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Petrol, diesel rates slashed, to go down by Rs. 2/litre
15 Dec 2014;hindustantimes.com:New 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.
 
Petrol price cut by 91 paise a litre, diesel by 84 paise
01 Dec 2014;hindustantimes.com:State-owned oil companies on Sunday announced yet another cut in the price of petrol by 91 paise per litre and diesel by 84 pase a litre on the back of falling global oil prices. The revised prices will be effective from Monday. After the revision, petrol will cost Rs. 63.33 per litre in Delhi, Rs. 70.33 a litre in Kolkata, Rs. 70.95 in Mumbai and Rs. 66.05 in Chennai. Similarly, diesel will cost Rs. 52.51 in Delhi, Rs. 57.08 a litre in Kolkata, Rs. 60.11 a litre in Mumbai and Rs. 55.93 a litre in Chennai. This is the seventh reduction in the price of petrol since August and the third in that of diesel since its decontrol in October. Petrol price was last cut by Rs. 2.41 a litre on November 1 and diesel by Rs. 2.25 a litre. Diesel price was for the first time in more than five years slashed on October 19, by Rs. 3.37 a litre, when the government decided to deregulate the fuel. Prior to the October 19 reduction, diesel rates were last cut in January 2009. Since June, global oil prices have fallen by about 40% and have fallen from the highs of $115 as demand from the world’s largest consumer—US fell on the back of its increasing shale oil output. Last Friday, global crude oil prices fell below $70 per barrel following the decision by the cartel of oil producing nations—the Organization of the Petroleum Exporting Countries (OPEC) of not implementing any production cut. Any further fall in global oil prices ---which analysts and market experts predict could plunge to $60 a barrel will benefit oil importing nation like ours. Alongside, the government had on November 13 hiked excise duty on petrol and diesel by Rs. 1.50 per litre. However, there was no increase in the retail price of the two fuels despite this duty hike.
 
Petrol Prices increased by Rs. 1.50 per litre
13 Nov 2014;timesofindia.indiatimes.com:NEW DELHI: Petrol and diesel prices were on Thursday hiked by Rs 1.50 per litre after government raised excise duty on the two fuel to mop up an additional revenue of about Rs 13,000 crore. The fall in international oil prices had resulted in six consecutive reduction in petrol prices since August and two in diesel in the last one month and there was possibility of another round of cuts this weekend. But the possible reduction has now been negated as the the government decided to raise excise duty to shore up its revenue. Excise duty on normal or unbranded petrol was hiked from Rs 1.20 per litre to Rs 2.70 per litre and unbranded diesel from Rs 1.46 a litre to Rs 2.96, a government notification said. The same on branded petrol was raised from Rs 2.35 a litre to Rs 3.85 and on branded diesel from Rs 3.75 to Rs 5.25 per litre. While the excise duty hike will result in an immediate increase in both petrol and diesel prices, the expected reduction would keep the retail rates at almost the same levels. There is also a possibility of state-owned oil firms preponing the planned review of fuel prices due on Saturday to make the whole exercise price neutral for consumers. Before the duty hike, petrol cost Rs 64.25 a litre in Delhi and diesel Rs 53.35 a litre. While the fall in global rates and the resultant cuts in retail prices had led to loss of revenue to the exchquer, particularly, for state governments, there wasnt any loss to the Central government on account of reduction in petrol and diesel prices as excise duty on the two fuel is fixed and not ad valorem. Unbranded petrol currently attracts a basic excise duty of Rs 1.20 per litre, a special additional excise duty of Rs 6 a litre and a road cess of Rs 2 per litre. Unbranded diesel attracts a basis excise duty of Rs 1.46 a litre and road cess of Rs 2 per litre. The total excise duty on unbranded petrol will rise from Rs 9.20 to Rs 10.70 per litre and than on unbranded diesel from Rs 3.46 to Rs 4.96 per litre. Branded petrol currently attracts an excise duty of Rs 10.35 per litre which would go up to Rs 11.85 per litre and that on branded diesel from Rs 5.75 to Rs 7.25 per litre.
 
Petrol, diesel prices slashed; no change in gas rates.

::01 Nov 2014:timesofindia.indiatimes.com:NEW DELHI: There is good news for fuel users with state-run oil companies cutting petrol price by Rs 2.41 a litre to Rs 64.24 in Delhi, while diesel will be cheaper by Rs 2.25 a litre at Rs 53.35 following a fall in global crude prices. While the refiners have passed on the benefit of lower crude prices effective Friday midnight, the government has also stepped in to cushion households from the impact of an increase in gas prices. Indraprastha Gas, which supplies piped cooking gas and compressed natural gas (CNG), has decided against increasing prices despite the rate of natural gas rising from $4.2 a unit to $5.6 a unit from Saturday. The impact of the higher gas price is being absorbed by IGL, said sources. For diesel vehicle users, the second reduction in a span of 12 days means that the auto fuel will be around Rs 5.60 a litre cheaper. This virtually wipes out the increase of 50 paise a month that was undertaken over the last 12 months to align domestic and international prices. The fall in crude prices has already reduced the burden for petrol car users as prices are now Rs 9.36 a litre off the peak of Rs 73.60 a litre seen during July. The fall in global crude prices and the decision to link domestic diesel prices with international rates has also come as a major relief for the government, which was earlier forced to share the subsidy burden with refiners.

Petrol Prices:

Delhi: old (66.65) New (64.24),  Mumbai : old (74.46) New (71.91), Kolkata: old (74.21) New (71.68), Chennai: old (69.59) New (67.01)

Diesel Prices:

Delhi: old (55.60) New (53.35), Mumbai : old (63.54) New (61.04), Kolkata: old (60.30) New (57.95), Chennai: old (59.27) New (56.84)

 
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.
 
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Today`s Crude Oil Price

Dated Brent Spot    61.47

WTI Cushing Spot   56.59   

Price $ per barrel

Down Trend 

Courtesy Bloomberg 

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