Petrol prices update thread

[veryhiphop]

Petrol, diesel prices hiked again, rates at record high in Delhi, Mumbai

Spiralling petrol prices touched fresh record levels in Delhi and Mumbai on Monday, at Rs 76.57 and Rs 84.40 per litre respectively.

[veryhiphop]

Indian Oil website fixes glitch; petrol, diesel prices cut by 1 paise, not 60 paise

The cheer among consumers over petrol, diesel price cut proved to be short-lived, courtesy an error in the official website of Indian Oil Corporation (IOCL). Petrol and diesel prices were cut by 1 paise per litre each in the capital city of Delhi on Wednesday.

However, earlier in the morning, the website said that petrol and diesel prices have been cut by 60 paise and 56 paise per litre respectively, as was reported here earlier.


This is a huge relief.. With these 60 paisa I will invest in jan dhan yojna..

Source : https://timesofindia.indiatimes.com/...w/64377933.cms

[vaibhav1987]

Re: Indian Oil website fixes glitch; petrol, diesel prices cut by 1 paise, not 60 paise

The cheer among consumers over petrol, diesel price cut proved to be short-lived, courtesy an error in the official website of Indian Oil Corporation (IOCL). Petrol and diesel prices were cut by 1 paise per litre each in the capital city of Delhi on Wednesday.

However, earlier in the morning, the website said that petrol and diesel prices have been cut by 60 paise and 56 paise per litre respectively, as was reported here earlier.


This is a huge relief.. With these 60 paisa I will invest in jan dhan yojna..

Source : https://timesofindia.indiatimes.com/...w/64377933.cms

Please add my 60 paisa too... With few hundred more contributors we may have true JanDhan....

[ishaikhi]

Re: Indian Oil website fixes glitch; petrol, diesel prices cut by 1 paise, not 60 paise

Please add my 60 paisa too... With few hundred more contributors we may have true JanDhan....

Finally the price has come down.

[vaibhav1987]

Re: Indian Oil website fixes glitch; petrol, diesel prices cut by 1 paise, not 60 paise

Finally the price has come down.

Turns out it came down by 1paisa... sala bahot bada popat ho gya

[veryhiphop]

Re: Indian Oil website fixes glitch; petrol, diesel prices cut by 1 paise, not 60 paise

Turns out it came down by 1paisa... sala bahot bada popat ho gya

Today petrol 7 paisa slashed.....

[Ritabroto]

Re: Petrol prices update thread

Going by the cheap tricks played by the politicians, we can safely assume that fuel price will go down before 2019 election. It will also come under GST. After election if BJP wins then fuel price will shoot up & I think will touch INR 100/- mark.

[Sujan Azad Parikh]

Re: Petrol prices update thread

Today's petrol price in Hyderabad is Rs 83/litre. Days are coming when soon it would be Rs 100 per litre.

[ishaikhi]

Re: Petrol prices update thread

Government is waiting for the international crude oil price to come down and it does it will pass it on to the consumer and will take the credit for it.

[Samarth 619]

Re: Petrol prices update thread

Petrol has touched Rs. 81.01 in my city, Ajmer, Rajasthan.


Some pointers I would like to give reg. the entire petrol situation, given that social media is rampant and hell bent on misinforming us with false info:-

1. Yes, there are many countries where petrol is more expensive than India. However, very very few of these are developing countries, like China, etc.. Many are developed economies where average income is much higher, if you convert them in rupees, even for what we consider basic jobs, like waiter, cleaner, driver, etc.
Similarly, enough countries exist with lower petrol price than India too. But their economies and income level "MAY" be inferior to us too.
Just like India, many other countries too have demanding governments taxing fuel lightly or heavily..

So, do not consider India unique or a special case in any matter. There are money lovers both here and abroad, and in all kinds of political parties, less or more.
But yes, a careful vote definitely helps us in general... This is a fact.


2. The prices of other commodities are also linked to fuel, because their transport cost is affected... That is true.

In reality, a 10% increase in fuel price shouldn't cause more than 1-4% change in the price of other products, because transport cost is just one cost among many others, but that's in an ideal world.
In reality, transport industry uses fuel cost as an excuse towards higher income, more so w.r.t rural/ semi urban locations & markets.


3. Crude oil prices affect fuel cost to the nation. Again, raw material cost is just one cost and this doesn't change the cost to run the refinery, the salaries of engineers and officers, fixed costs, etc...

So, if petrol was Rs. 80/ litre, when Crude oil was $80/ barrell...
it doesn't mean that crude oil at $40/bar should result in a price of Rs. 40/ litre. Never fall for such claims.
Although, if crude oil price drops, yes, the petrol and diesel too should, ideally.

4. The products derived from processing crude oil are asphalt (road), kerosene, diesel, jet fuel, petrol, lpg, motor oil, other gases, petroleum jelly, sulphur compounds, etc.


5. In India, even if GST is applied twice on fuel (by present rates), we'd be looking at a very attractive fuel cost. But...
If you ask me for a personal opinion, it will either happen in the last 3 months of 2018, or the first 2 months of 2019 (before aachaar sanhita is applied), or it might not happen for few more years..


6. In India, petrol price is a political debate between state and central government over excise duty. People say, price should reduce. State govt says center should do it, center says state govts. should.
Recently, Kerala govt took matters into their own hands by announcing a price cut, but that was hardly a relief as prices were already too high.

7. Avoid one liner memes on the internet on informative topics. They're likely to show a one sided picture. If someone constantly posts such stuff, a wrong/ incomplete piece of info goes into your subconscious mind... which is dangerous in long term.
Silent/ Unfollow such people, while still being friends with them. They won't know of this, so you're safe.

8. Contrary to the popular opinion, the masses adopting electric vehicles may not result in cheaper petrol.
In fact, its more likely that electricity be taxed higher for people owning e-vehicles, or financial pressure be applied by any other way, like taxing of charging stations, etc.


If I'm wrong, do correct me.

[bharatheshk]

Re: Petrol prices update thread

Petrol has touched Rs. 81.01 in my city, Ajmer, Rajasthan.


Some pointers I would like to give reg. the entire petrol situation, given that social media is rampant and hell bent on misinforming us with false info:-
If I'm wrong, do correct me.

Well said ,the issue is complex even without the political angle that people don't take everything into account before giving their opinion. Managing the GST issue for fuel should help though it will be a challenge in a large country with poor fuel transport facilities.

[akshay]

Re: Petrol prices update thread

Petrol is Rs. 86/- per litre here in Pune. To get a low down on how fuel is priced in India have a look at this informative video.

https://youtu.be/OSQXo3DpFAg

[slevynhawk]

Re: Petrol prices update thread

8. Contrary to the popular opinion, the masses adopting electric vehicles may not result in cheaper petrol.
In fact, its more likely that electricity be taxed higher for people owning e-vehicles, or financial pressure be applied by any other way, like taxing of charging stations, etc.


If I'm wrong, do correct me.

Adopting E-vehicles by the masses would reduce import bills of the government as currently we import 80% of our requirement which in turn helps in reducing current account deficit and other fiscal deficit, considering other macro factors and government spend on infrastructure and other sectors, currently it is very difficult to reduce fuel prices by slashing central government share as that'd would increase the deficit. Government too "might" be interested in future in reducing fuel prices as fuel has significant weight in the basket of commodities used to measure inflation in the country, Containing inflation helps keeping borrowing and lending rates in check which in turn induce more investments in the country and more borrowing power for the people which helps in stabilizing rupee rates in international market . Basis this i believe 10-20 years down the line there will be downward trend in fuel prices if India successfully able to implement its ambitious e-vehicles plan.

For charging e-vehicles battery solar energy can be used which won't put too much pressure on electricity prices as our conventional method of generating electricity using scarce resources like coal are already putting too much pressure on the prices. However, the plan and infrastructure for charging stations is yet to be finalized by the think tanks of our government.


P.S. I am wrong anywhere pls enlighten me..

[Sujan Azad Parikh]

Re: Petrol prices update thread

Today's Petrol price in Hyderabad (Andhra Pradesh) is Rs. 82.45 per Litre. Last change in Hyderabad petrol price was on June 5, 2018 and it was decreased by -0.14 rupees.

[Samarth 619]

Re: Petrol prices update thread

Adopting E-vehicles by the masses would reduce import bills of the government as currently we import 80% of our requirement which in turn helps in reducing current account deficit and other fiscal deficit, considering other macro factors and government spend on infrastructure and other sectors, currently it is very difficult to reduce fuel prices by slashing central government share as that'd would increase the deficit. Government too "might" be interested in future in reducing fuel prices as fuel has significant weight in the basket of commodities used to measure inflation in the country, Containing inflation helps keeping borrowing and lending rates in check which in turn induce more investments in the country and more borrowing power for the people which helps in stabilizing rupee rates in international market . Basis this i believe 10-20 years down the line there will be downward trend in fuel prices if India successfully able to implement its ambitious e-vehicles plan.

For charging e-vehicles battery solar energy can be used which won't put too much pressure on electricity prices as our conventional method of generating electricity using scarce resources like coal are already putting too much pressure on the prices. However, the plan and infrastructure for charging stations is yet to be finalized by the think tanks of our government.


P.S. I am wrong anywhere pls enlighten me..

You're right mostly. A good discussion indeed.

In my opinion, solar won't get too famous, neither at home level, nor the macro. Its expensive, and with private companies cutting their share of profit, the subsidy is sacrificed anyhow, the common consumer doesn't get a deal worth the investment and risks. Plus, US of A has its own fears on letting India be a solar superpower, we all know how they interevene....


Solar is something we're looking as a solution in the long term. That's why the electric push. We know for sure that once fuel or electricity is under shortage, solar will help as a solid alternative, specially because we're in tropical areas with 90% clear sunlight time.

Right now, e vehicles are just an extra burden on our coal reserves. And that's another cause of worry. Given how energy needs are in the summers, at some places in india, we're looking at a really bad electricity situation...
So, a couple of hundreds or thousand customers aside, I really wouldn't like to see the masses purchasing e vehicles right now... for few more years at least.


Inflation is a natural characteristic of a developing economy. I don't believe the government can reduce that a lot in long term. What we can do is control it mildly.


You're right about imports. But, the economies of scale will go down. Raw material is just one cost. The entire refineries' infrastructure would be underutilised, thereby just making fuel expensive, even before taxes. Obviously, we won't be able to fire officers & engineers with permanent jobs, just because plants are underutilised. A lot of expenses will be full as before, even on reduced capacity.
So, it will take time before costs can be stabilised. In the meantime, costs will only flare up, to my best understanding, if demand goes down.

Your estimate of 10-20 years is justifiable I guess. In long term, oil is bound to go down, at least internationally. However, the underdeveloped economies of the world (african countries, etc.) MIGHT, in a period of 10-20 years, start to become developing countries... There, the demand of oil might increase again...
So, we can't predict the future accurately. Too many variables. But yes, the drift is right.
Let me know your thoughts.