Because of the reduction in excise duty, diesel prices had on October 4, 2017, come down to Rs 56. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Petrol price in Delhi was hiked to Rs 74. Petrol and diesel prices were last revised on April 24 when they were hiked by 13 paise each.Petrol prices in Delhi registered a fresh high in four years and eight months .
Also, the rupee has weakened to Rs 67 per US dollar from Rs 66.98 now, according to sources privy to fuel pricing methodology.93, according to a price notification issued by state-owned oil marketing companies.Oil PSUs have refused to acknowledge if the freeze followed a government diktat so as to help ruling BJP in Karnataka.68 per barrel to USD 88.63 a litre on April 24, to USD 82.89 per litre and petrol to Rs 68.14. This led to its excise mop up more than doubling to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.
After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.63 while diesel rates were increased to Rs 66. If this practice was followed in letter and spirit, petrol and diesel prices should have been increased by Rs 1. But prices were frozen thereafter.47 per litre to take away gains arising from plummeting global oil prices. The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.63. Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in international oil price. The government had between November 2014 and January 2016 raised excise duty on petrol by Rs 11.88 per litre in Delhi and diesel Rs 59.
State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar.77 a litre and that on diesel by Rs 13. Oil PSUs, who had kept rates unchanged for nearly three weeks before Karnataka went to polls despite input cost spiking, reverted to daily revision in prices no sooner had the state voted to elect a new government on Saturday.62, making imports costlier.80 per litre from Rs 74.5 a litre in last 19 https://www.cjscrewbarrel.com/product/extruder-screw/mini-screw/three-dimensional-printer-screw.html three-dimensional printer screws Manufacturers days, an analyst tracking the sector said.Indian Oil Corp (IOC) Chairman Sanjiv Singh last week said that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers.
However, a global rally in crude prices pushed domestic fuel prices far higher than those levels..14 a litre from Rs 65. Oil Minister Dharmendra Pradhan had last month denied reports of a directive to state oil firms to absorb at least Re 1 a litre hike by not raising prices in line with cost. Oil PSUs, which have been since June last year revising auto fuel prices on a daily basis to reflect changes in the cost, have kept pump rates static since April 24, an analysis of daily price notification issued by oil companies showed.38 per litre. This despite benchmark international rate for petrol going up from USD 78. The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.84 per barrel, which was used for raising the price to Rs 74. Prices have since then moved more or less in tandem with international rates barring a few exceptions like the period before a crucial election. The benchmark international diesel rates during this period have climbed from USD 84. With this, diesel prices have touched a record high while petrol is at a 56-month peak.
The prices at petrol pumps of state-owned fuel retailers like Indian Oil Corp (IOC) were cut by 1-3 paise every day in the first fortnight of December 2017 before Gujarat went to polls. The government had in June 2010 freed petrol price from its control and the diesel rates were deregulated in October 2014. They started moving up immediately after polling for assembly elections in Gujarat concluded on December 14, leading to speculation that government may have asked oil companies to hold the prices. A global rally in crude prices pushed domestic fuel prices far higher than those levels
Also, the rupee has weakened to Rs 67 per US dollar from Rs 66.98 now, according to sources privy to fuel pricing methodology.93, according to a price notification issued by state-owned oil marketing companies.Oil PSUs have refused to acknowledge if the freeze followed a government diktat so as to help ruling BJP in Karnataka.68 per barrel to USD 88.63 a litre on April 24, to USD 82.89 per litre and petrol to Rs 68.14. This led to its excise mop up more than doubling to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.
After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.63 while diesel rates were increased to Rs 66. If this practice was followed in letter and spirit, petrol and diesel prices should have been increased by Rs 1. But prices were frozen thereafter.47 per litre to take away gains arising from plummeting global oil prices. The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.63. Finance Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Garg have in the past weeks ruled out any immediate reduction in excise duty to cushion the increases warranted from a spike in international oil price. The government had between November 2014 and January 2016 raised excise duty on petrol by Rs 11.88 per litre in Delhi and diesel Rs 59.
State-owned oil marketing companies are estimated to have lost about Rs 500 crore as they absorbed higher cost resulting from the spike in international oil rates and fall in rupee against the US dollar.77 a litre and that on diesel by Rs 13. Oil PSUs, who had kept rates unchanged for nearly three weeks before Karnataka went to polls despite input cost spiking, reverted to daily revision in prices no sooner had the state voted to elect a new government on Saturday.62, making imports costlier.80 per litre from Rs 74.5 a litre in last 19 https://www.cjscrewbarrel.com/product/extruder-screw/mini-screw/three-dimensional-printer-screw.html three-dimensional printer screws Manufacturers days, an analyst tracking the sector said.Indian Oil Corp (IOC) Chairman Sanjiv Singh last week said that the state-owned firms were "temporarily moderating" prices to avoid sharp spikes and panic among consumers.
However, a global rally in crude prices pushed domestic fuel prices far higher than those levels..14 a litre from Rs 65. Oil Minister Dharmendra Pradhan had last month denied reports of a directive to state oil firms to absorb at least Re 1 a litre hike by not raising prices in line with cost. Oil PSUs, which have been since June last year revising auto fuel prices on a daily basis to reflect changes in the cost, have kept pump rates static since April 24, an analysis of daily price notification issued by oil companies showed.38 per litre. This despite benchmark international rate for petrol going up from USD 78. The central government had cut excise duty by Rs 2 per litre in October 2017, when petrol price reached Rs 70.84 per barrel, which was used for raising the price to Rs 74. Prices have since then moved more or less in tandem with international rates barring a few exceptions like the period before a crucial election. The benchmark international diesel rates during this period have climbed from USD 84. With this, diesel prices have touched a record high while petrol is at a 56-month peak.
The prices at petrol pumps of state-owned fuel retailers like Indian Oil Corp (IOC) were cut by 1-3 paise every day in the first fortnight of December 2017 before Gujarat went to polls. The government had in June 2010 freed petrol price from its control and the diesel rates were deregulated in October 2014. They started moving up immediately after polling for assembly elections in Gujarat concluded on December 14, leading to speculation that government may have asked oil companies to hold the prices. A global rally in crude prices pushed domestic fuel prices far higher than those levels
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