Petrol will cost Rs59.98 from Tuesday midnight in Delhi as against Rs60.48 per litre currently. A litre of diesel will cost Rs46.09 as compared to Rs46.55 now. Photo: PTI
New Delhi: Petrol price was on Tuesday cut by 50 paisa and diesel by 46 paisa a litre, much lower than an anticipated decrease as oil companies left cushion for the government to mop up gains accruing from global oil prices dipping to multi-year lows.
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Petrol will cost Rs59.98 from Tuesday midnight in Delhi as against Rs60.48 per litre currently.
A litre of diesel will cost Rs46.09 as compared to Rs46.55 now, said Indian Oil Corp. (IOC), the nation’s biggest fuel retailer said. The rate of basket of crude oil that India buys hit a 11-year low of $34.39 per barrel on Monday, but the average for the fortnight which is taken into account for calculating new prices, was $4-5 more.
Acting as a counter balance was the rupee that fell to Rs66.99 to a US dollar on Monday as against average of Rs66.21 in the second half of November for the previous cut.
Industry officials said the net impact of the two should have warranted a reduction of at least Rs2 per litre but the oil companies have kept some cushion on cues that government may like to raise excise duty on the two fuels to mop up its revenue as it has done five times in last one year.
Excise duty was last raised on 7 November—on petrol, by Rs1.60 per litre and on diesel by 40 paise. That increase in excise duty is to yield an additional revenue of about Rs3,200 crore to the government during the rest of the current fiscal.
In the previous four hikes between November 2014 and January 2015, totalling Rs7.75 per litre on petrol and Rs6.50 a litre on diesel, it had mopped up about Rs20,000 crore in additional revenue to meet fiscal deficit targets.
The government had collected Rs99,184 crore in excise collections from the petroleum sector in 2014-15. This was Rs33,042 crore in the first quarter of the current fiscal. Tuesday’s cut in prices is the second this month. Oil firms had last cut petrol price by 58 paise per litre and diesel by 25 paise on 1 December.
“The current level of international product prices of petrol and diesel and Rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.
State-owned fuel retailers—IOC, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (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 rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” IOC said.
With the Indian basket of crude oils going below $35 a barrel, state-run Indian Oil Corp (IOC) on Tuesday announced price cuts on petrol by 50 paise a litre, and of diesel by 46 paise in Delhi, with corresponding decrease in other states, effective midnight.
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With the Indian basket of crude oils going below $35 a barrel, state-run Indian Oil Corp (IOC) on Tuesday announced price cuts on petrol by 50 paise a litre, and of diesel by 46 paise in Delhi, with corresponding decrease in other states, effective midnight.
“The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” it said in a release announcing the fortnightly revision in prices made by oil marketing firms.
The oil marketer said that allowing for local levies, the price of petrol per litre from Wednesday will be Rs.59.98 in Delhi, Rs.65.53 in Kolkata, Rs.67.04 in Mumbai and Rs.60.28 in Chennai.
Diesel will cost Rs.46.09 a litre in Delhi, Rs.49.70 in Kolkata, Rs.53.28 in Mumbai and Rs.47.28 in Chennai.
The Indian basket of crude oils, comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, plunged to $34.39 on Monday for a barrel of nearly 160 litres, as per data compiled by the state-run Petroleum Planning and Analysis Cell.
New Delhi: Petrol price was on Tuesday cut by 50 paisa and diesel by 46 paisa a litre, much lower than an anticipated decrease as oil companies left cushion for the government to mop up gains accruing from global oil prices dipping to multi-year lows.
http://www.avitop.com/cs/members/backlinksor.aspx
Petrol will cost Rs59.98 from Tuesday midnight in Delhi as against Rs60.48 per litre currently.
A litre of diesel will cost Rs46.09 as compared to Rs46.55 now, said Indian Oil Corp. (IOC), the nation’s biggest fuel retailer said. The rate of basket of crude oil that India buys hit a 11-year low of $34.39 per barrel on Monday, but the average for the fortnight which is taken into account for calculating new prices, was $4-5 more.
Acting as a counter balance was the rupee that fell to Rs66.99 to a US dollar on Monday as against average of Rs66.21 in the second half of November for the previous cut.
Industry officials said the net impact of the two should have warranted a reduction of at least Rs2 per litre but the oil companies have kept some cushion on cues that government may like to raise excise duty on the two fuels to mop up its revenue as it has done five times in last one year.
Excise duty was last raised on 7 November—on petrol, by Rs1.60 per litre and on diesel by 40 paise. That increase in excise duty is to yield an additional revenue of about Rs3,200 crore to the government during the rest of the current fiscal.
In the previous four hikes between November 2014 and January 2015, totalling Rs7.75 per litre on petrol and Rs6.50 a litre on diesel, it had mopped up about Rs20,000 crore in additional revenue to meet fiscal deficit targets.
The government had collected Rs99,184 crore in excise collections from the petroleum sector in 2014-15. This was Rs33,042 crore in the first quarter of the current fiscal. Tuesday’s cut in prices is the second this month. Oil firms had last cut petrol price by 58 paise per litre and diesel by 25 paise on 1 December.
“The current level of international product prices of petrol and diesel and Rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.
State-owned fuel retailers—IOC, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (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 rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” IOC said.
With the Indian basket of crude oils going below $35 a barrel, state-run Indian Oil Corp (IOC) on Tuesday announced price cuts on petrol by 50 paise a litre, and of diesel by 46 paise in Delhi, with corresponding decrease in other states, effective midnight.
http://www.washblog.com/user/backlinksor/prefs/User%20Info
With the Indian basket of crude oils going below $35 a barrel, state-run Indian Oil Corp (IOC) on Tuesday announced price cuts on petrol by 50 paise a litre, and of diesel by 46 paise in Delhi, with corresponding decrease in other states, effective midnight.
“The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” it said in a release announcing the fortnightly revision in prices made by oil marketing firms.
The oil marketer said that allowing for local levies, the price of petrol per litre from Wednesday will be Rs.59.98 in Delhi, Rs.65.53 in Kolkata, Rs.67.04 in Mumbai and Rs.60.28 in Chennai.
Diesel will cost Rs.46.09 a litre in Delhi, Rs.49.70 in Kolkata, Rs.53.28 in Mumbai and Rs.47.28 in Chennai.
The Indian basket of crude oils, comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, plunged to $34.39 on Monday for a barrel of nearly 160 litres, as per data compiled by the state-run Petroleum Planning and Analysis Cell.
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