactive.

This has enabled the govt to adjust fuel prices up and down without any public outcry. Anyway, nothing has changed, even with the new system, fuel is still more expensive today vs one year before.

https://www.livemint.com/news/india/...763081189.html

Last edited by Aditya_Bhp : 31st December 2019 at 14:46.
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Old 31st December 2019, 15:38   #6734
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Default Re: The Official Fuel Prices Thread

This morning - Rs 89.90 for Shell V Power Petrol which is the preferred tipple, for both my Gypsy and my Cooper.
This price has been more or less the same these last few weeks.
Yes, it is expensive, but what is the viable alternative?
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Old 31st December 2019, 15:44   #6735
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Default Re: The Official Fuel Prices Thread

Quote:
Originally Posted by shankar.balan View Post
Yes, it is expensive, but what is the viable alternative?

I don't understand the question.
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