[pgsagar]

Originally Posted by extreme_torque

Disgustingly, government earnings increase as the crude oil prices increase in the world market.

Yes, e_t, with every fuel price hike more cash flows into GOI's coffers. Taxes, duties on fuel are ad valorem, so costlier the fuel, higher the tax collection. That's not all. When GOI is finished with us, they hand us over to State Govts. who move in with their own taxes. So, we pay taxes on taxes. Yet, despite all this bloated tax collection, come Annual Budget time every year, and the GOI says its coffers are empty. Now, we all know where the money goes.

[BaCkSeAtDrIVeR]

And guys in Kerala, be assured that there will be a bandh on the day after the fuel price is hiked. The bandh will be sponsored by the ruling opposition. Err.. the opposition of the ruli... I mean the lef.. [huh? (d@#n), somebody, anybody, will call for the bandh].

So, top up your shelves with the bottles before you top up your fuel tank.

Anyways, since most vehicles will be off the road on day after fuel price hike, I am looking forward to some clean air on day 2.

[dhiman]

OT: @KaranRaheja - You can have all the fuel you want in Venezuela - but mostly what you get to drive out there is 70's and 80's cars! New cars and imports are too expensive for the majority. I was there for a day and almost all cars that i saw there were in real bad shape. In two instances i found that the color of an odd door or two is completely different from the rest of the body - not to mention droopy bumpers and war torn exteriors!

[lohithrao]

its most likely to be 3rs hike!! for petrol...

[tsk1979]

Filled up today morning at IOC.
Only Premium diesel available,
Meanwhile most pumps in Ludhiana don't have any diesel at all. They claim that the Jalandar depot is out of stock.
Looks like the oil dealers/companies are hoarding till the fuel hike.

[aaggoswami]

Cost of pertol/ltr. in different countries:

Turkey : Rs. 113.3 /ltr.
Norway : Rs. 112 / ltr.
UK : Rs. 95.5 / ltr.
HongKong : Rs. 84.1 / ltr.
Brazil : Rs. 66 / ltr.
Canada: Rs. 57 / ltr.
PAKISTAN : RS. 44 / LTR. OF PETROL !!

US : Rs. 44.25 / ltr.
Russia : Rs. 42.28 / ltr.

CHINA : RS. 31.3 /LTR OF PETROL !!

Malayasia : Rs. 25.4 / ltr.

UAE : Rs. 15.65 / ltr.
Saudi Arabia : Rs. 5 / ltr.
Venezuela : Rs. 2.12 / ltr.


Now, even Pakistan and China have cheaper rate of petrol compared to India, let alone malayasia. Our neighbours get cheaper petrol than us.
Source : Today's edition of gujarati daily, Gujarat Samachar.

Now something more:
'http://www.k****ij.com/research/petrol.shtml'
Actually the link is:
K_S_H_I_T_I_J instead of k****ij.

Check here that Pakistan had cheaper fuel than us before also ! Great Indian Government !

[pingping]

Petrol is hiked by Rs. 5 and Diesel by Rs.3, LPG by Rs. 50

[SumitB]

Bye bye to the UPA and Manmohan Singh. We can safely assume that this govt. will not come back in the next general elections

[Car-Agey]

They can come back by reducing prices just before the elections.

[pmbabu]

Originally Posted by SumitB

Bye bye to the UPA and Manmohan Singh. We can safely assume that this govt. will not come back in the next general elections

And will the new government (whichever it is) reduce the price to previous levels if the crude oil prices are at the same levels as today?

[inferno]

see this link

rediff.com: Petrol: The costliest and cheapest nations

it has petrol prices , from most expensive in world to cheapest

[vkochar]

Ok - Prices upped officially !!!

Petrol - 5 Rs.
Diesel - 3 Rs.
LPG - 50 Rs.

[ashthedivx]

After so much push-pull, finally it has been declared...

The government on Wednesday increased the price of petrol by Rs 5 a litre and that of diesel by Rs 3 a litre. The price of an LPG too has gone up by Rs 50 a cylinder. The hike will come into effect from midnight tonight (Wednesday).
There is no hike in the price of kerosene.
Customs duty on petrol and diesel cut by Re 1, from 7.5 per cent to 2.5 per cent. Customs duty on crude cut from 5 per cent to zero.
Fuel price hike to bring in Rs 21,123 crore (Rs 211.23 billion); gap of Rs 29,000 crore (Rs 290 billion) remains after all the measures, said the revenue secretary.
Oil producing public sector units -- like ONGC -- to chip in Rs 60,000 crore (Rs 600 billion) through discounts to oil refineries and marketing companies.
The government will issue oil bonds worth Rs 94,601 crore (Rs 946.01 billion) to compensate oil marketing companies' revenue losses, said the revenue secretary.
Petroleum Minister Murli Deora has also proposed double price for extra cooking gas cylinders. He has also proposed a new distribution scheme for LPG cylinders. Only 8 cylinders will be allowed at the current rates. All extra cylinders will cost twice the amount.
The huge subsidy losses faced by the public sector oil companies due to galloping global crude prices, has led the government to impose the hike.
Prime Minister Manmohan Singh will address the nation at 8:30 pm on Wednesday night to explain the reason for the hike in fuel prices.

Source

[invisiblebond]

Amid growing consumer concern, the Cabinet on Wednesday raised prices of petrol by Rs 5 and diesel by Rs 3 to bail out state-run oil firms that have been reeling under unprecedented high crude prices. Prices of domestic cooking gas was hiked by Rs 50 a cylinder effective midnight tonight.

The excise duty on petrol was cut by Rs 1 a litre and diesel and customs duty on crude was abolished. Poor man's fuel kerosene was exempted from the hike.

Petroleum Minister Murli Deora told reporters. With the hikes, India joins other Asian nations like Indonesia and Malaysia that are raising regulated domestic fuel prices as they find they can no longer afford to shield their consumers from the full effect of record global prices.

The Cabinet Committee on Political Affairs today met to deliberate on the need of raising fuel prices in view of spurt in global oil prices.

Prime Minster Manmohan Singh was expected to address the nation later in the evening to tell the people why the government increased prices of fuel at this point when inflation is also high.

The meeting was chaired by Prime Minister Manmohan Singh and attended by External Affairs Minister Pranab Mukherjee, Defence Minister A K Antony, Finance Minister P Chidambaram, Petroleum Minister Murli Deora, Railway Minister Lalu Prasad and Road Transport Minister T R Baalu.

Petrol and diesel prices were last raised in February when the Indian basket of crude oil was at 67 dollars per barrel. Today it is at 124 dollars per barrel.

State-run Indian Oil, Bharat Petroleum and Hindustan Petroleum were together projected to lose Rs 2,46,600 crore on sale of petrol, diesel, domestic LPG and PDS kerosene in 2008-09 in absence of any price hike or duty cut.

Govt hikes prices of petrol by Rs 5/L and diesel Rs 3/L- Oil & Gas-Energy-News By Industry-News-The Economic Times

[tsk1979]

Though some say, the UPA govt is not to blame for the global price rise, I would say that the UPA govt and the govts before them are to blame for the soup the country is in today.
1. Even though Biodiesel trials were underway for many years in many countries, our govt decided only in 2003 that a biodiesel policy is needed
2. Even then the GoM has not met on the policy and now its pushed to Late 2008
India has lots of uncultivated land where Jathropa can grow. If the govt had started on Biodiesel way back in 1995, we could be meeting 30% of our diesel demand locally.

Hopefully the govt wakes up to this crisis and takes the following steps
1. Create a EPA like agency and fix vehicle excise duty based on FE and not engine size
2. Zero tax(sales/excise/registeration) for no fossil fuel vehicles. This includes EVs, hydrogen based vehicles etc.,
3. Low tax on vehicles running on fuels like CNG which we have in abundance.
4. Instead of LPG, start piped gas wherever possible, so CNG can be used for cooking.
5. Bring barren land under Jathropa cultivation, and start biodiesel refineries
6. Link every corner of big cities with public transport.If you give good public transport, people will give up cars. People who come to CP and are in metro accessible areas like North Delhi etc., do not get their car, they always take the metro.

But all these steps are 10-15 year plans. The loyality of the govt lies with the political party its comprises of, and not the country. So all they care is how to win elections