On October 26, petrol, and diesel are being sold at Rs 103.11 and Rs 94.68 respectively in the capital city of Bhubaneswar. Meanwhile, the rate of fuel is Rs 103.67 for petrol and Rs 95.22 for diesel in Cuttack.
The price of petrol in the pilgrim town of Puri is Rs 103.26 and diesel is sold at Rs 94.83. The petrol and Diesel price in western Odisha town of Sambalpur has been recorded at Rs 103.32 and Rs 94.90 respectively.
Similarly, the petrol rate in Malkangiri today is Rs 108.92, and the diesel rate is Rs 100.29.
Fuel rates in some other towns:
1. Jajpur - Petrol (103.42), Diesel (94.96)
2. Rayagada - Petrol (107.01), Diesel (98.43)
3. Nabarangpur - Petrol (108.13), Diesel (99.53)
4. Koraput - Petrol (107.79), Diesel (99.21)
5. Jharsuguda - Petrol (103.21), Diesel (94.79)
6. Dhenkanal - Petrol (103.98), Diesel (95.52)
7. Bargarh - Petrol (104.06), Diesel (95.61)
Public sector OMCs like BPCL, IOCL and HPCL revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. The prices of petroleum products have so far remained stable in Odisha and other parts of the country.
On October 19, petrol, and diesel are being sold at Rs 103.04 and Rs 94.61 respectively in the capital city of Bhubaneswar. Meanwhile, the rate of fuel is Rs 103.71 for petrol and Rs 95.25 for diesel in Cuttack.
The price of petrol in the pilgrim town of Puri is Rs 103.58 and diesel is sold at Rs 95.13. The petrol and Diesel price in western Odisha town of Sambalpur has been recorded Rs 103.85 and Rs 95.41 respectively.
Petrol is priced at Rs 103.32 in Balasore while diesel is priced at 94.90. Likewise in Ganjam, petrol is being sold at Rs 104.66 while diesel is being sold at Rs 96.17.
Similarly, the petrol rate in Malkangiri today is Rs 108.92, and the diesel rate is Rs 100.29.
Fuel rates in some other towns:
1. Jajpur - Petrol (103.46), Diesel (94.99)
2. Rayagada - Petrol (107.32), Diesel (98.73)
3. Nabarangpur - Petrol (107.79), Diesel (99.21)
4. Koraput - Petrol (107.79), Diesel (99.21)
5. Jharsuguda - Petrol (103.21), Diesel (94.79)
6. Dhenkanal - Petrol (104.08), Diesel (95.61)
7. Bargarh - Petrol (104.06), Diesel (95.61)
Public sector OMCs like BPCL, IOCL and HPCL revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. The prices of petroleum products have so far remained stable in Odisha and other parts of the country.
On October 15, petrol, and diesel are being sold at Rs 103.19 and Rs 94.76 respectively in the capital city of Bhubaneswar. Meanwhile, the rate of fuel is Rs 103.54 for petrol and Rs 95.12 for diesel in Cuttack.
The price of petrol in the pilgrim town of Puri is Rs 103.56 and diesel is sold at Rs 94.68. The petrol and Diesel price in the western Odisha town of Sambalpur has been recorded at Rs 104.49 and Rs 96.03 respectively.
Petrol is priced at Rs 103.18 in Balasore while diesel is priced at 94.76. Likewise in Ganjam, petrol is being sold at Rs 104.66 while diesel is being sold at Rs 96.17.
Similarly, the petrol rate in Malkangiri today is Rs 109.20, and the diesel rate is Rs 100.56.
Fuel rates in some other towns:
1. Jajpur - Petrol (103.860, Diesel (95.38)
2. Rayagada - Petrol (106.17), Diesel (97.62)
3. Nabarangpur - Petrol (107.25), Diesel (98.69)
4. Koraput - Petrol (107.63), Diesel (99. 05)
5. Jharsuguda - Petrol (103.23), Diesel (94.81)
6. Dhenkanal - Petrol (104.31), Diesel (95.83)
7. Bargarh - Petrol (104.35), Diesel (95.90)
On Monday, petrol and diesel are being sold at Rs 103.47 and Rs 95.03 respectively in the capital city of Bhubaneswar, while the rate of fuel is Rs 103.78 for petrol and Rs 95.33 for diesel in Cuttack.
The price of petrol in Malkangiri where the fuel is charged maximum in Odisha, is at Rs 109.20, while diesel is being sold in the town at Rs 100.56.
The prices of petrol in some other major towns in the state are as follows: Rs 103.58 in Puri, Rs 103.72 in Sundargarh, Rs 107 in Rayagada, Rs 103.63 in Nayagarh, Rs 107.79 in Nabarangpur, Rs 104.03 in Keonjhar, Rs 103.54 in Kendrapara and Rs 103.57 in Balasore.
As far as diesel is concerned, the price of the fuel is Rs 95.14 in Balasore, Rs 95.68 in Bargarh, Rs 94.54 in Jagatsinghpur, Rs 94.81 in Jharsuguda, Rs 95.13 in Puri and Rs 94.87 in Sambalpur.
Public sector OMCs including like BPCL, Indian Oil Corporation Ltd and Hindustan Petroleum Corporation Ltd revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in fuel prices are implemented from 6 am every day.
Petrol and diesel are being sold at Rs 103.19 and Rs 94.76 respectively in the capital city of Bhubaneswar, while the rate of fuel is Rs 103.54 for petrol and Rs 95.10 for diesel in Cuttack.
The price of petrol in Malkangiri where the fuel rates exhibit the highest charge in the state, is at Rs 108.92, same as a day ago, while diesel is being sold in the town without any change in rate in the last 24 hours at Rs 100.29.
The prices of petrol in some other major towns in the state are as follows: Rs 103.47 in Puri, Rs 103.26 in Sundargarh, Rs 107.01 in Rayagada, Rs 103.47 in Nayagarh, Rs 108.13 in Nabarangpur, Rs 105.60 in Keonjhar, Rs 103.11 in Kendrapara and Rs 103.18 in Balasore.
As far as diesel is concerned, the price of the fuel is Rs 94.76 in Balasore, Rs 95.58 in Bargarh, Rs 94.27 in Jagatsinghpur, Rs 94.79 in Jharsuguda, Rs 95.02 in Puri and Rs 94.81 in Sambalpur.
The price of petrol in Malkangiri where the fuel rates exhibit the highest charge in the state, is at Rs 109.20, same as a day ago, while diesel is being sold in the town without any change in rate in the last 24 hours at Rs 100.56.
In Capital Bhubaneswar, petrol and diesel cost Rs 103.63 and Rs 95.15 respectively, while the rate of fuel is Rs 103.28 for petrol and Rs 94.82 for diesel in Cuttack.
The prices of petrol in some other major towns in the state is as follows: Rs 103.38 in Puri, Rs 103.72 in Sundargarh, Rs 106.72 in Rayagada, Rs 103.63 in Nayagarh, Rs 107.68 in Nabarangpur, Rs 104.11 in Keonjhar, Rs 103.50 in Kendrapara, Rs 104.17 in Dhenkanal and Rs 103.63 in Balasore.
As far as diesel is concerned, the fuel is being sold at Rs 95.19 in Balasore, Rs 96.48 in Bargarh, Rs 94.54 in Jagatsinghpur, Rs 94.81 in Jharsuguda, Rs 94.94 in Puri and Rs 95.18 in Sambalpur.
We have been seeing an uptick in global crude prices, which has also pushed petrol and diesel rates in Odisha higher.
In the twin city, customers are reportedly paying Rs 103.11 per litre of petrol and Rs 94.68 per litre of diesel in the State Capital on August 18 i.e. on Thursday. In Cuttack, customers are paying Rs 103.28 and Rs 94.84 per litre of petrol and diesel respectively.
Petrol price at Angul is Rs 104.90 on Thursday while in Balasore, it is sold at Rs 103.23. Petrol price in Bargarh is Rs 104.06. It is sold at Rs 103.73 in Bhadrak, Rs 105.67 in Bolangir, Rs 103.98 in Dhenkanal, Rs 103.70 in Jajpur, Rs 105.60 in Keonjhar and Rs 103.47 in Puri.
Similarly, diesel is being sold at Rs 96.40 in Angul, at Rs 95.61 in Bargarh, at Rs 95.29 in Bhadrak, Rs 95.52 in Dhenkanal, Rs 95.22 in Jajpur, Rs 97.06 in Keonjhar, Rs 99.21 in Koraput and Rs 100.29 in Malkangiri.
This means fuel price will rise each time, global crude prices rise and the rupee falls against the dollar. As per August 13 updates, petrol is being sold at Rs 103.47 and Rs 103.78 in Bhubaneswar and Cuttack respectively. On Saturday, while diesel price in Bhubaneswar is Rs 95.03, in Cuttack the fuel's rate is Rs 95.33.
Petrol price at Angul remained the same Rs 104.79 on Saturday while in Balasore, it is sold at Rs 103.57. Petrol price in Bargarh is Rs 103.85. It is sold at Rs 103.07 in Bhadrak, Rs 105.02 in Bolangir, Rs 103.98 in Dhenkanal, Rs 103.77 in Jajpur, Rs 104.08 in Keonjhar and Rs 103.11 in Puri.
Similarly, Diesel is being sold at Rs 96.32 in Angul, at Rs 95.41 in Bargarh, at Rs 95.31 in Bhadrak, Rs 95.52 in Dhenkanal, Rs 95.29 in Jajpur, Rs 95.63 in Keonjhar, Rs 99.41 in Koraput and Rs 100.56 in Malkangiri.
As reported, the Organisation of the Petroleum Exporting Countries (OPEC) has further revised down its forecasts for this year's global economic growth and oil demand, following a previous downward revision in May.
The oil alliance that the world economy is expected to grow by 3.1 per cent in 2022, compared to its forecast of 3.5 per cent in the previous three months.
In its May report, OPEC had already lowered its forecast for global economic growth this year from 3.9 to 3.5 per cent. This projection was maintained until July, Xinhua news agency reported.
Risks facing the world economy include ongoing geopolitical tensions and supply chain issues, the continued Covid-19 pandemic, rising inflation, high sovereign debt levels in many regions, and expected monetary tightening by central banks in the US, Britain, Japan and the Euro zone.
The oil-producer group has also forecast that global oil demand will average around 100 million barrels per day (bpd), down from the previous month's estimate of 100.3 million bpd.
The revised oil demand forecast is due to "expectations of a resurgence of Covid-19 restrictions and ongoing geopolitical uncertainties" in the second half of this year.
Customers are reportedly paying Rs 103.60 per litre of petrol in the State Capital while diesel is being sold at Rs 95.15 a litre. In Cuttack, customers are paying Rs 103.38 and Rs 94.93 per litre of petrol and diesel respectively.
Similarly, petrol is being sold at Rs 108.91 in Malkangiri. In Ganjam, petrol costs Rs 104.45 and in Sambalpur for Rs 103.85.
Likewise, a litre of petrol now costs Rs 104.05 in Bhadrak and Rs 107.99 in Koraput.
Petrol prices in some other towns include Angul -104.61, Balasore – Rs 103.35, Bargarh – 103.85, Bhadrak- Rs 104.05, Bolangir - 105.28, Dhenkanal - 103.98, Gajapati- Rs 105.73, Jagatsinghpur – Rs 102.99, Jaipur – Rs 103.87, Jharsuguda – Rs 103.31, Kalahandi – Rs 106.47, Kandhamal – Rs 105.94, Kendrapara – Rs 103.05, Keonjhar – Rs 105.30, Khordha – Rs 103.60, Koraput – Rs 107.99, Nayagarh - 103.69 and Rs 103.26 in Puri.
Customers are reportedly paying Rs 103.11 per litre of petrol in the State Capital while diesel is being sold at Rs 94.68 a litre. In Cuttack, customers are paying Rs 103.71 and Rs 95.25 per litre of petrol and diesel respectively.
Similarly, petrol is being sold at Rs 108.92 in Malkangiri. In Ganjam, petrol costs Rs 103.23 and in Sambalpur.
Likewise, a litre of petrol now costs Rs 103.95 in Bhadrak and Rs 107.79 in Koraput.
Petrol prices in some other towns include Angul -104.90, Bolangir - 105.67, Dhenkanal - 103.98, Jharsuguda - 103.31, Kendrapara - 103.11, Nayagarh - 103.47, Puri - 103.47.
On the other hand, the rates of diesel in some major towns of the State is as follows: Sambalpur - 94.81, Puri - 95.02, Nayagarh - 95.03, Mayurbhanj - 95.60, Khordha - 94.68, Kenojhar - 97.06, Jharsuguda - 94.89, Bolangir - 97.17.
With this, fuel rates have been hiked by Rs 2.40 per litre in a span of four days. Meanwhile, petrol and diesel prices have been hiked at least by 86 and 85 paise a litre respectively in Odisha.
Owing to the hike, the petrol and diesel in Bhubaneswar now cost Rs 104.55 and Rs 94.29 a litre, respectively. The fuel prices are the highest in Malkangiri district’s Kalimela area currently with petrol costing Rs 111.9 per litre and diesel costing Rs 100.61 per litre.
On the other hand, a litre of petrol in national capital Delhi now costs Rs 97.81, while diesel is being sold at Rs 89.07 per litre.
Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre on Wednesday, respectively.
In Mumbai, the rates were unchanged at Rs 94.14 and Rs 109.98.
Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67.
In Chennai too, they stood at Rs 91.43 and Rs 101.40.
Across the country as well, the price of the fuel remained unchanged on Wednesday, but the retail rates varied depending on the level of local level taxes.
In a tweet on Monday, Rahul Gandhi said, "this is a serious issue, as the issue of public welfare comes first and the daily requirements of the people are out of reach, but to benefit a few friends of the Prime Minister, the public is being cheated and I will stand with the people."
Rahul Gandhi tagged a news report with his tweet.
After Sunday hike, petrol is approximately 33 per cent costlier than aviation fuel. ATF in Delhi costs Rs 79,020.16 per kilolitre or Rs 79 per litre while one litre of petrol in the national capital costs Rs 105.84 a litre.
Congress General Secretary Priyanka Gandhi Vadra too slammed the government and said, it promised that the ordinary people with slippers will fly in planes but the situation is that the middle class and the poor are suffering and are unable to travel even on roads due to the fuel price rise.
However, petrol and diesel prices remained unchanged on Monday after increasing for four consecutive days as oil marketing companies (OMC) decided to pause to see developments in the global oil market before taking the next step.
Accordingly, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as Sunday.
In the national capital, petrol price rose 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the Rs 100 per litre mark in many states, pinching the common man's pocket.
In Delhi, petrol is now retailing at Rs 104.44 per litre and diesel is available at Rs 93.17 per litre after the latest price revision. On the other hand, in India's financial capital, Mumbai, petrol became costlier by 29 paise per litre and its rate stands at Rs 110.41 the highest across all the four metro cities. Diesel costs Rs 101.03 for one litre in Mumbai, a hike of 37 paise.
There has been a constant rise in the prices of petrol and diesel for the past six days and the rates are soaring at an all-time high. The prices of petrol and diesel remained steady on October 4, 2021 but saw a hike after that.
Diesel prices have now increased on 15 out of the last 18 days taking up its retail price by Rs 4.55 per litre in Delhi. The prices of diesel have increased between 20-30 paisa per litre so far but since Wednesday it has been increasing by 35 paise per litre.
With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised their pump prices last week and this week was given a spurt in the product prices lately. Petrol prices have also risen on 12 of the previous 14 days taking up its pump price by Rs 3.25 per litre.
OMCs had preferred to maintain their watch prices on the global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Across the country as well petrol and diesel increased between 30-40 paisa per litre but their retail rates varied depending on the level of local taxes in the state.
Crude price has been on a surge rising over three years high level of over $83.5 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices become effective from the morning at 6 a.m.
The daily review and revision of prices are based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump prices of fuel.
Diesel prices increased by a sharp 35 paisa per litre in the national capital to Rs 91.42 per litre on Wednesday while petrol prices rose by 30 paise per litre to Rs 102.94 a litre, according to the Indian Oil Corporation, the country's largest fuel retailer.
Diesel prices have now increased on 10 out of the last 13 days taking up its retail price by Rs 2.80 per litre in Delhi. Its prices increased between 20-30 paisa per litre so far but on Wednesday, it breached this mark as well with the 35 paise per litre rise.
With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of Madhya Pradesh. This dubious distinction was earlier available to petrol that had crossed the Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised their pump prices last week and this week, given a spurt in the product prices lately. Petrol prices have also risen on seven of the previous nine days, taking up its pump price by Rs 1.75 per litre.
OMCs had preferred to maintain their watch prices on the global oil situation before making any revision in prices. This is why petrol prices were not revised for the last three weeks. But the extreme volatility in the global oil price movement has now pushed OMCs to effect the increase.
In Mumbai, the petrol price increased by over 30 paisa per litre to reach close to Rs 109 per litre while diesel rates increased and stood near Rs 100 a litre at over Rs 99.15 a litre.
Across the country, petrol and diesel increased between 30-40 paisa per litre but their retail rates varied depending on the level of local taxes in the state.
Fuel prices in the country have been hovering at record levels on account of 41 increases in retail rates since April this year. Prices fell on few occasions but largely remained constant.
After rising over three years high level of $80 a barrel earlier this week, the global benchmark came down to $78 a barrel and now is again up to $82 a barrel while OPEC+ has decided to stick to its marginal production easing plan and the market remains tight.
Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $8-9 per barrel as compared to average prices during August.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices become effective from the morning at 6 a.m.
The daily review and revision of prices are based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
But, the fluctuations in global oil prices have prevented OMCs from following this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump prices of fuel.
Accordingly, diesel prices increased by 20 paise per litre in the national capital to Rs 88.82 per litre on Friday while petrol price remained unchanged for the 19 consecutive days.
OMCs have preferred to maintain their watch prices on the global oil situation before making any revision in prices.
The wait and watch plan of OMCs has come to the relief of consumers as no revision has been done during a period when crude prices were on the rise over a shortfall in US production and demand pick up. This would have necessitated about Rs 1 increase in prices of petrol and diesel.
In Mumbai, the petrol price was stable at Rs 107.26 per litre while the diesel rate increased to about Rs 96.40 a litre.
Across the country as well petrol price remained static on Friday while diesel price increased marginally.
Fuel prices have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on a few occasions but largely remained stable.
The oil marketing companies (OMCs) on Sunday kept pump prices of auto fuels petrol and diesel unchanged, the 14th consecutive day of no revision, as they preferred to wait and watch the global oil situation before making any revision in prices.
Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.
In Mumbai, the petrol price is stable at Rs 107.26 per litre on Sunday, while diesel rates also remain unchanged at Rs 96.19 a litre.
Across the country as well petrol and diesel prices remained static on Sunday but their retail rates varied depending on the level of local taxes in a particular state.
Fuel prices have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on few occasions but largely remained stable.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices become effective from morning at 6 a.m.
The daily review and revision of prices are based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps.
This has also prevented companies from increasing fuel prices whenever their is a mismatch between globally arrived and pump price of fuel.
After touching $74 a barrel mark couple of weeks back and then falling, benchmark Brent crude prices have bounced back to reach over $75 a barrel now.
Accordingly, in the national capital, diesel continues to be sold for Rs 89.27 per litre.
Diesel was priced at Rs 89.87 a litre on Tuesday but came down to current level in three successive price cuts of 20 paisa each between Wednesday and Friday.
Unlike diesel, petrol prices have not be changed by OMCs for past 35 days and the fuel continues to be priced at Rs 101.84 a litre in Delhi, the same price level that was reached on July 17.
Across the country as well, fuel prices remained unchanged on Saturday.
Global crude oil prices continue to decline. The October contract of Brent crude oil on the Intercontinental Exchange (ICE) was trading at $66.72 per barrel.
The pump prices of auto fuels were static since July 18.
The long price pause for auto fuels came after fuel prices increased for 41 days in the current financial year. The 41 increases have taken up petrol prices by Rs 11.44 per litre in Delhi. Similarly, diesel rates have increased by Rs 8.74 per litre in the national capital.
Prices of both auto fuels reduced only once in April by 16 and 14 paise per litre respectively. Diesel prices were also reduced by 16 paise per litre in Delhi on July 12 and again now on August 18, 19 and 20.
In the past 16 days, petrol and diesel prices hiked in the range of Rs. 3.22-3.99 per litre in the four metros including New Delhi, on the back of a rise in global crude oil prices and weakness in the rupee against the US dollar.
On Friday, petrol price stood at Rs. 78.29 per litre while diesel price was Rs. 69.20 a litre in New Delhi. The new revised petrol rates in metro cities are - Rs. 80.84 in Kolkata, Rs. 86.01 in Mumbai and Rs. 81.19 in Chennai.
The price of diesel in Kolkatta is Rs. 71.66, Rs. 73.58 in Mumbai and Rs. 72.97 in Chennai.
The fuel prices came down in Kerala by Re 1 after the state government's decision to reduce cess. After the cut, petrol is now being sold for Rs. 81.40 per litre and diesel stood at Rs. 74.05 a litre in Kerela.
However, the marginal cut in the petrol and diesel rates failed to generate positive response from people as the Central government had hiked the price of Liquefied Petroleum Gas (LPG) by Rs. 2.34 for subsidized and Rs. 48 for non-subsidised cylinders on Friday.
The new price for subsidised cylinder in Delhi is Rs. 493.55, while that of non-subsidised cylinder is Rs. 698.50. The prices of LPG were increased in Kolkata, Chennai and Mumbai and other parts of the country as well.
“The Petroleum and Natural Gas Ministry reduced fuel price which is negligible but at the same time increased LPG price by Rs. 48 for non-subsidised cylinders. All of us who had forgone our subsidy are now repenting as we responded to the government’s call. We feel cheated now,” tweeted former VC of Berhampur University, Jayant Kumar Mohapatra.
#NaMo reduced #FuelPrice by #Paise but increased #LPGPrice by Rupees-Rs 48 for non subsidy one.All of us who had foregone our subsidy now repenting why we responded to his call.We feel cheated.
Stop fooling us. #LPGOnFire— Jayant K Mohapatra (@Jkm567) June 1, 2018
However, they stopped short of reducing the retail price of petrol and diesel as more time will be required to study oil price movement before any downward revision.
Already, crude has firmed a bit for last few days and this could prevent price cut by the OMCs.
With no change in prices on Saturday, in the national capital petrol continues to be sold for Rs 101.84 per litre, while diesel remains at the unchanged price of Rs 89.87 a litre.
The pump price of fuel has been static since Sunday. It last increased on July 17 with petrol being revised upwards by 30 paisa per litre, while diesel prices remained unchanged.
One of the main reasons for pause in fuel price rise is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 barrel just a few weeks ago.
It had again risen to over $74 a barrel on strong demand projections.
With OPEC reaching an agreement to raise crude production, oil prices are expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval.
In Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. Diesel prices in the city is also at Rs 97.45, the highest among metros.
Petrol prices in all metros have now crossed the Rs 100 per litre mark.
The week-long price pause comes after fuel prices increased on 41 days and remained unchanged on 44 days since May 1.
The spikes took up petrol prices by Rs 11.44 per litre in Delhi, while diesel increased by Rs 9.14 per litre.
Since April 2020, petrol prices have increased by Rs 32.25 per litre from Rs 69.59 a litre to Rs 101.84 a litre now in Delhi.
Similarly, diesel prices during the period has increased by Rs 27.58 per litre from Rs 62.29 to Rs 89.87 a litre in the national capital.
The BJD activists today carried out a rally on bullock carts and staged protests at the Master Canteen square demanding immediate cut in fuel prices.
The ruling party alleged that fuel prices in India are among the highest in south Asia despite the fact that the country's neighbouring nations depend on the same sources for crude oil.
"It is unfortunate that the Centre is not addressing the problem that the common man is facing due to unprecedented increase in fuel prices," BJD's general secretary, Sanjay Das Burma said.
The rising fuel prices have adversely affected the common man, said Burma adding that the party will continue its protest till the fuel prices come down.
Meanwhile, the BJP termed the demonstration of the ruling party as a political gimmick alleging that the party is trying to divert the attention of the people from its failure in dealing with the real issues plaguing the state.
Several states like Jharkhand, Chhattisgarh, Gujarat, Maharashtra and Himachal Pradesh have cut value added tax (VAT) on petrol and diesel however the state government vehemently rejected the Centre’s request to reduce VAT, even though it is collecting VAT over Rs 20 per litre of petrol and diesel, alleged BJP's Odisha general secretary Prithviraj Harichandan.
"If BJD is so much concerned about the people of Odisha then it must reduce VAT by at least five per cent to ease the burden on consumers," said Harichandan.
Consequently, 2018 saw petrol and diesel prices scaling record highs daily under the dynamic pricing regime for transport fuel prices introduced last year, even as the rupee plunged to new lows against the US dollar in the second half of the year, leading to a soaring oil import bill and widening of the current account deficit. High fuel prices spurred the government to make excise cuts and increase its efforts to take India towards a gas-based economy.
In mid-May, the price of petrol in Mumbai breached the Rs 86-a-litre mark as fuel prices across the country increased for the 15th day in a row, surpassing fresh records daily.
Thereafter, following the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers deciding in Vienna to raise oil production by some 1 million barrels a day, fuel prices in the country suddenly started declining in June.
Then in September, fuel prices resumed their daily record-breaking upward movement with petrol selling at over Rs 91 a litre in the country's financial capital and at around Rs 84 in Delhi.
Amid calls for bringing petroleum products under GST, the situation forced the government to cut excise duty on petrol and diesel by Rs 1.50 a litre each in early October. Additionally, the state-owned oil marketing companies (OMCs) were mandated to reduce prices by Re 1 a litre each.
Meanwhile, Petroleum Minister Dharmendra Pradhan travelled to Vienna in June to convey India's view that the 13-nation OPEC should end the Asian Premium on oil being charged by the cartel and that prices have risen beyond the threshold that can be sustained by the world.
"There is the need for OPEC governments to move towards responsible pricing," Pradhan said.
In October, Prime Minister Narendra Modi met in New Delhi with the heads of global oil companies and made a strong case for partnership between producers and consumers, following which Saudi Arabia said it expects its output to rise from November to counter the impact of US sanctions on Iran.
Highlighting the significant positioning of India in the oil and gas market, Modi said the oil market was producer-driven and both the quantity and prices were determined by the oil producing countries.
Following the meeting, Saudi Petroleum Minister Khalid Al Falih told reporters that he expects Riyadh's oil production to rise in November from 10.7 million barrels per day (bpd) and that it has the required capacity in place to do so.
"Saudi Arabia has the capacity to produce 12 million bpd and is currently producing 10.7 million bpd and production will rise further," Al Falih said.
The decline in crude prices resumed sharply and UK Brent, for instance, fell from $86 a barrel to under $50 earlier this month, forcing oil producers to decide to reduce its supply by 1.2 million bpd for the first half of 2019.
Petrol and diesel in India have declined by nearly 15 per cent each from the record high levels they had reached in October.
Meanwhile, India received a US waiver to purchase oil from under-sanctions Iran and Pradhan announced that the Finance Ministry is working out the modalities of payment for imports from the Gulf nation.
Continuing its efforts to boost domestic production, the government this year launched the second round bidding for Discovered Small Fields (DSF) with 190 million tonnes of oil and oil equivalent of gas worth more than Rs 1 lakh crore. It is likely to fetch the government Rs 45,000 crore. Of the 25 contract areas on offer, 15 are onland fields and 10 are in shallow offshore areas.
The first round of bidding for DSF in 2016 had generated 134 bids for 34 contract areas of which 30 contracts were awarded. It saw entry of 13 companies that were new to the country's exploration and production industry.
An impressive Rs 5,900 crore of investment was committed for the exploration of 55 oil and gas blocks awarded through the first round of auctions under the new Open Acreage Licensing Policy (OALP). The OALP, under the new Hydrocarbon Exploration and Licensing Policy (HELP), allows the investor to carve out blocks of their choice and submit an Expression of Interest throughout the year.
In August, the cabinet approved a policy framework for the exploration of hydrocarbons, permitting private companies to exploit unconventional hydrocarbons, including shale gas and coal bed methane (CBM), from their existing acreages.
In a major step towards ushering in a clean gas-based economy, India launched its biggest auction of city gas distribution (CGD) networks, offering permits for selling compressed and piped natural gas (CNG and PNG) in 86 geographical areas (GAs) to bring gas to around half of the country's population in 26 states and union territories. The tenth CGD bidding round was also launched subsequently in 50 GAs spread over 124 districts in 14 states.
In a major move on sustainable development, the government brought out the National Biofuels Policy for a sector poised to become an economy worth Rs 1 lakh crore, aimed at providing a cost-effective, pollution-free import substitute to polluting fossil fuels.
The policy details the architecture for India to make the move towards adopting second generation, or advanced, biofuels in the future, from the current first
generation ones being used, which are essentially sugar-based.
In the notable foreign investment in the sector during the year, the Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) was created as a 50:50 joint venture between Indian state-run OMCs with Saudi Aramco and Abu Dhabi's national oil company ADNOC. The mega refinery will be capable of processing 1.2 million bpd of crude oil by 2022, or 60 MT per annum.
In the national capital, petrol price fell to Rs 72.23 per litre, against Saturday's level of Rs 72.53, according to data on the Indian Oil Corp's website.
The price in Delhi was the lowest recorded level in 2018-19 so far, with the previous low being Rs 73.73 on April 1.
In other metros too, petrol prices fell by around 30-40 paise on Sunday and recorded the lowest prices in the current fiscal.
Prices in Kolkata, Mumbai and Chennai on Sunday are Rs 74.25, Rs 77.80 and Rs 74.94 per litre, respectively, against the previous day's respective levels of Rs 74.55, Rs 78.09 and Rs 75.26 per litre.
The previous lows for the current fiscal in Kolkata, Mumbai and Chennai were Rs 76.44, Rs 81.59 and Rs 76.48 per litre, respectively, recorded on April 1.
Diesel prices also declined on Sunday in tandem with the cost of petrol.
In Delhi, Kolkata, Mumbai and Chennai, diesel per litre was sold for Rs 67.02, Rs 68.75, Rs 70.15 and Rs 70.77, respectively, compared to Rs 67.35, Rs 69.05, Rs 70.50 and Rs 71.12 on Saturday.
The fall in domestic fuel prices comes amid the recent decline in crude oil prices.
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
The price of the benchmark Brent crude oil, which declined over the past one month, has fallen further despite expectations that the Organization of the Petroleum Exporting Countries (OPEC) may decide to reduce supply in its meet next week.
The OPEC is expected to announce a supply cut of one million barrel per day to curb the fall in oil prices, according to market analysts.
According to the Indian Oil Corp data, petrol was priced at Rs 76.71 per litre in the national capital on Sunday, 20 paise lower than Saturday.
Petrol prices also fell by 20 paise in Mumbai to Rs 82.23 per litre. In Kolkata and Chennai, petrol sold at Rs 78.65 and Rs 79.66 per litre.
As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.
Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.
In tandem with petrol, the cost of diesel declined on Sunday across the four metros.
The price of diesel in Mumbai was down 19 paise at Rs 74.97 per litre.
Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 71.56, Rs 73.42 and Rs 75.63 a litre, respectively.
The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar.
The UK Brent crude has fallen to under $68 per barrel, from a recent high of over $86.
Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.
Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by one rupee per litre.
In a related development, the US recently softened its stand on Iran's sanctions and allowed eight countries including India to continue importing oil from Iran temporarily.
In the national capital, petrol was priced at Rs 81.82 per litre, up from Rs 81.68 on Saturday, data on the IndianOil Corporation website showed.
Similarly, petrol prices in Mumbai, Kolkata and Chennai also rose on Sunday -- to Rs 87.29 in Mumbai, Rs 83.66 in Kolkata and Rs 85.04 per litre in Chennai.
The prices vary from region to region due to local taxes, as the product is excluded from the Goods and Services Tax regime. Delhi has the lowest tax rate among the four metro cities.
The increase in transport fuel prices comes amid a continuous surge in crude oil prices. UK Brent crude is around $85 per barrel.
On Thursday, Union Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre.
In tandem with petrol, the diesel prices also rose across the four metros on Sunday.
Diesel was selling in Mumbai at Rs 77.06, up from Rs 76.75 on Saturday. Prices in Delhi, Kolkata and Chennai were Rs 73.53, Rs 75.38 and Rs 77.33 per litre respectively.
In the country's financial capital, petrol was priced at Rs 90.75 per litre, up from Rs 90.57 on Friday, data on the Indian Oil Corp's website showed.
Petrol prices in the other key cities of Delhi, Kolkata and Chennai were at Rs 83.40, Rs 85.21 and Rs 86.70 per litre, respectively -- all at new record levels -- higher than the previous levels of Rs 83.22, Rs 85.03 and Rs 86.51 per litre.
The increase in transportation fuel prices comes amid surging crude oil prices. Currently, Brent crude oil is priced around $83 per barrel.
Sector experts also attribute the high domestic fuel prices to the high rate of excise duty across the country.
In tandem with petrol, cost of diesel also rose to hit new highs on Saturday.
Prices of the fuel in the four metros of Delhi, Kolkata, Mumbai and Chennai were Rs 74.63, Rs 76.48, Rs 79.23 and Rs 78.91 a litre, respectively, up from the Friday's levels of Rs 74.42, Rs 76.27, Rs 79.01 and Rs 78.69 per litre.
Both petrol and diesel prices have been at their all-time high in the country for around a week now, due to increase in crude oil prices and depreciation in the rupee against the dollar. Weakening of the Indian rupee makes the import of crude oil expensive.
In the national capital, petrol prices rose by 48 paise to Rs 79.99 per litre on Friday, from Rs 79.51 per litre on Thursday, according to data on the Indian Oil Corporation's website.
Similarly, in the other key cities of Kolkata, Mumbai and Chennai, cost of petrol rose by 47 paise, 48 paise and 51 paise to Rs 82.88, Rs 87.39 and Rs 83.13 per litre on Friday, respectively.
Among the domestic factors, high excise duty in the country is a major factor for high fuel prices, according to market observers.
In tandem with petrol prices, cost of the other key transportation fuel, diesel, also increased on Friday. In fact, the rise in diesel prices was above 50 paise per litre across the four major cities.
Both in Delhi and Kolkata, diesel prices rose by 52 paise to 72.07 and Rs 74.92 per litre respectively. In the other metropolitan cities of Mumbai and Chennai, it was up 55 paise and 56 paise respectively, at Rs 76.51 and Rs 76.17 per litre on Friday.
The rise in diesel prices attract concern as the fuel is used in the transportation of goods including agriculture products and high prices of the fuel may lead to higher inflation in the country.
Briefing reporters here following a Cabinet meeting, Prasad was responding to queries on petrol prices in Mumbai, Delhi and Chennai having already reached unprecedented levels, and setting new benchmarks every other day.
Under the dynamic pricing regime, petrol in Mumbai touched Rs 84.99 a litre on Wednesday. In Chennai, price of the fuel breached the Rs 80 a litre mark on Wednesday and was priced at Rs 80.11 per litre.
In Delhi, petrol inched higher to a new record of Rs 77.17, and in Kolkata, it cost Rs 79.83, almost a five-year high.
"The issue of the frequent hike in fuel prices has become a matter of discussion and concern and the government is involved in the whole process of concern and uncertainty," Prasad said.
Diesel prices, which have already reached unprecedented levels, set new records across the country. In Delhi, Kolkata, Mumbai and Chennai, diesel was sold at Rs 68.34, Rs 70.89, Rs 72.76 and Rs 72.14 per litre, respectively.
Responding to a query on the comments of former Union Finance Minister P. Chidambaram on Wednesday that the government can reduce excise on petrol by Rs 25 per litre but is unwilling to do so, Prasad said the Centre is considering a long-term view on the matter in "view of the frequent fluctuation in fuel prices".
He pointed out that petrol has been deregulated since a few years and that at times of fall in global prices in the past, the government passed on the benefit to consumers.
"In view of the global uncertainty on oil prices, the government is looking at the desirability of taking a long-term view to deal with the issue of volatility and the frequent ambiguity arising out of the fluctuation in prices," he said.
"There is a compelling need for a long-term structured solution to the problem in which the government is actively engaged."
The Minister also said the taxes on petrol and diesel go to fund development work that benefits both the Centre and the states, citing the example expenditure on works such as highways, digital infrastructure, education and creating medical institutes.
"Fuel prices have gone up recently due to the hurricane in the US. As the prices reduce in the international market, they will come down here also," the Petroleum and Natural Gas Minister told reporters here.
The rates have already started to come down in the last three days," he said, adding that the petrol and diesel prices had been linked to the market since the last 20 years.
When asked over the possibility of reduction in taxes on petroleum products to curb the fuel prices, Pradhan said taxes can't be slashed as funds are necessary for infrastructure development and welfare schemes.
"Don't you need good roads? Don't you need pure drinking water? Don't you need good education for your children? Dono haath main laddu nahi ho sakte (You cannot have laddus in both your hands)," Pradhan said.
"In democracy, it is from the taxes of the people that welfare schemes are funded. This is not any hidden system.
Everybody knows that most part of the revenue earned through taxes is spent on the welfare schemes," he added.
Pradhan also expressed hope that petroleum products will soon be brought under the ambit of GST.
"We have brought GST with consensus of all states. I am hopeful that petroleum products will also come under GST soon," he said.
Putting the ball on Naveen-led Odisha government’s court, Pradhan stated, “Many States have reduced taxes on fuel and the Odisha Government should follow their footsteps.”
“If the rate of crude oil increases in international market, the States actually get the benefit. In 2014, the Odisha government was collecting less than Rs 3,000 crore tax from fuel and now it has increased to Rs 7,000 crore. Therefore, the State should cut the tax on fuel,” Pradhan added.
On corruption charges against different members and leaders of BJD, Pradhan said, “Naveen babu was never serious in curbing corruption.”
“Those who were expelled from the party earlier for indulging in corrupt activities have currently become his main associates. He is their ringleader,” alleged Pradhan.
#WATCH: Union Minister Dharmendra Pradhan criticises CM Naveen Patnaik over corruption charges #Odisha pic.twitter.com/4PG1CQQNse
— OTV (@otvnews) September 16, 2018
BJD spokesperson Pratap Deb reacted sharply to Pradhan's suggestion on cut in taxes levied on petroleum products.
“The Centre which was charging six per cent excise duty on petrol is currently levying 19 per cent whereas the excise duty on diesel has increased to 15 per cent,” stated Deb.
“I want to ask what the Central government did with the taxes that it collected during the four and half years of reign,” said Deb.
“The BJP has done nothing for Odisha during its tenure. The public knows it all and this in an attempt of the BJP to cover up its faults,” Deb lambasted Pradhan over the latter’s allegations of corruption against the BJD government.
The pump prices of petrol and diesel increased by 26 paise and 23 paise per litre to Rs 94.49 and Rs 85.38 per litre respectively in Delhi on Tuesday.
This is the second consecutive increase in fuel prices in as many days. Petrol and diesel prices had risen up to 29 paise per litre even on Monday.
In the city of Mumbai, where price of petrol crossed Rs 100 mark for the first time on Saturday, the fuel price rise again on Tuesday by about 25 paise per litre has taken it to a new high of Rs 100.72 per litre. Diesel price also increased in the city by 24 paise per litre to reach Rs 92.69 a litre, the highest among metros.
Across the country as well petrol and diesel prices increased on Tuesday but the quantum varied depending on the level of local taxes in different states.
Mumbai is not the only city to have unique distinction of petrol breaching the Rs 100 pet litre mark. Thane reached the mark few days back while few other cities in Rajasthan (including Jaipur) Madhya Pradesh and Maharashtra, having the highest VAT levels on auto fuels in the country, have already been selling normal petrol for over Rs 100 a litre for the past several days.
Premium petrol prices have already crossed the Rs 100 per litre mark in the city and other parts of the country through increase in the retail rates in the month of January and February.
With Tuesday's price rise, fuel prices have now increased on 17 days and remained unchanged on 15 days since May 1. The 17 increases have taken up petrol price by Rs 4.09 per litre in Delhi. Similarly, diesel price has increased by Rs 4.66 per litre in the national capital.
Under daily price revision, OMCs revise petrol and diesel prices every morning benchmarking retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate. However, in a market where fuel prices need to be increased successively, oil companies this month have been holding back price rise on few days before starting the process all over again.
With global crude prices rising again to around $70 a barrel mark, OMCs may have to keep revising prices upwards for some more time.
This is second increase in fuel prices in as many days as petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively even on Tuesday after a 18 days break.
With Wednesday’s increase, petrol is now being retailed at Rs 90.74 a litre and diesel Rs 81.12 a litre in the national Capital.
Across the country as well the petrol and diesel price increased on Tuesday but its quantum varied depending on the level of local levies in respective states.
IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF prices by 6.7 per cent effective this month.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped over $69 a barrel on Wednesday.
The price of the two auto fuels had fallen by 16 paise and 14 paise per litre respectively on April 15 after a 15 day break when OMCs kept its prices static. Thereafter revision of fuel prices have been halted.
The OMCs went on price cut for the first time this year on two consecutive days – March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged for past 15 days before falling again on April 15. In all petrol prices have fallen by 77 paise per litre while diesel by 74 paise per litre in 2021 so far.
Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
With global crude prices at over $69 a barrel mark, OMCs may have revise fuel prices upwards again if there is any further firming up.
Accordingly, the petrol and diesel prices increased by 15 paisa and 18 paisa per litre to Rs 90.55 and Rs 80.91 per litre respectively on Tuesday in Delhi.
Prior to the increase, petrol and diesel were being retailed at Rs 90.40 and 80.73 per litre respectively in the national Capital. The two auto fuel prices were static for 18 days prior to this increase.
Across the country as well the petrol and diesel prices increased on Tuesday but its quantum varied depending on the level of local levies in respective states.
IANS had written earlier that OMCs may increase the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF prices by 6.7 per cent effective this month.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised.
The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15-day break when OMCs kept its prices static. Thereafter revision of fuel prices have been halted.
The OMCs went on price cut for the first time this year on two consecutive days — March 24 and 25 after keeping oil prices steady for the past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged for the past 15 days before falling again on April 15. In all petrol prices have fallen by 77 paise per litre while diesel by 74 paise per litre in 2021 so far.
Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
With global crude prices at over $ 67 a barrel mark, OMCs may revise fuel prices upwards again if there is any further firming up.
In the national capital, petrol was sold for Rs 90.40 per litre.
Price of the fuel in Mumbai, Chennai and Kolkata were Rs 96.83, Rs 92.43 and Rs 90.62 per litre, respectively.
Similarly, price of diesel also was unchanged for the 10th straight day. In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 80.73, Rs 87.81, Rs 85.75 and Rs 83.61 per litre, respectively.
Prices remained unchanged despite high crude oil prices. Brent crude prices are currently above the $66-per-barrel mark.
The June contract of Brent crude on the Intercontinental Exchange (ICE) is currently trading at $66.11 per barrel, higher by 1.09 per cent from its previous close.
The maximum surge was recorded in Maharashtra's Parbhani where the price of petrol was Rs 81.93/litre and diesel Rs 71.31/litre.
Petrol rates increased by 15 paisa in Delhi, Kolkata and Mumbai, and by 16 paisa in Chennai. Diesel rates shot up by 10 paisa in Delhi and Kolkata, by 11 paisa in Mumbai and Chennai. The rest of the country has also witnessed hike in fuel prices.
As per the Indian Oil website, petrol priced in Delhi, Kolkata, Mumbai and Chennai were: Rs 74.43/litre, Rs 77.03/litre, Rs 80.00/litre, Rs 77.28/litre respectively, while the diesel rates were: Rs 67.24/litre, Rs 69.66 /litre, Rs 70.55 /litre and Rs 71.09/litre respectively.
The price of petrol was cut by 27 paise and that of diesel by diesel by 30 paise a litre across all major cities on Saturday.
The petrol now costs Rs 74.16 a litre in Delhi, Rs 79.76 a litre in Mumbai, Rs 76.77 a litre in Kolkata and Rs 77.03 a litre in Chennai after the price cut.
Similarly, diesel costs Rs 67.31 a litre in Delhi, Rs 70.56 a litre in Mumbai, Rs 69.67 per litre in Kolkata and Rs 71.11 a litre in Chennai, according to the Indian Oil Corporation website.
Brent crude was trading at $60.56 per barrel on Saturday morning, down by 2.43 per cent from the previous close of $62.07 per barrel on fears of a slump in demand following the outbreak of deadly Coronavirus in China.
The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements.
Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.
(IANS)
Petrol now costs Rs 71.71 per litre in Delhi, Rs 77.40 per litre in Mumbai, Rs 74.38 per litre in Kolkata and Rs 74.51 per litre in Chennai after the price cut.
Similarly, diesel costs Rs 64.30 a litre in Delhi, Rs 67.34 a litre in Mumbai, Rs Rs 66.63 a litre in Kolkata and 67.86 per litre in Chennai, according to Indian Oil Corporation website.
The prices were reduced after the international crude oil prices witnessed a downward trend due to slump in demand. The Brent also fell by $0.86 per barrel and was trading at $50.50 per barrel after coronavirus deaths and cases increased all over the world.
The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements.
Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.
(IANS)
Aviation turbine fuel (ATF) price was hiked by Rs 5,494.5 per kilolitre (kl), or 16.3 per cent, to Rs 39,069.87 per kl in the national capital, according to a price notification by state-owned oil marketing companies.
This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (Rs 12,126.75 per kl) on June 1. Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.
Petrol price in Delhi was hiked to Rs 76.73 per litre from Rs 76.26, while diesel rates were increased to Rs 75.19 a litre from Rs 74.62, the price notification said.
In 10 hikes, petrol price has gone up by Rs 5.47 per litre and diesel by Rs 5.8 a litre.
Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.
The hike in diesel rates is the highest daily increase since the state-owned fuel retailers started daily revision in rates in May 2017.
Tuesday's increase in petrol and diesel price marks the 10th straight day of rise in rates since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus.
The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.
Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) instead of passing on the excise duty hikes to customers adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices.
The June 1 hike in jet fuel price had come after seven consecutive reductions in rates since February. ATF price in Delhi before the reduction cycle began in February was Rs 64,323.76 per kilolitre, which got reduced to Rs 21,448.62 last month.
Industry officials said the hike was necessitated because benchmark international rates have bounced back from a two-decade low.
While ATF prices are revised on 1st and 16th of every month, petrol and diesel prices are revised on a daily basis.
Oil companies used to revise ATF prices on the first of every month, but adopted fortnightly revisions on March 21 to pass on the benefit of falling international oil prices to airlines.
Meanwhile, Congress president Sonia Gandhi has written to Prime Minister Narendra Modi urging the govt to immediately roll back hikes on fuel prices.
Congress President Smt. Sonia Gandhi writes to the Prime Minister urging the govt to immediately roll back hikes on fuel prices & pass the benefit of low crude oil prices to the citizens. pic.twitter.com/NQstx7v5Ac
— Congress (@INCIndia) June 16, 2020
(PTI)
Read More:
18% GST Ruling On ‘Parotas’ Cooks Up Storm On Social Media
In the national capital, the petrol price on Tuesday stood at Rs 80.43 per litre and diesel at Rs 80.53 a litre, the same level as of Monday when the OMCs had increased the price of the two fuels by five paise and 14 paise respectively.
Sources in public sector oil companies said that consumers could get relief from the regular price rise of the two petroleum products in coming days as the pause on Tuesday could be replicated in several of the coming days due to softening of global oil prices.
Also, the companies have covered most of the shortfall arising when for 82 continuous days (from March 14 to June 6) petrol and diesel prices remained unchanged while the government substantially raised taxes on the products.
Starting from June 7, the petrol price has increased by Rs 9.17 and diesel by Rs 11.14 in the national capital. In other cities, the magnitude of increase was similar. For the last six to seven days, the quantum of daily increase has fallen from 60 paise per litre to less than 20 paise per litre. With global oil prices remaining around $ 40 a barrel, any fall in oil prices now may result in fuel consumers actually getting the benefit of a cut on petrol and diesel prices.
In a historic development, the price of diesel surged above that of petrol in the national capital during this period. It continues to remain higher even though on Saturday the quantum of the petrol price hike was higher than that of diesel.
Officials in the oil marketing companies said that it is hard to predict which of the two fuels will be priced higher in the national capital as the gap between the two is almost negligible. But petrol prices have shown more volatility in international markets that may take it ahead once again in the coming days.
Apart from Delhi, the retail prices of petrol and diesel have followed the traditional path in other metros with petrol being priced at a premium of between Rs five and eight per litre. The difference between the auto fuel prices in Delhi and other metros is because of the taxation structure.
While both petrol and diesel are at similar levels of taxes (state and Centre) in Delhi, it is higher for petrol in many other Indian cities.
Globally diesel is priced a tad higher than petrol. In India too, the base price of diesel is slightly higher than petrol, but taxation at the Central and state levels changed the complexion of retail prices.
(IANS)
You May Also Like:
Diesel Prices Surpass That Of Petrol For First Time In India
Accordingly, pump prices of petrol and diesel fell by 16 paisa and 14 paisa per litre respectively on Thursday.
With this, petrol is now being retailed at Rs 90.40 a litre in Delhi, down from previous day’s level of Rs 90.56 a litre. Similarly, diesel is now priced at Rs 80.73 a litre in the national capital from earlier level of Rs 80.87 a litre.
With crude remaining below $65 a barrel, for most part of the last fortnight along with softer product prices, the oil companies decided to break their pause and passed on the benefit to the consumers. The OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products’ prices and dollar exchange rate.
However, the global crude has again gained and crossed $66 a barrel mark. If this holds for a few days, fuel prices may have to be revised upwards.
Before the long drawn pause, petrol and diesel fell by 22 paisa and 23 paisa per litre respectively last on March 30.
Across the country as well the petrol and diesel prices fell on Thursday but its retail levels varied depending on the level of local levies in respective states.
Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other cities across the country.
The OMCs went on price cut for the first time this year on two consecutive days – March 24 and March 25 after keeping oil prices steady for 24 days. It again reduced the price on March 30. Thereafter, fuel prices remained unchanged for the past 15 days before falling again on April 15.
Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the capital.
With crude remaining below $ 65 a barrel, any softening on global oil in the wake of a fresh wave of the pandemic and rising stocks in the US could actually mean lower petrol and diesel prices for consumers in India. But crude has firmed up in the last couple of days.
Before the long drawn pause, petrol and diesel fell by 22 paise and 23 paise per litre respectively on March 30 in the wake global softening of oil prices. OMC have decided to pause price revision since then as they want to watch the crude price movement.
Across the country as well the petrol and diesel prices remained static on Wednesday but its retail levels varied depending on the level of local levies on respective states.
In Mumbai, petrol continued to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continued to remain over Rs 100 a litre in the city as is the case with several cities across the country.
The OMCs went on price cut for the first time this year on two consecutive days — March 24 and 25 after keeping oil prices steady for the past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged.
Earlier, the petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
In the national capital, petrol was sold for Rs 90.56 per litre.
Prices of the fuel in Mumbai, Chennai and Kolkata were at Rs 96.98, Rs 92.58 and Rs 90.77 per litre respectively, same as the previous levels.
Petrol and diesel prices fell by 22 paise and 23 paise per litre, respectively, on March 30 in wake the global softening of oil prices. The OMCs have decided to pause price revision as they want to watch the crude price movement that has now dropped below the $63-per-barrel mark.
In tandem with petrol prices, diesel was sold at unchanged levels of Rs 80.87, Rs 87.96, Rs 85.88 and Rs 83.75 per litre, in Delhi, Mumbai, Chennai and Kolkata, respectively.
After petrol stayed at record levels for a considerable period and were steady for past 24 days, OMCs went on price cut for the first time this year on two consecutive days – March 24 and 25. It again reduced the price on March 30.
Thereafter, fuel prices have remained unchanged. Earlier, petrol and diesel prices increased 26 times in 2021.
The oil marketing companies (OMCs) on Sunday increased the retail price of petrol by 28 paise per to Rs 83.41 a litre in Delhi. Similarly, diesel price also increased by 29 paise a litre to Rs 73.61 a litre.
With this, the current price of petrol in Delhi is just about 60 paise short of breaching the all-time high level of fuel of Rs 84 a litre reached on October 4, 2018. Given the rate the daily increase by OMCs, the milestone may be achieved early next week.
Across the country as well, the retail price of petrol is very close to all-time high levels and will breach the mark this week if retail prices continue to rise daily. In Mumbai, the all-time high petrol price was Rs 91.34 a litre recorded on October 4, 2018. The retail price of petrol there now is Rs 90.05.
The all-time high petrol price in Chennai and Kolkata has been Rs 87.33 and Rs 85.80 a litre and the current prices are Rs 86.25 and Rs 84.90 a litre respectively.
Ironically, the consistent increase in retail prices of the auto fuels -- petrol and diesel -- over the past fortnight taking it closer to all-time high levels comes at a time when the crude prices are almost $ 30 a barrel less than what was in October 2018, when petrol prices reached all time high levels last.
Global crude prices have firmed up recently over the news of successful coronavirus vaccine. It has risen almost $ 10 a barrel in the last one month to reach closer to $ 50 a barrel now. But even at this level, it is far less than the average crude price of $ 80.08 a barrel in October 2018 when petrol prices reached a high of Rs 84 a litre in the Capital.
With Sunday's increase, fuel prices have now increased on 14 of the past 17 days as the petrol price rose by Rs 2.35 per litre and diesel by 3.15 a litre. Petrol price had been static since September 22, and diesel rates hadn't changed since October 2.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.
But with crude on the boil again on news of a successful coronavirus vaccine launch soon, the patience was lost by OMCs who finally resorted to price increase to cover for their under recovery on the sale of two petroleum products.
The benchmark Brent crude has crossed $48 a barrel on the Intercontinental Exchange (ICE) lately. It has remained over $ 44 a barrel for most part of November.
(IANS)
With the fresh hike, petrol becomes dearer by 25 paise in the capital city. Similarly with an increase of 27 paise, diesel was priced at Rs 81.29 per litre in Bhubaneswar, added Lath.
The sharp rise in petrol and diesel prices came after the oil marketing companies decided to break the momentary pause in the wake of a sudden spike in the global oil prices.
"It seems that fuel prices will touch Rs 100 soon, if the trend continues. Using public transport during the ongoing Covid-19 pandemic is risky. We will have to opt for other means, like one can walk or ride bicycle for covering short distances," said a consumer at a petrol pump in Bhubaneswar.
Worth mentioning, state-owned fuel retailers-- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6, resumed daily price revision after nearly a month-long hiatus.
Rates were hiked on two consecutive days- totaling 49 paise for petrol and 51 paise for diesel- before they hit a pause button again.
The price increase cycle resumed after international oil prices rose for the seventh day. US West Texas Intermediate (WTI) was up 1.3 per cent at USD 53.88 a barrel, while Brent crude was up 79 cents at USD 57.37.
Both benchmarks are trading at the highest since February 2020, before the coronavirus outbreak in China began spreading across the world, forcing lockdowns that shaved off demand.
Meanwhile in Delhi, petrol was sold at Rs 84.45 from the previous days of Rs 84.20 a litre while diesel price increased to Rs 74.63 per litre as against Rs 74.38 a litre earlier.
In Mumbai, petrol was priced sold for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.
(Edited By Rashmi Ranjan Mohanty)
https://youtu.be/lhm2y3goGqs
Accordingly, in the national capital, petrol was sold at the new record high level of Rs 84.70 from previous days Rs 84.45 a litre while diesel prices increased to Rs 74.88 per litre as against Rs 74.64 a litre a day earlier.
Across the country as well pump price of petrol and diesel increased on Wednesday but the quantum varied depending on the prevailing tax structure in each state.
Auto fuel price rise was on hold for last five days after petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities. It again rose yesterday by 25 paisa per litre.
OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia's decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.
At Rs 84.70 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.
The OMCs' patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.
(IANS)
Accordingly, in the national capital, petrol continued to be sold at the new record high level of Rs 84.70 a litre while diesel prices remained at Rs 74.88 per litre.
Across the country as well pump price of petrol and diesel remained static on Sunday.
Auto fuel price rise was on hold for the last five days after petrol and diesel prices had increased on two successive days last week on Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities. It again rose Wednesday and Thursday by 25 paise per litre each before price rise has again gone in for a pause since Friday.
The OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia's decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.
At Rs 84.70 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.
The OMCs' patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.
The Oil companies' executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with the global developments to prevent OMCs from making losses on sale of auto fuels.
(IANS)
Accordingly, petrol continues to be sold at Rs 85.20 a litre in Delhi while diesel prices also remained same at Rs 75.38 a litre.
Across the country as well pump prices of petrol and diesel remained unchanged on Wednesday.
Petrol and diesel prices had risen sharply by 25 paisa per litre each on Monday and Tuesday before OMCs decided to give relief to consumers from frequent price rise.
The pump price of petrol and diesel has increased by Rs 1.49 and Rs 1.51 per litre respectively in January so far with OMCs deciding to break an earlier longer period of pause increasing the retail prices first time this year on January 6. The price had been raised on five different days since then.
The last two days of increase in pump prices in petrol and diesel has taken the prices to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.
The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices that had again crossed $56 a barrel mark.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.
(IANS)
Accordingly, the pump price of petrol increased between 22-25 paise per litre across all major metros on Friday while diesel price increase ranged 23-27 paise per litre.
With this, petrol is now priced at Rs 85.45 a litre in Delhi as against previous days price of Rs 85.20 a litre. Similarly, in Mumbai petrol price increased to Rs 92.04 a litre, a 24 paise increase from previous days price of Rs 91.80 a litre. In Chennai and Kolkata, petrol is now priced at Rs 88.07 and 86.87 a litre respectively, registering an increase of 22 and 24 paise per litre from the previous day.
Diesel on the other hand faced sharper increase, rising by 27 paise a litre in Mumbai from previous days' level of Rs 82.13 a litre to Friday's retail price of Rs 82.40 a litre. In Delhi, diesel rose 25 paise per litre to Rs 75.63 a litre, in Chennai by 23 paise per litre to Rs 80.90 a litre and in Kolkata by 26 paise per litre to Rs 79.23 a litre.
The increase in retail price of auto fuel came on a day when global crude prices showed some signs of softening declining by less than one per cent to close to $ 55 a barrel. Crude prices have remained firm for the last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in the consumption in all major economies globally.
The increase in the petrol and diesel prices is the third such revision this week. The auto fuels had risen sharply by 25 paise per litre each on Monday and Tuesday before the OMCs decided to give relief to the consumers from frequent price rise for the last two days.
With Friday's revision, the pump price of petrol and diesel has now increased by Rs 1.74 and Rs 1.76 per litre respectively in January so far with OMCs' deciding to break an earlier longer period of pause increasing the retail prices for the first time this year on January 6. The price had been raised on six different days since then.
The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.
The current price rise is largely on account of the steep increase in the central taxes of petrol and diesel and firm crude prices.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.
Oil companies' executives said petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with the global developments to prevent OMCs from making losses on sale of auto fuels.
(IANS)
With the latest increase, petrol is available at a record high of Rs 86.05 a litre in Delhi and diesel at Rs 76.23 a litre.
Fuel prices increased sharply elsewhere in the country as well, but the retail hike varied from state to state due to quantum of taxes levied on petroleum products there.
In Mumbai, petrol price inched towards Rs 93 a litre and in Chennai near Rs 89 per litre. In Kolkata, it was within touching distance of Rs 88 a litre. Diesel on the other hand was nearing Rs 83 a litre in Mumbai, Rs 81.5 in Chennai and Rs 80 in Kolkata.
Though firm global crude and product prices led to latest increase in retail prices of petrol and diesel, it is interesting to note that even though crude has been hovering just over $55 a barrel for some time now, OMCs have gone in for both a pause in price hike of auto fuels as well as increase its retail prices on consecutive days.
Crude price have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick-up in consumption in all major economies worldwide.
The petrol and diesel prices have increased nine times in January with the two auto fuels increasing by Rs 2.34 and Rs 2.36 per litre respectively.
The last few increases in pump prices of petrol and diesel have taken the prices to record levels in all major metro cities and other towns across the country. The last time the retail prices of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up to $80 a barrel.
The current price rise is largely on account of steep increase in central taxes on petrol and diesel and firm crude prices.
Petrol price was very close to breaching an all-time high of Rs 84 a litre (October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the upward swing was halted ever since with no price revision by the OMCs in the month. The price rise started again only on January 6.
Oil companies' executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced with global developments to prevent OMCs from making losses on the sale of auto fuels.
(IANS)
Accordingly, retail price of diesel increased to Rs 76.83 a litre in Delhi from earlier Rs 76.48. Petrol price reached another new high of Rs 86.65 a litre as against Rs 86.30 prevailing in the national capital since January 27.
The fuel prices increased close to 35 paise per litre, but the exact amount varied from state to state depending on their local levies.
Though firm global crude and product prices led to increase in retail prices of petrol and diesel, it is interesting to note that even though the crude has been hovering just over $55 a barrel for a long time, OMCs had paused increase in prices of auto fuels. The present increase comes after over $3 a barrel increase in crude prices in just a few days.
Crude price have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick-up in consumption in all major economies globally.
Petrol and diesel prices have increased 11 times in 2021, with the two auto fuels increasing by Rs 2.94 and Rs 2.96 per litre respectively so far.
The last few increases in pump prices in petrol and diesel have taken them to record levels in all major metro cities and towns across the country. The last time the retail prices of auto fuels were closer to current levels were on October 4, 2018 when crude prices had shot up to $80 a barrel.
The current price rise is largely on account of steep increase in central taxes on petrol and diesel, apart from firm crude prices internationally. The Union Budget 2021-22 has also imposed a new agricultural infrastructure and development cess on the fuels.
Petrol prices were very close to breaching an all-time high of Rs 84 a litre (reached on October 4, 2018) when these touched Rs 83.71 on December 7, 2020. But the upward march was halted ever since as no price revision was announced by the Indian OMCs in the month. The price uptick started again only on January 6.
Oil companies' executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent the OMCs from losing money on the sale of auto fuels.