[iraghava]

Originally Posted by tsk1979

This shows what controls the crude price. Its no longer Demand and Supply, but hedge funds and bankers.
When the bubble bursts its going to take down a lot of people.

That's becoming more & more apparent with the stupid prices that oil is touching these days. Shows that most of it is just speculation rather than an actual problem. And yes, tis is going to be another big meltdown probably as big as the dot-com burst if not bigger.

[benbsb29]

Originally Posted by diabloo

Bangalore is NOT the place where fuel price is highest.

Highest in Karnataka state are:
Petrol - Hassan: 58.98
Diesel - Bellary: 40.37
(This may be the highest in the country).

Bangalore price:
Petrol: 58.50
Diesel: 39.80
So folks in Bangalore can breath easy.

My oh my.. now i can sleep in peace rest assured that i am not paying the highest in terms of petrol prices!

[eclectix 1st]

Originally Posted by benbsb29

My oh my.. now i can sleep in peace rest assured that i am not paying the highest in terms of petrol prices!

Good night. Sweet dreams (At least dream of low fuel prices)

cheers:

[srishiva]

Originally Posted by tsk1979

If MRPL opens up a pump in BLR, you will see lower rates because then the import tax on Petrol and Diesel(which KA govt charges) will become nill.
Currently Petrol and Diesel are mostly imported from Chennai.

Meanwhile, crude hit almost 140$/barrel when Morgan Stanley(who obviously have lots of barrels in commodity market) predicted 150$/barrel by July 4.
This shows what controls the crude price. Its no longer Demand and Supply, but hedge funds and bankers.
When the bubble bursts its going to take down a lot of people.

Is there a bubble ? Its a bubble only if countries like China and India reduce their consumption. Its just demand and supply and I don't think OPEC will lose even if it goes back to 30 or 40 dollars per barrel.

A resource like oil is controlled by few people and others are provoking them by using more and more. This is the opposite of what should be done when we are talking so much about pollution and global warming. The fuel consumption in developed countries is reducing though. Wonder if after Olympics, the prices will go down.

[shankar.balan]

@aaggoswami:
Interesting thought you've put forward - but I d somehow still believe in the concept of MRP
@ nawabnabeel:
Octroi is an absolutely antediluvian concept, which has very little relevance today. Ideally it ought to be completely abolished. But the question is who in government has the WILL??
@shajuFX:
Interestingly it may just be that Mr Yeddiyurappa will be forced to knock off a bit of excise and taxes - to remain in favour with the public and in keeping with the actions of his counterparts in neighbouring states! Atleast lets see what happens after the state budgetary session.

Hope things improve guys - join me in keeping fingers and toes crossed!

[snaronikar]

Guys got any idea when will the sales tax be cut in Karnataka and particularly, Bangalore. This high cost of fuel sure to pinch my pocket in long run.

[tsk1979]

The elections just got over, and the GOVT has 5 years. I guess in the last few months of existance, they will cut taxes to show they are pro poor.
Right now there is zilch chance of this happening, in KA or otherwise.
Maybe during central govt elections, if the UPA appears slightly strong(I doubt if this can happen), they may cut sales tax to show they are pro poor.

[diabloo]

KA budget is due on 10th July. If the cut happens, then thats the latest date.

Originally Posted by snaronikar

Guys got any idea when will the sales tax be cut in Karnataka and particularly, Bangalore. This high cost of fuel sure to pinch my pocket in long run.

[abhisheksircar]

I do not understand a simple thing.

In the Annual Financial Budget Planning the Govt might have calculated that the approximate usage would be x INR, hence the earning out of that would be x INR*52%. As of now the price of Petrol has gone up by y INR hence the earning would be (x+y)*52%. This would make the earning of the Government go more than their planned earning by y*52%. Should the Government not reduce the taxes which will still let them meet their planned earning but pass on a cushion to the price hike for the end users ?

Why is it so difficult?

[jacs]

In Kerala, state govt planning to reduce the tax levied and share the burden to keep the impact minimal.

Bangalore is really affected. Last week I filled for 1K and got exactly 20Kms less than what I used to get. Its time to think about some mods for enhancing FE.

[ankit.jhamb]

i was expecting a roll back in prices of diesel and petrol,but i guess it is not on the cards

[suman]

Originally Posted by ankit.jhamb

i was expecting a roll back in prices of diesel and petrol,but i guess it is not on the cards

Not sure if I've understood correctly - taxes have been reduced on Petrol in Delhi haven't they (as compared to the initial hike)? Are you referring to a complete rollback?

Delhi Govt didn't reduce Diesel prices because, according to them, the entire "transport" fleet run on CNG - they forgot that the trucks transporting essential commodities are all powered by Diesel.

Gurgaon Diesel is now the cheapest, consequently.

[revved_up]

Originally Posted by suman

taxes have been reduced on Petrol in Delhi haven't they (as compared to the initial hike)? Are you referring to a complete rollback?

I dont think there has been any rolback in Delhi for petrol.

[simply_sunny001]

Still lot of taxes being levied on petrol,check out the below breakup of the costs involved

This is a break up considering crude oil at 130 $ per barrel. Following details are for per liter petrol in Rs.

• Basic Price = Rs 21...93
• Excise duty = Rs 14.35
• Education Tax = Rs 0.43
• Dealer commission = Rs 1.05
• VAT = Rs 5.5
• Crude Oil Custom duty = Rs 1.1
• Petrol Custom = Rs 1.54
• Transportation Charge = Rs 6.00
• Total price = Rs 51...90

So for a Rs 22 liter petrol at pumps we people pay Rs 28 tax extra.

[srishiva]

Originally Posted by simply_sunny001

Still lot of taxes being levied on petrol,check out the below breakup of the costs involved

This is a break up considering crude oil at 130 $ per barrel. Following details are for per liter petrol in Rs.

• Basic Price = Rs 21...93
• Excise duty = Rs 14.35
• Education Tax = Rs 0.43
• Dealer commission = Rs 1.05
• VAT = Rs 5.5
• Crude Oil Custom duty = Rs 1.1
• Petrol Custom = Rs 1.54
• Transportation Charge = Rs 6.00
• Total price = Rs 51...90

So for a Rs 22 liter petrol at pumps we people pay Rs 28 tax extra.

Our price should have been Rs 35. Does anyone know what is the breakup of say U.S gas prices ?