Petrol Prices May Be Cut By Re. 1,Diesel May Cost More!
New Delhi:"With international gasoline (petrol) prices softening by more than $3 a barrel in the last fortnight, state-owned oil firms are likely to cut the price of petrol by about Re.1 per litre." However, under the new scheme of pricing diesel, the oil firms will likely hike the price of diesel by about 50 paisa per litre.
The cut in petrol prices is the resultant of falling international oil rates, while increase in diesel rates have been made following the Oil companies' January decision to raise the prices in small amounts every month till all the Re 11 per litre losses get removed.
However, in the coming round of revisions petrol rates are likely to be cut in line with falling international crude oil prices.
Petrol prices may be cut by Re. 1,diesel may cost more!
The cut in petrol price will follow two rounds of hike in rates since February. Petrol price was hiked by Rs 1.50 a litre on February 16 and then by Rs 1.40 per litre from March 2. Both the increases were excluding local VAT.
The oil firms will also take into account the rupee-dollar parity before deciding on a price cut for petrol. The Indian currency gained marginally at Rs.54.44 on March 14 from Rs.54.48 on March 1 against the US dollar, according to data from the Reserve Bank of India.
Since last revision, international gasoline (petrol) prices have come down to about USD 120 per barrel from $131.00 a barrel at the last time last revision. Also, the rupee has marginally appreciated against the US dollar to Rs 54.11.
The oil companies have hiked diesel prices by over Re 1 per litre since January this year. The hike in diesel price has taken place in two installments in 2013 and currently costs Re 48.16 per litre. However, the oil firms are still facing Re 11.26 per litre loss on sale of fuel.
For the current financial year ending March 31, 2013, the under-recovery (losses) on the three products is estimated at Rs.1,60,000 crore. The Finance Ministry has assured a compensation of aboutRs.55,000 crore for the first three quarters, and has also asked the public sector oil and gas explorer and producers to provide more than 38 per cent of the total under-recoveries to the oil marketing firms.
Nwoow.com
New Delhi:"With international gasoline (petrol) prices softening by more than $3 a barrel in the last fortnight, state-owned oil firms are likely to cut the price of petrol by about Re.1 per litre." However, under the new scheme of pricing diesel, the oil firms will likely hike the price of diesel by about 50 paisa per litre.
The cut in petrol prices is the resultant of falling international oil rates, while increase in diesel rates have been made following the Oil companies' January decision to raise the prices in small amounts every month till all the Re 11 per litre losses get removed.
However, in the coming round of revisions petrol rates are likely to be cut in line with falling international crude oil prices.
Petrol prices may be cut by Re. 1,diesel may cost more!
The cut in petrol price will follow two rounds of hike in rates since February. Petrol price was hiked by Rs 1.50 a litre on February 16 and then by Rs 1.40 per litre from March 2. Both the increases were excluding local VAT.
The oil firms will also take into account the rupee-dollar parity before deciding on a price cut for petrol. The Indian currency gained marginally at Rs.54.44 on March 14 from Rs.54.48 on March 1 against the US dollar, according to data from the Reserve Bank of India.
Since last revision, international gasoline (petrol) prices have come down to about USD 120 per barrel from $131.00 a barrel at the last time last revision. Also, the rupee has marginally appreciated against the US dollar to Rs 54.11.
The oil companies have hiked diesel prices by over Re 1 per litre since January this year. The hike in diesel price has taken place in two installments in 2013 and currently costs Re 48.16 per litre. However, the oil firms are still facing Re 11.26 per litre loss on sale of fuel.
For the current financial year ending March 31, 2013, the under-recovery (losses) on the three products is estimated at Rs.1,60,000 crore. The Finance Ministry has assured a compensation of aboutRs.55,000 crore for the first three quarters, and has also asked the public sector oil and gas explorer and producers to provide more than 38 per cent of the total under-recoveries to the oil marketing firms.
Nwoow.com
The cut in petrol prices is the resultant of falling international oil rates, while increase in diesel rates have been made following the Oil companies' January decision to raise the prices in small amounts every month till all the Re 11 per litre losses get removed.
However, in the coming round of revisions petrol rates are likely to be cut in line with falling international crude oil prices.
Petrol prices may be cut by Re. 1,diesel may cost more!
The cut in petrol price will follow two rounds of hike in rates since February. Petrol price was hiked by Rs 1.50 a litre on February 16 and then by Rs 1.40 per litre from March 2. Both the increases were excluding local VAT.
The oil firms will also take into account the rupee-dollar parity before deciding on a price cut for petrol. The Indian currency gained marginally at Rs.54.44 on March 14 from Rs.54.48 on March 1 against the US dollar, according to data from the Reserve Bank of India.
Since last revision, international gasoline (petrol) prices have come down to about USD 120 per barrel from $131.00 a barrel at the last time last revision. Also, the rupee has marginally appreciated against the US dollar to Rs 54.11.
The oil companies have hiked diesel prices by over Re 1 per litre since January this year. The hike in diesel price has taken place in two installments in 2013 and currently costs Re 48.16 per litre. However, the oil firms are still facing Re 11.26 per litre loss on sale of fuel.
For the current financial year ending March 31, 2013, the under-recovery (losses) on the three products is estimated at Rs.1,60,000 crore. The Finance Ministry has assured a compensation of aboutRs.55,000 crore for the first three quarters, and has also asked the public sector oil and gas explorer and producers to provide more than 38 per cent of the total under-recoveries to the oil marketing firms.
Nwoow.com
New Delhi:"With international gasoline (petrol) prices softening by more than $3 a barrel in the last fortnight, state-owned oil firms are likely to cut the price of petrol by about Re.1 per litre." However, under the new scheme of pricing diesel, the oil firms will likely hike the price of diesel by about 50 paisa per litre.
The cut in petrol prices is the resultant of falling international oil rates, while increase in diesel rates have been made following the Oil companies' January decision to raise the prices in small amounts every month till all the Re 11 per litre losses get removed.
However, in the coming round of revisions petrol rates are likely to be cut in line with falling international crude oil prices.
Petrol prices may be cut by Re. 1,diesel may cost more!
The cut in petrol price will follow two rounds of hike in rates since February. Petrol price was hiked by Rs 1.50 a litre on February 16 and then by Rs 1.40 per litre from March 2. Both the increases were excluding local VAT.
The oil firms will also take into account the rupee-dollar parity before deciding on a price cut for petrol. The Indian currency gained marginally at Rs.54.44 on March 14 from Rs.54.48 on March 1 against the US dollar, according to data from the Reserve Bank of India.
Since last revision, international gasoline (petrol) prices have come down to about USD 120 per barrel from $131.00 a barrel at the last time last revision. Also, the rupee has marginally appreciated against the US dollar to Rs 54.11.
The oil companies have hiked diesel prices by over Re 1 per litre since January this year. The hike in diesel price has taken place in two installments in 2013 and currently costs Re 48.16 per litre. However, the oil firms are still facing Re 11.26 per litre loss on sale of fuel.
For the current financial year ending March 31, 2013, the under-recovery (losses) on the three products is estimated at Rs.1,60,000 crore. The Finance Ministry has assured a compensation of aboutRs.55,000 crore for the first three quarters, and has also asked the public sector oil and gas explorer and producers to provide more than 38 per cent of the total under-recoveries to the oil marketing firms.
Nwoow.com
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