Fuel price control is back from the dead
2 years, 8 months ago

Fuel price control is back from the dead

Live Mint  

The spectre of political control is once again haunting India’s fuel retailers and those who bankrolled them, denting the profits of oil companies, hurting in particular private operators Reliance and Nayara Energy. Reliance Industries Ltd’s fuel retailers are facing a shortage of fuel, and fear the return of the 2008 scenario in which many private sector fuel retailers had to shut down their operations as global crude prices went through the roof and the government of the day decided to restrict fuel subsidy to state-owned oil marketing companies. Jet fuel, was decontrolled in 2002, petrol prices in 2010, and diesel prices were set on a course to reach market-price parity by letting oil companies raise them by 50 paise every month. Yet, when crucial assembly elections in early 2022 approached, state-owned OMCs ‘voluntarily’ gave up their marketing freedom and held petrol and diesel prices steady, regardless of the volatility in crude prices globally.

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History of this topic

Fuel price cut at pvt outlets worry state-run retailers
4 days, 15 hours ago

Fuel price cut at pvt outlets worry state-run retailers

Hindustan Times  

A ₹3 per litre “happy hours discount” by private petrol retailers has seen outlets of State-run firms -- Indian Oil Corp., Hindustan Petroleum Corp. and Bharat Petroleum Corp. -- losing up to 50% market share at various locations, said dealers from across India urging their companies to immediately reduce prices. We are losing between 25% to 50% of our daily …

Petrol pumps cap inventory amid hopes of fuel price cut
9 months, 1 week ago

Petrol pumps cap inventory amid hopes of fuel price cut

Live Mint  

New Delhi: Retail fuel pumps across the country are operating with about three days of stock against the usual inventory of five days over the past month amid speculations of a cut in petrol and diesel prices ahead of general elections. Oil marketing companies need to determine retail fuel prices on a daily basis under the dynamic pricing mechanism based …

No Plans to Cut Petrol, Diesel Prices Ahead of Lok Sabha Polls: Hardeep Singh Puri
11 months, 3 weeks ago

No Plans to Cut Petrol, Diesel Prices Ahead of Lok Sabha Polls: Hardeep Singh Puri

Deccan Chronicle  

New Delhi: Ahead of Lok Sabha polls this year, the probability of a cut in prices of petrol and diesel has been ruled out by the government as Union petroleum minister Hardeep Singh Puri on Wednesday clarified that there’s no proposal to cut fuel prices, while the media reports are ‘speculative’. The statement by the oil minister comes amid several …

Petrol and diesel prices on April 10. Check prices in your city
1 year, 8 months ago

Petrol and diesel prices on April 10. Check prices in your city

Hindustan Times  

The cost of petrol and diesel in India remained stagnant on Monday, continuing a ten-month trend of price stability. Prices were last revised in May 2022 after the Finance minister Nirmala Sitharaman announced to slash the excise duty on petrol and diesel by ₹8 per litre and ₹6 per litre, respectively. The government controls the fuel prices through excise duty, …

Oil cos still losing money on diesel: Minister Puri on talks of price cut
2 years, 1 month ago

Oil cos still losing money on diesel: Minister Puri on talks of price cut

Deccan Chronicle  

NEW DELHI: PSU oil companies are losing a net Rs 4 per litre on diesel while their margins have turned positive on petrol, Oil Minister Hardeep Singh Puri said on Wednesday on talks of a price reduction in the offing as international rates have softened. Puri said his ministry will seek assistance for the three fuel retailers - Indian Oil …

Petrol, Diesel Prices Unlikely To Cool In Near Term? Govt Not In Consensus To Cut Taxes
2 years, 8 months ago

Petrol, Diesel Prices Unlikely To Cool In Near Term? Govt Not In Consensus To Cut Taxes

News 18  

The government is not in full consensus to immediately cut taxes on petrol and diesel with a proposal by the oil ministry to cut duty on the fuels has not found favour with the finance ministry, according to an ET report. Diesel prices also maintained the status quo at Rs 96.67 a litre in Delhi and at Rs 104.77 per …

Is the fuel pricing policy problematic?
2 years, 8 months ago

Is the fuel pricing policy problematic?

The Hindu  

After a long pause, retail fuel prices have been inching up over the past week and have crossed the ₹100-litre mark again in several parts of the country, while LPG cylinder prices have been hiked by ₹50. Editorial | Freeze out: On fuel price hike after a 137-day pause From 2004, oil prices started moving up, and the United Progressive …

Freeze out: The Hindu Editorial on fuel price hike after a 137-day pause
2 years, 9 months ago

Freeze out: The Hindu Editorial on fuel price hike after a 137-day pause

The Hindu  

On Tuesday, after possibly the longest pause, of 137 days, in India’s retail fuel prices in recent years, oil marketing companies raised petrol and diesel prices by about 80 paise a litre, following up with a similar increase on Wednesday. The interregnum between then and now, coinciding with the five Assembly election battles, also witnessed the sharpest spike in global …

Petrol, diesel prices stable as global crude oil rates weaken
3 years, 4 months ago

Petrol, diesel prices stable as global crude oil rates weaken

India Today  

State-run oil marketing companies kept fuel prices unchanged on Tuesday as global crude oil prices remain weak. Fuel prices have increased sharply in 2021 after a recovery in international crude oil prices forced state-run OMCs to increase domestic rates. At the moment, it seems domestic fuel prices may not reduce anytime soon, and it could directly impact the country’s economic …

Explained: How record fuel prices are making life difficult for Indians
3 years, 5 months ago

Explained: How record fuel prices are making life difficult for Indians

India Today  

Record high domestic fuel prices in India have become a major concern for citizens as it is impacting their livelihoods, either directly or indirectly. Check petrol and diesel rate in Sri Ganganagar With no clear directive on resolving the fuel price crisis, Indians are likely to bear even higher costs in future if international crude oil rates strengthen. Check latest …

Despite India's economic recovery, many households are not happy. Here's why
3 years, 9 months ago

Despite India's economic recovery, many households are not happy. Here's why

India Today  

India’s economy is gradually recovering after the Covid-19 pandemic brought the GDP growth rate to a standstill in 2020. Mumbai-based economic think tank CMIE recently said in a report that consumer sentiments are improving but are still a far cry from the levels seen before a strict nationwide lockdown was imposed in the country last year. CMIE said the index …

No change in petrol, diesel rates for 10th straight day. Check prices
3 years, 9 months ago

No change in petrol, diesel rates for 10th straight day. Check prices

India Today  

Petrol and diesel rates across the country remained unchanged on Tuesday after surging to record levels. The move is believed to be putting immense pressure on the country’s state-run oil marketing companies, who are holding rates despite rising international crude oil prices. Diesel rates across the country have Read | Explained: Why India needs to lower taxes on petrol, diesel …

Why Indians are paying a bomb for fuel despite cheap crude prices
3 years, 10 months ago

Why Indians are paying a bomb for fuel despite cheap crude prices

India Today  

Indians pay four times for a litre of petrol compared to its crude price, which is only around a litre of packaged drinking water. In January 2020, before the Covid-19 lockdown, crude oil price was around Rs 29 per litre, while end-users paid Rs 78 for a litre of petrol. Even after international crude prices nosedived in February, an Indian …

Fuel Prices Today: Petrol price hiked by 17 paise/litre, diesel by 22 paise after 48-day break
4 years, 1 month ago

Fuel Prices Today: Petrol price hiked by 17 paise/litre, diesel by 22 paise after 48-day break

India TV News  

Oil marketing companies on Friday raised the retail price of petrol and diesel after a break of almost two months when auto fuel prices remained static on Covid affected global oil market. Similarly, retail price of diesel has been increased by 22 paisa per litre to Rs 70.68 a litre. While India has brought both petrol and diesel out from …

Reaching pre-lockdown level, India’s petroleum product demand touches 88% in Jun
4 years, 5 months ago

Reaching pre-lockdown level, India’s petroleum product demand touches 88% in Jun

Live Mint  

India’s petroleum product consumption has sharply recovered from the lowest slump recorded since 2007, after the world’ longest lockdown ended and reached 88% last month, the petroleum ministry said on Wednesday. “India’s overall petroleum products consumption, which had nosedived in last week of March and April this year, is now steadily getting to its pre-lockdown levels in June’20, as emanating …

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