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Petrol price cut by 70 paise a litre
15 April 2014;timesofindia.indiatimes.com:NEW DELHI: The price of petrol was today cut by 70 paise a litre, excluding local levies, the second reduction in rates this month as appreciation of the rupee against the US dollar made oil imports cheaper. The reduction, effective midnight tonight, excludes local sales tax or VAT and the actual cut will be higher, varying from city to city. The price of petrol in Delhi will be lowered by 85 paise to Rs 71.41 a litre. This follows a 75 paise a litre reduction on April 1, which translated into a cut of 90 paise in Delhi to Rs 72.26. In Mumbai, petrol will cost Rs 80 a litre from tomorrow as against Rs 80.89 currently. Announcing the rate cut, Indian Oil Corporation, the nation's largest fuel retailer, said, "The continued appreciation of the rupee has resulted in reduction in petrol prices." There will be no change in diesel prices as oil firms revise rates of the nation's most consumed fuel on a monthly basis. The government freed petrol prices from its control in June 2010 and since then state-owned oil firms have been revising rates on the 1st and 16th of every month based on the fortnightly average of international oil prices and the rupee-US dollar exchange rate. For diesel, the government had in January last year decided to allow oil firms to raise rates by up to 50 paise a litre, excluding local levies, every month until losses on the fuel are wiped out. Since January 2013, diesel rates have risen by Rs 8.33 over 14 monthly installments. IOC said it still loses Rs 5.49 on the sale of every litre of diesel.
 
52 petrol pumps to offer poll discount in Delhi on April 10
02 April 2014;timesofindia.indiatimes.com:NEW DELHI: Fifty-two petrol pumps across Delhi, Noida, Gurgaon and Rohtak will offer 50-paise per litre discount on petrol to consumers who exercise their voting rights on April 10. "This is a contribution from petrol pump dealers to strengthen democracy by encouraging citizens to cast their vote," said Ajay Bansal, general secretary of Federation of All India Petroleum Traders. Consumers have to show the indelible ink mark on their finger as proof of having cast the ballot to avail of the discount. The scheme will be available till 5 pm in the designated petrol pumps. Sources said the discount scheme is a bid by petrol pump owners to polish their public image, which often takes a beating due to complaints of under-delivery and fuel quality issues. This campaign will supplement the Election Commission's effort to encourage voters to cast their ballot. The EC has launched a vigorous media campaign to prod voters, especially the young generation, to make the right choice. The discount scheme would be like icing on the cake for petrol consumers since the fuel's price was on Monday reduced by 75 paise per litre, excluding VAT.
 
Petrol Price cut by 75 paise per litre; Diesel price hike put off
31 March 2014;timesofindia.indiatimes.com: NEW DELHI: The price of petrol was on Monday cut by 75 paise per litre, the first reduction in five months, while the already unpopular monthly hike in diesel rates was put off during the election season. The reduction, effective midnight tonight, excludes local sales tax or VAT and the actual cut will be higher, varying from city to city. The price of petrol was last increased by 60 paise on March 1 and will cost Rs 72.26 a litre in Delhi, down 90 paise from Rs 73.16 at present. In Mumbai, the fuel will cost Rs 80.89 a litre against Rs 82.07 currently. Indian Oil Corp, the nation's largest oil firm, said since the last revision in petrol prices, there has been a dip in international oil rates and the rupee has strengthened against the dollar. "The combined impact of both these factors has resulted in reduction in price of petrol, the benefit of which is being passed on to consumers through price decrease of Re 0.75 per litre, excluding VAT," it said. However, state-owned oil firms will not raise diesel prices by the monthly 50 paise a litre decided in January last year as the loss on the fuel has dipped below the threshold of Rs 6 a litre because of the twin factors. "The under-recovery on diesel is currently Rs 5.93 per litre which is below Rs 6 a litre, which is the interim subsidy cap recommended by the Expert Group 2013 of Dr Kirit Parikh. "Hence, the issue of monthly price increase is under consideration of the government and the matter has been referred to the Election Commission. A decision regarding revision of diesel retail price shall therefore be taken on receipt of further advice by the government in this context," IOC said. Since January 2013, diesel rates have risen by Rs 8.33 over 14 monthly instalments. Besides diesel, oil firms lose Rs 34.43 a litre on kerosene sold through the public distribution system and Rs 505.50 on every 14.2-kg cylinder of domestic cooking gas.
 
Petrol hiked by 60 paise/litre, diesel by 50 paise
01 March 2014;www.hindustantimes.com:New Delhi: Get ready to pay more for petrol and diesel as stateowned oil companies on Friday hiked petrol by 60 paise a litre and diesel by 50 paise per litre. The fuel price hikes will be effective from Saturday and are excluding local sales tax or VAT. The actual increase will be higher and will vary from city to city depending on the prevailing local taxes. Petrol price, which was last hiked by 91 paise on January 4, will cost Rs. 73.16 a litre in Delhi from midnight, up 73 paise from Rs. 72.43 at present. In Mumbai, the fuel will cost Rs. 82.07 a litre as against Rs. 81.31 at present. The price of diesel in Delhi will be hiked by 57 paise, including tax, to Rs. 55.48 per litre, while it will cost Rs. 63.86 a litre in Mumbai as against Rs. 63.23 at present. Announcing the price hike, Indian Oil Corp, the nation’s largest fuel retailer, said petrol price has been hiked because international oil rates have risen and rupee depreciated against US dollar, making imports costlier. Alongside, the government on Friday decided to do away with the monthly cap of one subsidised LPG cylinder a month and allowed consumers to book a refill of the cheaper LPG cylinder within the same month. However, there will be no change in the annual quota of 12 subsidised LPG cylinders in a year. While the monthly cap on subsidised LPG cylinders is no longer valid, officials clarified that there be will no change in the annual quota of 12 subsidised LPG cylinders in a year and consumers who exhaust this quota will have to buy LPG at the market price. A subsidised LPG cylinder costs Rs. 414 in Delhi. The market price for a non-subsidised LPG cylinder is Rs. 1,258 in the national capital.
 
CNG price slashed by Rs. 15 per kg in Delhi; PNG by Rs. 5
03 Feb 2013;www.hindustantimes.com:New Delhi: The price of compressed natural gas (CNG) was cut by Rs. 15 per kg and cooking gas piped to kitchens by Rs. 5 after the Centre decided to supply cheaper domestic gas to fuel retailers in Delhi. Oil minister M Veerappa Moily said the government had decided to raise allocation of natural gas from domestic fields to city gas entities to 100% from the current limit of 80%. This would be done by cutting supplies to non-core sectors such as petrochemicals, steel and refineries. “If the move helps us in polls, it would be incidental. Our aim is to help the common man,” Moily said while announcing the price cut. The central government told the Supreme Court it would give CNG at uniform prices to all states that had a distribution network. The decision would help in reduction of prices of compressed natural gas (CNG) retailed to automobiles in cities such as Delhi and Ahmedabad. It would also bring down prices of piped cooking gas to households as cheaper domestic gas would replace costlier imported LNG that entities are using. “Our target is common man... we want to give common man a relief and in a way this is an anti-inflationary measure,” the minister said. Mumbai currently sources its entire gas requirement from domestic fields and as such there will be no cut in rates in the city. However, in Delhi, which presently uses as much as 28% of costlier imported LNG, and cities in Gujarat like Ahmedabad which too were heavily reliant on imported fuel, will see a price cut. “This (move) would lead to reduction in price of CNG and PNG across the country (except in those cities which are already getting 100% domestic gas such as Mumbai). The price of CNG in Delhi would be reduced by about Rs. 15 per kg (about 30%). There will also be a reduction of about Rs. 5 per cubic metres (about 20%) in the price of PNG," Moily said. While the orders for increasing domestic gas supply to CNG entities were issued on Monday, the decision would take around three days to come into effect as gas firms sign new supply agreements. While the CNG price was cut by almost 30% in Delhi, Moily said this was a positive signal for other states and cities, which could also soon see price reduction of 25-30%. The price of CNG was earlier hiked by 4.50 per kg by in Delhi in December last year. The price of cooking gas piped to kitchens was increased by Rs. 5.15 per kg. Then Delhi chief minister-designate Arvind Kejriwal had questioned the timing of the steep hike in CNG price which was second such hike in three months in the city. “CNG rates hiked in Delhi. Isn't the time suspect?” Kejriwal had tweeted. In a bid to reduce the price of CNG, the Delhi government had earlier decided to approach the Supreme Court to challenge Centre's cut in allocation of cheaper domestic natural gas to the national capital following an order by the Gujarat high court. Following a Gujarat HC order, the Centre had ordered all of domestically available natural gas for city gas projects to be equitably distributed among all the companies in the country than convert the fuel into compressed natural gas (CNG) for sale to automobiles.
 
Diesel Price hiked by 50 paise, non-domestic LPG cut by Rs. 107
31 Jan 2014;timesofindia.indiatimes.com: NEW DELHI: Diesel price was hiked by 50 paise per litre on Friday but there will be no change in petrol rates. The hike, effective midnight tonight, is excluding local sales tax or VAT. The actual increase will be higher and will vary from city to city. However, the price of non-subsidised cooking gas (LPG), which customers buy after consuming their quota of 12 subsidised cylinders, was cut by Rs 107 per cylinder on easing international rates. The price of diesel in Delhi will be hiked by 57 paise, including tax, to Rs 54.91 per litre, while it will cost Rs 63.23 a litre in Mumbai as against Rs 62.60 at present. The diesel price hike is in line with the January 2013 decision of the government to raise rates by up to 50 paise per month till such time that the entire losses on the fuel are wiped out, and prices made market determined. Announcing the price hike the nation's largest fuel retailer, said that even after the 13th price hike since last January, oil companies are incurring Rs 9.24 per litre loss on sale of the fuel. Officials said there will be no change in petrol rates as current price of Rs 72.43 a litre in Delhi was almost in line with the cost. The 14.2-kg cooking gas cylinder that consumers buy beyond their entitled 12 bottles at subsidised rates, will now cost Rs 1,134, down from Rs 1,241, in Delhi.Non-domestic rates were at the beginning of the year hiked by a steep Rs 220 per cylinder but have now been cut in line with softening of international oil rates. IOC said losses on LPG have come down to Rs 656 per 14.2-kg cylinder from Rs 762.50.
 
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