![]() | #1 |
Senior - BHPian Join Date: Mar 2005 Location: N.A
Posts: 7,047
Thanked: 2,731 Times
| ![]() http://newindpress.com/NewsItems.asp...E+W+S&Topic=0& Friday March 18 2005 14:04 IST PTI NEW DELHI: Public sector oil firms want a massive Rs 5 per litre increase in petrol and Rs 4.30 a litre hike in diesel prices from April 1 in step with the steep rise in cost of raw material (crude oil) and new investments made in producing cleaner fuel. With the basket of crude oil that Indian refiners import, touching an all time high of 51.64 dollars a barrel, Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp have sought a Rs 3.50 per litre increase in petrol and Rs 2.80 a litre hike in diesel prices, a government official said. Besides, the oil firms also want a Rs 1.50 per litre increase in the two fuel prices commensurate with the investments they had made for producing ultra low sulphur Euro III grade petrol and diesel for 11 major cities and Euro II auto fuel for the rest of the country from April 1. The oil companies are investing over Rs 40,000 crore in upgrading fuel quality. IOC, which controls half of the oil market, will loose Rs 250 crore on selling petrol and diesel below the cost in the second fortnight of March. For the full month, the loss is pegged at Rs 400 crore, the official said. The official said the raise sought by the oil companies was besides the Rs 2.85 a litre increase in petrol and Re 1 per litre hike in diesel prices necessitated by the budget 2005-06 proposal to raise excise duty on the two fuel. Not passing on the increased incidence of excise duty would result in around Rs 264 crore (about Rs 106 crore on petrol and Rs 158 crore on diesel) loss to them every fortnight. The budget 2005-06 cut customs duty on petrol and diesel to 10 per cent from 15 per cent but rejigged the excise duty on both products to a mix of ad valorem and specific rates. Additionally, the cess for road development has been increased by Rs 0.50 per litre to Rs 2.00. Officials says that the duty changes has left the oil firms poorer with the public sector refineries losing Rs 1,200 crore a year as their duty protection rate got reduced by one per cent with cuts in customs duty on products. For producing cleaner fuel, IOC is investing over Rs 20,000 crore and its associate refineries another Rs 3600 crore. BPCL and its associate refineries are investing Rs 5,000 crore and HPCL Rs 3,248 crore. Major private player in the field, Reliance Industries is making an investment of Rs 2,160 crore. |
![]() | ![]() |
|
![]() | #2 |
Team-BHP Support ![]() ![]() | ![]() This is absurd! As it is, we have some of the highest fuel prices in the world (considering percentage of income). Now they want to raise it by Rs.5! We are already paying more than 1$ a litre for petrol. How come we don't get the benefit when crude prices drop? The oil companies go silent at that time. The last price drop we got was last year, when the price was lowerd by Rs.0.40!!! That was a week after the price was increased by Rs.1.60. |
![]() |
![]() | #3 |
BHPian ![]() Join Date: Nov 2004 Location: Patna
Posts: 609
Thanked: 2 Times
| ![]() Faint!! 2 mins later.. Rs 5, oh my god.... Wonder if it continues at this rate, we'l have a lot of lpg kitted rides by the middle class fellas.. Sad that these prices keep rising all the time.. Wish we had oil like the gulf nations.... |
![]() |
![]() | #4 | |
BHPian ![]() Join Date: Nov 2004 Location: Patna
Posts: 609
Thanked: 2 Times
| ![]() Quote:
| |
![]() |
![]() | #5 |
Senior - BHPian ![]() | ![]() "a fully modded baleno up for sale" this is what i will have to put up in the papers vey soon and get myself one of those 65kmpl bikes. |
![]() |
![]() | #6 | |
BHPian Join Date: Feb 2005 Location: Pune
Posts: 102
Thanked: Once
| ![]() Quote:
PS: price in europe are around 1.2 euros/lit for petrol that comes out to be around 60 rupees a lit so we are still cheaper I think ![]() Last edited by pingme : 18th March 2005 at 17:35. | |
![]() | ![]() |
![]() | #7 | |
Senior - BHPian ![]() Join Date: Oct 2004 Location: Vikhroli, Mumbai, India
Posts: 1,503
Thanked: 24 Times
| ![]() Quote:
You have forgotten cigarettes and booze. *sigh* | |
![]() |
![]() | #8 | ||
Team-BHP Support ![]() ![]() | ![]() Quote:
Quote:
| ||
![]() |
![]() | #9 | |
Senior - BHPian ![]() | ![]() Quote:
big time sigh! Wots the scene of hybrid cars in india like?? | |
![]() |
![]() | #10 | |
Senior - BHPian ![]() Join Date: Oct 2004 Location: Vikhroli, Mumbai, India
Posts: 1,503
Thanked: 24 Times
| ![]() Quote:
LOL. I think they should be launched, but the people who really require them amy not be able to afford them in the first place. :( | |
![]() |
![]() | #11 | |
BHPian Join Date: Feb 2005 Location: Pune
Posts: 102
Thanked: Once
| ![]() Quote:
![]() | |
![]() |
|
![]() | #12 | |
Senior - BHPian ![]() | ![]() Quote:
| |
![]() |
![]() | #13 | |
BHPian ![]() Join Date: Feb 2005 Location: Mumbai
Posts: 283
Thanked: 20 Times
| ![]() Quote:
| |
![]() |
![]() | #14 |
BANNED ![]() Join Date: Jan 2005 Location: mumbai
Posts: 142
Thanked: 0 Times
| ![]() I see 3 options ahead of me a] Reva - electric car . b] Kawasaki Bajaj Boxer . c] Take a lift from others . ![]() |
![]() |
![]() | #15 | |
BHPian Join Date: Feb 2005 Location: Pune
Posts: 102
Thanked: Once
| ![]() Quote:
![]() | |
![]() |
![]() |