Monday December 11, 2017
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Petrol price slashed by 32 paise, diesel by 85 paise

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New Delhi: With oil in free fall again, state-run Indian Oil Corp (IOC) on Friday announced under one rupee cuts in transport fuel prices, effective midnight, with petrol prices per litre being reduced by Rs.0.32 and diesel by Rs.0.85, both at Delhi, with corresponding price revision in other states.

The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,

Petrol per litre from Saturday will cost Rs.59.03 in Delhi, Rs.64.87 in Kolkata, Rs.66.09 in Mumbai and Rs.59.45 in Chennai.

The price of diesel per litre will be Rs.44.18 in Delhi, Rs.48.07 in Kolkata, Rs.51.25 in Mumbai and Rs.45.36 in Chennai.

Transport fuel prices were the last cut on January 1, with petrol prices per litre being reduced by Rs.0.63 and diesel by Rs.1.06, both at Delhi, with the corresponding price revision in other states.

The Indian basket of crude oils, composed of 73 percent sour grade Dubai and Oman crudes and the rest by sweet grade UK Brent, closed trading on Thursday at $26.43 for a barrel of nearly 160 litres.

(Inputs from IANS)

(Picture Courtesy: www.ibnlive.com)

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Petrol, Diesel price to be slashed from today

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Picture Courtesy:-www.cnbcarabia.com

New Delhi, Nov 30: The three state-run oil marketing companies on Monday reduced petrol and diesel prices. Petrol and diesel will be cheaper by Rs.0.58 and Rs.0.25 per liter, respectively in the national capital.

The reduction will be effective from Today.

Making the fortnightly revision in retail prices, Indian Oil Corp (IOC) also exclaimed their concerns regarding this price reduction of petrol and diesel.

The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision.

Allowing for local levies, the IOC said the price of petrol per liter from Tuesday will be Rs.60.48 in Delhi, Rs.65.93 in Kolkata, Rs.67.55 in Mumbai, and Rs.60.80 in Chennai.

Diesel will cost Rs.46.55 a liter in Delhi, Rs.50.10 in Kolkata, Rs.53.78 in Mumbai, and Rs.47.77 in Chennai.

The Indian basket of crude oils closed on the previous trading day on Friday at $41.01 a barrel, after having dropped below $40 during the fortnight in consideration.

(Inputs from IANS)

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Petrol and diesel prices hiked from Monday

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New Delhi: With Indian Oil Corporation hiking the price of petrol and diesel by 36 paise/litre and 87 paise/litre (including State levies), respectively, from midnight of November 15/16, petrol in the capital will now cost Rs 61.06/litre and diesel will come at Rs 46.80/litre.

Indian Oil said at a Press release that  current international prices of petrol and diesel and the rupee-dollar exchange rate has compelled the hike in prices.

The public sector oil marketing company said it would continue to closely monitor the movement of prices in the international oil market as well as the rupee-dollar exchange rate.

The developing trends would be reflected in future price changes, it added.

(Picture courtesy: www.ibtimes.co.in)

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India’s fuel consumption to grow in 18 months

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www.forestagency.com

New Delhi, India’s GDP growth and low global crude oil prices will lead to the country to higher fuel consumption over the next 18 months, Moody’s Investors Service said on Monday.

“We expect the Indian economy to grow at a faster pace, with GDP growth for the fiscal year ending March 2016 at 7 percent and 7.5 percent for the following year,” Moody’s said in a report.

The report said improved economic growth coupled with low oil prices will support higher consumption of refined petroleum products in India over the next 18 months.

“Lower crude prices will reduce refiners’ feedstock costs and minimise working capital requirements, which together with healthy earnings, will boost cash flows and allow refiners to reduce borrowings,” the ratings agency said in “Refining and Marketing – Asia Outlook Stable on Modest EBITDA Growth, Easing Supply Overhang”.

It said state-run Indian Oil Corp (IOC) and Bharat Petroleum Corp (BPCL) have reduced their debt levels over the past 12 months.

Moody’s estimated that 300,000 barrels per day of new capacity from IOC’s Paradip refinery and 112,000 bpd from expansion of Bharat Petroleum’s Kochi refinery will come online through 2016.

“We anticipate the current wave of capacity additions will reduce refiners’ production costs and boost refining complexity. This capacity to produce more higher-value distillates per barrel of crude oil will also amplify supply pressure,” it said.

Moody’s also expects the region’s improved supply-demand balance would encourage regional refiners to keep refinery utilisation rates stable over the next 18 months amidst increasing capacity.

(IANS)