[samarjitdhar]

Originally Posted by lohithrao

I seriously dont understand, why the government keeps crying about the "loses" while 50% of the cost is tax!

Losses on taxes actually not actual losses. Higher losses on taxes means our politicians have to cut down on their foreign junkets, expensive perks and Italian toilets while prescribing the majority of India to make ends meet at less than Rs 30 per day and defecate in the open due to lack of proper toilets.

Originally Posted by romeomidhun

International crude oil prices are falling day-by-day, and our govt and opposition are still sleeping... Now, the Brent oil rate is below $89.81!

Back of the envelope calculations say while Brent prices have fallen 25% in the last few weeks, Rupee value has depreciated by only about 10% in the same period so it tears apart the government's argument anyway.

[windsurfer]

Here are more details.....

Oil companies not to cut petrol prices despite 18-month low global rates - The Economic Times

And here is the explanation :

"There is lot of volatility in prices of crude oil and value of rupee. There is double volatility," Reddy said. "We are relieved at the fact that price of crude oil have eased. But this has been upset by decrease in value of rupee.

An older article which quoted Oil companies looking for review in few days. And after few days we see the above result.
http://economictimes.indiatimes.com/...w/14244818.cms

I guess they are happy making money as long as they can : Both oil companies and government.

God save India.

[sgiitk]

The review was scheduled for 15 June. Also, the statement from a GoI official that petrol prices are not to be cut, says it all about deregulated prices. Of course they are busy making profits and also cross subsidising. They have cut ATF (same as Kerosene) prices by 5%.

[omatunto]

Wonder how Shell is able to keep up with international crude price, despite falling rupee!! They reduced the price mid-june. Isn't it?

[libranof1987]

Celebrate your happy birthday everyday :

Soon, petrol prices may change daily - The Times of India

I'm not sure whether this is a good idea w.r.t a bulk increase/decrease.

[sandeepmohan]

Rs. 77.70 for regular gas at Shell. Tanked up yesterday morning. I was told by the Shell attendant that public sector pumps will reduce their rates too in a couple of days.

[lohithrao]

Does that mean that they will increase the price every day?

Originally Posted by libranof1987

Celebrate your happy birthday everyday :

Soon, petrol prices may change daily - The Times of India

I'm not sure whether this is a good idea w.r.t a bulk increase/decrease.

[sgiitk]

BPCL is hinting at Rs.4/- per litre, provided the rupee holds (fat chance of this).

[ghodlur]

When I refueled yesterday at the IOC bunk, the attendant told me that there is going to be a price drop wef 1st July in the range of 2-3 rs (insider information) and there would be some announcement by end of this week. Dont know how much to believe the news.

I just hope and pray this would be a reality.

[ghodlur]

I guess my prayers in the above post were answered. The prices for the petrol are expected to be slashed by rs 4/- going by the reports.

Petrol prices likely to be slashed by Rs 4/ltr from July 1
Petrol price likely to be cut by Rs 4/litre on July 1 - Moneycontrol.com -

[sgiitk]

Also,likely that the 'subsidy' on diesel will be fixed and prices allowed to float above that. Also, the support will be available to the private sector.

Seems that somebody in Congress (SMG?) is waking to reality.

[JEHU]

Originally Posted by ghodlur

I guess my prayers in the above post were answered. The prices for the petrol are expected to be slashed by rs 4/- going by the reports.

Petrol prices likely to be slashed by Rs 4/ltr from July 1
Petrol price likely to be cut by Rs 4/litre on July 1 - Moneycontrol.com -

This should be a good news for the Petrol car manufacturers whose inventories are shooting through the roof. The guess though is IT IS SHORT LIVED. Petrol heads can live the moment and test the top speeds in their cars after tanking up

[libranof1987]

Good news :

Oil companies cut petrol prices by Rs 2.46 per litre from midnight - The Times of India

Actual cut will vary depending on state taxes.

[Fordmanchau]

Here are the proposed prices of petrol in major cities after the price cut.

Proposed prices for a litre of petrol in top cities:

New Delhi: Current Price - Rs.70.24, Revised Price - Rs.67.78; Difference - Rs.2.46

Mumbai: Current Price - Rs.76.45, Proposed Price - Rs.73.35; Difference - Rs.3.10

Kolkata: Current Price - Rs.75.81, Proposed Price - Rs.72.74; Difference - Rs.3.07

Chennai: Current Price - Rs.75.40, Proposed Price - Rs.72.27; Difference - Rs.3.13

Hyderabad: Current Price - Rs.78.11, Proposed Price - Rs.74.89; Difference - Rs.3.22

Bangalore: Current Price - Rs.79.61, Proposed Price - Rs.76.39; Difference - Rs.3.22

Taken from TOI FB page, posted just 20 minutes back.

[mjothi]

Atlast, is it Presidential election effect?

Initial news was about reduction around 4rs and finally what we get is 2.5rs. Not bad. So, in effect, the 7.5rs increase has come down to 2.5rs increase i guess. But the impact it had on petrol cars, is irreversible !