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Poll: Is it fair to deregularise petrol prices ?

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Thread: Petrol prices update thread

  1. #1
    Rusted Rony's Avatar
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    Thumbs down Petrol prices update thread

    State-owned oil companies may raise petrol prices by Rs. 1.50-2 per litre early next week while a Rs. 2 a litre hike in diesel rates is under the government consideration, a senior official said on Wednesday.


    "Petrol prices will be raised after the current session of Parliament ends on December 13," the official said.


    A hike a diesel prices also looks imminent as crude oil prices have inched closer to $90 per barrel, widening the gap between domestic retail rates and their imported cost.


    Petroleum Minister Murli Deora met Finance Minister Pranab Mukherjee on Wednesday to discuss convening a meeting of the Empowered Group of Ministers (EGoM) next week to decide on hiking diesel rates.


    "In all probability, diesel prices may be hiked by Rs. 2 per litre," he said.
    Indian Oil, Hindustan Petroleum and Bharat Petroleum had last raised petrol price on November 9, just before the Winter Session of Parliament began.
    "The last hike of Rs. 0.32 a litre was lower than the Rs. 1.1 per litre desired increase to make domestic retail rates on par with international prices," he said. "The three firms are currently losing about Rs. 2.40 per litre on petrol."


    When contacted, Oil Secretary S Sundareshan said the government will not intervene in fixation of petrol prices which had been deregulated in June. On diesel price hike, he said "it will be a political decision".


    "Oil marketing companies are losing Rs. 4.71 per litre (in revenues) on diesel sales. If global crude oil prices show no sign of abating, the government will have to take a view," Sundareshan said.


    IOC, BPCL and HPCL currently lose Rs. 75 crore in revenues on selling diesel below its imported cost. Freeing diesel prices from government control, as had been decided in June, is not possible at this juncture as it would mean passing on the entire Rs. 4.71 a litre hike to consumers.


    "That will be unreasonable," he said. "But some price hike will have to be passed on to consumers." He did not elaborate on the quantum of hike being considered.


    The official said Deora discussed how the Rs. 65,839-crore revenue loss IOC, BPCL and HPCL are expected to register this fiscal on selling diesel, domestic LPG and kerosene below cost, will be compensated.


    So far, the finance ministry has committed to provide only Rs. 13,000 crore in cash while the oil ministry wants about half of the revenue loss to be met by the government. Another one-third would be provided by upstream firms like ONGC.
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    Super Moderator sunilg's Avatar
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    news approved
    (Been There Done That) x 3.25

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    Quote Originally Posted by sunilg View Post
    news approved
    Thanks for the approval sir .... I would like to know fellow xBhpian's view on deregularization of pertrol prices ! ... Personally I am against it as we are major importers of oil and the tax paid by us should be used to subsidize oil prices to a limit !
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    Wow another hike in process.....Enough reason for increase sales of 100 cc bikes..

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    Get used to it friends, its going to be a part of our lives now. We all will have to live with it.

    Save the Earth - We are the one who are running out of time, as Earth will take it own time to heal but that time may not be enough for us.


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    Rusted social's Avatar
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    This is simply crazy stuff And it will hurt our pockets plentiful...

    Just wondering will prices come down, if crude oil prices fall... or will companies just hoodwink us then...
    कृपया यहाँ पर ज्ञान न बांटे
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    Quote Originally Posted by Rony View Post
    Thanks for the approval sir .... I would like to know fellow xBhpian's view on deregularization of pertrol prices ! ... Personally I am against it as we are major importers of oil and the tax paid by us should be used to subsidize oil prices to a limit !
    @Rony

    Im a bit confused

    Instead of taxing first and then subsidising, you would rather like the taxes to be reduced right? In that case, what you are actually against is the taxes and not the removal of subsidies (deregularisation) of petrol... Am i right?
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    Quote Originally Posted by NikhilB View Post
    @Rony

    Im a bit confused

    Instead of taxing first and then subsidising, you would rather like the taxes to be reduced right? In that case, what you are actually against is the taxes and not the removal of subsidies (deregularisation) of petrol... Am i right?
    LOL ... Now I am confused too ... What I mean is the govt. must not allow the oil companies to decide the petrol prices ... it should not have deregularised the petrol pricing on the first place .... thanks to it such bad news would be hitting us every now and then
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    Quote Originally Posted by Rony View Post
    LOL ... Now I am confused too ... What I mean is the govt. must not allow the oil companies to decide the petrol prices ... it should not have deregularised the petrol pricing on the first place .... thanks to it such bad news would be hitting us every now and then
    uh... You are burning a (not yet scarce, but) limited commodity with your touring joyrides or commuting (instead of using the public transport), and you expect the government to subsidise you for that???
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    100rs coming soon !
    pulsar 150 - 02

    unicorn150 - 04

    apache150 - 06

    cbz ext - 08

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    ninja 250 - 10

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