Fuel prices may drop soon

BenjiRoss · 28th October 2008, 22:21

I seriously thought that the government would announce a drop in prices this week.
I've been putting off tanking up my car for the last couple of days hoping for the same.
Will they reduce prices this week?

samirsarkar · 29th October 2008, 13:08

I do not see the fuel price falling below $60 per barrel and might well hover around $75 in the next few months with Opec cutting down production and the markets starting to stabilise. Anything above $66 per barrel will make it difficult for the ministry to bring down the prices as it will not be viable though the impending elections will have a say in this.

What I feel is the government might eventually bring the prices down a bit just before the election campaigns start....only to raise it back again once seated in the Lok Sabha for a further period of 5 years after the elections

.

theMAG · 29th October 2008, 13:32

The govt should reduce that excise duty. This is nonsense.

vasudeva · 30th October 2008, 17:30

For all it is worth, US average regular gasoline prices are now US$2.66 per gallon or 70.3 cents per litre. Diesel averages 3.29/gallon or 87 cents per litre.

jaganm · 30th October 2008, 20:18

Quote:

Originally Posted by snaronikar

A common man doesn't understand this calculations. What they see is the crude price coming down and they want the price of petrol/diesel to come down.

I think you also need to consider that the price of crude went up from 60 to 147 $ per barrel but the price of petrol went up only by Rs 5. As a result, the oil cos suffered a huge loss and the government doled out huge amounts of oil bonds, which we will be paying for in the years to come.

I doubt there is much of a case for prices to come down anytime soon.

akshay4587 · 30th October 2008, 20:31

No price cut for now

The Tribune, Chandigarh, India - Main News

theMAG · 30th October 2008, 20:34

Some food for thought:

BBC NEWS | Business | What is going on in the oil market?

live2drive · 30th October 2008, 20:51

no fuel price cut as of now. it will only get costlier.

28th October 2008, 22:21	#61
BenjiRoss Senior - BHPian Join Date: Jul 2008 Location: Tamilnadu Posts: 1,066 Thanked: 1,330 Times	I seriously thought that the government would announce a drop in prices this week. I've been putting off tanking up my car for the last couple of days hoping for the same. Will they reduce prices this week?
	() Thanks

29th October 2008, 13:08	#62
samirsarkar BHPian Join Date: Apr 2007 Location: Pune Posts: 166 Thanked: 5 Times	I do not see the fuel price falling below $60 per barrel and might well hover around $75 in the next few months with Opec cutting down production and the markets starting to stabilise. Anything above $66 per barrel will make it difficult for the ministry to bring down the prices as it will not be viable though the impending elections will have a say in this. What I feel is the government might eventually bring the prices down a bit just before the election campaigns start....only to raise it back again once seated in the Lok Sabha for a further period of 5 years after the elections .
	() Thanks

29th October 2008, 13:32	#63
theMAG Distinguished - BHPian Join Date: May 2006 Location: Avon, CT Posts: 7,217 Thanked: 1,807 Times View My Garage	The govt should reduce that excise duty. This is nonsense.
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30th October 2008, 17:30	#64
vasudeva Senior - BHPian Join Date: Mar 2007 Location: Delhi Posts: 2,221 Thanked: 212 Times	For all it is worth, US average regular gasoline prices are now US$2.66 per gallon or 70.3 cents per litre. Diesel averages 3.29/gallon or 87 cents per litre.
	() Thanks

30th October 2008, 20:31	#66
akshay4587 Senior - BHPian Join Date: Mar 2005 Location: Chandigarh/Mohali/Ambala Cantt Posts: 4,151 Thanked: 4,525 Times View My Garage	No price cut for now The Tribune, Chandigarh, India - Main News
	() Thanks

30th October 2008, 20:34	#67
theMAG Distinguished - BHPian Join Date: May 2006 Location: Avon, CT Posts: 7,217 Thanked: 1,807 Times View My Garage	Some food for thought: BBC NEWS \| Business \| What is going on in the oil market?
	() Thanks

30th October 2008, 20:51	#68
live2drive BHPian Join Date: Oct 2008 Location: New Delhi Posts: 525 Thanked: 27 Times View My Garage	no fuel price cut as of now. it will only get costlier.
	() Thanks