Daily Revision Of Prices Of Petrol And Diesel From June 16

Petrol and diesel prices will be revised on daily basis by public sector companies and the rates will be publicised through social media.

New Delhi:  From June 16th onwards the petrol and diesel prices all over the country will be revised on daily basis. The Indian Oil Corporation on Thursday said that all public sector oil companies, including IOC, Hindustan Petroleum Corporation and Bharat Petroleum will implement a daily revision of petrol and diesel prices at their bunks.  These public sector companies own more than 95 percent of country’s 58,000 petrol pumps.

Presently, the petrol and diesel prices are being revised every fortnight i.e. 1st and 16th of every month, depending on the global crude fluctuations. Sometimes it is advantageous to customers and sometimes not. The International Fuel prices in the preceding fortnight and currency exchange rate are taken into consideration.

“Daily price revisions of Petrol and Diesel will make the retail prices more reflective of the current market conditions, minimising the volatility in the RSP (Retail Selling Prices) of Petrol and Diesel,” the Indian Oil Corporation said in its statement. It also said that the daily price revision pilot project Udaipur, Jamshedpur, Puducherry, Chandigarh and Vishakhapatnam was a success. It was launched on May 1.

To make the customers aware of the day’s price, daily publishing of prices in newspapers, prominently displaying the day’s rate at petrol pumps and sending information on the latest prices via text messages and smartphone applications will be taken up said the IOC.  The information will also be made available on social media.

Leave a Reply

Your email address will not be published.

Petrol, diesel prices cut again

HYDERABAD: The Centre cut the price of petrol by Rs. 2.42 a litre and diesel by Rs. 2.25. The revised prices will come into effect from Tuesday midnight.

This is the tenth time since August 2014 that the price of petrol has been reduced and the sixth time that rate of diesel have been since its deregulation by the NDA Government in October in the wake of declining global prices.

It was as recently as on January 16 that petrol and diesel were reduced by a similar margin but the consumer did not benefit much as the Government of India increased the excise duty on both the products by Rs. 2 a litre.

As a result of the latest revision, the price of petrol in New Delhi will be Rs.56.49 a litre, down from Rs. 58.91 earlier. Diesel will cost Rs. 46.01 a litre compared to Rs. 48.26 now.

In Hyderabad, the price of petrol before the cut is Rs. 66.38 a litre and diesel Rs. 54.57.

It remains to be seen whether the Centre and the State Governments pass on the benefit to consumers or choose to impose fresh excise duty or VAT, as the case may be. The Centre has hiked excise duty four times since November last.

Leave a Reply

Your email address will not be published.

Hike in Excise Duty on petrol and diesel

December 2, New Delhi: Government announced a hike on excise duty by Rs 2.25 a litre on petrol and Rs 1 a litre on diesel that will come into effect from midnight today. However, thanks to the decline in oil prices worldwide, Indian consumers will not have to bear the brunt of the rise. The price of petrol and diesel will remain the same. On the other hand the additional revenue collected by the government will be to the tune of Rs 4,000 crore in the remaining fiscal that is hoped to control deficit.

It was just the other day that keeping in view the international prices, India oil companies announced a reduction in price, eighth such reduction since August, by 91 paise a litre for petrol and 84 paise a litre for diesel. And, the hike in the excise duty had been the second such increase in three weeks, the last one being on November 12.

Leave a Reply

Your email address will not be published.