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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.
 
Petrol price hiked by Rs. 1.69/litre, diesel by 50 paise
30 June 2014;hindustantimes.com:New Delhi: Petrol price was on Monday hiked by a steep Rs. 1.69 per litre and diesel by 50 paise a litre as the crisis in Iraq spooked international oil and currency markets. The hike, effective midnight tonight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city. Petrol in Delhi will cost Rs. 73.58 per litre, up Rs. 2.02 from Rs. 71.56 at present. Diesel rates will go up by 56 paise to Rs. 57.84 per litre. "Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks. "The international prices of gasoline (petrol) have increased by more than USD 4 per barrel, and the rupee-US dollar exchange rate has also deteriorated. The combined impact of both these factors has warranted an increase in petrol prices by Rs. 1.69 per litre, excluding state levies," Indian Oil Corp, the nation's largest oil firm, said. Diesel rates were hiked in continuation with the previous UPA government's January 2013 policy of raising prices in small doses every month to eliminate subsidy. IOC said despite the 17 hikes since then, oil firms are losing Rs. 3.40 a litre on diesel. Losses have increased from Rs. 2.80 a litre earlier this month due to firming up of international oil rates and the rupee depreciating against the US dollar. Besides diesel, the state oil firms lose Rs. 33.07 a litre on kerosene sold through the public distribution system (PDS) and Rs. 449 per 14.2-kg domestic subsidised LPG (cooking gas) cylinder. IOC said at current rate the industry (IOC plus Bharat Petroleum and Hindustan Petroleum) are projected to end the fiscal with Rs. 107,850 crore of revenue losses.
 
Diesel prices hiked by 50 paise a litre
31 May 2014;timesofindia.indiatimes.com:New Delhi: Diesel prices were hiked Saturday by 50 paise a litre, excluding state levies, the second such increase in rates in three weeks. Before this increase, diesel prices had risen by a cumulative Rs 9.55 a litre in 15 installments since January 2013. The new diesel price in Delhi after including taxes is Rs 57.28 per litre, while it costs Rs 65.84 a litre in Mumbai.
 
Diesel price hiked by Rs 1.09 a litre after polling ends
12 May 2014;timesofindia.indiatimes.com:NEW DELHI: After a brief hiatus, diesel prices were on Monday hiked by Rs 1.09 a litre, excluding state levies. The monthly increases in diesel rates, which had been put on hold just before India began voting to elect a new government, were back no sooner than polling ended on Monday. The hikes, effective from midnight, are excluding state sales tax or VAT and actual increase will be higher and will vary from city to city, the oil companies announced. Diesel price in Delhi will be hiked by Rs 1.22 a litre after including taxes, to Rs 56.71 per litre, while it will cost Rs 65.21 a litre in Mumbai as against Rs 63.86 at present. State-owned oil companies, which had last hiked diesel price on March 1, will lose Rs 5.71 a litre even after today's hike. The Cabinet had in January last year decided that diesel prices should be raised by 40-50 paise a litre every month until losses on the fuel are wiped out. However, oil firms skipped the hikes due on April 1 and May 1 as UPA did not want to take unpopular decision during election season. The deferred hikes have now been implemented. Before today's increase, diesel prices had risen by a cumulative Rs 8.33 a litre in 14 instalments since January 2013. There will be no change in petrol rates even though the oil firms were losing about 50 paise a litre due to depreciation in value of rupee against the US dollar. Oil PSUs IOC, BPCL and HPCL had on April 1 skipped raising diesel rates as per the January 2013 decision of the Cabinet of small monthly raises, on the plea that revenue losses on the fuel have dropped below Rs 6 a litre. They again did not raise rates on May 1 even though the losses had climbed to Rs 6.80 per litre. The oil ministry had at the time of shelving the April hike stated that an expert committee headed by Kirit Parikh recommended that government provide a fixed subsidy of Rs 6 per litre on diesel and so there was no need to raise rates if the revenue losses were below this threshold. While the government is yet to accept the Parikh panel recommendations, the oil ministry, wary of the political fallout due to the unpopular move to raise prices, approached the poll watchdog towards March-end seeking its nod to keep monthly raises in abeyance. The Election Commission did not respond to the ministry's request for over a month, a development that was cited to yet again for not raising fuel rates on May 1 even though losses had surpassed the Rs 6 a litre threshold. The Election Commission has now told the ministry that since the revenue loss on the fuel is currently Rs 6.80 per litre, it is for the oil ministry to take a decision on raising rates. "As a sequel to the under-recovery on diesel having fallen below Rs 6 per litre, Ministry of Petroleum and Natural Gas had referred the matter to Election Commission of India on March 31, 2014. Accordingly, PSU oil marketing companies did not increase prices of diesel on April 1, 2014 and May 1, 2014. "As the proposed change has not been accepted by the Election Commission, the oil marketing companies are required to effect both the price increases together," said Indian Oil Corp, the nation's largest fuel retailer. IOC said even after today's increase, oil firms will have an under-recovery (revenue loss) of Rs 5.71 a litre on diesel. Diesel rates had risen regularly barring just one time. Oil companies skipped raising diesel prices in April 2013, when assembly elections were held in oil minister M Veerappa Moily's home state Karnataka. However, they made up by hiking diesel prices by 90 paise in the following month.
 
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