[ssambyal1980]

With the crude oil prices touching the lowest levels in last 6 years (price $39.27 per barrel @1701Hrs GMT) the ball is again in the government's court to reduce the fuel prices to rein in inflation. This unexpected turnaround has come as a blessing in disguise which the government should exploit to the fullest to boost the economy.

[sgiitk]

Originally Posted by ssambyal1980

With the crude oil prices touching the lowest levels in last 6 years (price $39.27 per barrel @1701Hrs GMT) the ball is again in the government's court to reduce the fuel prices to rein in inflation. This unexpected turnaround has come as a blessing in disguise which the government should exploit to the fullest to boost the economy.

Two points the price you are quoting is WTI/NYMEX which is of little interest outside the US. Brent is a better guide. Secondly, the ₹ is down to 66.87 or so. So that hurts.

[ssambyal1980]

Originally Posted by sgiitk

Two points the price you are quoting is WTI/NYMEX which is of little interest outside the US. Brent is a better guide. Secondly, the ₹ is down to 66.87 or so. So that hurts.

Thanks alot sir for the useful reply. Couldn't agree more with you. Hope that the things settle for the better for the Indian economy.

Warm Regards.

[StarScream]

Anyone get a similar feeling in India?:
http://www.bloomberg.com/news/articl...rdly-expensive

"Prices at the pump are now almost three times as high as oil on a per-barrel basis, the biggest gap on record."

[sumeethaldankar]

Any chance of the fuel price for petrol to go down in on 1st of the coming month or we would have to wait for the 15th of sep for same ?

Thanks

[sgiitk]

Originally Posted by sumeethaldankar

Any chance of the fuel price for petrol to go down in on 1st of the coming month or we would have to wait for the 15th of sep for same ?

There was a $1+ spike overnight in India's basket, so fingers crossed! Yes, overall the trend is towards softening, which will accelerate once Iran gets into the act fully.

[dean5545]

With crude oil prices going down, Why are automobile oil products not getting cheaper ?

[thatsdileep]

Coming from Oil and gas business background, honestly I'm not happy the way the oil price is dropping. I would rather pay higher fuel prices with a secured job than risk loosing it at low oil prices.

Oil price drop is hurting the global energy sector severely with a lot of future projects being shelved and current spendings being chopped by good margins. The worst affected are the oil exporting countries. One might think that importing country like India might benefit out of this but rupee is going down as well. I suspect these low oil prices will prevail for another 1-1.5 yrs at least. This is not good and if the drop continues we might see another crisis.

[S_U_N]

Originally Posted by thatsdileep

Coming from Oil and gas business background, honestly I'm not happy the way the oil price is dropping. I would rather pay higher fuel prices with a secured job than risk loosing it at low oil prices.

Oil price drop is hurting the global energy sector severely with a lot of future projects being shelved and current spendings being chopped by good margins. The worst affected are the oil exporting countries. One might think that importing country like India might benefit out of this but rupee is going down as well. I suspect these low oil prices will prevail for another 1-1.5 yrs at least. This is not good and if the drop continues we might see another crisis.

Isn't this all about not being happy that oil companies are forced to work with reduced margins? Oil companies have minted money for many decades. All the typical overheads and inefficiencies will need to be done away in this 'tough time'.

I see this no different from any other industry. Sorry, no sympathies from my side as a consumer.
The only one making a killing in this is the GoI who keeps in increasing various taxes and keeps making unprecedented money. I just hope that the money is used in a good way.

[rajneeesh]

The price revision is due tonight. However with the crude rebounding by 17% in two trading sessions and INR depreciating against the Greenback, I do not expect any price cuts.

[sumzup]

Dear Friends just checked the website now and found it to be old news. Sorry for inconvenience caused

[saurabhkum]

Petrol price cut by 2 Rs and diesel by 0.5 Rs

[shahbaz.k]

Petrol price slashed more than that of diesel for a change. Thats a welcome move.

[suresh_gs]

Originally Posted by saurabhkum

Petrol price cut by 2 Rs and diesel by 0.5 Rs

Considering that the barrel cost is low, the cut should have been more. Now that the price cut in petrol is more compared to diesel, are we heading towards a stage where the prices of both the fuels will be nearly the same??

[babu.sundaram]

Contrary to the popular trend here..
With the Rupee fall, Govt. should increase the tax to shore up some forex (assuming that the demand is elastic!). That would hurt many of us (yes, including myself), but that is probably how the Govt. should move its population to more energy stingy ways of transport!

PS: I personally believe that fuel pricing is one major way in which Govt. can drive the auto industry in line with its policies. Higher prices would move older vehicles out of road for example.