Relief as fuel prices continue to fall; Petrol below Rs 80-mark in Mumbai

Petrol prices declined to Rs 79.12 (decrease by 50 paise) per litre in Mumbai.

The prices of key transport fuels -- petrol and diesel -- continued to dive significantly on Wednesday thanks to lower global crude oil prices.

Petrol price decreased by 50 -paise across major cities while diesel too continued the downward trend.

According to the Indian Oil Corp data, petrol was priced at Rs 73.57 (a fall of 50 paise) per litre in the national capital on Wednesday.

Petrol prices declined to Rs 79.12 (a fall of 50 paise) per litre in Mumbai, Rs 75.57 (a fall of 50 paise) in Kolkata and Rs 76.35 (a fall of 50 paise) in Chennai on Wednesday.

The price of diesel too continued to follow the downward trend.

The price of diesel in Mumbai was down at Rs 71.71 (a fall of 40 paise) per litre. Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 68.49 (a fall of 50 paise) per litre, Rs 70.34 (a fall of 50 paise) and Rs 72.34 (a fall of 12 paise) a litre respectively.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Brent crude prices on Monday closed at $59.2 per barrel, a 13-month low

Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.

The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.

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Fuel continues to slide; petrol dips by at least 40 paise in metro cities

After the revision of the prices, petrol in Delhi is being sold at Rs 75. 97 per litre, while diesel costs Rs 70.97 per litre.

In a relief to the consumers, fuel prices were again slashed up to 43 paise per litre on Thursday, owing to a reduction in the rates of crude oil in the global market.

The petrol price was reduced by 40 paise to 43 paise per litre in all four metro cities, while the rate of diesel has witnessed a dip of 30 to 48 paise per litre.

After the revision of the prices, petrol in Delhi is being sold at Rs 75. 97 per litre, while diesel costs Rs 70.97 per litre. In Mumbai, petrol is being retailed at Rs 81. 50 per litre and diesel at Rs 74.34 litre.

Similarly in Chennai and Kolkata petrol after the revision of price costs Rs 78.88 per litre and Rs 79.31 per litre respectively.

The dip in fuel price come after the United States recently softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. 

These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.... Read More

Business Standard

Petrol, diesel prices remain unchanged after dropping for consecutive days

According to the Indian Oil Corp data, petrol was priced at Rs 76.38 per litre in the national capital on Wednesday.

The prices of key transport fuels -- petrol and diesel -- remained unchanged on Wednesday after continuing to fall for consecutive days thanks to lower global crude oil prices.

According to the Indian Oil Corp data, petrol was priced at Rs 76.38 per litre in the national capital on Wednesday.

Petrol prices declined to Rs 81.90 per litre in Mumbai, Rs 78.33 in Kolkata and Rs 79.31 in Chennai on Wednesday.

In tandem with petrol, the cost of diesel too remained unchanged on Wednesday across the four metros.

The price of diesel in Mumbai was down at Rs 74.66 per litre. Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 71.27 per litre, Rs 73.13 and Rs 75.31 a litre respectively.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.

The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.

Business Standard

Fuel price today: With back to back cuts, petrol falls to Rs 79.18 in Delh

After remaining unchanged on Wednesday, petrol prices have been cut for two consecutive days in Delhi, Mumbai, Chennai and Kolkata.

Oil marketing companies on Friday reduced petrol and diesel prices across the country. While petrol prices were cut by around 18 paise, diesel prices have been reduced by 14 paise.

According to the revised prices issued by Indian Oil, petrol now costs Rs 79.18 in Delhi, Rs 84.68 in Mumbai, Rs 81.08 in Kolkata and Rs 82.26 in Chennai.

After the revision, diesel price has fallen below Rs 78-mark in Chennai. The fuel is being retailed at 77.85 per litre in the city.

In Delhi, Mumbai and Kolkata, diesel now costs Rs 73.64, Rs 77.18 and Rs 75.50, respectively.

Fuel prices are on a downslide since the last few weeks.

After remaining unchanged for a day on Wednesday, petrol prices were reduced by 18 paise across major cities.

Read Full Coverage Fuel Prices

The consecutive cuts in fuel prices came after petrol and diesel prices touched record high levels across the country.

On October 4, petrol had surged to a record high of Rs 84 and diesel had gone up to Rs 75.45 in Delhi.

However, LPG price has continued to surge.

From Thursday, price of non-subsidised LPG cooking gas has gone up by Rs 60 per cylinder in New Delhi and that of subsidised one by a marginal Rs 2.94.

Effectively, the price of a subsidised cylinder will increase to Rs 505.34 from November 1 from Rs 502.40 per cylinder in October.

According to the Indian Oil Corporation, the increase in prices of non-subsidised LPG cylinder is mainly due to changes in international prices and foreign exchange fluctuations.

Business Standard

Fuel rate cut came 'too late', govt mopped up Rs 1 trn so far: Shiv Sena

The decision by the Centre and the Maharashtra government to reduce fuel prices has come too late, said Shiv Sena.

The reduction in fuel prices had come "too late", the Shiv Sena said Friday and claimed that the Centre had mopped up Rs 1 trillion per day when the rates of petrol and diesel were being increased daily.

It also slammed Maharashtra Chief Minister Devendra Fadnavis for his reported remark that he was "ready to mortgage the state in Dr B R Ambedkar's service".

The government Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices by reducing excise duty and asking PSU oil firms to take a hit of Rs 90 billion, a step that was matched by BJP-ruled states by slashing VAT so as to double the reduction in retail rates.

"The decision by the Centre and the Maharashtra government to reduce fuel prices has come too late. The increase in fuel prices daily in the past has led to a deposit of Rs 1 trillion everyday in the country's coffer," the Sena said in an editorial in its mouthpiece Saamana.

ALSO READ: Modi govt blinks, reduces petrol and diesel prices by Rs 2.5 a litre

If the Centre grants Rs 50 billion to Rs 100 billion out of the mopped up funds for the memorial of Maratha warrior king Chhatrapati Shivaji and Dr B R Ambedkar, the chief minister would not have to mortgage the state, it said in a broadside against Fadnavis.

During the foundation day of the Ramdas Athawale-led Republican Party of India (A) in Thane on Wednesday, Fadnavis reportedly said the Congress built statues of (former prime ministers) Indira Gandhi and Rajiv Gandhi but did not care to give due respect to Ambedkar and build his memorial.

Fadnavis said Ambedkar represented social justice, equality and humanity, and that he was "ready to mortgage the state" in service of the architect of the Constitution.

Reacting to his remark, the Uddhav Thackeray-led party demanded that the government cut down on spending thousands of crores on advertisements. It also asked why the money "used by BJP to win elections" could not be used for the memorial, instead of mortgaging the state.

"Had Babasaheb Ambedkar been alive today, he would have lifted a lathi (stick) against those in power who are talking about mortgaging the state. At least they have now conceded that the state's economical condition is weak and festivals are celebrated with borrowed money," it said.

              

"It is surprising to see the rain of announcements at a time when the state's coffers are empty," said the Sena, which is an ally of the BJP at the Centre and in Maharashtra.

Business Standard

Petrol, diesel prices unchanged: Check today's rates in Delhi, Mumbai

Petrol and diesel prices have been witnessing a steep rise since the past few weeks.

Petrol and diesel prices were kept unchanged on Wednesday after reaching record levels in the last few days continuously.

As the fuel prices are same as on Tuesday, a litre of petrol continues to cost Rs 90.22 in Mumbai and Rs 82.86 in Delhi. Similarly, diesel continues to be retailed at Rs 74.12 per litre in Delhi and Rs 78.69 per litre in Mumbai.

Keeping the people's suffering in mind, the West Bengal government on September 11 reduced the excise on petrol and diesel by Re 1 per litre each last week. Later, the Karnataka government had also declared that the petrol and diesel prices across the state would be cheaper by Rs 2 per litre each, following the reduction in cess on these fuels.

As per India's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee.

Fuel prices have been witnessing a steep rise since the past few weeks. While the Opposition has repeatedly blamed the Union government for not doing enough to keep a check on prices, the latter has always maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products....Read More

Business Standard

Fuel prices raised again: Petrol at Rs 90.22 in Mumbai, Rs 82.86 in Delhi

Business Standard : The price of diesel also rose in tandem with petrol; it is now being sold at Rs 74.12 a litre in Delhi.

Petrol and diesel prices continued their upward march on Tuesday to touch a new high in many cities across the country.

A day after touching the Rs 90 mark in Mumbai, petrol was up by 14 paise in Delhi and Mumbai to be priced at Rs 82.86 and Rs 90.22 per litre, respectively.

The price of diesel also saw a similar hike and it is now being sold at Rs 74.12 per litre in Delhi. In Mumbai, the fuel is priced at Rs 78.69 per litre.

The Opposition on Monday continued its protest against rising fuel prices. As petrol prices hit the Rs 90-a-litre mark in Mumbai, the Maharashtra Congress held a protest in the city asking Chief Minister Devendra Fadanvis to bring down taxes in the state.

"States like Andhra Pradesh, Karnataka, West Bengal and Rajasthan have already reduced taxes on fuel. Why can Chief Minister Devendra Fadnavis not follow suit and reduce people's misery," city party President Sanjay Nirupam said.

He pointed out that the direct consequence was the galloping inflation, with prices of FMCGs, fruit and vegetables, oils and electrical items shooting up at the height of the festival season.

Fuel prices in India are revised daily, mainly on the basis of oil prices in the international market.

On Monday, crude oil prices jumped more than 2 per cent to a four-year high after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by US President Donald Trump for action to raise global supply.

Benchmark Brent crude hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 per cent.

Petrol and Diesel Price Hike: After six days of consecutive hikes, rising fuel prices come to a halt

West Bengal Chief Minister Mamata Banerjee on Tuesday announced that her government will reduce the state tax on petrol and diesel by Re 1 per litre.

It was on Wednesday last week (September 5) that petrol and diesel prices did not see a hike after a back to back increase since August 26. From September 6 onwards, fuel prices continued with the upward run on a daily basis and again it's on Wednesday today that Petrol and diesel prices have come to a halt after six days of a continuous hike.

Petrol costs Rs 80.87/litre in Delhi and Rs 88.26/litre in Mumbai, Rs 88.26/litre in Kolkata and Rs 84.05/litre in Chennai.

Similarly, diesel remains at Rs 72.97/litre in Delhi, Rs 75.82/litre in Kolkata, Rs 77.47/litre in Mumbai and Rs 77.13/ litre in Chennai as September 12.

Petrol prices on Tuesday had touched Rs 90.11 per litre in Maharashtra's Parbhani. Diesel prices had also increased from Rs 77.92 on Monday to Rs 78.06 on Tuesday.

At least 20 Opposition parties led by Congress staged a Bharat Bandh across the country on Monday to protest against the rising fuel prices and falling value of the rupee.

ALSO READ: Fuel on Fire: Indian states make a killing on taxes as citizens suffer

Opposition parties like the Janata Dal-Secular (JD-S), Samajwadi Party (SP), Bahujan Samaj Party (BSP), Dravida Munnetra Kazhagam (DMK), Rashtriya Janata Dal (RJD), Nationalist Congress Party (NCP) and Maharashtra Navanirman Sena (MNS), led by the Congress party, took part in the protests. Left parties staged a separate shutdown of their own.

Other parties such as Trinamool Congress, Aam Admi Party and Biju Janata Dal voiced their concerns over the price hike, however, they stayed away from the street protests called by the Congress.

Meanwhile, Rajasthan government announced a 4 per cent cut in the state VAT on petrol and diesel on Sunday to reduce their prices by Rs 2.5 per litre in the state, while Andhra Pradesh government on Monday announced a reduction of tax on petrol and diesel by Rs 2 a litre, to reduce the burden on common caused by zooming fuel prices. Similarly, West Bengal Chief Minister Mamata Banerjee on Tuesday announced that her government will reduce the state tax on petrol and diesel by Re 1 per litre.

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Petrol at Rs 80.87, diesel at Rs 72.97 in Delhi after a 14 paise hike today

At least 20 Opposition parties led by Congress staged a Bharat Bandh across the country on Monday to protest against the rising fuel prices and falling value of the rupee.

Petrol and diesel prices saw a hike for the sixth straight day on Tuesday as oil marketing firms again revised fuel prices across the country. Petrol prices were hiked by 14 paise in both Delhi and Mumbai, while diesel saw an increase of 14 paise in Delhi and expanded by 15 in Mumbai.

Petrol now costs Rs 80.87 per litre, up from Rs 80.73, in Delhi and Rs 88.26 per litre, up from Rs 88.12, in Mumbai. Similarly, Diesel prices have been increased from Rs 72.83 to Rs 72.97 per litre in Delhi and from Rs 77.32 to Rs 77.47 in Mumbai.

Rising fuel prices in the country have been an issue of friction between the government and the opposition parties for the past couple of days.

Opposition parties are demanding a cut in the excise duty on petrol and diesel and bringing fuel under the ambit of GST.

At least 20 Opposition parties led by Congress staged a Bharat Bandh across the country on Monday to protest against the rising fuel prices and falling value of the rupee.

Opposition parties like the Janata Dal-Secular (JD-S), Samajwadi Party (SP), Bahujan Samaj Party (BSP), Dravida Munnetra Kazhagam (DMK), Rashtriya Janata Dal (RJD), Nationalist Congress Party (NCP) and Maharashtra Navanirman Sena (MNS), led by the Congress party, took part in the protests. Left parties staged a separate shutdown of their own.

ALSO READ: Closed chapter: Bandhs are no longer a useful protest technique

Other parties such as Trinamool Congress, Aam Admi Party and Biju Janata Dal voiced their concerns over the price hike, however, they stayed away from the street protests called by the Congress.

Later, amid the constant rise in the prices of petrol and diesel, BJP president Amit Shah on Monday met Oil Minister Dharmendra Pradhan, PTI reported.

Meanwhile, Rajasthan government announced a 4 per cent cut in the state VAT on petrol and diesel on Sunday to reduce their prices by Rs 2.5 per litre in the state, while Andhra Pradesh government on Monday announced a reduction of tax on petrol and diesel by Rs 2 a litre, to reduce the burden on common caused by zooming fuel prices.

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Petrol inches close to Rs 81 a litre in Delhi after 5th straight price hike

While Opposition parties led by the Congress have called for a 'Bharat Bandh' to protest the rising fuel prices in the country, Left parties have announced a separate shutdown of their own.

Bharat Bandh : Adding to the woes of the common man, petrol and diesel prices were again raised on Monday, a fifth straight day of price hike in as many days by oil marketing companies. In Delhi, petrol continued its upward march in the previously uncharted territory of above the Rs 80 mark -- the price was raised by 23 paise a litre on Monday to Rs 80.73. The price of petrol in Delhi crossed the Rs 80 mark for the first time on Saturday, September 8.

Similarly, petrol prices in Mumbai were raised by 22 paise to Rs 88.12 a litre.

Another key transport fuel, diesel, also witnessed a similar hike of 22 paise in Delhi and 23 paise in Mumbai. Diesel now costs Rs 72.83 a litre and Rs 77.32 in Delhi and Mumbai, respectively.

Opposition parties like the Janata Dal-Secular (JD-S), Samajwadi Party (SP), Bahujan Samaj Party (BSP), Dravida Munnetra Kazhagam (DMK), Rashtriya Janata Dal (RJD), Nationalist Congress Party (NCP) and Maharashtra Navanirman Sena (MNS), led by the Congress party, have called for a 'Bharat Bandh' to protest the rising fuel prices in the country. Left parties have announced a separate shutdown of their own.

Other parties such as Trinamool Congress, Aam Admi Party and Biju Janata Dal have voiced their concerns over the price hike, however, they have stayed away from the street protests called by the Congress.

Congress leaders Sushil Kumar Shinde, Rajiv Satav and Amit Chavda in a press conference in Ahmedabad said that the Modi government pocketed Rs 11 trillion from the public by raising taxes on fuel and not including petrol and diesel under GST.

"The government has the power to reduce prices. It appears the government lacks coordination with oil companies which has resulted in the rise in prices of petrol, diesel and cooking gas on a daily basis," Shinde said.

Meanwhile, Rajasthan Chief Minister Vasundhara Raje announced a 4 per cent cut in the state value-added tax (VAT) on petrol and diesel on Sunday to reduce their prices by Rs 2.5 per litre in the state. VAT on petrol would be reduced from 30 to 26 per cent and on diesel from 22 to 18 per cent, Raje announced at a public meeting.

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Petrol, diesel prices up by around 50 paise: Check rates in Delhi, Mumbai

Opposition parties will launch nationwide strikes and protests next week over record-high petrol and diesel prices.

Petrol and diesel prices reached a new unprecedented level on Friday after oil marketing companies announced a sharp hike on Friday.

In Delhi, petrol rose 48 paise to be sold at Rs 79.99 per litre. With a similar hike, petrol in Mumbai is priced at Rs 87.39 per litre.

Diesel prices saw an even bigger hike on Friday. While in Delhi, prices rose by 52 paise, in Mumbai, the rates went up by 55 paise.

The fuel is retailing at Rs 72.07 and Rs 76.51 per litre in Delhi and Mumbai respectively.

Except for a halt on Wednesday, petrol and diesel rates have gone up every day since 26 August. Overall, petrol and diesel prices have gone up by Rs 2.32 and Rs 2.75 respectively in Delhi, since then.

Opposition parties will launch nationwide strikes and protests next week over record-high fuel prices.

ALSO READ: Govt rules out excise duty cut, even as petrol prices hit Rs 79.15 in Delhi

The Congress has accused the government of "fuel loot" that it said had raised Rs 11 trillion ($152 billion) for the exchequer since Modi came to power in 2014.

"The mismanagement of the economy has led to high fuel prices," senior Congress leader Ashok Gehlot said. "When fuel prices were rising during (the previous government), taxes were reduced to take the burden off people."

Congress said all "like-minded opposition parties" had agreed to join the protest to demand fuel price cuts. The parties called for a general strike and demonstrations across the country.

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Fuel prices at record high: Check petrol, diesel rates in top cities today

The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

Diesel prices touched a fresh peak across metro cities on Tuesday. Petrol prices too went up across the country to inch closer to their all-time mark.

In Delhi, petrol prices went up by 14 paise to Rs 78.05 per litre, according to data from the Indian Oil Corporation. Diesel prices notched up 15 paise to Rs 69.91 per litre.

A similar increase was seen in fuel prices in all other metro cities. In Mumbai and Kolkata, petrol was at Rs 85.47 and Rs 80.98 respectively. In Chennai, it was priced at Rs 81.09.

In Mumbai, Kolkata and Chennai, diesel was priced at Rs 73.90, Rs 72.46 and Rs 73.54 per litre respectively against the previous levels of Rs 73.74, Rs 72.31, Rs 73.38 per litre.

The all-time high petrol prices in Delhi, Kolkata, Mumbai and Chennai are Rs 78.43, Rs 81.06, Rs 86.24 and Rs 81.43 per litre, touched in May 29.

The rise in prices of diesel gains significance as it is mostly used in transportation of food and agricultural products and an increase in its price may lead to higher inflation.

The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

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Petrol price crosses Rs 84-mark in Mumbai, up in Delhi, Kolkata, Chennai

In the other major cities of Delhi, Kolkata and Chennai, petrol was sold at Rs 76.76, Rs 79.42 and Rs 79.67 per litre, up from Rs 76.59, Rs 79.26 and Rs 79.49 respectively on Thursday.

On an upward trajectory since July 5, petrol prices in the financial capital of the country crossed the Rs 84 per litre mark on Friday and was sold at Rs 84.14 a litre.

The cost of the fuel in Mumbai rose 17 paise from Rs 83.97 on Thursday, according to data from the Indian Oil Corp.

In the other major cities of Delhi, Kolkata and Chennai, petrol was sold at Rs 76.76, Rs 79.42 and Rs 79.67 per litre, up from Rs 76.59, Rs 79.26 and Rs 79.49 respectively on Thursday.

In Mumbai, along with the other metros prices rose to unprecedented levels in May, with the all time high being Rs 86.24, recorded on May 29. It had first touched the Rs 84 a litre level on May 20.

After a hiatus of around 36 days fuel prices started to rise on July 5. However, on July 10 and 11 prices were steady.

In tandem with petrol, the price of diesel also went up across the four metros. It was sold at Rs 68.43, Rs 70.98, Rs 72.61 and Rs 72.24 per litre in Delhi, Kolkata, Mumbai and Chennai respectively, up from the previous levels of Rs 68.30, Rs 70.85, Rs 72.47 and Rs 72.10 per litre.

The high prices of diesel gain significance as it is used in the transportation of agriculture and food products, which in turn impacts the country's inflation rate.

The retail inflation in June, as released on Thursday, touched the 5 per cent mark, compared to 4.87 per cent in May, one of the reasons being the high fuel prices.

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Grand alliance to take on BJP, RSS a sentiment of people: Rahul Gandhi

The opposition has been asking PM Modi to bring prices of petrol and diesel under the Goods and Services Tax (GST).

The grand alliance of opposition parties to take on the BJP and Prime Minister Narendra Modi is not just the sentiment of politicians but also of the people, Congress President Rahul Gandhi said on Wednesday.


The Congress, he said, is trying to join together these voices and the work is going on.


"It is the sentiment of the people and not just political parties which are opposed to the BJP, to have a mahagathbandhan (grand alliance) that can take on the BJP, the RSS and Prime Minister Narendra Modi," he said at a press conference.


"Prime Minister Modi and the BJP are attacking the Constitution and institutions of the nation," he alleged, saying the question facing the people is how to stop this.


He said the opposition has been asking Prime Minister Modi to bring prices of petrol and diesel under the Goods and Services Tax (GST), but "he is not interested."


"There was an attack on Mumbai (through demonetisation). There are small industries, traders here... The leather industry and the cloth industry. They were attacked through the 'Gabbar Singh Tax'. The whole country is sad. Small businessmen are sad and we are fighting for them," he said.


He said during the UPA government's rule, the crude price was $130 a barrel that has now come down to $70 a barrel.


"However, the benefit has not been passed on to the common man. Where does this money go? In the pockets of 15 to 20 rich people," Gandhi alleged.


The 47-year-old Congress president is on a two-day visit to Maharashtra since yesterday.