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Petrol, diesel prices slashed
15 April 2015:timesofindia.indiatimes:NEW DELHI: Petrol price was today cut by 80 paise a litre and diesel by Rs 1.30 per litre, the second reduction in rates this month. The reduction will be effective from midnight tonight, Indian Oil Corp (IOC) said. After the cut, petrol will cost Rs 59.20 a litre in Delhi and diesel will be available Rs 47.20/litre. Prices of petrol and diesel were last revised downwards with effect from April 2 by Rs 0.49/litre and Rs 1.21/litre respectively. "Since last price change, the trend of international prices of petrol & diesel and INR-USD exchange rate warrant a further downward revision in prices, the impact of which is being passed on to consumers with this price decrease," IOC said.
Petrol prices hiked by Rs 3.18 per litre, diesel by Rs 3.09
28 Feb 2015; NEW DELHI: Petrol price was on Saturday hiked by Rs 3.18 per litre and diesel by Rs 3.09, the second increase in rates this month on rising international oil rates. The increase is effective from Saturday midnight. A litre of petrol in Delhi will cost Rs 60.49 from Sunday as against Rs 57.31 currently while diesel will cost Rs 49.71 per litre as against Rs 46.62 at present, oil companies announced here on Saturday. Prior to the increases this month, petrol price had been cut on ten occasions since August 2014 and diesel six times since October 2014. Cumulatively, petrol price had been cut by Rs 17.11 per litre in ten reductions since August and diesel by Rs 12.96 a litre since its deregulation in October. This trend was reversed when rates were raised on February 16. "Prices of petrol and diesel were last revised upwards with effect from February 16 by Rs 0.82 per litre and Rs 0.61 a litre respectively (including state levies at Delhi)... Since the above price revision, there has been further steep increase in international prices of both petrol and diesel," Indian Oil Corp (IOC) said in a statement. Also, the slight depreciation in rupee-dollar exchange rate together with firming international rates warrant increase in retail selling price of petrol and diesel, it said. Fuel prices would have been lower but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel. "The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," the IOC statement said.
Petrol price hiked by 82 paise/Litre, diesel by 61 paisa
15 Feb 2015; to a steep increase in international oil and petro product prices, the oil companies on Sunday hiked petrol prices by Rs 0.82 per litre and diesel by Rs 0.61 per litre (in Delhi.) This increase in auto fuel prices comes after 10 cumulative reductions in petrol by Rs 17.11 a litre since August and Rs 12.96 a litre in petrol by way of six cuts since October. HT had first reported on February 8th that consumers should brace up for a hike in petrol and diesel prices anytime soon. “There has been a steep increase in international prices of both petrol and diesel and the rupee-dollar exchange rate has also depreciated slightly since the last price revision. The combined impact of both these factors warrants increase in retail selling prices of both petrol and diesel,” said Indian Oil Corporation (IOC). While global crude oil prices have crossed the $60 per barrel mark, the Indian basket of crude oil is also ruling at above the $55 per barrel level after crashing to below $45 a barrel last month. Petrol in Delhi will now cost Rs 57.31 a litre, up from Rs 56.49 a litre. Similarly, diesel will now cost Rs 46.62 a litre from Rs 46.01 a litre. Citing a major shake-up in the oil markets, the International Energy Agency (IEA) has also predicted a recovery in global oil prices. Stating this in its five-year forecast, the IEA said global oil prices will rise to $73 per barrel by 2020.
Petrol cheaper by Rs 2.42 per litre, diesel by Rs 2.25
03 Feb 2015;;NEW DELHI: Petrol and diesel prices were on Tuesday slashed by Rs 2.42 per litre, Rs 2.25 per litre respectively as international oil prices slumped to new low. New rates will be effective from the midnight of February 4. With international crude oil prices continuing to rule below $50 per barrel, the three state-run oil marketing companies (OMCs) Tuesday decided to reduce petrol and diesel prices. As a result of the latest price revision, consumers would have to shell out Rs 56.49 per litre for petrol and Rs 46.01 per litre for diesel at the fuel stations in the national capital (subject to state levies). Currently, petrol is priced at Rs 58.91 per litre and diesel cost per litre is pegged at Rs 48.26. According to Indian Oil Corporation (IOC), the latest revision was done keeping in account the deceleration of prices globally and the appreciation in rupee-dollar exchange rate. "The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel," IOC said. On Jan 16, the three state-run OMCs had cut petrol price by Rs 2.42 a litre and that of diesel by Rs 2.25 per litre. This is the third time since the beginning of 2015, that the prices of both the transport fuels have been reduced.
Excise duty on petrol, diesel hiked by Rs 2/litre
01 Jan 2015; DELHI: The government on Thursday raised excise duty on petrol and diesel by Rs 2 per litre each but retail pump rates will not be increased. The third excise duty hike since November will help raise additional Rs 6,000 crore during remaining three months of the current fiscal as the government took advantage of a slump in global oil prices to five-year low to shore up revenue without stoking inflation. The oil firms had yesterday skipped cutting rates of the two fuels that had become necessary as international oil rates plunged to their lowest level since May 2009. The excise duty hike has now been set off against the reduction in rates that was due because of slide in oil prices. The slump in global oil rates had warranted a price cut of Rs 3.22 per litre in petrol and about Rs 3 in diesel and even after adjusting the excise increase, oil firms will have a neat margin of over Re 1 per litre. "In order to fund the ambitious infrastructure development programme of the government, particularly the building of 15,000-km of roads, during current and next financial year, the government has decided to increase basic excise duty on petrol and diesel by Rs 2 per litre," an official statement said. Together with Rs 1.50 a litre excise duty hike effected on both products from November 12 and Rs 2.25 per litre increase in duty on petrol and Re 1 on diesel from December 2, the government will mop up about Rs 17,000 crore this fiscal to contain fiscal deficit. "Allocation of these resources to the road sector will also spur economic activity and employment generation arising from the road construction sector," the statement said.
Petrol, diesel rates slashed, to go down by Rs. 2/litre
15 Dec 2014; Delhi: Petrol and diesel prices were on Monday cut by Rs. 2 per litre each as international oil prices slumped to five-year low. This is the eighth straight reduction in petrol prices since August, and fourth in diesel since October. New rates will be effective midnight, Indian Oil Corp, the nation's largest fuel retailer, announced in New Delhi. In Delhi, petrol will cost Rs. 61.33 a litre, the lowest in 44 months, as compared to current price of Rs. 63.33. The price has been cut by Rs. 2.09 a litre in Mumbai to Rs. 68.86. Rates differ from state to state because of varied rates of local sales tax or VAT. Diesel will cost Rs. 50.51 a litre in Delhi, the lowest since July 2013, as against Rs. 52.51 currently. In Mumbai, it will cost Rs. 57.91 per litre as compared to Rs. 60.11. The rate cut would have been steeper but for the government deciding to make hay out of the crude oil rate slump to $62.37 per barrel by raising excise duty on petrol by Rs. 2.25 and by Re 1 a litre on diesel. Crude oil price in June was $115 per barrel. The prices of petrol and diesel were last revised downwards on December 1 by 91 paisa a litre and 84 paisa per litre respectively (including state levies at Delhi) on the back of declining international oil prices. After Monday's reduction, petrol price has been cut by Rs. 12.27 per litre cumulatively since August. Diesel price was cut for the first time in more than five years on October 19 by Rs. 3.37 a litre when the government decided to deregulate the fuel. This was followed by a Rs. 2.25 a litre reduction on November 1 and 84 paisa per litre on December 1. Cumulatively, diesel prices have been cut by Rs. 8.46 a litre in four reductions. There would have been another reduction on November 15 but the government mopped up, raising excise duty on petrol and diesel by Rs. 1.50 a litre each. In the two excise duty hikes, the government has raised its revenue by Rs. 10,600 crore this fiscal.
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