Petrol prices update thread

[Satyamzma]

This is nothing ...prices will go up by Rs 5 again very soon..

[happybiking]

Final nail in the coffin!!!

^^Yeah 5 more bucks up is coming pretty soon in case of petrol prices...but today morning saw the news stating that even Diesel would be de-regularized soon

Wonder where the inflation will head now...

P.S : how I wish the taxes were relaxed a bit. 50% of the price we pay are the taxes

[Satyamzma]

most taxes we pay goes to increase politicians Bank Balance in UBS Bank Switzerland..

[Janesh.J]

Calculations of Petrol Prices in India

See the amount of taxes. They could bear the corruption but can't bear the reduction in taxes.

• Basic Price: Rs 28.93
• Excise duty: Rs 14.35
• Education Tax: Rs 0.43
• Dealer commission: Rs 1.05
• VAT: Rs 5.5
• Crude Oil Custom duty: Rs 1.1
• Petrol Custom: Rs 1.54
• Transportation Charge: Rs 6.00
• Total price: Rs 58.90

Instead of putting such a large amount of exciese on petrol, it can be applied to cigarettes and alcohol, which are not a necessity whereas petrol is a necessity.

[torque_ankur]

I guess by end of this year the price will touch 100..

[captain koli]

well the shit congrass govt gave a statement in media today saying that petrol price is not in their hands as its deregulated and the oil firms fix the price well how in the hell did they raise the price of petrol only after elections in five states why did the oil firms raise it before this is all bull shit
this f***** up upa govt knows its dead next term so they are looting us like there is no "2mrow"

[cmahajan]

There is one basic question I'd like to ask those who are supporting the price hike (although there aren't many here).

The price of crude oil in the international market is the same for all countries, that being the case, why is the price of fuel different in different countries?

The answer is simple, there are many countries like the USA which import 10 times more fuel from countries like UAE than is actually required by them. They do this keeping in mind that the international prices vary and the demand keeps increasing everyday. Since they have fuel reserves which can serve them for many years to come, they can regulate the prices as per their wish and hence the price of fuel there is within tolerable limits.

In India, we don't import much more than what we require. Hence, the impact of increase in international prices is immediate.

The govt. must provide subsidies on fuel prices and regulate them by recovering for the losses from elsewhere. De-regulating the prices was a horrible decision and it's only going to affect us more and more in future

Also, there are times when the price of crude oil dips...but we never see any reduction in fuel prices despite of that unless there are elections looming at the horizon...this govt. is full of cheats and scoundrels..

[happybiking]

...
The govt. must provide subsidies on fuel prices and regulate them by recovering for the losses from elsewhere. De-regulating the prices was a horrible decision and it's only going to affect us more and more in future

Beat this : Come June and even Diesel 's gonna be de-regularised... They wanted to do that once inflation came down to 7% but they say now it would be too long a wait...And that would give a nice north-ward kick to inflation...god save us all

Am expecting lot lesser threads in the Tourer section going forward

[KIRTIMANNAN]

this is the beginning of the end of free riding touring and cruising..where is the country going..Buses are the way to go..pity the car users especially...

[captain koli]

why god save us its time to save ourself lets start a revolution to get this shit corrupt upa govt down now is the time lets do a lokpal bill type agitation to save our country from assoles politicians lets do something about this shit govt lets take something from the uprising in middle east

[madhav krishna]

Tum log ab shubh shubh bolo....

Can anyone update me with the current petrol prices in bangalore?? (If checked personally) Does anyone know if the prices have been increased in all the companies or only a few. I mean like HP, IOC, BP etc.

Any idea bangaloreans??

[sudeepnbr]

Any idea bangaloreans??

This might help - Bangalore Petrol Prices - Search Station

[kantu]

Any idea bangaloreans??

Shell 74.95 from 2 or 3 weeks
BP it was 65.5 last week so it should be 70~ something so will the others

[Rony]

Diesel, LPG rates to rise even as global crude prices fall

Press Trust of India, May 16, 2011 (New Delhi)

The fall in global oil prices has trimmed the losses of state-owned oil companies, but it may not be enough to prevent a Rs. 4 per litre increase in diesel prices and a Rs. 20-25 per cylinder hike in LPG rates later this month.

During the first fortnight of May, oil companies were losing Rs. 495 crore per day on the sale of diesel, domestic LPG and kerosene below their imported cost. However, in the second half of the month, losses have come down to Rs. 479 crore. Oil firms calculate the desired increase in fuel prices on 1st and 16th of every month, based on the average oil price of the previous fortnight.

"The May 1-15 average of the basket of crude oil India buys, at $112.32 per barrel, is lower than the $118 per barrel average of the previous month," an industry official said. Indian Oil Corp (IOC), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) were projected to lose Rs. 1,80,208 crore in revenue for the full fiscal, but now, the projected revenue loss is down to Rs. 170,676 crore. The official said the companies are losing Rs. 14.66 per litre on diesel currently, down from their Rs. 16.17 a litre under-recovery till last week. After adding local sales tax or VAT, the desired increase in diesel price to make it at par with international rates will be Rs. 16.49 per litre in Delhi. State-run oil firms also lose Rs. 29.69 a litre on kerosene and Rs. 329.73 per 14.2-kg domestic LPG cylinder.

On Sunday, Finance Minister Pranab Mukherjee stated in Kolkata that an Empowered Group of Ministers (EGoM) under him would meet soon to decide on raising diesel, domestic LPG and possibly kerosene prices. Last week's Rs. 5 per litre hike in petrol price was the steepest hike ever, but was short of the Rs. 10.5 per litre desired increase in rates to bring retail fuel price at par with the imported cost. The government had in June last year freed petrol prices and had announced its intention to do the same for diesel pricing in due course of time. Though IOC, BPCL and HPCL had been given the freedom to decide on the retail selling price of petrol, they informally consulted the Oil Ministry on every revision.

The trio have not revised rates since January as five crucial states, including West Bengal, Tamil Nadu and Kerala, went to polls. A day after the State Assembly results, the firms hiked the petrol price by Rs. 5 per litre, which was less than half of the Rs. 10.50 a litre increase needed to cover for the cost of imported crude oil, which had touched a two-and-half year high of $110 per barrel. The official said crude oil was ruling at $73-74 per barrel when diesel, LPG and kerosene rates were last revised in June, 2010.

Source : Diesel, LPG rates to rise even as global crude prices fall - NDTV Profit

[sooraj_vs]

Ah..! Here comes the rest of the blast..