Business

Petrol price hiked by Rs 1.50, diesel 45 paise

New Delhi, Feb 15 (PTI): Petrol price was today hiked by Rs 1.50 per litre and diesel by 45 paise a litre with effect from midnight tonight.

While petrol rates have been revised in step with the steep rise in international rates, oil firms used the newly accorded freedom to increase diesel price in small dozes to effect the second price adjustment in one month.

The increase announced is excluding local sales tax or VAT and the actual hike for consumers would be more after the incidence of duty is included. Petrol price in Delhi will go up by almost Rs 1.80 per litre after taking into account 19 per cent VAT. Diesel rates would go up by 51 paise.

New rates for petrol in Delhi would be Rs 69.05 per litre, while a litre of diesel will cost Rs 48.16. Petrol price was last revised on January 18 when the price was cut by 30 paise to Rs 67.26 a litre in Delhi.

The reduction in rates on that day coincided with the government decision to give oil firms freedom to raise diesel prices in small monthly dozes to eliminate all of the losses on the fuel. Oil firms hiked diesel price on that day by 50 paise to Rs 47.65 a litre in Delhi.

Indian Oil Corp, the nation's largest fuel retailer, said international petrol prices have since last revision gone up.

Crude oil price has increased from USD 109.08 per barrel to USD 113.24, while international gasoline or petrol prices have risen from USD 119.59 a barrel to USD 128.57.

State-owned companies have been "compelled to pass on the increase in petrol prices to consumers as the they have already suffered losses on sale of petrol so far and trends in international oil market as well as rupee-US dollar exchange rate indicate continued strength."

In fact, currently petrol prices are hovering around USD 132.80 per barrel. "The trends of international oil prices and INR-USD exchange rate shall be closely monitored and the same shall be reflected in future price changes," IOC said in statement.

The company said diesel prices were last revised upward by Rs 0.45 per litre (excluding VAT) on January 18, which resulted in losses on sale of nation's most consumed fuel reducing to Rs 9.15 per litre.

"However, since the last price revision, international diesel prices have also shown continued uptrend. As a result, under-recovery (loss) has gone up to Rs 10.72 per litre which now, with current upward revision of HSD prices by Rs 0.45 per litre, shall stand reduced to Rs 10.27," it said.

In addition to loss on sale of diesel, state-owned fuel retailers are losing Rs 31.60 per litre on kerosene and Rs 481 per 14.2-kg cylinder of domestic cooking gas (LPG).

"Projected under-recovery of IOC on three sensitive products is expected to cross Rs 86,000 crore and of the industry (IOC plus BPCL and HPCL) beyond Rs 1,63,000 crore during current year," the statement added.

Comment on this article

  • R.T.SHETTY, mangalore.kodialbail.

    Sat, Feb 16 2013

    people of india have fed up with upa govt.we have to throw this govt.i hope our youth will come out and protest against this useless govt.

    DisAgree [2] Agree Reply Report Abuse

  • Jayarama, Udupi/Riyadh

    Sat, Feb 16 2013

    We are lucky that the UPA Government opted monthly increase.Now dear "Moily" tell me one thing why did you not opted "Daily" increase...? At least you people have a kitty enough to finance your "Daily" scams.

    DisAgree [4] Agree [5] Reply Report Abuse

  • Dinesh Poojary, Kundapura/Bengaluru

    Sat, Feb 16 2013

    Jossey Saldanha, Mangalore/Mapusa/Mumbai

    It is so easy to fool you. Ha... Ha..

    DisAgree [5] Agree [5] Reply Report Abuse

  • Rahul, Mangalore

    Sat, Feb 16 2013

    In UPA government one or the other Scams will arrive and to balance these Scams they hike the prices....

    DisAgree [2] Agree [5] Reply Report Abuse

  • Harold D'cunha, Mangalore, India

    Sat, Feb 16 2013

    Disgusting. How can they increase the petrol Diesel prices when it is falling down in international market.

    Mr.Moily, please wake up. Do not be the patronage of oil & gas producing Companies. Work for common man.

    DisAgree [2] Agree [6] Reply Report Abuse

  • Ronald D, Udupi

    Sat, Feb 16 2013

    Dinesh Poojary, we thought the same about Congress few years back regarding our state. But BJP proved better in amassing wealth!! Yeddy, Reddy and Chaddies proved it beyond. Very little govt land and mine resources left. Their secretaries made thousand of cores and hundreds of acre land....and total communal disharmony, vandalism, attack on women and churches as a package deal and added baggage!!!

    DisAgree [5] Agree [9] Reply Report Abuse

  • John DSouza, Mangalore

    Sat, Feb 16 2013

    If we use the bullock cart concept along with the inclusion of rabbit/kangaroo style in vehicles, we can save 90% of fuel consumption, reduce 90% of air pollution and sound pollution. It is an option to make a revolutionary change in the land transport sector and to make a world of difference.

    DisAgree Agree [9] Reply Report Abuse

  • Sachidanand Shetty, Mundkur/Dubai

    Sat, Feb 16 2013

    This BJP Government in Central made us crazy (!!!!) again they increased the Petrol and Diesel Price? How rich people can live in India? I think this is the first reaction from Congress Supporters here in this column!!! But slowly they realized that BJP is still not in power at Central but it is ruled none other than by Congress Party of India, World Record Holder in most corrupt of all Business

    DisAgree [6] Agree [9] Reply Report Abuse

  • R Mallar, Kasaragod/ Dubai

    Sat, Feb 16 2013

    Petrol prices were deregulated long back. Petrol prices were revised when dollor hit Rs 55 plus. Last week dollor fell to 52 plus. Crude rate has not increased significantly in recent times.
    Can some one (read supporters of price hike) tell us why the petrol price is hiked again?
    Is it to help certain Ambani? Is it to hide inefficiencies of govt run petrol companies? Is it to help fill the pockets of politicians/ burocrats?

    DisAgree [1] Agree [3] Reply Report Abuse

  • Clifford, Mangalore

    Sat, Feb 16 2013

    All the subsidies to be removed to clean the system, which will help to reduce corruption (multiple ration card, gas connection etc).

    Start free education... (most of the ministers have engg / medical colleges....)and reservations should go. Then only standard of India will improve. This also reduce the corruption of making certificates of SC, ST, OBC etc.

    CAG should start auditing the Public Sector oil companies to control the wastage factor...

    DisAgree Agree [6] Reply Report Abuse

  • Jossey Saldanha, Mangalore/Mapusa/Mumbai

    Sat, Feb 16 2013

    @Dinesh, It is so easy to divert you guys from the main issue of Petrol price hike - Ha Ha Ha.......

    DisAgree [8] Agree [7] Reply Report Abuse

  • Dinesh Poojary, Kundapura/Bengaluru

    Sat, Feb 16 2013

    Jossey Saldanha, Mangalore/Mapusa/Mumbai

    Wait for some for time. Dharmarajan will reveal few more names like Rahul, Oscar etc. Why you get hurt?

    DisAgree [9] Agree [8] Reply Report Abuse

  • Jossey Saldanha, Mangalore/Mapusa/Mumbai

    Sat, Feb 16 2013

    @ Jeevan, Sharath, Dinesh. Let me quote the news item dated 15th February 2013.
    “Thiruvananthapuram, Feb 15: In a major breakthrough Kerala Police has finally managed to nab main convict of Suryanelli gang-rape case SS Dharmarajan on Friday, Feb 15. Media reports suggest that Dharmarajan, who was absconding since 2005 has been arrested from an undisclosed location in Karnataka. Police sources say he will now be taken to Kottayam for questioning. Recently, Dharmarajan, who was a lawyer, told a Malayalam news channel regarding the involvement of Deputy Chairperson of Rajya Sabha PJ Kurien in the infamous gang-rape episode. In the interview Dharmarajan revealed that in 1996, he drove Kurien to a guest-house where the gang-rape survivor was kept in captivity. In 1996, a group of around 40 men raped a 16-year-old school-going girl for 40 days. Dharmarajan's revelation is significant because he was the third accused in the sensational case and a division bench of the Kerala High Court had held him guilty of procuring a minor girl and selling her for purposes of prostitution.”
    We do not know under what compulsions or motivations Dharmarajan revealed the involvement of Mr.Kurien in Karnataka.

    DisAgree [7] Agree [8] Reply Report Abuse

  • AVINASH, MANGALORE

    Sat, Feb 16 2013

    MR Jeevan Mangalore,

    How u forgot Your Halappa and Renukacharya Sex Scandle? How u fogot Blue boys? Dude Think before you comment... Grow up buddy...

    DisAgree [5] Agree [11] Reply Report Abuse

  • RAVI DSOUZA, ISRAEL

    Sat, Feb 16 2013

    railways can be used as a alternative to road transportation which consume 50% less fuel.for the fuure railways are must.

    DisAgree Agree [6] Reply Report Abuse

  • Charles D'Mello, Pangala

    Sat, Feb 16 2013

    I accept a fair increase in fuel prices.....but why one has to pay VAT/CAT ...????? Is to fill the bank accounts of politicians...!!!?????? Most of our politicians have amassed so much money...which can be used to Burry/Cremate buy using only currency...!!!??? Which their will never wish do so....!!!????

    DisAgree Agree [5] Reply Report Abuse

  • jeevan, mangalore

    Fri, Feb 15 2013

    Jossey Saldanha, Mangalore/Mapusa/Mumbai

    Dont you feel crossed the limit while commenting....Do you know P.J.Kureian congi leader sex scandle.. ??? why mum now ??? please come out from phobia..

    DisAgree [11] Agree [14] Reply Report Abuse

  • C Sharath, Mangalore

    Fri, Feb 15 2013

    Yes Yes right said sirs...India's GDP is on record (in last one decade)low(5<) in the last Fiscal.Escept black money nothign else exported, only importing by paying 1:10 rates. & i guess RSS is behind this shady GDP performance..or Ghadkari or reddy !!! not the the ruling govt or the planning commision or the "Bhains". `

    DisAgree [6] Agree [14] Reply Report Abuse

  • John Dsouza, Mangalore

    Fri, Feb 15 2013

    We like the blame game, instead looking for solutions
    We have rich water resources, but still we have water scarcity and facing draught
    We enjoy life like crabs in the basket. Neither we go out, nor allow others to go out
    We multiply vehicles on roads and expecting cheaper fuel (imported, exhausting)

    DisAgree [2] Agree [8] Reply Report Abuse

  • Dinesh Poojary, Kundapura/Bengaluru

    Fri, Feb 15 2013

    Jossey Saldanha, Mangalore/Mapusa/Mumbai

    Yes Jossey, you are right.

    The latest example is P. JOSEPH KURIEN.

    DisAgree [9] Agree [14] Reply Report Abuse

  • Dinesh Poojary, Kundapura/Bengaluru

    Fri, Feb 15 2013

    ISMAIL.K.PERINJE, PERINJE-YANBU/KSA

    Oh Ismail, Is it ?... Fluctuations happens every time. Many times crude oil price in International market goes down and still petrol prices in India will be constant. Why anna?

    According to you Rupee is supposed to gain against dollar after FDI bill. Two days after FDI bill was passed, you said rupee started gaining because of FDI approval. It is nearly 3 months, no sign of rupee gaining. Either "your statement was wrong" or "FDI has no benefit on Indian economy". Now tell me which is wrong..

    DisAgree [12] Agree [14] Reply Report Abuse

  • Jossey Saldanha, Mangalore/Mapusa/Mumbai

    Fri, Feb 15 2013

    @Ismail, Talking about Economics, GDP, Weak Rupee and Rising crude price to these guys is like “Bhanis Ke Aage Been Bajana”.
    These guys only understand woman beating, molesting, dowry harassment, rape, murder……….

    DisAgree [14] Agree [16] Reply Report Abuse

  • Valerian Dsouza, Udupi/Mumbai

    Fri, Feb 15 2013

    Never ending cost escalation hitting the common man very hard.
    Never ending corruption, emptying government coffers and brain storming taxes will squeeze us completely and hit the common man very hard.
    To normalize, only way out before the government is to bring back ALL the BLACK MONEY stashed abroad by corrupt means and carry out MASSIVE INFRASTRUCTURE development works like Highways, Railways, Ports, Damns etc. to substantially reduce the dependency on crude oil.
    Only then Import Export Gap will reverse, and India's growth will sustain.
    Then we should Repay all foreign loan, otherwise our hard earned surpluses will go for foreign debt servicing, and no surpluses will ever accumulate!

    DisAgree [1] Agree [14] Reply Report Abuse

  • jeevan, mangalore

    Fri, Feb 15 2013

    Do congi has any moral to continue ??? one of the worst govt since 1947.. Sardar Modiji ko lavo Italy baby ko Bhagavo...

    Anna... start agitation for JANLOKPAL..

    DisAgree [15] Agree [14] Reply Report Abuse

  • ISMAIL.K.PERINJE, PERINJE-YANBU/KSA

    Fri, Feb 15 2013

    Guys,Petrol price mainly depends up on international Market price fluctuations and on the other hand fluctuation in the Dollar-Rupees value.At present Indian currencies under pressure due to inflation,deficit in balance of payment,low GDP,low industrial output and other serious economic reasons.If in future, rupee rallies against Dollar the price will come down considerably.At present our economic out look is indeed in very bad shape and growth rate may remain in 5 to 5.5...Unless CHIDU,Finance minister will not take some corrective measures we should prepare to shell out more on PETROL..This the fact and making bkah blah will not serve the purpose.

    DisAgree [15] Agree [12] Reply Report Abuse

  • Dinesh Poojary, Kundapura/Bengaluru

    Fri, Feb 15 2013

    Jossey Saldanha, Mangalore/Mapusa/Mumbai

    Karnataka guys did not have any problem. But why goa guy had problem when milk price went up?

    DisAgree [12] Agree [14] Reply Report Abuse

  • Avinash, Kasaragod/Bangalore

    Fri, Feb 15 2013

    Election Commission should election in some or the other state every month then there wont be any price hike at all coz of the fear of loosing votes.

    DisAgree [1] Agree [10] Reply Report Abuse

  • C Sharath, Mangalore

    Fri, Feb 15 2013

    Now only few opportunities left to LOOT.........Doesent this dialogue sound familier...Jossey ???

    When nation looses money in the form of kickbacks & importing stuff ten times its worthless cost, how can Govt subsidise essential stuff to the public. Gaayadha mele Bhare, no point in blaming anyone but ourselves. Baaki sab teek hai.

    DisAgree [8] Agree [10] Reply Report Abuse

  • sudhir, mangalore

    Fri, Feb 15 2013

    thank you CONGRESS......waiting for 2014

    DisAgree [8] Agree [12] Reply Report Abuse

  • Jossey Saldanha, Mangalore/Mapusa/Mumbai

    Fri, Feb 15 2013

    Karnataka guys did not have any problem when Milk prices went up by 20% a few weeks back.
    If Petrol goes up by 2% KHALI WALI.......

    DisAgree [13] Agree [18] Reply Report Abuse

  • siddapur abdul raheeman saheb, siddapur/karnataka/saudia

    Fri, Feb 15 2013

    This is high time to find some a alternative to petroleum ....Our Scientist should work on this.

    DisAgree [3] Agree [11] Reply Report Abuse

  • Dinesh Poojary, Kundapura/Bengaluru

    Fri, Feb 15 2013

    OMG, please save us from these congi looters...

    DisAgree [21] Agree [18] Reply Report Abuse

  • John DSouza, Mangalore

    Fri, Feb 15 2013

    Mobile revolution (excellent solutions) and auto-mobile evolution (only problems)
    The fact is that the number of vehicles on roads cannot outnumber the population (like mobiles in hands).
    If we notice that since the introduction of automobile engine, our vehicles have been carrying both bullock and cart parts together on wheels and moving by force from a standstill position till the destination, pulling by force with expensive fuel, releasing dangerous air pollution and peace breaking sound pollution.
    A new concept is a plan to separate bullock and cart parts, with the inclusion of rabbit/kangaroo style (instead of mere tortoise style since ages), which can break a lengthy evolution in land transport, by making a world of difference.

    DisAgree [4] Agree [4] Reply Report Abuse

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Title : Petrol price hiked by Rs 1.50, diesel 45 paise


 
 
 
 

 
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