[sandeep108]

Rs. 2/- reduction only? The price of Brent crude has fallen from $115 (on the back of which we saw a steep increase) to $ 107. A minimum of 5-7%. The exchange rate is almost the same. Considering petrol price of Rs 82/- in Mumbai, price reduction of minimum Rs. 5/- should be done. Otherwise somebody should file a PIL against the oil companies for cheating the public and profiteering out of monopoly.

[sgiitk]

Originally Posted by MaxTorque

Crude price have been gone below $100 mark. So it's time to expect some good news.

WTI is not the reference for us. Brent is a much better reference. It dropped momentarily below $104 last night, but is around $106 now. Actually we have a basket but Brent is closer to the mark. WTI/NYMEX is a US specific price.

[adimicra]

Originally Posted by sgiitk

Read the post again, it is Bulk and not Retail. Wait Petrol should be round the corner.

I understand that and the same post also says the diesel price has not been increased. So why the dalay in reducing petrol prices?

[sgiitk]

Originally Posted by adimicra

I understand that and the same post also says the diesel price has not been increased. So why the dalay in reducing petrol prices?

Diesel price is increased monthly, so wait for the end of the month. At that time expect Petrol prices also to be adjusted. Bulk Diesel, ATF are adjusted as they see fit, and there is no calender as such.

[adimicra]

Got it ... I was having the impression that the price revision was fortnightly rather than monthly

[Mohan Mathew A]

Originally Posted by sandeep108

Rs. 2/- reduction only? The price of Brent crude has fallen from $115 (on the back of which we saw a steep increase) to $ 107. A minimum of 5-7%. The exchange rate is almost the same. Considering petrol price of Rs 82/- in Mumbai, price reduction of minimum Rs. 5/- should be done. Otherwise somebody should file a PIL against the oil companies for cheating the public and profiteering out of monopoly.

based on what you mentioned i agree it should be much more than 2 Rs. I do hope that it gets translated to actual reduction

Originally Posted by adimicra

Got it ... I was having the impression that the price revision was fortnightly rather than monthly

Diesel Price is not de-regulated and is revised (upwards) monthly as it is a predetermined increase as per the cabinet decision. Petrol is de-regulated and is supposed to be revised every 15 days and not monthly. They might skip it if there is not much change in the crude price or exchange rate. Skipping the revision this time is not justified as there has been significant reduction in the price of crude so it should have been brought down.

[adimicra]

Originally Posted by Mohan Mathew A

Diesel Price is not de-regulated and is revised (upwards) monthly as it is a predetermined increase as per the cabinet decision. Petrol is de-regulated and is supposed to be revised every 15 days and not monthly. They might skip it if there is not much change in the crude price or exchange rate. Skipping the revision this time is not justified as there has been significant reduction in the price of crude so it should have been brought down.

That was exactly my point.. when there is a huge cooling down of crude prices, why are they delaying the reduction in petrol price? This is cheap stuff from the OMCs to make some money. They would be making additonal profit of 3-4 Rs/liter of petrol.

[sgiitk]

Now CAG also criticises the import price parity

http://timesofindia.indiatimes.com/i...w/38635830.cms

[sgiitk]

Petrol price cut imminent. Diesel after the 0.50 increase set to fall to under Re.1
http://economictimes.indiatimes.com/...w/39136998.cms

[lurker]

why don't they watch out for 4 days successively while increasing prices ... just to check if international petrol prices are still registering 'that uniform increasing trend'.

[Desi Dybuk]

Originally Posted by sgiitk

Petrol price cut imminent. Diesel after the 0.50 increase set to fall to under Re.1
http://economictimes.indiatimes.com/...w/39136998.cms

I don't want to sound like a cynic, but I'd eat my hat if the price cut isn't a lollypop like 1-2 ₹ We all know that in the garb of deregulated petrol prices, petrol vehicle owners are being forced to cross-subsidize Diesel.

[sgiitk]

Originally Posted by Desi Dybuk

I don't want to sound like a cynic, but I'd eat my hat if the price cut isn't a lollypop like 1-2 ₹

I am waiting for the announcement that Diesel is also unregulated. Then they can go after the tougher cookies, kerosene and LPG!

[Desi Dybuk]

Originally Posted by sgiitk

I am waiting for the announcement that Diesel is also unregulated. Then they can go after the tougher cookies, kerosene and LPG!

That would be a tough battle to wage for the government & I'm doubtful if they'd take it by the horns.

But then again, I never thought that Diesel would be deregulated in my lifetime in this country. So, who knows, we might see deregulation of Kerosene & LPG!

[Mohan Mathew A]

Originally Posted by Desi Dybuk

I don't want to sound like a cynic, but I'd eat my hat if the price cut isn't a lollypop like 1-2 ₹ We all know that in the garb of deregulated petrol prices, petrol vehicle owners are being forced to cross-subsidize Diesel.

i hope the petrol price cut is a substantial 3 Rs or more. Anyway we should know in a few hours

[hyper-VTEC]

Petrol Price Cut by Rs. 1.09, Diesel Hiked by 50 paise.

Source: NDTV.com