Tag Archives: hike

Second hike in petrol, diesel prices within a fortnight

Newsroom24x7 Staff

oil price hikeNew Delhi: People across India received a huge shock on Friday evening as Petrol and diesel prices were hiked for the second time within a fortnight. Petrol prices were raised today by 3.13 per litre and diesel prices by Rs 2.71 per litre.

Since taxes and levies differ from state to state, people will have to shell out much more than what has been projected by oil companies in terms of the latest price hike.

A statement by Indian Oil today said:

It has been decided to effect the following price changes with effect from midnight of 15th / 16th May, 2015:

• Increase in Retail Selling Price of Petrol by Rs. 3.13/litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Petrol in Delhi will become Rs. 66.29/litre.

• Increase in Retail Selling Price of Diesel (Retail) by Rs. 2.71/litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Diesel in Delhi will become Rs. 52.28/litre.

Prices of Petrol and Diesel were last revised w.e.f. May 1, 2015. Since last price change, there has been a steep increase in international prices of both Petrol & Diesel. INR-USD exchange rate has also depreciated quite significantly during this period. Combined impact of both these factors warrant an upward revision in prices, the impact of which is being passed on to the consumers with this price increase.

The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes

In contrast, the Union Ministry of Petroleum and Natural Gas today said in a statement that The international crude oil price of Indian Basket as computed/published today (May 14, 2015) by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 64.88 per barrel (bbl). This was lower than the price of US$ 65.70 per bbl on previous publishing day of May 13, 2015.

In rupee terms, the price of Indian Basket decreased to Rs 4141.94 per bbl on May 14 as compared to Rs 4217.28 per bbl on May 13. Rupee closed stronger at Rs 63.84 per US$ on May 14 as against Rs 64.19 per US$ on May 13. The table below gives details in this regard:

Particulars Unit Price on May 14, 2015(Previous trading day i.e. 13.05.2015) Pricing Fortnight for 01.05.2015

(April 11 to April 28, 2015)

Crude Oil (Indian Basket) ($/bbl) 64.88              (65.70) 60.30
(Rs/bbl 4141.94          (4217.28) 3789.86
Exchange Rate (Rs/$) 63.84              (64.19) 62.85

 

 

Oil Price hike: People in India are feeling the pinch

Newsroom24x7 Desk

oild pricesNew Delhi/Bhopal: After two successive cuts in recent days, petrol prices were hiked by Rs 3.96 per litre and diesel by Rs 2.37 a litre and the new rates became effective from past midnight.

Oil rates were slashed by 80 paise per litre on petrol and Rs 1.30 a litre on diesel on April 16. Earlier there was a decrease by 49 paisa in the price of petrol and Rs 1.21 in diesel prices from April 2. The latest hike has taken away the relief people got as a result of the price cuts. People filling gas at a petrol pump Bhopal, capital of the Central Indian State of Madhya Pradesh this morning were heard mocking the “Acche Din” slogan of the in .

Global crude oil price of Indian Basket was US$ 62.25 per bbl on April 24, 2015 

The international crude oil price of Indian Basket as computed/published on April 30 by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 62.25 per barrel (bbl) on 29.04.2015. This was higher than the price of US$ 61.86 per bbl on previous publishing day of 28.04.2015.

In rupee terms, the price of Indian Basket increased to Rs 3934.20 per bbl on April 29 as compared to Rs 3917.59 per bbl on April 28. Rupee closed stronger at Rs 63.20 per US$ on 29.04.2015 as against Rs 63.33 per US$ on April 28.

The table below gives the details:

 

Particulars Unit Price on April 29, 2015(Previous trading day i.e. 28.04.2015) Pricing Fortnight for 16.04.2015(March 28 to April 10, 2015)
Crude Oil (Indian Basket) ($/bbl) 62.25              (61.86) 54.92
(Rs/bbl 3934.20          (3917.59) 3425.91
Exchange Rate (Rs/$) 63.20              (63.33) 62.38