India’s diversified crude and product basket was one reason that helped India in avoiding the Saudi Aramco crisis.

Concerns over the price and supply of oil, sparked by the recent terror strikes on Saudi Aramco’s oil infrastructure, have now subsided, Petroleum Minister Dharmendra Pradhan said on Thursday. Oil marketing companies will now see the price of petrol and diesel coming down soon.

On Thursday, petrol price dropped by 10 paise to Rs 74.51 a litre and diesel by 6 paisa to Rs 67.43 a litre in Delhi, the first reduction since September 8. “At present, there are no concerns. The world has averted a big crisis,” Pradhan said on the sidelines of the India Economic Summit. Sanjiv Singh, IndianOil Corporation chairman, said, “The price in India has started coming down from today. After the attacks on Saudi facilities, product prices were also affected. Gasoline (petrol) and diesel price had gone up.”

India’s diversified crude and product basket was one reason that helped India in avoiding the Saudi Aramco crisis. Because of the shortfall in supply from Saudi Aramco, India was staring at a liquefied petroleum gas (LPG) supply crisis in states like Maharashtra, Karnataka, Punjab and Goa.

Fuel price hike takes away speed from SUVs; growth of domestic sales slows

Domestic sales growth fall to a single digit after two years

 (BS) | Sports Utility Vehicles (SUVs) have been the flavour of the Indian car market for the last couple of years. They grew at a strong double-digit and were the fastest growing segment in the domestic passenger vehicle (cars, utility vehicles and vans) market for the last two years. Things are no longer the same. UVs or utility vehicles are now the slowest growing segment of the PV market, visibly impacted by a sharp surge in fuel prices. Most of the UVs run on diesel where the price hike has been sharper to petrol.

In the first half (H1) of the financial year 2019, UVs have grown by just 5.4 per cent compared to 6.8 per cent growth in cars and 14.5 per cent growth in vans. In the comparable period of FY18, SUV had surged 18 per cent while cars and vans had grown at 6.6 and 2.5 per cent, respectively. SUVs and multi-purpose vehicles (MPV) are the two sub-segments of UVs. The emergence of more affordable compact SUVs in recent years helped expand the total UV market.| Automobile News

A total of 1.16 million cars have been sold in the domestic market during H1. The volume of UVs, the second biggest sub-segment of the PV market, stood at 464,419 units. A total of 110,389 vans were sold in the same period.

“When fuel prices rise the SUVs are impacted. People were upgrading from hatches to compact SUV but these buyers now realise that fuel price is an issue. Compact SUV segment is seeing a muted growth now,” said Mayank Pareek, president of passenger vehicle business at Tata Motors.

Petrol price has climbed more than 18 per cent since January this year to Rs 82.72 per litre in the capital. However, the price increase in diesel has been steeper at 26 per cent to Rs 75.38 litre. About 84 per cent of the current UV sales are in diesel variants and therefore the impact on driving cost of these vehicles is higher than the petrol run cars. In cars, only 23 per cent of sales are in diesel variants.

| Business Standard |

Petrol prices cut, diesel stands still: What you have to pay in your city

Prices of non-branded petrol, applicable on June 22, were Rs 76.02 per litre in Delhi, Rs 78.70 per litre in Kolkata, Rs 83.74 per litre in Mumbai and Rs 78.89 per litre in Chennai

 

Petrol prices were cut on Friday across the four metro cities of Delhi, Kolkata, Mumbai and Chennai. However, diesel prices remained unchanged from where they stood on Thursday.

Indian Oil Corporation provides a city-wise price list for various fuels on a daily basis. Prices of non-branded petrol, applicable from 6:00 am on June 22, 2018, were Rs 76.02 per litre in Delhi, Rs 78.70 per litre in Kolkata, Rs 83.74 per litre in Mumbai and Rs 78.89 per litre in Chennai.

On June 21, 2018, the prices of petrol stood atRs 76.16 per litre in Delhi, Rs 78.83 per litrein Kolkata, Rs 83.92 per litre in Mumbai, and Rs 79.04 per litre in Chennai.

Prices of non-branded petrol across state capitals (Rs/litre), applicable from 6:00 am on June 22, 2018:

Agartala: Rs 71.85

Aizwal: Rs 71.97

Ambala: Rs 76.14

Bengaluru: Rs 77.25

Bhopal: Rs 81.60

Bhubaneswar: Rs 74.85

Chandigarh: Rs 73.12

Dehradun: Rs 77.44

Gandhinagar: Rs 75.33

Gangtok: Rs 79.10

Guwahati: Rs 78.15

Hyderabad: Rs 80.52

Imphal: Rs 74.11

Itanagar: Rs 71.94

Jaipur: Rs 78.75

Jammu: Rs 77.76

Jalandhar: Rs 81.22

Kohima: Rs 74.51

Lucknow: Rs 76.92

Panjim: Rs 70.05

Patna: Rs 81.51

Pondicherry: Rs 74.83

Port Blair: Rs 65.55

Raipur: Rs 76.43

Ranchi: Rs 76.08

Shillong: Rs 75.44

Shimla: Rs 76.19

Srinagar: Rs 80.45

Trivandrum: Rs 79.11

Silvasa: Rs 73.95

Daman: Rs 73.88

Prices of non-branded diesel, applicable from 6:00 am on June 22, 2018, in metro-cities were Rs 67.68 per litre in Delhi, Rs 70.23 per litre in Kolkata, Rs 71.99 per litre in Mumbai, and Rs 71.44 per litre in Chennai.

On June 21, 2018, the prices of diesel stood at Rs 67.68 per litre in Delhi, Rs 70.23 per litre in Kolkata, Rs 71.99 per litre in Mumbai, Rs 71.44 per litre in Chennai.

International factors

Oil prices rose by more than 1 percent in early Asian trading on Friday, pushed up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. The Organization of the Petroleum Exporting Countries (OPEC), a producer cartel de-facto led by top exporter Saudi Arabia, is meeting together with some non-OPEC members, including top producer Russia, at its headquarters in the Austrian capital to discuss output policy.

Read More : Petrol Diesel Price

Fuel prices still pinching? No reduction in petrol, diesel prices today

In percentage terms, between May 30 and June 11, petrol prices declined by 2.35% in Delhi, compared to a 5.5% increase in the previous 16 days

After 14 consecutive days of cuts, fuel prices on Wednesday remained steady, without any change from Tuesday's levels. While petrol rates remained unchanged after 14 days of cuts, diesel prices held steady after nine days of cuts.

Indian Oil Corp provides daily prices for diesel and petrol across metros and state capitals. Prices of non-branded petrol in metro-cities, applicable from 6:00 am on June 13, were Rs 76.43 per litre in Delhi, Rs 79.10 per litre in Kolkata, Rs 84.26 per litre in Mumbai, and Rs 79.33 per litre in Chennai.

Fuel prices had been lowered for the 14th consecutive day on Tuesday. While petrol prices had been cut by 15 paise in the four metro cities, diesel prices were down by 10-11 paise.

With Tuesday's cut, petrol prices had come down by 1.98 paise in 14 days. On May 29, petrol prices had touched a peak of Rs 78.43 a litre in Delhi and Rs 86.24 a litre in Mumbai.

As of Monday, the pace of decline had been less than half the rate of the surge. In percentage terms, between May 30 and June 11, petrol prices declined by 2.35 per cent in Delhi, compared to a 5.5 per cent increase in the previous 16 days.

In the backdrop of high petrol prices pinching the common man, Petroleum Minister Dharmendra Pradhan has said that the Centre has recommended the states to bring petroleum products under the Goods and Services Tax (GST).

Click Here : Petrol price

End to relentless petrol, diesel price rise brings no joy as cuts minuscule

These small cuts contrast against the nearly Rs 4 per litre rise in petrol prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre

High fuel prices have burnt a hole in the common man's pockets. With mounting frustration, rates have been cut for the third consecutive day today. However, this is likely to be cold comfort for most given that the reduction in prices has been minuscule. Prices for petrol and diesel fell by 6 paise and 5 paise per litre, respectively, on Friday. After a one paisa cut in fuel prices, petrol prices across the four metros were cut on Thursday by seven paise a litre and diesel prices fell by five paise.

Petrol now costs Rs 78.29 per litre in Delhi, while the price of diesel has been revised to Rs 69.20 a litre. The revised Petrol prices in other metro cities are -- Rs 80.92 in Kolkata, Rs 86.10 in Mumbai, and Rs 81.28 in Chennai. The revised diesel prices are Rs 71.75 in Kolkata, Rs 73.67 in Mumbai, and 73.06 in Chennai.

How does this measure up against the previous hike in petrol prices? These cuts contrast against the nearly Rs 4 per litre rise in prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre. Similarly, diesel prices in all the four metros also were at record levels during the period.

A direct comparison of prices brings home the point. In the national capital on Thursday, petrol was sold at Rs 78.35 per litre, down from Rs 78.42 on Wednesday. Compared to Friday's prices, that is just a 13 paise difference in the favour of the consumer.

On Thursday, in the other key cities of Kolkata, Mumbai, and Chennai, the fuel was priced at Rs 80.98, Rs 86.16, and Rs 81.35 a litre, respectively. All these prices were down by seven paise from Wednesday's levels.

On Thursday, diesel prices in Delhi, Kolkata, Mumbai, and Chennai stood at Rs 69.25, Rs 71.80, Rs 73.73, and Rs 73.12 per litre, respectively.

After 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls, petrol and diesel prices were cut for the first time on Wednesday. However, the quantum of reduction was just one paisa.

Why the cuts after 16 days of hikes?

The reductions follow softening of international oil rates and the rupee gaining against the US dollar.

According to Reuters, crude oil futures lost more ground on Friday, with the US market set for a second week of decline on pressure from record US production and expectations of the Organization of the Petroleum Exporting Countries (OPEC) boosting output. Global benchmark Brent crude, which was little changed in the previous session, was down 9 cents, or 0.1 per cent, to $77.47 per barrel.

On Thursday, Brent crude was priced around $77 per barrel.

The Finance Ministry has reportedly pinned its hopes on further reduction in global crude oil prices. Economic Affairs Secretary Subhash Chandra Garg on Thursday indicated that the retail prices of petrol and diesel could see a further decline. When asked about the mere 1 paise reduction in petrol prices announced by oil companies on Wednesday, Garg termed it "formula driven", but added that the trend for reduction had begun.

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

Indian Oil says it published wrong prices in the morning

 

 

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 shortlived as prices are now back to yesterday's level.

Mumbai petrol price up for 15th day in a row to Rs 86.08/l; crude oil down

In line with petrol, the price of diesel also increased -- to Rs 69.17 a litre in Delhi, and Rs 73.64 in Mumbai

 

Retail fuel prices in India continue to burn a hole in pockets, with the cost of petrol increasing for a 15th consecutive day on Monday to touch a new high of Rs 78.27 a litre in Delhi, up from Rs 78.12 per litre a day before. This, incidentally, happened on a day when the global crude oil price showed a decrease. On Monday, petrol prices in Mumbai stood at Rs 86.08 a litre, in Kolkata Rs 80.76 and in Chennai Rs 81.11. In line with petrol, diesel prices also increased -- to Rs 69.17 per litre in Delhi and Rs 73.64 per litre in Mumbai.

Following the Karnataka polls and the 19-day fuel price freeze from April 24, oil marketing companies opted for a price rise for petrol and diesel. On May 15, the price of petrol was increased by 17 paise a litre and that of diesel by 21 paise a litre in Delhi. The petrol price was seen at Rs 74.80 per litre, the highest since September 2013, and diesel was seen at Rs 66.14 per litre.

Amid the rise in fuel prices, crude oil futures fell 2.73 per cent to Rs 4,485 per barrel on Monday, in line with the weak trend overseas as the market eyed an increase in output from top crude producers -- Russia, the US, and Saudi Arabia.

The brent crude futures were at $75.34 per barrel, down $1.10, or 1.4 percent, from their last close.

Hope on the horizon

The government said it is likely to levy a 'windfall tax', in the form of a cess, on companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) for any revenue that they earn from prices crossing $70 a barrel.

Subsequently, the revenue collected will be used to pay retail majors like Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) to absorb the fuel price hike.....Read More

Petrol, diesel price hike: Guide for middle-class Indians on fuel prices

For the tight-budgeted Indian, the petrol and diesel price hike is a serious damper. Here's a guide to petrol and diesel prices in pan India

As the fuel price hike was announced on Tuesday, common people were greeted with the highest petrol and diesel prices since September 2013. On Tuesday, petrol and diesel prices in Delhi touched a high of Rs 76.87 and Rs 68.08 a litre, respectively, while in Mumbai, petrol reached Rs 84.7 a litre and diesel at Rs 72.48, the highest ever. If taxes are kept unchanged, the retail price of petrol in Mumbai could cross Rs 90 per litre in the near future if crude oil touches $85 per barrel. This is based on the government’s statement that the crude oil price increase could add $50 billion to India’s oil import bill in 2018-19.

The Business Standard analysed that the retail price of petrol in Delhi may reach Rs 85 a litre, while that for diesel reach Rs 73 a litre.

For the tight-budgeted Indian, the petrol and diesel price hike is a serious damper. As the mercury continues to soar, people may have contemplated on a road trip to a hill station, or a family vacation as many school children are on summer vacation. However, a cautious traveller can keep a few things in mind before embarking on a journey:

Check fuel prices online

Consumers can visit the Indian Oil website. Once on the website, they can use the 'RO Locator' tool to locate the Indian Oil retail outlet nearest to them based on their location. The website displays prices of various products sold.

Check petrol, diesel prices through app:

* Indian Oil's mobile app, called "Fuel@IOC - IndianOil", also enables customers to check current prices.

* This mobile application by Indian Oil is available on both Google Play and Apple Store, for Android and iPhone smartphone users respectively.

"Bonanza to central government is Rs 25 on every litre of petrol. This money rightfully belongs to the average consumer. Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices. It also puts additional tax of Rs 10 on every litre of petrol," he added.

As reported earlier, the Prime Minister's Office will on Wednesday take a final call on whether to cut excise duty on petrol and diesel.

Meanwhile, BJP President Amit Shah said that the issue will be resolved within three to four days.

Petrol, diesel to be cheaper in Maharashtra after 4% VAT cut

Net reduction in petrol and diesel prices will be around Rs 2.33 per litre and Rs 1.25 per litre respectively from Tuesday midnight

Petrol and diesel products will become cheaper in Maharashtra from midnight on Tuesday due to four per cent reduction in Value Added Tax (VAT), an official said in Mumbai.

The net reduction in petrol and diesel prices will be around Rs 2.33 per litre and Rs 1.25 per litre respectively, though the various cess levied by the state have not been reduced, said All India Petrol Dealers Association Spokesperson Ali Daruwala.

The move follows a communication from Union Finance Minister Arun Jaitley to all state governments to consider reducing state-level taxes on petrol and diesel products, which increase prices at local levels.

Mumbai Petroleum Dealers Association President Ravi Shinde said the current VAT in the state is around 26 per cent on petrol and 21 per cent on diesel, plus different cess totalling Rs 9 per litre. This leads to a hike in the prices of petrol and diesel by nearly 50 per cent for every litre in the state.

"Our demand for reduction in cess on petrol and diesel products by the state government was rejected and we were informed that it is utilised to repay farm loans waiver package announced in June," Daruwala told IANS.

With the reduction in VAT, the Maharashtra government is likely to suffer a loss of around Rs 2,500 crore.

Worried about daily fuel price changes? How to check prices via SMS

Dealers would get updated price by way of customized SMSs, e-Mails, mobile app, web portals

Amid protests by dealers on the daily price revision of petrol and diesel, State-run Indian Oil Corporation has claimed that it will ensure the best possible prices to customers.

According to the companies, dealers will ensure price updation at their fuel stations before start of sale, every day. Updated prices will be immediately exhibited at all petrol pumps for information of the public. “For their convenience and assurance, customers would be able to fetch daily updated prices of petrol and diesel at all cities through IndianOil’s mobile app - Fuel@IOC. Alternatively, customers may cross-check the prices applicable in their cities by sending SMS RSP<SPACE>DEALER CODE to 92249-92249,” the statement added. Protesting against the move to have daily pricing, dealer groups had called for "no-purchase" starting from June 16. | Economy news

It claimed that extensive training of dealers will be held to ensure that customers do not face any pricing misinformation or glitches. “All the 26,000 Indian Oil dealers will be given timely information on the effective prices at a pre-designated time – say 20:00 hrs for the next day. At a large number of IndianOil’s 10,000 automated Fuel Stations, the daily price can be automatically updated centrally, besides technology also provides to schedule the price change at 00:00 hours,” it added. At the non-automated petrol pumps, dealers would get the updated price by way of four means: customized SMSs, e-Mails, mobile app and web portals.

Take note! Petrol, diesel prices to change every day from May 1

Daily price change will remove big leaps in rates that need to be effected at end of fortnight

 

Come May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets.

State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision in five select cities from May 1 and gradually extend it to all over the country.

"Ultimately, we will be driving towards market linked rates on a daily basis at all pumps across the country," IOC Chairman B Ashok told PTI.

A pilot for daily revision of petrol and diesel price will be first implemented in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh, he said.

State fuel retailers currently revise rates on 1st and 16th of every month based on average international price of the fuel in the preceding fortnight and currency exchange rate.

Instead of using fortnightly average, pump rates will reflect daily movement in international oil prices and rupee- US dollar fluctuations.

"It is technically possible to change rates daily but we have to first do a pilot. Once pilot is done and its implications studied, we will extend it to other parts of the country," he said.

While Ashok said the pilot is to be "launched within one month" and did not give a specific date, industry sources said the pilot is planned to be launched on May 1.

Daily price change will remove the big leaps in rates that need to be effected at the end of the fortnight and consumer will be more aligned to market dynamics.

While petrol price was freed from government control in June 2010, diesel rates were deregulated in October 2014. Technically, oil companies have freedom to revise rates but often they have been guided by political considerations.

Rates differ by only a few paise between pumps of the three state fuel retailers. Unbranded petrol at IOC pumps in Delhi costs Rs 66.29 per litre, while the same at BPCL pumps in the city is priced at Rs 66.37 a litre. HPCL pumps sell for Rs 66.48 per litre.

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