Nasheman

India's largest selling Urdu weekly, now also in English

You are here: Home / Archives for Petrol

Petrol price cut by 74 paise per litre, diesel by Rs 1.30/litre

by

petrol-price

New Delhi: In marginal relief to consumers, oil marketing companies have cut petrol and diesel prices by 74 paise per litre and Rs 1.30/litre respectively. The oil prices had been hiked steeply only last week.

On April 4, petrol price had been hiked by Rs 2.19 a litre and diesel by 98 paise per litre.

State-owned fuel retailers IOC, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) revise rates of the fuel on 1st and 16th of every month based on the average oil price and the foreign exchange rate in the preceding fortnight. “The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” IOC has said in the past.

Consumers are still to get all the benefits from the sharp drop in international oil prices to a decade low as the government on five occasions since November has raised excise duty on the two auto fuels.

The five levy hikes add up to Rs 4.02 per litre on petrol and Rs 6.97 on diesel, handing the government a neat Rs 17,000 crore as additional revenue.

In 2014 diesel prices were deregulated, giving oil marketing companies the liberty to hike or cut prices according to global price movement.

(Agencies)

 

Petrol prices hiked by Rs 3.07/litre, diesel gets dearer by Rs 1.90 a litre

by

petrol-price

Mumbai: Petrol price was on Wednesday raised by Rs 3.07 per litre, while diesel price was hiked by Rs 1.90 per litre in Delhi. The revised prices will be effective midnight.

After today’s revision, a litre of petrol in Delhi will cost Rs 59.68, while diesel will retail at Rs 48.33/litre, said Indian Oil Corporation, the country’s largest retailer. Petrol in Kolkata, Mumbai and Chennai will cost Rs 63.76, Rs 65.79 and Rs 59.13 a litre respectively.

In the previous revision on February 29, petrol prices were cut, though diesel was made more expensive. (Read more)

Petrol and diesel prices are deregulated in India, which means they are linked to market rates.

Oil prices in India are influenced by global rates as well as the exchange rate. Global crude prices have been on the rise ahead of a key meeting of oil producers next month that will discuss a proposal to freeze output.

The rupee, which had pulled back below 67 per dollar, has also lost ground. However, it closed higher at 67.22 per dollar today.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise rates of the fuels on the 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.

(Agencies)

Petrol cheaper by 58 paise, diesel 25 paise

by

petrol-price

New Delhi: The price of petrol was today cut by 58 paise per litre and that of diesel by 25 paise, reversing the trend of increasing rates, on global cues.

Petrol will cost Rs 60.48 per litre from mid-night tonight in Delhi as against Rs 60.70 a litre currently.

A litre of diesel will cost Rs 46.55 from tomorrow compared with the Rs 46.80 now, said Indian Oil Corporation (IOC), the nation’s biggest fuel retailer.

The price cut more than reverses the hike of 36 paise a litre in petrol rates effected on November 16, the first increase in five months. Similarly, in the case of diesel, it reverses the three rounds of hikes since October — the last being 87 paise a litre on November 16.

“The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrants a decrease in prices, the impact of which is being passed on to consumers with this price revision,” IOC said in a statement here.

Prior to the November 16 hike, petrol price had been slashed on four occasions — by Rs 2.43 on August 1, Rs 1.27 on August 16, Rs 2 on September 1 and 50 paise on November 1.

Diesel rates were not changed on November 1, but hiked by 95 paise on October 16 and 50 paise on October 1. Rates of diesel were last cut by 50 paise on September 1.

State-owned fuel retailers — IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) — revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

“The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the IOC statement added.

(PTI)

Petrol price cut by Rs 2 per litre; diesel by 50 paise

by

An employee counts money at a fuel station in Kolkata

New Delhi: Petrol price was today cut by Rs 2 per litre and diesel by Rs 0.50 a litre, the third reduction in rates this month on fall in global oil rates.

The new rates will be effective midnight tonight, said Indian Oil Corp (IOC), the nation’s largest fuel retailer.

Price of petrol in Delhi has been cut by Rs 2 per litre, including local levies, and will cost Rs 61.20 per litre from tomorrow as against Rs 63.20 currently.

A litre of diesel will cost Rs 44.45 as compared to Rs 44.95 currently. Oil firms had last cut petrol price by Rs 1.27 a litre and diesel by Rs 1.17 per litre with effect from August 15. Prior to that, rates of petrol were cut on August 1 by Rs 2.43 a litre and that of diesel by Rs 3.60.

“Since last price change, there has been a decrease in international prices of both petrol and diesel. However, Rupee-US Dollar exchange rate has depreciated during this period. The impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” IOC said in a statement.

Last month, the price of petrol was cut on July 1 by 31 paise per litre and diesel by 71 paise a litre. This was followed by a Rs 2 per litre cut in rates of both petrol and diesel, excluding local sales tax, from July 16 but consumers in Delhi were deprived of the benefit as the Delhi government raised VAT.

As a result, petrol price in Delhi went up by 28 paise a litre after hike in VAT or sales tax on the fuel from 20 to 25 per cent.

Rates of diesel, on which VAT was raised from 12.5 per cent to 16.6 per cent, saw a smaller reduction of 50 paise per litre.

“The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” IOC said.

(PTI)

No petrol, diesel supply on Saturday April 11

by

petrol-price-oil

Bengaluru: Petrol bunk owners have decided to stop supply of petrol and diesel from April 11 Saturday 6pm to Sunday 6am. The decision not to sell fuel comes after their demands were not met by the concerned authorities.

Akhila Karnataka Petroleum Traders Association and Bangalore Petroleum Dealers president B R Ravindranath said the fuel bundh has been decided to compel government to meet thier demands. The bundh will be carried across the country and state too has supported the move, he said.

As many as 1800 bunks all over the state, including 450 petrol bunks in Bangalore will stop supply of fuel.

The strike will be held to meet various demands including 5% profit must be given to Diesel and petrol retailers.

(Agencies)

Petrol price cut by Rs 2.42; diesel by Rs 2.25 per litre

by

petrol-price-oil

New Delhi: Petrol price was cut by Rs 2.42 while that of diesel was cut by 2.25 per litre, oil marketing companies said on Tuesday.

This is the tenth straight reduction in petrol prices since August, and sixth in diesel since October.

Petrol and diesel prices were last cut on January16 by Rs 2.42 and Rs 2.25 per litre respectively.

Oil edged higher in Asia today, extending gains from the previous day after US firms cut drilling activity, but analysts doubt the rebound will be sustained as supplies still far outweigh demand.

US benchmark West Texas Intermediate (WTI) for March delivery rose 37 cents to USD 49.94 while Brent crude for March gained 22 cents to USD 54.97 in late morning trade.

(Agencies)

Petrol price cut by Rs 2.42/litre, diesel by Rs 2.25

by

petrol-price-oil

New Delhi: Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.

The reduction would have been almost double but for the government also raising excise duty by Rs 2 per litre on both petrol and diesel on Friday.

This is the ninth straight reduction in petrol prices since August, and fifth in diesel since October.

New rates will be effective midnight tonight, Indian Oil Corp, the nation’s largest fuel retailer, announced here.

In Delhi, petrol will cost Rs 58.91 a litre, the lowest in 44 months, as compared to Rs 61.33 a litre now. Similarly, diesel will cost Rs 48.26 a litre in Delhi, the lowest since April 2013, as against Rs 50.51 currently.

This is the fourth hike in excise duty since November and cumulatively customers have been denied the benefit of Rs 7.75 per litre reduction in petrol and Rs 6.50 a litre cut in diesel rates that was warranted due to the slump in oil price to USD 46 per barrel.

A Finance Ministry notification said the excise duty on unbranded petrol is being hiked to Rs 8.95 per litre and that on unbranded diesel to Rs 7.96 per litre.

The four excise duty hikes will result in about Rs 20,000 crore in additional revenue this fiscal and will help the government meet its fiscal deficit target of 4.1 per cent of the GDP.

Petrol and diesel prices were last cut on December 16 by Rs 2 per litre each.

Including Friday’s reduction, petrol price have been cut by Rs 14.69 per litre on a cumulative basis since August, while diesel rates in five downward revisions have been slashed by a total of Rs 10.71 a litre.

Crude oil price in June was at USD 115 per barrel.

Petrol, diesel rates cut by Rs 2 per litre

by

petrol-price-oil

New Delhi: Petrol and diesel prices were today 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 tonight, Indian Oil Corp, the nation’s largest fuel retailer, announced here.

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 USD 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 USD 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 today’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.

IOC said in a statement: “The prices of petrol and diesel were last revised downwards with effect from December 1 by Rs 0.91 per litre and Rs 0.84 a litre respectively (including state levies at Delhi) on the back of declining international oil prices.

“Since the above price changes, the international prices of both petrol and diesel have continued to be on a downtrend. The Rupee-US Dollar exchange rate has however appreciated since the last price change. The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel.”

The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes, it added.

(PTI)

Petrol price cut by 91 paise/litre, diesel by 84 paise

by

petrol-price-oil

New Delhi: Petrol price is cut by 91 paise a litre, the seventh reduction since August, and diesel by 84 paise per litre, the third straight cut, as international oil rates continued to slump, on Sunday.

Petrol and diesel price reduction will be effective from midnight tonight, Indian Oil Corp, the nation’s largest fuel retailer, announced.

In Delhi, petrol price will cost Rs 63.33 a litre as compared to Rs 64.24 per litre previously while in Mumbai the reduction will be 96 paise to Rs 70.95 per litre.

Diesel will cost Rs 52.51 a litre in Delhi from tomorrow as against Rs 53.35 currently while in Mumbai the price will be cut by 93 paise to Rs 60.11 per litre.

Rates differ from state to state due to differential local sales tax or VAT rates.

The prices of petrol and diesel were last revised downwards on November 1 by Rs 2.41 a litre and Rs 2.25 per litre respectively (including state levies at Delhi) on the back of declining international oil prices.

“Since the last price changes, the international prices of both petrol and diesel have continued to be on a downtrend.

The Rupee-USD exchange rate has however appreciated since the last price change. The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel,” IOC said in the statement.

This is the seventh consecutive reduction in petrol prices since August and third in diesel in rates since October.

Prior to today’s reduction, petrol price has been cumulatively cut by Rs 9.36 per litre 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 another reduction on November 1.

“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 statement said.

KNOW US

GET INVOLVED

PROMOTE

Archives