[romeomidhun]

Here is the link for live Brent oil price charts: Brent Oil Chart | Oil Prices, Oil Trading

The prices have come down from the $120+ levels to $118 - $119 levels.

[el lobo 6061]

Some relief for car owners in Punjab but increase in VAT by 1% as offset the revenue loss.

Punjab abolishes octroi on petrol, diesel.

The Punjab government announced its decision to abolish octroi on petrol and diesel in the state. This will lower prices of the fuel by up to Rs.2.

A state government spokesman said that the decision was taken in a meeting of the Punjab cabinet, headed by Chief Minister Parkash Singh Badal, here.
The abolition of octroi will reduce prices of petrol and diesel by Rs.1-2 per litre, officials said here.

The spokesman said that the state government had already abolished octroi on all items except electricity, petrol and diesel with effect from Sep 1, 2006.
"However, the levy of octroi on petrol and diesel is adversely affecting the sale of these products in urban areas of the state, which are adjacent to other states, because the rate of these products in the neighbouring states is much less. Therefore there is a need to abolish octroi on petrol and diesel which is currently charged at the rate of 1 percent and 2 percent on diesel," he pointed out.

He said that amendments would be made to the Punjab Municipal Act to allow octroi abolition.

"The state government would compensate the local government department by enhancing the share of local bodies in the VAT from existing 10 percent to 11 percent which would offset the revenue loss following the abolition of octroi," the spokesman added.

Source:Link

[vasoo]

I noticed that most of the petrol pumps in HSR/Sarjapur/EC area are closed since yesterday. Did not see any news in the papers. Any idea what is happening? I thought the planned strike was withdrawn.

[Added_flavor]

Originally Posted by vasoo

I noticed that most of the petrol pumps in HSR/Sarjapur/EC area are closed since yesterday. Did not see any news in the papers. Any idea what is happening? I thought the planned strike was withdrawn.

There is a shortage of diesel everywhere as per my cab driver! The one day strike by bunk owners has apparently lead to this! Just read an article in TOI but not able to find it now.

[Mad Max]

Originally Posted by Added_flavor

There is a shortage of diesel everywhere as per my cab driver! The one day strike by bunk owners has apparently lead to this! Just read an article in TOI but not able to find it now.

Here you go - I read this too in the morning but haven't noticed any panic in the office. Yet.

Diesel supply dries up at several bunks - The Times of India

[babu.sundaram]

The auto LPG prices have come down a bit (~5 rs down), but no news paper seem to have reported it so far.

[sgiitk]

I think they will have to move on deregulation fast. As per a report 40% of the Annual amount for subsidies, has been used up in April itself. With the rupee headed for Rs.55 per dollar, there is no relief there, even if there is some more drop in oil prices..

[ottocycle]

Oil prices have come down drastically in the market.

WTI Crude Oil : $96.73
Brent Crude Oil : $112.73

Let's see if PSUs are still shouting for increasing the price.

[sgiitk]

@ottocycle; Yes, but the rupee is sinking faster than the proverbial stone. 10% drop in oil prices and a 10% drop in the rupee. Nett result zilch!

[Torquedo]

Another shocker in the pipeline from the Oil Ministry -

"State oil companies like IOC, HPCL, BPCL may hike petrol prices by Rs 8 this month to recover past losses"

Source - State oil companies like IOC, HPCL, BPCL may hike petrol prices by Rs 8 this month to recover past losses - The Economic Times

[sgiitk]

There is only one real solution. Privatise the lot. I am sure it costs the oil PSUs at least Rs.5 per litre more than Reliance to produce one litre of Petrol.

imho all of these behemoths Oil PSUs, Air India, BSNL/MTNL should be sold off (I mean a majority stake and not 10-20%) and then what will be required will be a powerful regulator to stop them from cartelizing. In the long term we will all benefit. To quote Margaret Thatcher'"The Govt. has no business to be in business". Even the so called son of the soil, Ajit Singh s/o Late Ch Charan Singh says as much now. Bring back Shourie to get rid of the lot.

[shankar.balan]

Originally Posted by sgiitk

There is only one real solution. Privatise the lot. I am sure it costs the oil PSUs at least Rs.5 per litre more than Reliance to produce one litre of Petrol.

imho all of these behemoths Oil PSUs, Air India, BSNL/MTNL should be sold off (I mean a majority stake and not 10-20%) and then what will be required will be a powerful regulator to stop them from cartelizing. In the long term we will all benefit. To quote Margaret Thatcher'"The Govt. has no business to be in business". Even the so called son of the soil, Ajit Singh s/o Late Ch Charan Singh says as much now. Bring back Shourie to get rid of the lot.

I agree with privatization. Looks like the only way to increase their efficiencies!

[babu.sundaram]

Originally Posted by sgiitk

There is only one real solution. Privatise the lot.

That would be real & beneficial solution to the problem of common man. It would not suit the representatives elected by the common man!

[mukeshgoel]

Petrol prices hiked by Rs 7.50 a liter with effect from midnight tonight.

[samarjitdhar]

So finally petrolheads have to suffer even more. Rs 7.5 increase from midnight.

Revised prices
Chennai Rs 77.23
Mumbai Rs 78.32
Delhi Rs 73.14
Kolkata Rs 77.69

Bangalore will be the hardest hit I guess. Probably over Rs 80 now?