Petrol price hiked by Rs 2.40 a litre
New Delhi [15-06-13]: Petrol price was on Saturday hiked by a steep Rs 2.40 a litre, the second increase in rates in June alone, as devaluation of rupee against US dollar made imports costlier. The hike, which is effective from midnight tonight, is excluding local sales tax or VAT and actual increase for consumers will be higher.
Petrol price in Delhi was hiked by Rs 2.40 a litre to Rs 66.39 from Rs 63.99 previously. Oil firms had from June 1 hiked prices by 75 paisa, excluding VAT. However unlike last time, there will be no change in price of diesel.
In Mumbai, petrol price has been increased by Rs 2.52 to Rs 74.60 while in Kolkata rates went up from Rs 71.29 to Rs 73.79 per litre. In Chennai, prices were hiked by Rs 2.54 to Rs 69.39. "Since last price change, the slide in Rupee (against the US dollar) has continued and the USD-INR Exchange rate has deteriorated from Rs 55.32 to Rs 57.08 per USD," said Indian Oil Corp, the nation's largest oil firm.
NEW DELHI [03-09-12]: The oil ministry has proposed to the cabinet that diesel, cooking gas and kerosene prices should be raised immediately after Sept 7 when the monsoon session of parliament ends that may also see a hike in petrol prices, a senior official in the ministry said.
"A sense of urgency (to raise fuel prices) is felt by everybody right from the prime minister," the official told reporters.
It is expected that petrol prices may go up by Rs 5 a litre and diesel prices could be raised by Rs 4-5 a litre, government and industry officials said.
According to officials, cooking gas rates may be raised by Rs 50-100 per cylinder while kerosene could be spared for now considering it a poor man's fuel. "The ministry has not given any particular figure but it is in favour of raising prices of all fuels including kerosene, even if it is Rs 2 a litre," one official said. Diesel, cooking gas and kerosene rates have been frozen since June 2011.
"A sense of urgency (to raise fuel prices) is felt by everybody right from the prime minister," the official told reporters.
It is expected that petrol prices may go up by Rs 5 a litre and diesel prices could be raised by Rs 4-5 a litre, government and industry officials said.
According to officials, cooking gas rates may be raised by Rs 50-100 per cylinder while kerosene could be spared for now considering it a poor man's fuel. "The ministry has not given any particular figure but it is in favour of raising prices of all fuels including kerosene, even if it is Rs 2 a litre," one official said. Diesel, cooking gas and kerosene rates have been frozen since June 2011.
NEW DELHI [04-07-12]: State-run fuel retailers on Thursday cut petrol price by Rs 2.46 a litre, excluding state taxes, as the fuel became cheaper in bulk markets on the back of declining global demand.
There would be no incremental reduction in Delhi since the state government had pared local taxes on June 18. But in other states petrol would become cheaper by more than Rs 3 a litre due to a proportionate reduction in local levies.
This is the second time that fuel retailers reduced petrol price since they raised it by Rs 7.50 a litre on May 24. The retailers had last reduced the price by Rs 2 a litre. For consumers in Delhi, this would be the third reduction in the fuel's price if one were to account for the reduction in state taxes.
There would be no incremental reduction in Delhi since the state government had pared local taxes on June 18. But in other states petrol would become cheaper by more than Rs 3 a litre due to a proportionate reduction in local levies.
This is the second time that fuel retailers reduced petrol price since they raised it by Rs 7.50 a litre on May 24. The retailers had last reduced the price by Rs 2 a litre. For consumers in Delhi, this would be the third reduction in the fuel's price if one were to account for the reduction in state taxes.
NEW DELHI: [27-06-12] Petrol price may be cut by as much as Rs 4 a litre from July 1 as international oil prices fell to their lowest level since December 2010.
State-owned oil firms, which had last month hiked petrol price by a massive Rs 7.54 a litre before partially rolling it back by Rs 2.02 per litre, are due to consider revising rates at the end of this month.
" Yes, there is a scope for reduction in petrol prices. But I will not stick my neck out and say there will be a reduction for sure as we have to watch for volatility in the rupee as well," a top official at one of the three PSU oil retailers said.
State-owned fuel retailers, who as per practice revise rates of petrol on 1st and 16th of every month based on average imported cost and forex rates of the previous fortnight, had skipped changing rates on June 16.
Petrol at present costs Rs 70.24 a litre at IOC petrol pumps in Delhi.
He said the last revision was done keeping in mind an average of $ 115.77 per barrel rate of gasoline, against which domestic petrol prices are benchmarked.
Gasoline rates have since fallen to about $ 97 a barrel. But the rupee has devalued to Rs 57 to a US dollar from Rs 54.96 to a US dollar (average of first fortnight of June).
There was a scope to reduce petrol price by up to Rs 4 per litre but with rupee falling further, the cost of imports has again risen, he said.
"There is a lot of volatility in oil prices as well as value of rupee. We are watching the situation very closely," he said.
The official said the gasoline cracks or the difference between cost of raw material (crude oil) and the price of product (petrol) had narrowed to just $3 per barrel. In comparison, cracks for diesel were as high as $ 12-13 a barrel.
With such narrow spread, any upward movement in crude oil price or devaluation of rupee would force an increase in price in near future, if the rates were to be cut now.
NEW DELHI: [27-06-12] Soon, petrol
price could move daily just like in the US, Europe and Brazil. The oil
ministry is pushing state-run fuel retailers to revise the price every
day in tune with international rates and the rupee's value against the
greenback.
Top government sources said the idea is being discussed at the top level of the ministry and the brass of fuel retail companies. IndianOil Corporation, the country's largest fuel retailer, has been tasked to draw up a note on the concept.
Admittedly, it is early days. "The idea is very much on the high table. But a formal proposal is yet to be drawn up," a ministry source said in response to TOI's query. Fuel retailers review petrol price on the 15th and last day of each month. The price is decided on the basis of average regional bulk market price of gasoline — trade name for petrol — and the rupee's value against the dollar in the preceding fortnight.
Top government sources said the idea is being discussed at the top level of the ministry and the brass of fuel retail companies. IndianOil Corporation, the country's largest fuel retailer, has been tasked to draw up a note on the concept.
Admittedly, it is early days. "The idea is very much on the high table. But a formal proposal is yet to be drawn up," a ministry source said in response to TOI's query. Fuel retailers review petrol price on the 15th and last day of each month. The price is decided on the basis of average regional bulk market price of gasoline — trade name for petrol — and the rupee's value against the dollar in the preceding fortnight.
Petrol price [16-06-12] will come down by 92 paise while cost of diesel will go up by 37 paise from midnight tomorrow in the capital, with the Delhi government issuing a notification in this regard.
Petrol will cost Rs.70.24 per litre from current Rs.71.16 per litre and diesel will cost Rs.41.28 per litre as against the current rate of Rs.40.91.
"We have issued a notification slashing the VAT on the hiked component of petrol while the relief of 37 paise being provided since September last year will be withdrawn on diesel. The new rates will come into effect from midnight tomorrow," a senior Delhi government official said.
Delhi government had a fortnight ago decided to slash the VAT on the hiked component of the petrol price.
The city government had withdrawn 12.5 per cent VAT on the increased component of diesel when oil companies had hiked diesel price by Rs.3.37 in June last year.
The government had arrived at the figure of 37 paise for cut in diesel price by removing the 12.5 per cent VAT component on the hike of Rs.3.37.
Chief Minister Sheila Dikshit, while presenting the Budget in the Delhi Assembly on May 28, had announced withdrawing the 20 per cent VAT on increased component of petrol to provide some relief to people battered by high inflation.
The relief on account of withdrawal of VAT on hiked component of Rs.6.28 was calculated at Rs.1.26 but as oil companies slashed prices by Rs.1.68 on June 2, the reduction in VAT on per litre of petrol was revised at 92 paisa per litre.
The Delhi Budget in which Dikshit had made the proposal to forego the VAT on hiked component was passed by the Assembly on June 4 but officials said there was a delay in issuing the notification due to procedural reasons.
NEW DELHI (08-06-12): Not satisfied with the Rs 2 a litre cut in petrol prices, BJP today said it will launch a 'jail-bharo' agitation on June 22 against the Rs 7.50 a litre petrol price hike, saying the ad-hoc policies of the UPA government had played havoc with the nation's energy security.
"Petrol price hike of Rs 7.50 per litre was unprecedented in petroleum history and is leading to financial anarchy in the country. It has further accelerated the vicious circle of price rise," senior BJP leader and a former Oil Minister Ram Naik told reporters here.
The government should have cut customs and excise duty to contain impact of rising international oil prices and fall in rupee against the US dollar, he said. The Centre earns Rs 14.78 on sale of every litre of petrol.
"The manner in which the (May 24) hike was effected reflects the ad-hoicsm of this government. This government has no policy for the petroleum sector," he said.
The petrol price hike, the first in nearly seven months, coupled with RBI raising interest rate on 13 occasions in one-and-a-half years had compounded problems for common man.
Holding Prime Minister Manmohan Singh responsible for the policy paralysis in the government, he said the BJP-led government under Atal Bihari Vajpayee between 1999 and 2004, with TMC leader Mamata Banerjee as partner in the ruling alliance, managed economic affairs better.
It was the panel appointed by Congress government, in which Singh was the Finance Minister(1991-1996), that formed a committee on petrol and diesel prices deregulation, he noted.
NEW DELHI (08-06-12): Still battling the fallout of last month's steep Rs 7.54 a litre hike in petrol price, the government today said it is not considering raising rates of diesel, domestic gas (LPG) and kerosene for the moment.
"I will only say there is no thinking on this matter. No date for meeting of Empowered Group of Ministers (EGoM) has been fixed," Oil minister S Jaipal Reddy told reporters.
The EGoM on fuel prices, headed by finance minister Pranab Mukherjee, has not met since June last year even though depreciation in the rupee and rise in international oil prices have raised the cost of imports.
"I will only say there is no thinking on this matter. No date for meeting of Empowered Group of Ministers (EGoM) has been fixed," Oil minister S Jaipal Reddy told reporters.
The EGoM on fuel prices, headed by finance minister Pranab Mukherjee, has not met since June last year even though depreciation in the rupee and rise in international oil prices have raised the cost of imports.
BANGALORE (03-06-12): There was some relief for Bangaloreans after petrol prices were rolled back on Saturday.
Citizens, who have been breathing fire over the steep hike are relieved but only to an extent. Raghavendra M, a commuter from IIM, Bannerghatta Road to MG Road, said: "A cut of Rs 2 is nothing . We still have to pay Rs 5 more per litre and there's no escape from hikes, even in the future."
Suchitra R, a commuter from Whitefield to Indiranagar , says she's praying there'll be further cuts.
"What is the point of any hike in salary if petrol prices shoot up? The cut is fine, but more is needed. Time was when we used to pay between Rs 50 and Rs 60, now it's Rs 82. It won't be surprising if we start paying between Rs 90 and Rs 100 soon. The Rs 2 cut doesn't make a difference ," she points out.
Praveen M, a commuter from Vijayanagar to BTM, says the hike has already burnt a hole in his pocket. "If the entire hike was rolled back, it would have been better . Not that we want to pay even Rs 73 per litre. The rise is far more than the cut, so what difference does it make?"
Veena A, a professional who works on Church Street, says the hike is almost 10% of the original price.
Citizens, who have been breathing fire over the steep hike are relieved but only to an extent. Raghavendra M, a commuter from IIM, Bannerghatta Road to MG Road, said: "A cut of Rs 2 is nothing . We still have to pay Rs 5 more per litre and there's no escape from hikes, even in the future."
Suchitra R, a commuter from Whitefield to Indiranagar , says she's praying there'll be further cuts.
"What is the point of any hike in salary if petrol prices shoot up? The cut is fine, but more is needed. Time was when we used to pay between Rs 50 and Rs 60, now it's Rs 82. It won't be surprising if we start paying between Rs 90 and Rs 100 soon. The Rs 2 cut doesn't make a difference ," she points out.
Praveen M, a commuter from Vijayanagar to BTM, says the hike has already burnt a hole in his pocket. "If the entire hike was rolled back, it would have been better . Not that we want to pay even Rs 73 per litre. The rise is far more than the cut, so what difference does it make?"
Veena A, a professional who works on Church Street, says the hike is almost 10% of the original price.
NEW DELHI(31-05-12): Petrol prices may be revised tomorrow with companies talking about a scope of cutting rates by Rs 1.50-1.60 a litre. On a day when BJP-led NDA and the Left parties called a Bharat bandh or a nationwide street protests against petrol price hike, the government appeared in no mood to announce a cut. 
"To my mind, there will be no revision in rates tonight," a senior official at one of the three state-run fuel retailers said. Indian Oil, Hindustan Petroleum and Bharat Petroleum had over the past one week indicated of a scope of reducing rates from June 1. The three firms, as per practice, were to revise rates of petrol today based on average international oil price and rupee-US dollar exchange rate in the previous fortnight.
With international gasoline rates, against which petrol is benchmarked, falling to USD 114-115 from USD 124 (that was taken into account for the steep Rs 7.54 a litre hike effected from May 24), there existed a scope for reducing prices by Rs 1.50-1.60 a litre.
"If they (oil companies) would have reduced rates today, the opposition would have gone to town claiming that their Bharat bhandh was successful which forced the government to cut prices," an industry official said. Sources said the oil companies may take a call tomorrow on the quantum of reduction considering that rupee has depreciated further against the US dollar - from Rs 53.17 to a dollar to Rs 55.30.
Rupee depreciation raises cost of imports. Every dollar fall in oil price should translates into a cut in product price by 33 paisa. But every time rupee depreciates against US dollar by Re one, it translates into a requirement to raise prices by 77 paisa. -[www.timesofindia.com]
New Delhi (30-05-12): BJP has given a call to all parties opposed to the Rs 7.54 hike in petrol price to join hands with it in holding an all-India strike on Thursday against the measure by organising rallies, marches, processions and public meetings in different parts of the country.
BJP President Nitin Gadkari asked parties like DMK- which has opposed the petrol price hike despite being a UPA ally- and other parties, including NDA allies, to join the bandh on Thursday.
"The UPA government has increased petrol prices on 18 to 19 occasions. Now even the Rupee has fallen further. The situation is deteriorating in such a manner that we have reach the stage where we may have to pledge our gold again. We would like all parties opposed to the petrol hike to join our protest," Gadkari told reporters.
DMK had threatened that it may think of withdrawing support to the Congress-led UPA government due to this petrol hike. However, later DMK Chief M Karunanidhi clarified that the party will oppose the move while staying within UPA.
BJP's all-India bandh on Thursday will be observed in several districts across the country. The state unit leaders of the party have been asked to lead the processions and demonstrations in different districts.
In Delhi, Narendra Modi's bete noire Sanjay Joshi will lead the protest demonstrations near Akshardham temple. Central leaders will participate in protests in other places.
"Party leaders, including MP's would take part in rallies and also hold public meetings to protest against the anti- people policies and steep hike in prices of essential commodities by the corrupt UPA Government in connivance with mafias of vested interest," BJP vice president Mukhtar Abbas Naqvi said.
"To my mind, there will be no revision in rates tonight," a senior official at one of the three state-run fuel retailers said. Indian Oil, Hindustan Petroleum and Bharat Petroleum had over the past one week indicated of a scope of reducing rates from June 1. The three firms, as per practice, were to revise rates of petrol today based on average international oil price and rupee-US dollar exchange rate in the previous fortnight.
With international gasoline rates, against which petrol is benchmarked, falling to USD 114-115 from USD 124 (that was taken into account for the steep Rs 7.54 a litre hike effected from May 24), there existed a scope for reducing prices by Rs 1.50-1.60 a litre.
"If they (oil companies) would have reduced rates today, the opposition would have gone to town claiming that their Bharat bhandh was successful which forced the government to cut prices," an industry official said. Sources said the oil companies may take a call tomorrow on the quantum of reduction considering that rupee has depreciated further against the US dollar - from Rs 53.17 to a dollar to Rs 55.30.
Rupee depreciation raises cost of imports. Every dollar fall in oil price should translates into a cut in product price by 33 paisa. But every time rupee depreciates against US dollar by Re one, it translates into a requirement to raise prices by 77 paisa. -[www.timesofindia.com]
New Delhi (30-05-12): BJP has given a call to all parties opposed to the Rs 7.54 hike in petrol price to join hands with it in holding an all-India strike on Thursday against the measure by organising rallies, marches, processions and public meetings in different parts of the country.
BJP President Nitin Gadkari asked parties like DMK- which has opposed the petrol price hike despite being a UPA ally- and other parties, including NDA allies, to join the bandh on Thursday.
"The UPA government has increased petrol prices on 18 to 19 occasions. Now even the Rupee has fallen further. The situation is deteriorating in such a manner that we have reach the stage where we may have to pledge our gold again. We would like all parties opposed to the petrol hike to join our protest," Gadkari told reporters.
DMK had threatened that it may think of withdrawing support to the Congress-led UPA government due to this petrol hike. However, later DMK Chief M Karunanidhi clarified that the party will oppose the move while staying within UPA.
BJP's all-India bandh on Thursday will be observed in several districts across the country. The state unit leaders of the party have been asked to lead the processions and demonstrations in different districts.
In Delhi, Narendra Modi's bete noire Sanjay Joshi will lead the protest demonstrations near Akshardham temple. Central leaders will participate in protests in other places.
"Party leaders, including MP's would take part in rallies and also hold public meetings to protest against the anti- people policies and steep hike in prices of essential commodities by the corrupt UPA Government in connivance with mafias of vested interest," BJP vice president Mukhtar Abbas Naqvi said.
-[zeenews.india.com]
The big news 24th may 2012 is the massive Rs. 7.50 petrol price hike and with this, petrol prices have crossed Rs. 73.00 per liter in all the metros with Bangalore being the worst at over Rs. 81.00.
Theoretically, oil market companies have hiked the prices and not the government since petrol prices are “deregulated” but no one even pretends this is true.
In a press release issued today, IOC says that the industry has lost Rs. 4,651 crores since the last price change in December because domestic conditions (read state elections) didn’t allow any price hikes after that.
Currently, the under – recovery on petrol is Rs. 6.28 / liter which is down from Rs. 7.17 / liter in the May 12 fortnight, and 8.04/liter in April 12 2nd fortnight.
The press release also says that the current hike is not enough and there needs to be another hike of Rs. 1.50 for the rest of the year to make up for the losses that have already taken place.
The under recovery on diesel, kerosene and LPG is expected to be Rs. 1,86,000 crores in this year, and the last time the price on these was increased in July 2o11. The under recovery on diesel is Rs. 13.64 per litre and the diesel subsidy was Rs. 81,192 crores last year.
It’s hard to see why diesel prices weren’t increased first, and perhaps that’s only because they will be increased in the days to come. -[www.onemint.com]
Petrol Prices across the World Country
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