Business

No respite for vehicle owners: Petrol, diesel prices at 3-year high


New Delhi, Sep 13 (Agencies): Petrol prices in the country have touched their highest levels since 2014, official data has showed. In the last three years, the petrol price hit its highest at Rs 81.75 per litre in Mumbai on 1 August 2014.

Meanwhile, under the daily revision of fuel prices, petrol in Mumbai on Wednesday cost Rs 79.48 a litre, breaching the level it last touched in August 2014.

Similarly, petrol per litre cost Rs 70.38 in Delhi, Rs 73.12 in Kolkata and Rs 72.95 in Chennai while diesel price was Rs 58.72 in Delhi, Rs 61.37 in Kolkata, Rs 62.37 in Mumbai and Rs 61.84 in Chennai.

Petroleum products do not come under the Goods and Services Tax (GST) and prices vary at locations according to state taxes.

The Indian basket, comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on the weekend on Friday at $53.63 per barrel, according to the Petroleum Ministry.

The oil basket had gained over a dollar at the start of last week on Monday to close at $51.34 for a barrel of 159 litres.

Meanwhile, Oil and Petroleum Minister Dharmendra Pradhan today held a high-level meeting with top ministry officials and representatives of oil marketing companies in New Delhi.

After the meeting, Pradhan addressed the media and said the daily price revision mechanism was the best formula to ensure retail prices of petrol and diesel were reflective of the crude oil prices in the international market.

"Fortnightly pricing was pinching consumers. We made it daily so you don't have to wait for 15 days to enjoy the benefits, if the international crude prices fall," he said.

He further said Hurricane Harvey and Irma in recent days had impacted fuel prices because 13 per cent refinery deficits had pushed the prices up.

"Due to Harvey and Irma, petrol prices went up by 18 per cent and diesel by 20 per cent. Today, for instance, prices are stable. Estimates suggest that prices will ease out in the coming days," Pradhan said.

"The government cannot change fuel pricing on a knee-jerk basis," Pradhan told reporters.

"The government will not interfere in the day-to-day functioning of the OMCs... for the last three years, the pricing mechanism has been linked to the market," he said.

Earlier this month, Dharmendra Pradhan said the dynamic pricing regime would continue despite petrol prices going up by over Rs 7 per litre since the scheme was introduced pan-India from mid-June.

He said dynamic pricing ensures that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end-users.

"Daily revision in prices is good. When we started daily revisions on June 16, rates dropped in the first fortnight. Thereafter, it has increased mainly because of rise in global oil prices," he said.

Daily revision allows any fall in international oil rates to be passed on to consumers immediately rather than having to wait for 15 days as in the old system, he added.

"Should prices be hiked by Rs 2.50 or Rs 3 per litre in one go or they should be spaced out in small doses," he asked.

Earlier, the state-run oil marketing companies used to review and revise retail fuel prices every fortnight on the basis of global crude oil prices, while the revision took effect from midnight.

Dynamic fuel pricing is followed in many developed countries and India opted for it as a response to the recent volatility in global crude oil prices.

The basket of crude oils of the 13-nation Organisation of Petroleum Exporting Countries (OPEC) breached the psychologically-important $50-a-barrel-mark also last week, to close at $50.36 a barrel on September 4. As per latest data, the OPEC basket closed on Friday at $52.53.

Last month, two of OPECs biggest members -- Saudi Arabia and Iraq -- expressed their commitment to abide by an agreement to cut oil production that was signed earlier between OPEC and 10 other nations.

Comment on this article

  • Latif Mapal, Jeddah - KSA

    Thu, Sep 14 2017

    If the crude oil rate is $140 Petrol price in India may be 150 or more when Manmohan Sing govt.
    Managed to keep max 80 rupees when crude oil rate 140 NOW crude oil rate is $53 it is still Rs 80 or 80+. (Ache din enjoying)

    DisAgree Agree [16] Reply Report Abuse

  • Aubb, Kuwait

    Thu, Sep 14 2017

    Thanks to U turn govt. and its supporters at Delhi.

    DisAgree Agree [3] Reply Report Abuse

  • D Dsouza, M'lore/Dubai

    Thu, Sep 14 2017

    This is only sample, if u need really achhe din everyone should vote bjp @ 2019 election, whoever u can’t afford to pay fuel charges and every high way toll charges should go to Pakistan,

    Antinational’s, how can government give subsidy for ambani,adhani, also for cow ambulance at UP. If people oppose how will GDP will come up,

    DisAgree [3] Agree [12] Reply Report Abuse

  • ash, Dubai

    Thu, Sep 14 2017

    When crude was $140 petrol price in India was RS 80 during Manmohan Sing govt.
    Now when crude is $53 it is still Rs 80 or 80+.

    Where does all the profit/money go ??

    I request all the bhakts, non-bhakts to raise your voice now or it will be too late. Current govt is not sparing their bhakts even.

    Family is priority, not party !!!

    DisAgree [2] Agree [16] Reply Report Abuse

  • Lewis, Udupi/Blore

    Thu, Sep 14 2017

    Now just before 2019 elections, they will reduce the petrol price by 10 or 15 Rupees. Then you guys know what will happen. Gujarati business mind and Chaiwala logic

    DisAgree [3] Agree [25] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Thu, Sep 14 2017

    @RSRB, Kundapur/Singapur
    "I feel happy for the petrol price rise...
    This is the only commodity where all pay taxes...
    There is no SC/ST quota, women reservation, minority appeasement...

    Same thing should happen to diesel, LPG and kerosene also..."

    DisAgree [32] Agree [1] 

    It could be the first time ever !
    So far 32:1
    The ratio might climb further to match 100 plus

    DisAgree [1] Agree [8] Reply Report Abuse

  • WILLIAM DSOUZA, Mangalore

    Thu, Sep 14 2017

    ALL HOPES ON MAJOR TWO PARTIES VANISHED. NOW WE HAVE ONLY ONE HOPE IN POLITICAL PARTY, THAT IS AAP LEAD BY ARVIND KEJRIWAL./......

    DisAgree [6] Agree [8] Reply Report Abuse

  • Alwyn Crasta, Mangaluru/Bengaluru

    Thu, Sep 14 2017

    Mitrooon, Achhe Din are coming!! Your money (from highest taxes on petrol/diesel) will be usefully utilized for the Rupees 1,10,000 Crores "Achhe Din Bullet Train" from Mumbai to Ahmedabad, to help your other Mitrooon bretheren.

    Please tighten your belts and bear with us....

    DisAgree [2] Agree [19] Reply Report Abuse

  • Sachidanand Shetty, Mundkur/Dubai

    Thu, Sep 14 2017

    Yes it is true…. Because Crude Oil rate is gone up this month above the 50$ mark!!! Just imagine if it is cross 60$ in coming days!!! But why public needs to cry??? If we are afford to recharge our Mobile Rs 50 to 300 p.m. then can’t we afford to pay real price of oil??? If you can afford to purchase car or motor bike then why can’t afford to pay fuel price without burdening the cost of subsidy on common public???

    DisAgree [26] Agree [1] Reply Report Abuse

  • Abdul Aleem, UAE

    Thu, Sep 14 2017

    Perhaps you woke up bit late.. During UPA the oil prices were double than what we have today but fuel prices were lower. Wake up.. Had BJP ruled India for 60 years India would had been worst than Poorest nation in Africa..

    DisAgree [1] Agree [18] Reply Report Abuse

  • Jacob Mendonsa, Bangalore

    Thu, Sep 14 2017

    Sachidanand & RSRB,
    What is the oil price per barrel in Dubai & Singapore?

    DisAgree [1] Agree [6] Reply Report Abuse

  • Peter, KSA

    Thu, Sep 14 2017

    Jacob sir, don't disturb deaf, dumb and blind bhakts.

    DisAgree Agree [2] Reply Report Abuse

  • Vincent Rodrigues, Bengaluru/Katapadi

    Thu, Sep 14 2017

    This is too much which need to be protested seriously

    DisAgree Agree [17] Reply Report Abuse

  • RSRB, Kundapur/Singapur

    Thu, Sep 14 2017

    I feel happy for the petrol price rise...
    This is the only commodity where all pay taxes...
    There is no SC/ST quota, women reservation, minority appeasement...

    Same thing should happen to diesel, LPG and kerosene also...

    DisAgree [49] Agree [2] Reply Report Abuse

  • Kiran D Souza, Mangalore

    Thu, Sep 14 2017

    Good governance is like stopping the leakeages & stopping Corruption.
    But this type of loot governance is very dangerous for the country. Daily revision of Fuel price is a illogical step & it's like allowing the oil companies to loot the public as per their wish, no control at all.
    This may be a gimmick to encourage the public to go for Electric cars?
    But Electricity charges also too high...
    They say that money goes for infrastructure, but just see the condition of NH-66, you can't drive more than 30km per hour. All potholes (sorry not potholes, pits to plant trees or for Swimming pools),dust.
    But collecting toll is very prompt, no doubt in that...
    Can anyone of the corrupt media houses highlight the issue of Kulur bridge road, it's impossible to ride in that brigde due to the wide gap between the links & if you want back pain just ride on Kulur bridge, your wish will come true.

    DisAgree [2] Agree [40] Reply Report Abuse

  • sri_elder, Karkala

    Thu, Sep 14 2017

    Karnataka government should research on bottled gobergas (methane) to fuel cars...it can work out 25%. Less..

    DisAgree [12] Agree [10] Reply Report Abuse

  • G R PRABHUJI, Mangalore

    Thu, Sep 14 2017

    We are particular and interested in Bullet Train to save 3 hour journey. Ah ah ah.

    DisAgree Agree [37] Reply Report Abuse

  • Vishnu, Bangalore

    Thu, Sep 14 2017

    Ache Din only for Ambani, Adani, Baba Ramdev and COWards

    DisAgree Agree [57] Reply Report Abuse

  • Dr Mohan Prabhu, LL.D, QC, Mangalore (Kankanady)/Ottawa, Canada

    Thu, Sep 14 2017

    Alfria,
    You guys are bleeding hearts!
    In reply to your first question, yes I am a doctor, not a medical doctor (actually medical doctors do not have a doctorate, they are commonly called doctors by patients like you). I have a doctorate of law from one of the best known Canadian universities. It does not have to be a rocket scientist to comment on the economic aspects of oil pricing [actually I am a graduate in economics as well from the University of Bombay).
    With regard to your second inquiry, while I have lived in Canada for 50 years, I also lived in London and went by train - didn't have money to buy a car because I was a student studying law at the University of London and the English Bar; and in New York City where too I was a student of law at Columbia University. Trains were very crowded. You do not know the conditions. Regular offfice goers have to put up with it.
    But I have lived and worked in India - in Bombay for 13 years and lived in Mahim in a small two room flat and commuted by the BBC&I - never had a car - walked to the Mahim station, a fifteen minute walk; and from Flora Fountain to Ballard Estate I often walked. The trains were overcrowded then, as now - a question of degree. And I took a third class bogey., sometimes hanging out. I was young then.
    So, don't tell me that I don't know about conditions in Mumbai. Even when I come on holidays I make it a point to take a train from Mahim or Andheri, and sometimes from Vasai where my sister lives. And as recently as 2014 - at the age of 83. You guys are so used to drive. Leave the car near the nearest train station and take the train and walk to work from there. I did it, and so could most people, including you. Even to this day, close to 87, including this morning, I take a bus to do shopping in different parts of the city, and carrying one or two bags. Bet you could do that too.

    DisAgree [37] Agree [11] Reply Report Abuse

  • Swamy, Mangalore

    Thu, Sep 14 2017

    A typical BJP street language. No Class. Smrti Irani and Modi have better qualification and resume than you.

    DisAgree [6] Agree [45] Reply Report Abuse

  • sam, Mangalore

    Thu, Sep 14 2017

    Modiji Had promised Acche Din Ane wale hain !!! he promised it and delivered because he didnot say kiske ane wale hain acche din . Aam Aadmi kya kare aur bhakto chalo Dilli and show centre karlo duniya muthhi mein !!!

    DisAgree Agree [32] Reply Report Abuse

  • Mona, Mangalore

    Thu, Sep 14 2017

    It seems like someone has taken oath to destroy India and its people

    DisAgree Agree [49] Reply Report Abuse

  • Indian, Mangalore

    Thu, Sep 14 2017

    where is smriti irani & other BJP supporters who had come out on street protesting against the previous government fuel hike , now why no one talking about this , now this is called arrogance of power. Is this called Acche din? people expected lot from you ,but you have failed miserably.

    DisAgree Agree [49] Reply Report Abuse

  • David Pais, Mangalore

    Wed, Sep 13 2017

    cows 🐮 r roaming worldwide in da site seeing trips in humans tax paid money.

    DisAgree Agree [56] Reply Report Abuse

  • Dr Mohan Prabhu, LL.D, QC, Mangalore (Kankanady)/Ottawa, Canada

    Wed, Sep 13 2017

    Comments of people above are just venting frustration ewithout realizing there is nothing the government or any one can do on the pricing of oil and gas on the international market. Best thing for people is to grin and bear it or, if they can, take public transit and relieve congestion on metropolitan streets - what people are doing in the West - and balance their budget accordingly. For those living near places of work, why not take a good walk - instead of going to the gym for a workout -good for your health and pocket-book.

    DisAgree [66] Agree [4] Reply Report Abuse

  • alfria, Mumbai

    Thu, Sep 14 2017

    Are you a doctor?? Its very easy to give speech sitting in a foreign country with all facilities and best of transport system, it seems you have never been to India or travelled in India that's why you have given vague ideas to walk to work if you stay close to office. At least I know in Mumbai if you have to have a house close to the place of work one need to be a billionaire, and if anyone is a billionaire he need not work. So please keep your ideas for your self and if you're so fond of the governments good work achievements & good governance than please come to India and enjoy the ache din.

    DisAgree [2] Agree [52] Reply Report Abuse

  • Swamy, Mangalore

    Thu, Sep 14 2017

    In BJP there is no dirth for Doctors, NRIs, Saadhus, Sadhvis, Scholars, Financial experts, PMs, CMs etc etc but no quality ministers and bureaucrates, in fact one loser minister lost in the elections is holding two or more portfolios just to fill the space and the pocket.

    DisAgree [1] Agree [35] Reply Report Abuse

  • Comman, Man

    Wed, Sep 13 2017

    Most of ruling party support is missing here.. why there is no protest?? why no bandh..?? Let this cheddi now go for CHALO DELHI!! As before our CM was correct..Our state govt is better than central govt..let them learn lesson from Karnataka govt..sidduji ki jai aur ek bar 2018.

    BJP HATAWO AUR DESH BACHAWO

    DisAgree [1] Agree [64] Reply Report Abuse

  • Roshan, Mangaluru

    Wed, Sep 13 2017

    2014 - Election Speeches
    * Give me only 50days and India will be super power of the world.
    * Corrupt Leaders will be behind bars.
    * Petrol will be at INR40
    * INR will be at 44 against USD
    * 15lakhs to everyone
    * All looted money of CWG, 3G, 2G, Coal will be recovered.
    * Youth will get jobs.
    * Price rise will stop on commodities.
    * Terrorists will be taught a lesson.
    * bla..bla..bla

    After Great election win.
    * Guys Take up broom and clean
    * Give up Gas subsidy
    * Give up your old notes of 500 and 1000
    * Youth, please get skilled.
    * Eat only vegitarian
    * Read only RSS propaganda manuals of hero ship.


    2017 - Sept. -
    * Youth jobless
    * Streets - dirty as ever
    * Small traders - struggling to survive
    * Middle class - struggling with price rise and lower income.
    * Petrol at 68
    * USD at 68
    * Black money nothing traced
    * Corruption going on as always.
    * GDP 5.7Percent.

    2017 - Sept Winners.
    * BJP leaders - Increased wealth of 300percent
    * BJP Party - received donations more than twice.
    * BJP Leaders - corruption and criminal cases got cleared.
    * BJP Party - wins election after election in most state .

    DisAgree [3] Agree [115] Reply Report Abuse

  • Richard Noronha, Belman

    Wed, Sep 13 2017

    BJP has started to dig their own grave. Last nail in coffin will be 2019. Till then loot .

    DisAgree [3] Agree [74] Reply Report Abuse

  • Sundara Kotian, Nellore.

    Wed, Sep 13 2017

    If educated people vote uneducated politicians this is what happens. Don't be a prey of false promises. Think before you vote. If a Chaiwala can manage our country, then educated community please surrender your certificates.

    DisAgree [2] Agree [74] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Wed, Sep 13 2017

    Simplified Calculation Chart for Petrol & Diesel Prices - (24th August 2017)
    Petrol Price * Diesel Price Calculation *

    50$ or Rs 3210 per Barrel 50$ or Rs 3210 per Barrel
    1 Barrel of Crude Oil 159 Litre 159 Litre

    Crude Oil - Cost per Litre Rs 20.19 per Litre Rs 20.19 per Litre

    Basic OMC Cost Calculation
    Entry Tax, Refinery Processing, Landing Cost & Other Operational Costs along with Margins
    Rs 6.03 per Litre Rs 6.38 per Litre
    OMC Margin, Transportation, Freight cost
    Rs 3.31 per Litre Rs 2.55 per Litre
    Basic Cost of Fuel after Refining Cost
    Rs 29.53 per Litre Rs 29.12 per L

    Remaining is all taxes of Central and State governments. This is the real face of the government that promised ache din. Due to the prices, all commodity cost is added up and we are made to pay thru our nose.

    DisAgree Agree [58] Reply Report Abuse

  • vasu, Mangalore

    Thu, Sep 14 2017

    Then Why are people saying Ambani & Adani are making money?

    DisAgree [9] Agree [8] Reply Report Abuse

  • Neil, Farangipet /Qatar

    Wed, Sep 13 2017

    Now when oil price is $52.52 per barrel we are paying Rs. 80+, guess the petrol price in India , if global oil price go up to $70 🤓

    DisAgree Agree [36] Reply Report Abuse

  • alfria, Mumbai/Mangalore

    Wed, Sep 13 2017

    Pradhan said people should not wait for fortnight when prices reduces , but pradhan please let the people know when will the prices of oil come down, are you waiting for international oil price to come to $ 10/- and after that you will reduce the oil price for the public, price of petrol has already touched Rs 80/- in Mumbai & in another 2yrs. It will cost Rs. 100 + .

    DisAgree Agree [37] Reply Report Abuse

  • Stephen, Mangalore

    Wed, Sep 13 2017

    I think we deserve Modi as the PM

    DisAgree [34] Agree [3] Reply Report Abuse

  • Madhukar, Thellar

    Wed, Sep 13 2017

    Why opposition is also not raising their voice against this? Do they also get fair share??

    DisAgree Agree [34] Reply Report Abuse

  • David Pais, Mangalore

    Wed, Sep 13 2017

    @Madhukar, bjp survived 60 years after getting their fair share!!!!!!!

    DisAgree [1] Agree [20] Reply Report Abuse

  • Abdul Aleem Faroqui, UAE

    Wed, Sep 13 2017

    "Technical Reasons" isnt it Mr.Amith Shah??....

    DisAgree [1] Agree [46] Reply Report Abuse

  • Nakheeb, Mangalore/Qatar

    Thu, Sep 14 2017

    Hahahah bulls-eye!

    DisAgree Agree Reply Report Abuse

  • Francis Lewis, Sasthan / Bangalore

    Wed, Sep 13 2017

    We will have to change the Party
    BJP promised that after GST prices will come down but to our surprise every day they are increased and really we don't know who is benefited with this price raise

    DisAgree [1] Agree [47] Reply Report Abuse

  • PINTO, Doha/Qatar

    Wed, Sep 13 2017

    'Bure Din' were much much better than Achhe Din..

    DisAgree Agree [69] Reply Report Abuse

  • Ahmed K. C., Mangalore

    Thu, Sep 14 2017

    Pinto,
    You are right.
    Jab duniya ke Bure din chal rahete tab India me acche din the. Kyon ki, PM of our country was harwood educated great economist. He was quietly doing his job to keep our country's economy under in good shape. Someone out there was making fun of him and now they have succeeded in establishing Lootmaar ki sarkar. Compare crude oil prices and fuel prices then and now.

    DisAgree Agree [34] Reply Report Abuse

  • Dylan, Mangalore

    Wed, Sep 13 2017

    Only fooling the people of India by changing the petrol prices on a daily basis. In one month price of petrol gone up by Rs.7/-. There is a English saying" little drops of water make a mighty ocean". It implies in the change of petrol on a daily basis by changing 50 paise on a daily basis. In a week if they increase the petrol/diesel prices for seven days at the rate of 50 paise and end of the week Rs. 3.50/- would be the change. There won't be any protest or question by the opposition.

    DisAgree Agree [40] Reply Report Abuse

  • S. M. Nawaz Kukkikatte, Dubai

    Wed, Sep 13 2017

    Only Bol bacchan and their andh bhakths feels happy

    DisAgree [2] Agree [83] Reply Report Abuse

  • Swamy, Mangalore

    Wed, Sep 13 2017

    If this is Achhe dins as promised by BJP and Modi in particular what would be Bahuth Achhe dins in 2022 which BJP is already promising and mesmerizing us with tons of dreams and assurances?!?!?!!??.....Vote for the party who promises less and works more.

    DisAgree [2] Agree [68] Reply Report Abuse

  • Vishnu, Bangalore

    Wed, Sep 13 2017

    People are already beginning to realize that they made a mistake in electing Modi. They had great hopes in him as he promised Ache Din. Today, they have come to know that ache din is only for Ambanis and Adanis. When crude price was 140 dollars, people were paying about Rs 80 per litre of petrol. Today crude price is 54 dollars and still petrol price has touched Rs 80. Isn't this the day light robbery of the poor and middle class of India?

    DisAgree [1] Agree [96] Reply Report Abuse

  • vasu, Mangalore

    Thu, Sep 14 2017

    No .Poor cannot afford to pay for petrol.It is rich guys like you who need to pay so that govt can subsidies the poor.This has been the model for 70 years/

    DisAgree [19] Agree [7] Reply Report Abuse

  • AndhBhakt, nayindahalli

    Thu, Sep 14 2017

    OMG , bhakts are not only blind but retarded too. Do poor people own their own grocery ? Do poor people go by walk without transportation services? . Dear People for your information ,if fuel prices go up its obvious there will be impact on prices of commodities.

    DisAgree Agree [22] Reply Report Abuse

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