Sunday, September 18, 2011

Oil companies continue to suffer losses - Mr RPN Singh | Petrol Price In Delhi, Petrol Price, Petrol Price In India, Petrol Price In Pakistan


Mr RPN Singh minister of state for petroleum & natural gas informed the Rajya Sabha that the public sector oil marketing companies, OMCs are expected to incur under recovery of INR 121,571 crore during the year 2011-12 to insulate the common man from the impact of rise in international oil prices and the domestic inflationary conditions.

The losses take into account the average price of Indian basket of crude oil at USD 110 per barrel. The government continues to modulate the retail selling price of Diesel and its current price is below the required market price, resulting in incidence of under recovery to OMCs, which are currently incurring under recovery of INR 4.57 per liter on the sale of Diesel based on the refinery gate price as on September 1st 2011. Moreover, the government has made the price of Petrol market-determined both at the Refinery Gate and at the Retail level with effect from June 26th 2010, based on the recommendations of the Kirit Parikh Committee report. Since then, the Public Sector Oil Marketing Companies take appropriate decisions on the pricing of Petrol in line with the international prices and market conditions. Read More
Posted by High Examiner at 11:00 AM Labels: 0 comments

Petrol Price hike in Mumbai [Ten (10) years chart] | Petrol Price In Delhi, Petrol Price, Petrol Price In India, Petrol Price In Pakistan

Petrol Price hike in Mumbai [Ten (10) years chart] | Petrol Price In Delhi, Petrol Price, Petrol Price In India, Petrol Price In Pakistan

Twenty years ago petrol used to cost Rs 8. The brief journey can be read here.


Crude is currently trading at 110$ a barrel. The main reason behind hike is that the oil companies are facing a 15 crore rupees loss every day .Read More
Posted by High Examiner at 10:55 AM Labels: 0 comments

Next petrol price hike to be pegged at 4.20 rupees per liter | Petrol Price Hike


Realizing that people spent more time on cracking Pi (π) jokes than understanding the probably bad economics behind the latest hike in petrol prices by 3.14 rupees per liter, the government has decided to hitherto follow this pattern and raise prices in equally amusing numbers in future.

If sources are to be believed, the government could soon announce a price hike of 4.20 rupees per liter for petrol on a day when a court could pass orders on framing of charges in the 2G spectrum allocation scam.

“It would be awesome if the court orders filing some charges under the section 420 of the IPC,” an official working in the petroleum ministry hoped, “A petrol price hike on 4.20 rupees per liter in such a scenario would give rise to a deluge of 420 jokes and people would just forget the economics.” Read More
Posted by High Examiner at 10:51 AM Labels: 0 comments

Green group slams petrol price hike | Petrol Price Hike


The “mindless” move, of raising prices by Rs 3.14 per litre from midnight, will further widen the gap between petrol and diesel, and fan the lure for diesel cars, which offer a cheaper run for the money at the cost of environmental damage, CSE said in a media release.

“The government has been hiking petrol prices at regular intervals. But in doing this it is ignoring the severe public health impacts of ‘dieselisation’ in Indian cities, which are reeling under rising levels of killer particles, NOx and ozone,” said Anumita Roychowdhury, head of CSE’s air pollution control team.

Diesel cars are already 36 per cent of new car sales in India; the figure is expected to touch 50 per cent very soon, the CSE said, adding that what was even more worrying was that in the most popular compact car segment diesel cars are already half of all car sales.

“Cheap diesel is not only worsening the public health risk, but also encouraging more motorisation and congestion. It is ironic that while the fuel tax differential has been officially justified in the name of agriculture and freight, rich car owners have benefited more from it,” CSE said.

According the organisation, cars have already become the second biggest user of diesel and beneficiaries of the official fuel tax policy. Cars use up 15 per cent of the total diesel in the country – compared to 12 per cent by buses and agriculture each, 10 per cent by industry, and 6 per cent by the railways. Read More
Posted by High Examiner at 10:48 AM Labels: 0 comments

Petrol price rise fuels protests | Petrol Price Hike


The petrol price hike on Friday evoked sharp criticism from the people.

The middle class is the worst hit as Deepak Vijayvargi, a private company worker, says, "Everything is getting costlier and now the government has increased the price of petrol also. How will the public survive when the expenditure is more than income," he asked.

Amit Singh, a marketing agent in a company, moves on his motorbike meeting clients across the city. He invariably ends up re-filling the fuel-tank of his bike every day. "The government is very inconsiderate. A huge part of my salary is spent on fuel. I am in a lot of debts and if the situation doesn't change I will have to switch my job," he fumed. Read More
Posted by High Examiner at 10:46 AM Labels: 0 comments

Frequent petrol price hike not desirable: Mamata | Petrol Price Hike


Banerjee told reporters at the state secretariat that frequent petrol price hikes push up prices of essential commodities and this has been conveyed to the Centre through the party's All-India general secretary Mukul Roy.

The chief minister said that her party did not rest content with just making a protest, but gave relief to common people in the past, whereas the CPI(M) never did anything for them when there were past price hikes.

Banerjee was referring to the reduction of VAT on LPG by Rs 16 per cylinder by her government in the previous instance of petrol and LPG price hike. Read More
Posted by High Examiner at 10:44 AM Labels: 0 comments

Petrol Price Hike ~ Petrol Price In Bangalore, Petrol Price In Delhi, Petrol Price, Petrol Price In India, Petrol Price In Pakistan


UPA allies, oppn unite to slam petrol price hike
A day after the government increased the petrol price, Congress on Friday appeared isolated, with almost every UPA ally more vocal than the opposition in criticizing the hike. Trinamool Congress and DMK even forced the government to defer a decision on pushing up LPG prices.

BJP argued that the government`s logic of oil companies suffering losses didn`t make sense because the CAG report for the last fiscal showed that those companies had registered profits. "The government is concerned over the health of the oil companies and has forgotten the interests of the common man," said BJP spokesperson Shahnawaz Hussein.

The party refused to buy the government`s contention that a weakening rupee had contributed to the hike. "If rupee has weakened against the dollar it is because of the failed economic policies of the UPA government," Hussein said. He appealed to UPA allies like Trinamool "to build pressure on the Centre and have the latest hike rolled back". Read More
Posted by High Examiner at 10:41 AM Labels: 0 comments
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