Fuel price cut at pvt outlets worry state-run retailers
4 days, 1 hour 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 sales depending on the proximity with private retail outlets,” said Monty Sehgal, a Jalandhar-based dealer of a state-owned oil marketing company, who is also the spokesperson of Petrol Pump Dealers Association of Punjab. Rajasthan Petroleum Dealers Association president Rajendra Singh Bhati has shot off a letter to the petroleum ministry and chairmen of three state-owned OMCs on December 10, urging them to reduce fuel rates by ₹4-5 per litre and shield their market shares from private pumps of Jio-BP and Nayara. “About 30% petrol pumps would inevitably closed if this situation continues for two months because dealers would not be able to bear the cost of maintain outlets for long,” Bhati added.

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History of this topic

OMCs should consider reducing prices of petrol and diesel, says Vijaya Sai Reddy
7 months ago

OMCs should consider reducing prices of petrol and diesel, says Vijaya Sai Reddy

The Hindu  

YSR Congress Party leader and Rajya Sabha MP V. Vijaya Sai Reddy said oil marketing companies such as IOC, HPCL and BPCL have witnessed their profits surging by around four times in the 2023-24 financial year, but were still reluctant to bring down prices. These factors gave scope for the OMCs to reduce the prices and by doing so, they …

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, 2 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 …

Is petrol, diesel price cut happening? Oil minister Hardeep Singh Puri responds
11 months, 3 weeks ago

Is petrol, diesel price cut happening? Oil minister Hardeep Singh Puri responds

India TV News  

Petrol, diesel price cut: Amid reports that petrol, diesel prices may be reduced in the coming days, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that global oil market is in a "highly turbulent" situation and it has to stabilise before any cut. The Union Minister informed, "There has been no discussion with the oil marketing …

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's
1 year, 2 months ago

No petrol, diesel price hike likely despite crude oil price surge as elections loom: Moody's

The Hindu  

Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. "High crude oil prices will weaken the profitability of the three state-owned oil marketing companies in India — IOC, BPCL and HPCL," Moody's said in a report. "Still, the three companies' fiscal 2024 earnings will …

Good news! Petrol, diesel prices to come down soon | Here is WHY
1 year, 6 months ago

Good news! Petrol, diesel prices to come down soon | Here is WHY

India TV News  

Petrol and diesel price cut: Consumers can get good news very soon regarding the petrol and diesel price cut. Depend on price of crude oil Oil companies' valuations appear reasonable but a sharp jump in crude prices during elections could pose risk to OMCs marketing earnings, the report said. However, OMCs marketing segment earnings could come under risk if Brent …

Oil Marketing Companies Likely To Slash Petrol, Diesel Prices: Report
1 year, 6 months ago

Oil Marketing Companies Likely To Slash Petrol, Diesel Prices: Report

ABP News  

Oil marketing companies are likely to reduce prices of petrol and diesel, citing government sources news agency ANI reported on Thursday. So, expecting OMC's to cut down the diesel petrol prices as they have no under-recoveries on diesel and petrol.” According to the sources, oil production cut by one of the members of the Organization of the Petroleum Exporting Countries …

Petrol prices high in six non-BJP ruled States due to high VAT: Puri
2 years ago

Petrol prices high in six non-BJP ruled States due to high VAT: Puri

The Hindu  

Petroleum Minister Hardeep Singh Puri said on Thursday that petrol prices remained high in six non-BJP ruled States of West Bengal, Tamil Nadu, Andhra Pradesh, Telangana, Kerala and Jharkhand as the State governments had not reduced value-added tax. High crude prices Asserting that currently petrol prices in India were one of the lowest, Mr. Puri said oil marketing companies together …

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 …

Retail prices of petrol, diesel may not be cut due to volatile oil market
2 years, 3 months ago

Retail prices of petrol, diesel may not be cut due to volatile oil market

Hindustan Times  

International crude prices may be near a seven-month low but with oil markets still volatile, and state-owned oil refiners having to offset of losses amounting to almost ₹18,500 crore, there’s unlikely to be any change in retail prices of fuel, three people aware of the development said. But the government will review prices of crude oil and petroleum products such …

Selling diesel at ₹20-25/litre loss, petrol at ₹14-18/litre loss: private retailers to govt
2 years, 6 months ago

Selling diesel at ₹20-25/litre loss, petrol at ₹14-18/litre loss: private retailers to govt

The Hindu  

Selling diesel at ₹20-25 a litre below cost and petrol at ₹14-18 per litre below cost, as a result of a price freeze despite soaring crude rates is unsustainable, an industry body representing private fuel retailers like Jio-bp and Nayara Energy has told the Oil Ministry and has sought its intervention to create a viable investment environment. On June 10, …

Petrol, Diesel Prices Drop in Delhi, Mumbai Post Excise Duty Cut; Check Rates In Your City Today
2 years, 6 months ago

Petrol, Diesel Prices Drop in Delhi, Mumbai Post Excise Duty Cut; Check Rates In Your City Today

News 18  

Petrol, Diesel Prices Monday: Oil marketing companies have kept the prices of petrol and diesel unchanged on Monday, May 30, 2022. In Kolkata, the petrol price has been reduced to Rs 106.03 per litre after the excise duty cut, while the price of diesel now stands at Rs 92.76 per litre. The central government on May 21 cut excise duty …

Petroleum dealers demand restoration of ‘dynamic pricing’ system for fuels
2 years, 7 months ago

Petroleum dealers demand restoration of ‘dynamic pricing’ system for fuels

Deccan Chronicle  

Vijayawada: Upping their ante against the Centre for causing a huge loss to them –“nearly Rs 2,000 crore” nation-wide due to the sudden reduction in prices of petrol and diesel, petroleum dealers have sought restoration of the ‘dynamic pricing’ mechanism. The dealers allege that the Centre stopped implementing the dynamic pricing system for fuels for over two months and is …

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 …

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 …

IOC, BPCL, HPCL lost ₹19,000 cr in revenue due to fuel price freeze: Moody’s
2 years, 8 months ago

IOC, BPCL, HPCL lost ₹19,000 cr in revenue due to fuel price freeze: Moody’s

Live Mint  

Despite a massive rise in crude oil prices, India's top fuel retailers including IOC, BPCL and HPCL kept the prices unchanged, and it cost them $2.25 billion or ₹19,000 crore in revenues in March, latest report by Moody's Investors Service said. The oil marketing companies raised the fuel prices for the first time in 2022 on March 22 and March …

Petrol, diesel prices up 80 paise a litre for 2nd straight day
2 years, 9 months ago

Petrol, diesel prices up 80 paise a litre for 2nd straight day

Live Mint  

Petrol and diesel prices jumped by 80 paise per litre for the second day in a row on Wednesday. Lim, Analyst at S&P Global Commodity Insights, said: “In the near term, we expect India’s oil demand to remain robust in the first half of March, but it is likely to ease in the second half as retail prices are hiked, …

Kerala HC declines to stay OMCs\' decision to hike price of bulk diesel purchase
2 years, 9 months ago

Kerala HC declines to stay OMCs\' decision to hike price of bulk diesel purchase

Deccan Chronicle  

Kochi: The Kerala High Court on Tuesday declined to stay the state-owned oil companies' decision to hike price of bulk diesel purchases or restrict them from further increasing the rates, but asked them to explain the manner in which their pricing mechanism worked. Alleging "hostile discrimination" against KSRTC by the OMCs, advocate Deepu Thankan -- representing the state transport corporation …

Fuel price relief imminent as 'discount' phase begins in parts of Queensland
2 years, 9 months ago

Fuel price relief imminent as 'discount' phase begins in parts of Queensland

ABC  

Finally some better news for motorists: petrol prices are dropping, according to the RACQ. Key points: The RACQ is projecting a "dramatic" drop in fuel prices next week Unleaded petrol peaked at more than $2.20 per litre earlier this month RACQ says China's coronavirus lockdown has stemmed demand for fuel The cost of fuelling-up has skyrocketed over the past month, …

Diesel Prices Hiked For Bulk Users; Will You Have to Pay More for Petrol, Diesel Now?
2 years, 9 months ago

Diesel Prices Hiked For Bulk Users; Will You Have to Pay More for Petrol, Diesel Now?

News 18  

Bulk Diesel Price Hike: The price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40 per cent rise in international oil prices, but retail rates at petrol pumps remain unchanged, sources said told PTI on Sunday. How Does the Bulk Diesel Price Rise Impact – Oil Companies As …

Petrol, diesel prices: Nine states did not reduce VAT on fuel, says Hardeep Puri
2 years, 9 months ago

Petrol, diesel prices: Nine states did not reduce VAT on fuel, says Hardeep Puri

Live Mint  

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Monday said that nine states have not reduced VAT on petrol and diesel after the Centre's move to reduce excise on the petroleum products. We have to provide relief to consumers at the point of consumption," the minister said answering a query in Rajya Sabha on the prices of …

Petrol, Diesel Prices Today: No revision in fuel rates on February 8| Check latest updates here
2 years, 10 months ago

Petrol, Diesel Prices Today: No revision in fuel rates on February 8| Check latest updates here

India Today  

On February 8, petrol and diesel prices remained static across the metro cities. In the capital state of India, Delhi, petrol was retailing at Rs 95.41 per litre and diesel prices were below the Rs 100 mark at Rs 86.67 per litre in the national capital. In Mumbai, petrol prices stood at Rs 109.98 per litre and diesel has been …

Petrol, Diesel prices today: Fuel prices static despite sharp fall in global oil rates
3 years ago

Petrol, Diesel prices today: Fuel prices static despite sharp fall in global oil rates

India Today  

The state-run oil marketing companies have not increased the prices of petrol and diesel on Sunday, November 28, 2021, amid a sharp decline in crude oil prices in the international market. The central government had slashed the excise duty on petrol and diesel by Rs 5 and Rs 10, respectively, to bring down retail rates from record highs. In Punjab, …

Petrol, Diesel prices today: Fuel rates remain unchanged on November 27| Check latest rates here
3 years ago

Petrol, Diesel prices today: Fuel rates remain unchanged on November 27| Check latest rates here

India Today  

The state-run oil marketing companies have kept the prices of petrol and diesel unchanged on Saturday, November 27, 2021, marking stability in fuel rates for more than three weeks now. Notably, there has been no change in the prices of petrol and diesel for the 23rd consecutive day as the fuel rates were last revised on November 4 across key …

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 …

Petrol, diesel price today: Fuel rates remain steady for two weeks| Check the latest city-wise rate
3 years, 4 months ago

Petrol, diesel price today: Fuel rates remain steady for two weeks| Check the latest city-wise rate

India Today  

The prices of petrol and diesel remained unaltered on July 31, 2021, for two consecutive weeks. In Mumbai, the petrol price has remained steady and is retailing at Rs 107.83 per litre and diesel is being sold at Rs 97.45 per litre. The petrol prices remained unchanged in Kolkata and it stands at Rs 102.08 per litre and diesel is …

Sigh of relief? Oil companies may cut retail price of petrol, diesel over next few days
3 years, 5 months ago

Sigh of relief? Oil companies may cut retail price of petrol, diesel over next few days

India TV News  

Oil marketing companies kept the retail price of petrol and diesel unchanged on Friday to analyse the global oil price movement before making further revisions. Fuel prices were revised upwards on previous two days taking the retail price of petrol over the century mark all across the country. Similarly, diesel price in the capital also rose by Rs 8.89 per …

Petrol, diesel prices at all-time high after fresh hike. Check latest rates
3 years, 6 months ago

Petrol, diesel prices at all-time high after fresh hike. Check latest rates

India Today  

Fuel prices were hiked on Monday by state-run oil marketing companies after a day’s gap. After the fresh hike, petrol is retailing at an all-time high of Rs 96.41 per litre in Delhi and diesel price has crossed Rs 87 per litre for the first time. In Mumbai, petrol price is inching closer to Rs 103 per litre and diesel …

Petrol, diesel price hiked after 2-day gap. Check rates in your city
3 years, 7 months ago

Petrol, diesel price hiked after 2-day gap. Check rates in your city

India Today  

Fuel prices were hiked by state-run oil marketing companies on Monday after a two-day gap. In Delhi, petrol price has increased by 26 paise to Rs 91.53 per litre, while diesel now costs Rs 82.06 per litre. In Mumbai, petrol price is retailing close to Rs 98 per litre and diesel price has crossed Rs 89 per litre after today’s …

Petrol, Diesel Prices Slashed for the Second Time in 6 Days. Check Latest Rates in Metros
3 years, 8 months ago

Petrol, Diesel Prices Slashed for the Second Time in 6 Days. Check Latest Rates in Metros

News 18  

Petrol and diesel prices were slashed on Tuesday for the second time in a week on the back of softening international crude prices. After Tuesday’s rate revision, petrol prices were cut by 19-22 paise while diesel prices were reduced by 21-23 paise across the country. Oil companies had last cut petrol and diesel prices on March 25 by 21 paise …

Decoded: Why state-run oil companies have not hiked petrol, diesel rates in March
3 years, 9 months ago

Decoded: Why state-run oil companies have not hiked petrol, diesel rates in March

India Today  

State-run oil marketing companies have not revised fuel prices upwards for 10 straight days even as international crude oil rates continue to climb. According to the sources quoted in the report, it seems that the central government has informally asked the major OMCs to keep petrol and diesel rates unchanged in view of the crucial assembly elections in four states …

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 …

Fuel Prices Continue Upward Rally, Petrol Nears Rs 96 in Mumbai
3 years, 10 months ago

Fuel Prices Continue Upward Rally, Petrol Nears Rs 96 in Mumbai

The Quint  

In Mumbai, petrol price is just Rs 4 per litre short of touching the three-digit mark of Rs 100 per litre for the very first time ever anywhere in the country. In all other metros, petrol is over Rs 90 a litre mark while diesel is well over Rs 80 a litre, barring Delhi The increase on Monday has followed …

Fuel Price Today: Petrol, diesel prices rise for 3rd straight day across metros; check revised rate
4 years, 1 month ago

Fuel Price Today: Petrol, diesel prices rise for 3rd straight day across metros; check revised rate

India TV News  

Prices of petrol and diesel rose across the four metro cities on Sunday for the fourth consecutive day after a nearly two-month hiatus. In the national capital, petrol was priced at Rs 81.46 per litre on Sunday, eight paise higher than the previous level. The prices of diesel in Delhi, Mumbai, Chennai and Kolkata were Rs 71.07, Rs 77.54, Rs …

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 …

Petrol, diesel rates remain unchanged despite weaker global oil prices
4 years, 2 months ago

Petrol, diesel rates remain unchanged despite weaker global oil prices

India Today  

The price of petrol and diesel across the country were left unaltered on Wednesday by oil marketing companies despite falling global oil prices. While diesel rates fell constantly for the last five days before today, there has been no change in petrol prices across the country for a long time. Though diesel prices fell across major cities, rates continue to …

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