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Old 12th May 2022, 21:36   #7921
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Re: The Official Fuel Prices Thread

Quote:
Originally Posted by Chetan_Rao View Post
'Significant' varies based on who you ask. 7 is significant, so is 70, often to the same lot.

What doesn't vary, is percentages mean nothing if the underlying absolute numbers aren't on comparable scales, but I'm sure the worthy who wrote the article is smart enough to know that, and did it anyway.
No, you missed what I was saying. I meant from a "Rupee value" point of view (ie. Purchasing power). Then it can't be subjective.
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Old 12th May 2022, 21:44   #7922
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Re: The Official Fuel Prices Thread

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Originally Posted by vharihar View Post
...you missed what I was saying...
Money changes value, I get that. 10 bucks was a lot of money in the 90s, 10 bucks got me ONE small lemon at the veggie store today.

The gentleman you quoted is being intellectually dishonest, while claiming to argue in good faith. That's what I take exception to, his political rant is irrelevant.
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Old 12th May 2022, 21:57   #7923
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Re: The Official Fuel Prices Thread

Quote:
Originally Posted by Chetan_Rao View Post
Money changes value, I get that. 10 bucks was a lot of money in the 90s, 10 bucks got me ONE small lemon at the veggie store today.

The gentleman you quoted is being intellectually dishonest, while claiming to argue in good faith. That's what I take exception to, his political rant is irrelevant.
Well, your post 7922 wasn't clear. It appeared that you're not considering the money value part, and that's what I was replying to.

You could have elaborated there what you meant

I feel percentage based comparison is perfectly fair. It's just that he wantonly omits considering crude and ForEx rates, and that makes his a very poor argument.

Last edited by vharihar : 12th May 2022 at 21:58.
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Old 13th May 2022, 21:56   #7924
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Re: The Official Fuel Prices Thread

Assam diesel and petrol prices today:

Diesel: ₹92.11
Petrol: ₹106.42
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The Official Fuel Prices Thread-img_20220513_074223.jpg  

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Old 14th May 2022, 19:05   #7925
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Re: The Official Fuel Prices Thread

Diesel price at my friendly neighborhood pump, near Mangalore = 94.84
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Old 14th May 2022, 22:44   #7926
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Re: The Official Fuel Prices Thread

West Bengal diesel and petrol prices today:

Diesel: ₹100.20
Petrol: ₹115.52
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The Official Fuel Prices Thread-img_20220514_151357.jpg  

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Old 15th May 2022, 20:41   #7927
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Re: The Official Fuel Prices Thread

CNG in Delhi is over 73 Rupees.

This price for petrol was considered high at a time.

;_;
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Old 18th May 2022, 11:47   #7928
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Re: The Official Fuel Prices Thread

Be prepared.
Get all of your underground tankers filled


https://www.businesstoday.in/latest/...922-2022-05-17
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Old 18th May 2022, 12:49   #7929
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Re: The Official Fuel Prices Thread

Quote:
Originally Posted by ptaneja View Post
Further quoting the contents of the article:

Quote:
The hike in the price of diesel could be somewhere in the range of Rs 3-4 and for petrol the range could be between Rs 2-3. Another source on the condition of anonymity pointed out that the final quantum will be soon decided but since the OMCs are facing revenue loss to the tune of Rs 25- 30 per litre on diesel and Rs 9-10 on petrol, this minimum price hike will have to be undertaken.
Can someone explain what this revenue loss is and how they have come up with such a number?

Or is this some bogus source?

Last edited by Turbohead : 18th May 2022 at 12:50.
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Old 18th May 2022, 14:39   #7930
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Re: The Official Fuel Prices Thread

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Originally Posted by Turbohead View Post
Can someone explain what this revenue loss is and how they have come up with such a number?
Revenue loss is a very real factor. The OMCs import fuel process and sell it at a rate. Govt taxes it and then add dealer commission and state taxes and you arrive at a price in the bunk. Here everyone is a winner.

However, some loss has to be showed to earn pity of the public and also other nations to enable bargaining power. Hence the projected earnings (revenue) is calculated. When this is not achieved, it is named revenue loss. Not Net profit.

Similarly there is under recovery by the govt. When the projected tax on fuel is not achieved due to excise cut or sops, that is termed as under recovery.

Hence everyone is in perpetual loss and thus everyone is happy.

You can try a personal experiment. Assuming you're earning Rs. X per year. You deserve Rs. 8X per year (your own assessment/ dream), you're actually having a revenue loss of Rs 7X per year. You pay a tax of 0.3X per year to the govt. The govt expects Rs. 2.4X as tax from you. So govt under recovery is Rs. 2.1X.

Macroeconomics, huh??

Last edited by Sheel : 19th May 2022 at 09:05. Reason: Typos. Please proof read before submitting your post. Thanks.
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Old 18th May 2022, 16:17   #7931
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Re: The Official Fuel Prices Thread

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Originally Posted by wildsdi5530 View Post
You can try a personal experiment. Assuming you're earning Rs. X per year. You deserve Rs. 8X per year (your own assessment/ dream), you you're actually having a revenue loss of Rs 7X per year. You pay a tax of 0.3X per year to the govt. The govt expects Rs. 2.4X as tax frown you. So govt under recovery is Rs. 2.1X.

Macroeconomics, huh??
Now I understand the macroeconomics behind the explanations and excuses provided by our govt. It's a new economics of demand and supply of not material, but money.
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Old 18th May 2022, 16:29   #7932
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Re: The Official Fuel Prices Thread

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Originally Posted by wildsdi5530 View Post
Revenue loss is a very real factor. The OMCs import fuel process and sell it at a rate. Govt taxes it and then add dealer commission and state taxes and you arrive at a price in the bunk. Here everyone is a winner.
Such a wonderful explanation sir. You deserve a cookie according to the internet’s highest honor.

Last edited by Aditya : 19th May 2022 at 05:22. Reason: Quoted text trimmed
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Old 21st May 2022, 19:00   #7933
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Re: The Official Fuel Prices Thread

The central government has decreased the central excise duty on petrol by Rs.8/- and Rs. 6/- on diesel (per liter). That makes petrol cheaper by Rs. 9.50/ liter and Rs. 7/ liter on diesel.

The Official Fuel Prices Thread-img_20220521_185617.jpg

Last edited by BoneCollector : 21st May 2022 at 19:01.
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Old 21st May 2022, 19:00   #7934
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Re: The Official Fuel Prices Thread

Finally !!!

Petrol Price To Reduce By ₹ 9.5, Diesel ₹ 7 As Centre Cuts Excise Duty
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Old 21st May 2022, 20:25   #7935
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Re: The Official Fuel Prices Thread

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Originally Posted by ptaneja View Post
Finally !!!

Petrol Price To Reduce By ₹ 9.5, Diesel ₹ 7 As Centre Cuts Excise Duty
I would request all the state governments to compensate by raising taxes. After all, it was a great idea to raise taxes, and no real reason not to continue.
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