Diesel at record high of Rs 69.46 a litre, petrol inches towards Rs 78 mark

The increase pushed diesel price to its highest ever level of Rs 69.46 a litre in Delhi. In Mumbai, the fuel now costs Rs 73.74 a litre.

Latest News: Diesel prices today hit a record high of Rs 69.46 per litre while petrol rates inched towards Rs 78 a litre mark after a fall in rupee made imports costlier.

Diesel price was today hiked about 14 paise per litre and petrol by 13 paise, according to price notification of state-owned fuel retailers.

The increase pushed diesel price to its highest ever level of Rs 69.46 a litre in Delhi. In Mumbai, the fuel now costs Rs 73.74 a litre.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Diesel price had previously hit its highest level on May 29 when it reached Rs 69.31 a litre mark in Delhi.

Petrol and Diesel Price 

Petrol in Delhi today costs Rs 77.91 per litre, and Rs 85.33 in Mumbai. The rates are however lower than the peak hit on May 29 when they touched Rs Rs 78.43 a litre in Delhi and Rs 86.24 in Mumbai.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a record low of 70.32 in early trade that day.

Petrol price has risen by Rs 0.77 a litre in Delhi in last 12 days. Diesel rates have gone up by Rs...continue reading

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News Source: BS

 

False Alarm! Petrol prices down by just 1 paisa to Rs 78.43/litre in Delhi

According to the Indian Oil Corporation website, petrol is now priced at Rs 78.42 per litre in Delhi. This is just 1 paisa lower than yesterday’s price.

Business News : After news of a cut in petrol prices in the morning, India’s biggest fuel retailer, Indian Oil has revealed that the announcement of a cut in prices it made earlier in the day was a mistake. It has revised the prices once again on its website.

IOCL informed ET Now that it had published wrong prices on its website earlier.

According to the Indian Oil Corporation website, petrol is now priced at Rs 78.42 per litre in Delhi. This is just 1 paisa lower than yesterday’s price.

In Mumbai, petrol will be sold at Rs 86.23 per litre.

Earlier, it was reported that Indian Oil Corp had slashed the prices of petrol by 60 paise after 16 days of price hike. The new prices had been listed on their website as well. Petrol price in Delhi was cut by 60 paise to Rs 77.83 per litre.

The same is true for prices of diesel which were first reported to be cut by 56 paise today but now stand revised to just 1 paise less than yesterday’s levels.

Looks like the joy was short lived as prices are now back to yesterday’s level.

Read More → Petrol Price in Delhi

Petrol and Diesel excise duty may be cut Rs 2-4/litre; PMO to take final call

Petroleum Minister Dharmendra Pradhan is expected to meet oil-marketing companies on Wednesday to take stock of the situation

 

Latest News : The Prime Minister’s Office (PMO) will take a final call on a cut in the excise duty on petrol and diesel, according to senior officials, with surging fuel prices creating ripples among consumers and politicians alike. The cut is likely to be in the range of Rs 2 to Rs 4 a litre, they added.

Petrol and diesel prices touched new highs of Rs 76.87 and Rs 68.08 a litre, respectively, in Delhi on Tuesday. In the Mumbai market, prices of petrol at Rs 84.70 a litre and diesel at Rs 72.48 were the highest ever.

Petroleum Minister Dharmendra Pradhan is expected to meet oil-marketing companies on Wednesday to take stock of the situation. It is likely that the government may ask Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) to freeze prices as a temporary arrangement.

“The PMO has been provided data and inputs from OMCs. For the last one week, discussions have been going on regarding an excise duty cut, and a decision is imminent,” said a finance ministry official.

Talks are also on to reimburse the dealers their commission. When the global oil prices were down, the government had hiked the excise duty on fuel nine times, between November 2014 and January 2016, but reduced it only once, in October last year.

Finance Ministry officials said Rs 130-140 billion in losses per Rs 1 cut in excise duty on petrol and diesel was expected. “A duty cut of Rs 2 will amount to Rs 260-280 billion in losses. At a cut of Rs 4 a litre, the hit could be as high as Rs 520-560 billion,” an official said.

The Centre’s budgeted estimate in revenues from petrol and diesel duties was Rs 2.43 trillion for 2018-19.A hit to revenue collections due to an excise duty cut could impact the fiscal situation this year, which has come under pressure just two months into 2018-19 because of high crude oil prices. The total fiscal deficit target for the year is Rs 6.24 trillion or 3.3 per cent of gross domestic product. Assuming all other factors, sources of revenue, and expenditure commitments remain constant, a maximum hit of Rs 560 billion could lead to a fiscal deficit of Rs 6.80 trillion, or 3.6 per cent of the 2018-19 nominal GDP projection of Rs 187.2 trillion.

Another option before the government is to convince the states on bringing petrol and diesel under the GST regime. A decision on this rests with the GST Council. “We are following international prices based on an average of the last 15 days.

We believe all petroleum products should come under the goods and services tax (GST),” said Sanjiv Singh, chairman of IOC. If prices sustain within the $60-80 a barrel mark, fuel subsidy for the financial year may exceed the budgeted Rs 250 billion. The Indian basket crude oil price was $77.04 a barrel on Tuesday. On the other hand, the Brent crude price was seen at $79.62 a barrel at one point.

Read More on → Fuel Prices in India

Petrol price up by 58 paisa a litre; diesel cut by 31 paisa

Petrol price was hiked by 58 paisa a litre while diesel rate was cut by 31 paisa per litre in line with international trends, on Thursday.

Petrol will cost Rs 64.05 a litre from Thursday midnight as against Rs 63.47. Similarly, diesel will cost Rs 52.63 a litre as compared to Rs 52.94 a litre.

This is the second increase in rates of petrol this month, while in case of diesel it wipes away a part of the hike effected earlier this month.

Petrol price was last hiked on September 1 by a steep Rs 3.38 per litre and diesel by Rs 2.67 a litre.

"The current level of international product prices of petrol and diesel and rupee and US dollar exchange rate warrant increase in selling price of petrol and decrease in selling price of diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil Corp, the nation's largest fuel retailer, said.

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  read full story

Petrol price hiked by Rs 3.38/litre, diesel by Rs 2.67/litre

Oil marketing companies increased prices of petrol by Rs 3.38 per litre and those of diesel by Rs 2.67 per litre from Wednesday midnight, following a steep increase of crude oil prices in the international market.

“During the current fortnight, crude oil prices in the international market have witnessed a steep increase of 13 per cent (over $5 per barrel) compared to previous fortnight, with a corresponding increase in international prices of petroleum products. The current level of international prices justify an increase in prices of petrol and diesel,” state-run Indian Oil Corporation said on Wednesday.

The retail (consumer) selling prices of petrol and diesel were reduced on four occasions in the past two months on the back of decreasing international oil prices. As a result, prices in Delhi were reduced by Rs 5.56 per litre for petrol and by Rs 4.92 per litre for diesel during the period. Following the current increase, the price of petrol in read more..