Prices for petrol and diesel were cut by nine paise on Saturday.

In Delhi, petrol now costs Rs 78.20 a litre, and diesel costs Rs 69.11 per litre.

On Friday, price for petrol was Rs 78.29 per litre, while diesel price was Rs 69.20 a litre in the national capital.

The revised petrol prices in other metro cities are - Rs 80.84 in Kolkata, Rs 86.01 in Mumbai and Rs 81.19 in Chennai.

Meanwhile, the revised diesel prices in other metro cities are - Rs 71.66 in Kolkata, Rs 73.58 in Mumbai and 72.97 in Chennai.&nbsp

In Delhi, petrol now costs Rs 78.20 a litre, and diesel costs Rs 69.11 per litre

Prices for petrol and diesel were cut by nine paise on Saturday. In Delhi, petrol now costs Rs 78.20 a litre, and diesel costs Rs 69.11 per litre. On Friday, price for petrol was Rs 78.29 per litre, while diesel price was Rs 69.20 a litre in the national capital. The revised petrol prices in other metro cities are - Rs 80.84 in Kolkata, Rs 86.01 in Mumbai and Rs 81.19 in Chennai. Meanwhile, the revised diesel prices in other metro cities are - Rs 71.66 in Kolkata, Rs 73.58 in Mumbai and 72.97 in Chennai.

Petrol, diesel prices cut by 9 paise per litre

States can cut petrol price by Rs 2.65 per litre and diesel by Rs 2 a litre if they decide to forego potential additional gains out of high crude oil rates, an SBI report said today.

"Our analysis shows that at the current crude prices and extending our analysis to 19 states (overall consumption share is 93 per cent), the states could have gained at least an additional Rs 18,728 crore of revenue (in 2018-19)," said SBI's Ecowrap report.

It further said that states earn an additional revenue of Rs 2,675 crore over and above the budget estimates for every USD 1/barrel increase in oil prices.

"Given that these revenue if foregone will not impact states fiscal position, we estimate that on an average, states can cut petrol prices by Rs 2.65/litre and diesel by Rs 2/litre, if the entire revenue gain was to be neutralised. This is the most plausible scenario under the current circumstances," the report said.

It also said that one suggestion to further rationalise the petrol and diesel prices is to consider a pricing mechanism where VAT is imposed on base price only by states and not on prices inclusive of the Centre's tax.&nbsp

If this was the case, diesel prices could further reduce by Rs 3.75 a litre and petrol prices by Rs 5.75 per litre, it said. 
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"However, if this was to happen, the state will have to forego Rs 34,627 crore of tax revenue / 0.2 per cent of consolidated fiscal deficit of states," said Ecowrap.

On the other hand, if the Centre cuts the excise by Re 1, the loss of revenue will be to the tune of Rs 10,725 crore for every Re 1 cut in central excise and the amount will become twice if it cuts the excise duty by Rs 2.&nbsp

This will push up the deficit of Centre, unlike states, it added.

Petrol price has been hiked by Rs 3.64 a litre and diesel by Rs 3.24 in Delhi since state-owned oil firms ended a 19-day pre-Karnataka poll hiatus to resume daily price revision on May 14. The prices are at an all-time high.&nbsp

 
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States can cut petrol price by Rs 2.65 per litre and diesel by Rs 2 a litre if they decide to forego potential additional gains out of high crude oil rates, an SBI report said

States can cut petrol price by Rs 2.65 per litre and diesel by Rs 2 a litre if they decide to forego potential additional gains out of high crude oil rates, an SBI report said today. "Our analysis shows that at the current crude prices and extending our analysis to 19 states (overall consumption share is 93 per cent), the states could have gained at least an additional Rs 18,728 crore of revenue (in 2018-19)," said SBI's Ecowrap report. It further said that states earn an additional revenue of Rs 2,675 crore over and above the budget estimates for every USD 1/barrel increase in oil prices. "Given that these revenue if foregone will not impact states fiscal position, we estimate that on an average, states can cut petrol prices by Rs 2.65/litre and diesel by Rs 2/litre, if the entire revenue gain was to be neutralised. This is the most plausible scenario under the current circumstances," the report said. It also said that one suggestion to further rationalise the petrol and diesel prices is to consider a pricing mechanism where VAT is imposed on base price only by states and not on prices inclusive of the Centre's tax. If this was the case, diesel prices could further reduce by Rs 3.75 a litre and petrol prices by Rs 5.75 per litre, it said. "However, if this was to happen, the state will have to forego Rs 34,627 crore of tax revenue / 0.2 per cent of consolidated fiscal deficit of states," said Ecowrap. On the other hand, if the Centre cuts the excise by Re 1, the loss of revenue will be to the tune of Rs 10,725 crore for every Re 1 cut in central excise and the amount will become twice if it cuts the excise duty by Rs 2. This will push up the deficit of Centre, unlike states, it added. Petrol price has been hiked by Rs 3.64 a litre and diesel by Rs 3.24 in Delhi since state-owned oil firms ended a 19-day pre-Karnataka poll hiatus to resume daily price revision on May 14. The prices are at an all-time high.

States can cut petrol price by Rs 2.65/litre by giving up additional gains: Report

State-run oil marketing companies increased prices of petrol and diesel for the fourteenth day in a row, even as the Narendra Modi government said it would formulate a policy to shield consumers from rising fuel prices.

The revised petrol prices in metropolitan cities are- Delhi: Rs 78.12 per litre Mumbai: 85.93 Kolkata: 80.76 and Chennai: 81.11.

Meanwhile, the cost of diesel per litre has been increased to 69.06 in Delhi: 68.90 71.61 in Kolkata, 73.53 in Mumbai and 72.91 in Chennai.

As the Centre has come under fire over fuel price hike, Union Petroleum and Natural Gas Minister Dharmendra Pradhan earlier assured the public that the government will soon take out a solution to tackle the situation.

He further pointed out that less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market are some of the factors affecting the fuel price.

(With inputs from ANI)

The revised petrol prices in metropolitan cities are- Delhi: Rs 78.12 per litre; Mumbai: 85.93; Kolkata: 80.76 and Chennai: 81.11.

State-run oil marketing companies increased prices of petrol and diesel for the fourteenth day in a row, even as the Narendra Modi government said it would formulate a policy to shield consumers from rising fuel prices. The revised petrol prices in metropolitan cities are- Delhi: Rs 78.12 per litre Mumbai: 85.93 Kolkata: 80.76 and Chennai: 81.11. Meanwhile, the cost of diesel per litre has been increased to 69.06 in Delhi: 68.90 71.61 in Kolkata, 73.53 in Mumbai and 72.91 in Chennai. As the Centre has come under fire over fuel price hike, Union Petroleum and Natural Gas Minister Dharmendra Pradhan earlier assured the public that the government will soon take out a solution to tackle the situation. He further pointed out that less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market are some of the factors affecting the fuel price. (With inputs from ANI)

Fuel prices continue to rise for 14th consecutive day

India will take a long-term view on the retail pricing of petrol and diesel to shield consumers from volatility in global markets, the government said on Wednesday, suggesting it could change the way pump prices are calculated.

Prices of diesel and petrol in India have surged to a record high, stoking opposition criticism of Prime Minister Narendra Modi's administration for causing hardship to ordinary people.

Rising global crude prices are largely behind the surge, but fuel is also heavily taxed by India's state and federal authorities, accounting for about half the cost of petrol and 40 per cent of the diesel price. In Delhi, petrol costs 77.17 rupees&nbspa litre and diesel costs 68.34 rupees a litre.

"The government is keen that instead of having an ad hoc measure it may be desirable to have a long-term view which addresses not only the volatility but also takes care of the unnecessary ambiguity arising out of frequent ups and downs," Law Minister Ravi Shankar Prasad told a news conference.

India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity buying about 80 percent of its oil needs. India&nbsphas a surplus of refined products, but local prices of petrol and diesel are linked to Singapore gasoline prices and Arab Gulf diesel prices.

The pump price of the two locally-refined fuels also include import tax on the two products which the government could tinker with to help customers, industry sources say.

M. K. Surana, chairman of state-run fuel retailer and refiner Hindustan Petroleum Corp, said the government should review taxation of petrol and diesel to provide relief to the customer.

"The long term solution is to bring all the petroleum products under goods and service tax that will rationalise the taxation structure," he added.

Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world's biggest economies.

Rising pump prices are already adding to inflationary pressure and are strengthening the case for a rate hike.

India's Economic Survey, issued by the finance ministry at the end of January, estimated a $10 per barrel rise in global oil prices reduced growth by 0.2-0.3 percentage points, increased wholesale price inflation by about 1.7 percentage points and worsens the current account deficit by about $9-10 billion.

Former finance minister P. Chidambaram of the opposition Congress Party tweeted that there was space to reduce petrol prices by about 25 rupees a litre.

"Fuel price hike has a cascading effect on inflation and the Reserve Bank of India will have to front-load interest rate hikes now," said Rupa Rege Nitsure, group chief economist at L&T Finance Holdings in Mumbai.

Rising pump prices are already adding to inflationary pressure and are strengthening the case for a rate hike.

India will take a long-term view on the retail pricing of petrol and diesel to shield consumers from volatility in global markets, the government said on Wednesday, suggesting it could change the way pump prices are calculated. Prices of diesel and petrol in India have surged to a record high, stoking opposition criticism of Prime Minister Narendra Modi's administration for causing hardship to ordinary people. Rising global crude prices are largely behind the surge, but fuel is also heavily taxed by India's state and federal authorities, accounting for about half the cost of petrol and 40 per cent of the diesel price. In Delhi, petrol costs 77.17 rupees&nbspa litre and diesel costs 68.34 rupees a litre. "The government is keen that instead of having an ad hoc measure it may be desirable to have a long-term view which addresses not only the volatility but also takes care of the unnecessary ambiguity arising out of frequent ups and downs," Law Minister Ravi Shankar Prasad told a news conference. India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity buying about 80 percent of its oil needs. India&nbsphas a surplus of refined products, but local prices of petrol and diesel are linked to Singapore gasoline prices and Arab Gulf diesel prices. The pump price of the two locally-refined fuels also include import tax on the two products which the government could tinker with to help customers, industry sources say. M. K. Surana, chairman of state-run fuel retailer and refiner Hindustan Petroleum Corp, said the government should review taxation of petrol and diesel to provide relief to the customer. "The long term solution is to bring all the petroleum products under goods and service tax that will rationalise the taxation structure," he added. Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world's biggest economies. Rising pump prices are already adding to inflationary pressure and are strengthening the case for a rate hike. India's Economic Survey, issued by the finance ministry at the end of January, estimated a $10 per barrel rise in global oil prices reduced growth by 0.2-0.3 percentage points, increased wholesale price inflation by about 1.7 percentage points and worsens the current account deficit by about $9-10 billion. Former finance minister P. Chidambaram of the opposition Congress Party tweeted that there was space to reduce petrol prices by about 25 rupees a litre. "Fuel price hike has a cascading effect on inflation and the Reserve Bank of India will have to front-load interest rate hikes now," said Rupa Rege Nitsure, group chief economist at L&T Finance Holdings in Mumbai.

Government keen take long-term view on petrol prices: Ravi Shankar Prasad

Indians expressed their dismay on Wednesday (September 13) as a hike of 7-8 paise per litre in petrol and 10-11 paise per litre in diesel prices pushed the fuel rates to their highest since Prime Minister Narendra Modi assumed office three years ago.

Fuel prices were revised across four Indian metros - New Delhi, Kolkata, Chennai and Mumbai - on Tuesday (September 12) as part of the daily revision exercise. Following the hike, the petrol prices range between rupees 74 ($1.15) to rupees 80 ($1.25) while diesel prices range between rupees 61 ($0.95) to rupees 64 ($1).

Reportedly, the hike comes at a time when the price of international crude oil has reached $52.73 per barrel. The government had steadily increased excise duty on petrol and diesel when the global crude prices had dropped below $30 a barrel.

Dismayed customers queued up at fuel stations across the country and said the hike in fuel prices was burning a hole in the common man&#39;s pocket.

A customer in eastern Kolkata city, Swagatam Das, said a daily revision in fuel prices upset the budget of common people and caused problems in daily life.

Prices should be fixed monthly and not revised daily, suggested a customer in southern Hyderabad city.

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Indians expressed their dismay on Wednesday (September 13) as a hike of 7-8 paise per litre in petrol and 10-11 paise per litre in diesel prices pushed the fuel rates to their highest since PM Modi assumed office in 2014

Indians expressed their dismay on Wednesday (September 13) as a hike of 7-8 paise per litre in petrol and 10-11 paise per litre in diesel prices pushed the fuel rates to their highest since Prime Minister Narendra Modi assumed office three years ago. Fuel prices were revised across four Indian metros - New Delhi, Kolkata, Chennai and Mumbai - on Tuesday (September 12) as part of the daily revision exercise. Following the hike, the petrol prices range between rupees 74 ($1.15) to rupees 80 ($1.25) while diesel prices range between rupees 61 ($0.95) to rupees 64 ($1). Reportedly, the hike comes at a time when the price of international crude oil has reached $52.73 per barrel. The government had steadily increased excise duty on petrol and diesel when the global crude prices had dropped below $30 a barrel. Dismayed customers queued up at fuel stations across the country and said the hike in fuel prices was burning a hole in the common man's pocket. A customer in eastern Kolkata city, Swagatam Das, said a daily revision in fuel prices upset the budget of common people and caused problems in daily life. Prices should be fixed monthly and not revised daily, suggested a customer in southern Hyderabad city. <

Fuel prices touch three-year high

India&#39;s biggest fuel retailer, Indian Oil Corporation (IOC), slashed petrol prices by Rs 1.46 a litre and that of diesel by Rs 1.53 per litre from midnight today, news agencies reported.

Petrol in Delhi will cost Rs. 66.36 per litre, including Value&nbsp;Added Tax (VAT). The reduction in the price of petrol comes after six hikes since September during which prices went up by Rs 7.53 per litre.

Diesel, the price of which went up&nbsp;by Rs 3.90 a litre after three price hikes in October, will cost Rs. 62.14 from midnight.

&quot;The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision,&quot; IOC said in a statement.

IOC said it would continue to monitor the movement of prices in the international oil market and the rupee-dollar exchange rate and revise prices accordingly.

Petrol and diesel prices were last hiked on November 1 --- by 89 paise per litre for petrol and 86 paise a litre for diesel, excluding state levies.&nbsp;

(WION with inputs from agencies) 
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Petrol price was last hiked by 89 paise per litre on November 1

India's biggest fuel retailer, Indian Oil Corporation (IOC), slashed petrol prices by Rs 1.46 a litre and that of diesel by Rs 1.53 per litre from midnight today, news agencies reported. Petrol in Delhi will cost Rs. 66.36 per litre, including Value Added Tax (VAT). The reduction in the price of petrol comes after six hikes since September during which prices went up by Rs 7.53 per litre. Diesel, the price of which went up by Rs 3.90 a litre after three price hikes in October, will cost Rs. 62.14 from midnight. "The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOC said in a statement. IOC said it would continue to monitor the movement of prices in the international oil market and the rupee-dollar exchange rate and revise prices accordingly. Petrol and diesel prices were last hiked on November 1 --- by 89 paise per litre for petrol and 86 paise a litre for diesel, excluding state levies. (WION with inputs from agencies)

India: Petrol price cut by Rs 1.46, diesel by Rs 1.53 per litre

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