[sgiitk]

Originally Posted by saket77

I cannot cite any link for this information but according to some sources in the Govt, it has been decided that there will not be any hike in excise duty till the center elections.

So, if price of crude doesn't shoot up, it should be a rather smooth sail for us till then.

Do not be too sure, The Rupees has gone above 71 per dollar. It had dropped to below 70 so this is a point to be kept in mind. At the end of the day we are paying in Rupees.

However, I expect fuel to be brought under the GST regime soon. So the impact will depend on the local taxes.

[libranof1987]

Heard on the radio today that IOCL is offering 10% cashback on payments done via credit/debit cards/ BHIM.

Since when do oil companies need promotions?

[arindambasu13]

Originally Posted by libranof1987

Heard on the radio today that IOCL is offering 10% cashback on payments done via credit/debit cards/ BHIM.

Since when do oil companies need promotions?

I have been getting cashbacks on regular for several years now, with my bank debit card. The amounts are quite small each time, but cumulatively, they do amount to quite a significant sum over a period of time. I am not quite sure whether this is from any specific petroleum company/ies though. Have not monitored that closely enough.

This was of course an offer which came with my specific bank account/ debit card, and I know of several other banks which also give this benefit on their credit and debit cards.

[n.devdath]

Originally Posted by libranof1987

Heard on the radio today that IOCL is offering 10% cashback on payments done via credit/debit cards/ BHIM.

Since when do oil companies need promotions?

If not all, IOCL definitely does, a lot of private vehicle owners avoid their pumps like plague due to the fuel quality, lack of infrastructure and the general rundown look of most of their outlets.

I too belong to that group and apart from 1 pump, which is an exception or am running super low on fuel during a journey, dont touch IOCL pumps with a barge pole. Everytime I've skipped this rule, FE has dropped significantly.

[LonelyPlanet]

Originally Posted by libranof1987

Heard on the radio today that IOCL is offering 10% cashback on payments done via credit/debit cards/ BHIM.

Since when do oil companies need promotions?

IIRC its 0.75% with HP.
10% seems a lot - doubt that margins that are high for them to be offering such steep discounts.

[sgiitk]

More important in case of war all bets are off. After all any war has to be paid for.

Expect commodity prices to got up. Fuel included. However, with an economy under 'control' this may not be large. I do not think the Govt will allow inflation to exceed 5%.

[gupta_chd]

Punjab govt reduces petrol prices by Rs. 5 per litre. A very welcome move

Before price revision, petrol price in Punjab was among highest in country. BTW diesel also reduced by Rs. 1 per litre.

[PGA]

https://economictimes.indiatimes.com...w/68341666.cms

Curious case of fuel in poll times, I guess we should be in for some relief as well.

[sumzup]

Originally Posted by LonelyPlanet

IIRC its 0.75% with HP.
10% seems a lot - doubt that margins that are high for them to be offering such steep discounts.

These discounts are absorbed by the UPI company such as Paytm. Also, the maximum ceiling has been fixed at Rs. 300.00.

Originally Posted by libranof1987

Heard on the radio today that IOCL is offering 10% cashback on payments done via credit/debit cards/ BHIM.

Since when do oil companies need promotions?

These are done by the UPI companies such as Paytm, Phonepe, etc., to increase their transactions at the petrol stations as the volume drives their market share and in turn the customers start using their wallet for other transactions too.

[Vitalstatistiks]

Good to see no activity on this thread, meaning we are all happy/ok with the fuel prices for now. Won't last long though- waiver on import from Iranian crude is about to be done away with, and brent is above 73$.

I am looking forward to regular ranting on this thread soon, this must be the best thread on team-bhp: heady concoction of politics, economics and emotions

On that note, an interesting article exploring the reason why retail fuel prices have increased by only 50 paise or so, when the brent crude has increased by 11-12% (of course we know why but we won't discuss it because it works it in our favour)
https://www.businesstoday.in/current...ry/339738.html

[sgiitk]

Now while Brent is above $71 the rupee is in the 69 per dollar range. So the damage is somewhat taken care of.

But for how long! Some analysts expect the $ to drop to as low as ₹55 or even lower. If you are surprised $ and Rupee were at par at independence.

[carboy]

Originally Posted by sgiitk

Some analysts expect the $ to drop to as low as ₹55 or even lower.

Does the analyst use the honorific "Sri Sri" in front of his name?

[Chetan_Rao]

Originally Posted by Vitalstatistiks

....On that note, an interesting article exploring the reason why retail fuel prices have increased by only 50 paise or so, when the brent crude has increased by 11-12% (of course we know why but we won't discuss it because it works it in our favour)...

Nothing the article said that couldn't have been said in one word: Elections

Can't begrudge the gen-pop some short-term relief when the powers-that-be are the long-term winners either way.

Keep prices artificially high to make up revenue deficits, then keep them artificially low during election season to get another go in the musical chairs. Why is the poor sod saving a couple bucks at the pump for a short while supposed to feel guilty, exactly?

[RM Motorsports]

Petrol prices THEN and NOW

[DigitalOne]

International Oil Prices have moderated around 4$ in the last one week mainly because of global trade tensions (US-China). Also rupee has strengthened against dollar after election results.

The anticipate fuel price hike post elections may not happen