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Diesel price deregulated: 6 key things you want to know

18 Oct 2014;hindustantimes.com:Gaurav Choudhury;New Delhi: The Centre announced on Saturday that it would lift controls on diesel pricing with immediate effect in a move that led to an immediate fall in pump prices of nearly 6%.

 

Here are six things you want to know about the move:

 

The cut Diesel price goes down Rs. 3.37 with immediate effect .

 

Why it's big ?

# The government has deregulated diesel prices.

# Now, oil companies will fix pump price of diesel according to crude price costs.

# Diesel price will go up if crude prices rise; will fall in crude becomes cheaper.

# Petrol price is already market-determined and change every fortnight

How was it earlier  ?

# The government fixed diesel price.

# Oil companies often used to sell diesel at a loss.

# The government used to subsidise oil companies to cover for this loss and keep retail diesel prices low.

What led to it ?

# Global crude oil prices have fallen to $84 a barrel, a fall of nearly 25% in the last six weeks.

# This has helped oil companies to fully wipe out the losses on diesel price.

# Since January 2013, diesel rates have cumulatively risen by Rs. 11.81 a litre in 19 instalments.

# Rates of diesel were last raised on August 31 after which losses have dipped.

What's in it for you.?

# Fuel bills will come down or rise depending on crude oil prices.

# Diesel price, like that of petrol, will likely change every fortnight.

# Deregulation will push private companies like Essar and RIL to open fuel stations.

# Consumers will have more choice; competition will keep prices in check.

Why is fuel deregulation important ?

# Market-determined fuel prices would cut subsidies.

# Lower subsidy bill will help govt cut taxes on petro products.

# This will help offset the shocks when global crude prices shoot up.

 
Petrol Price cut by Rs. 1 a Litre
14 Oct 2014;timesofindia.indiatimes.com:NEW DELHI: Petrol price was on Tuesday cut by Re 1 a litre, but the first reduction in diesel rates in over five years will have to wait till completion of assembly polls. State-owned oil firms, which cut petrol price by 54 paisa on October 1, reduced rates by another Re 1 per litre, excluding local sales tax or VAT, with effect from midnight tonight, Indian Oil Corp (IOC) announced here. The price revision was due tomorrow evening but was announced today ahead of polling in Maharashtra and Haryana. After accounting for the incidence of local sales tax, petrol rate in Delhi was reduced by Rs 1.21 a litre to Rs 66.65 per litre, according to Indian Oil Corp (IOC), the nation's largest fuel retailer. In Mumbai, petrol price was cut from Rs 75.73 to Rs 74.46 per litre. "Since last price change, international petrol prices have continued to show a downward trend. However, the INR-USD exchange rate has depreciated. Despite INR-USD depreciation, the fall in international oil prices warrant a decrease in selling price of petrol in the domestic market. "Thus a downward revision in selling price of petrol by Re 1.00 /litre (excluding state levies) is being effected from midnight of 14th/15th Oct'14. With this price revision, Retail Selling Price at Delhi shall decrease by Rs 1.21/litre (including VAT), with corresponding decrease in other states," IOC said. A Rs 2.50 per litre cut in diesel prices, the first in over four years, is likely after results of assembly polls in Maharashtra and Haryana are announced on Sunday. Diesel, the nation's most consumed fuel that has a direct bearing on prices of essential commodities as it is the preferred fuel for the transport sector, is regulated or controlled by the government. The fall in international oil rates last month led to situation where state-owned oil firms started making profit on diesel sales, the first time in history. However, the benefit could not be passed on to consumers as the model code of conduct had come into place with the announcement of elections to Maharashtra and Haryana assemblies. Since reduction in rates would have been a new policy, a revision was deferred.
 
Petrol price cut by 65 paise/litre from midnight

30 Sept 2014;Hindustantimes.com:New Delhi: Petrol price was on Tuesday cut by 54 paise a litre, but the first reduction in diesel rates in over five years was put off until the return of Prime Minister Narendra Modi from the US. State-owned oil firms, which skipped raising rates on September 16 even though their cost had gone up, cut prices in view of the downward trend in international markets. Petrol price was reduced by 54 paisa a litre without including local sales tax or VAT, with effect from midnight tonight. After accounting for the incidence of local sales tax, petrol rate in Delhi was reduced by 65 paisa to Rs. 67.86 per litre, according to Indian Oil Corp (IOC), the nation's largest fuel retailer. In Mumbai, petrol price was cut by 68 paisa to Rs. 75.73 per litre. Petrol price was last cut by Rs. 1.50 a litre, excluding state levies, on August 31. That reduction in Delhi came to Rs. 1.82 per litre. Alongside, the price of non-subsidised 14.2-kg cooking gas LPG cylinder, which consumer buy after exhausting their quota of 12 subsidised bottles in a year, was cut by Rs. 21 to Rs. 880 in Delhi.

However, a reduction diesel rates, the first since January 2009, was put off till Modi's return from the US as the oil ministry felt it did not have a clear mandate to reduce rates post the January 2013 decision of the Cabinet to raise prices by 40-50 paisa a litre every month. Petrol price was cut as it is a deregulated product needing no government intervention. Softening international oil rates has meant that diesel under-recovery or the difference between retail price and its imported cost was wiped out and there was an over-recovery of 35 paise a litre from September 16. This over-recovery is now about Re 1 a litre. Oil Minister Dharmendra Pradhan is believed to have already written to Modi on the emerging scenario. Also, the ministry has written to the Election Commission seeking their concurrence for the price decrease in view of state assembly elections in Maharashtra and Haryana. A decision will be taken after Modi's return, they said. Sources said the Oil Ministry is of the view that while the Cabinet Committee on Political Affairs (CCPA) on January 17, 2013, allowed a monthly increase in diesel price of 40-50 paise per month to wipe out the under-recovery, it wasn't envisaged that there would be over-recovery. It wants to reduce diesel price to protect state-owned oil companies' market share, which may be lost to private retailers who would be selling diesel in tandem with international prices.

This would be the first reduction in diesel rates in over five years. Diesel rates were last cut on January 29, 2009 when they were reduced by Rs. 2 a litre to Rs. 30.86. Since then rates have only increased as international oil prices climbed. Since January 2013, diesel prices have been raised by up to 50 paise a litre every month to eliminate under-recoveries. Like diesel, state-owned oil companies had also not changed petrol rates on September 16 though it warranted a 54 paise increase as its benchmark gasoline rates had firmed up in international market. This is perhaps the first time that retail prices of diesel in India are higher than global rates. Oil companies calculate the desired retail selling price of petrol and diesel on 1st and 16th of every month based on average international benchmark price and rupee-dollar exchange rate. As per this practice, a revision is due today. Originally, petrol and diesel prices were deregulated in April 2002 when NDA government was in power. Administered pricing regime, however, made a back-door entry towards the end of NDA regime in the first quarter of 2004 when crude prices started inching up.

Congress-led UPA controlled rates as international oil prices went through the roof. In June 2010, however, it freed petrol price from its control and rates have since them moved more or less in tandem with cost. In January 2013, the UPA decided to deregulate diesel prices in stages through monthly 50 paise a litre increases. Rates were last raised on August 31 after which losses have been wiped out. Rates have cumulatively risen by Rs. 11.81 per litre in 19 instalments since January 2013.

 
Petrol price cut by Rs. 1.82/litre; diesel rate hiked by 50 paise

30 Aug 2014;hindustantimes.com:Petrol prices was on Saturday cut by Rs. 1.82 a litre, the third reduction in rates this month, but diesel rates were hiked by 50 paise per litre. The revised rates will be effective from midnight, oil companies announced. With international oil rates on the decline, petrol prices were cut by Rs. 1.51 a litre, which, after including local sales tax or VAT, translated into a reduction of Rs. 1.82 a litre in Delhi.

Petrol in Delhi will now cost Rs. 68.51 a litre as against Rs. 70.33 currently. In line with the January 2013 decision to hike diesel prices till retail rates come on par with its cost, rates were hiked by 50 paise a litre. After, including VAT, the increase in Delhi came to 57 paise. Diesel will cost Rs. 58.97 per litre in Delhi compared to Rs. 58.40 currently. Rates will vary from city to city depending on local sales tax or VAT. Petrol price was cut by 90 paise (Rs 1.09 a litre after including local sales tax) on August 1 and again by Rs. 1.81 (Rs 2.18 per litre, after including VAT). At Rs. 68.51, petrol price is lowest since June last year when it was sold Rs. 68.58 per litre. Indian Oil corp, the nation's largest fuel retailer, said the downward trend in international prices has also warranted a cut in price of non-subsidised cooking gas (LPG) by Rs. 19 per 14.2-kg cylinder.

Non-subsidised LPG is the one that household consumers buy after exhausting their quota of 12 cylinders in a year. Subidised cylinder costs Rs. 414 in Delhi. A 14.2-kg non-subsided LPG cylinder will cost Rs. 901 from Sunday as compared to Rs. 920 currently. Also, the rates for bulk diesel, which is priced at market rates, was cut by Rs. 1.32 per litre in Delhi. As per government policy, bulk users like railways, defence and state road transport corporations buy diesel at market price, which is higher than pump rates.

 
Petrol cheaper by over Rs 2/litre from I-Day
14 August 2014;timesofindia.indiatimes.com: NEW DELHI: State-run fuel retailers announced reduction in petrol price on Wednesday, a day ahead of the scheduled revision, within hours of oil minister Dharmendra Pradhan's tweet. "Price of petrol will be reduced from midnight of 14/15 August 2014 in the range of Rs 1.89-2.38 (Rs 2.18/litre in Delhi)," Pradhan tweeted around 4pm. Two-and-a-half-hours later, state-run IndianOil Corporation formally announced the reduction. Petrol pricing was decontrolled in June 2010. Since then, state-run fuel retailers revise pump price on the first and 16th day of every month in tune with average international rates of crude, motor spirit (trade name for petrol) and dollar exchange rate. The average is calculated on the basis of rates in the preceding 15 days. Technically, under this system, the companies were supposed to have announced the reduction on August 15 and the cut would have taken effect a day after I-Day. Now, consumers will pay less from August 15. "The minister's tweet pre-empted the oil companies from holding the current price line and book profit for a day at the cost of consumers," a senior oil ministry official said.
 
Branded petrol price cut by over Rs 5/litre
10 July 2014;timesofindia.indiatimes.com:NEW DELHI: Price of branded or premium petrol was on Thursday cut by over Rs 5 per litre after finance minister Arun Jaitley slashed excise duty on the fuel. Central excise duty on Branded Petrol was cut from Rs 7.50 per litre to Rs 2.35 per litre. Branded petrol, which contains special performance enhancing additives, attracted higher duties than normal petrol. The differential excise duty led to huge difference in price of normal and branded fuel, resulting in sales of the premium version dropping to almost nil. The removal of excise duty would bring the two fuel at par. BPCL's premium branded petrol - Speed - costs Rs 83.03 in Delhi while normal petrol is priced at Rs 73.55 a litre.
 
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Today`s Crude Oil Price

Dated Brent Spot    94.68

WTI Cushing Spot   91.19   

Price $ per barrel

Down Trend 

Courtesy Bloomberg 

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