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Hike in Petrol Price by Rs 3 from Tonight

Stuge

By Stuge
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Stuge Proficient

Stuge

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State-owned oil companies are all set to hike petrol prices by around Rs 3 per litre which will be effective from midnight tonight. "Looks like the hike will be over Rs 3 per litre," a top official at one of the three state-run fuel retailers said. Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindsutan Petroleum Corp (HPCL) now lose Rs 2.61 per litre due to high international crude oil prices and with rupee touching two-year low against the US dollar, the losses have increased the cost of importing crude oil. "After adding local taxes, the hike needed at retail level comes to over Rs 3 per litre," the official said. Petrol price were last hiked by Rs 5 per litre on May 15. It costs Rs 63.70 per litre in Delhi. "The exact quantum of hike at different cities is being worked out," the official said. Petrol price was freed from the government control in June last year but the retail rates have not moved in line with cost as high inflation rate forced the oil companies to seek 'advice' from parent oil ministry before revising rates. IOC, BPCL and HPCL have lost Rs 2,450 crore this fiscal on selling petrol below the cost. Besides petrol, the three firms are losing Rs 263 crore per day on selling diesel, domestic LPG and kerosene below cost. Diesel is being sold at a subsidy of Rs 6.05 a litre, kerosene at Rs 23.25 per litre while domestic LPG rates are under-priced by Rs 267 per 14.2-kg cylinder. Rupee fell to 48 per dollar yesterday for the first time since September 2009. "Every rupee depreciation, the under-recovery (revenue loss) increases annually by around Rs 9,000 crore," he said.
Petrol to be dearer by Rs 3 per litre - PTI -
bulbul Newbie

bulbul

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why its so expensive in India compare to USA...petrol is cheap there...so why its so expensive here.
Do you really dont know the answer :winky: they get cheaper petrol comapre to any one else.. even in India Delhi have cheapest rate among other cities
akshayxyz Newbie

akshayxyz

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Kabira is right. Petrol is cheaper in USA approx 50 bucks a liter. Adjust for purchasing power and Petrol in the US is way cheaper
I know it is cheaper in US.. but I am surprised he does not know why is it so?
kabira Newbie

kabira

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Not sure if serious. :hmmmm2:
dude I lived there as well, petrol was $2 for a gallon, thats 90 Rs for 4 Litres, do the math, that was 3 years back. and I think it should not be more than $3 even today for 4 litres. way way cheaper than India.
punjabi_khota Enthusiast

punjabi_khota

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India doesn't have much oil of its own, so not sure how purchasing power has anything to do with the whole game. I mean, if we are importing all of it, we will be dealing in dollars. Keeping the PPP issue aside, I would guess it is a combination of lower taxation on imported oil, and more local production (which is heavily subsidised) that keeps it low.

Mariyam Grand Master

Mariyam

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why its so expensive in India compare to USA...petrol is cheap there...so why its so expensive here.
Its very simple. I'll explain. For petrol to be cheaper in India, all our government has to do is find a weak, helpless oil producing nation and attack it under the pretext of spreading democracy/human rights. It always works. :two_thumbs_up: I say attack Oman. Just across the sea and they have oil too. Plus it would be the most happening thing that ever happened to that country. They are never in the news otherwise. And the diplomats can always tell the UN: "no no, you see the plan was to strike Pakistan, but our chief of the Airforce is a South Indian fellow. He exclaimed Oh! Man on the radio and the fighter pilots mistook it for Oman. Not very far from Pakistan, you see " Voila. Aur phir yeh petrol inflation ka masla bhi hal ho jayega.
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