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The government is committed towards ensuring energy security, affordability and accessibility for every citizen, said Hardeep Singh Puri, Union minister for petroleum and natural gas.
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India’s oil marketing companies (OMCs) might not be able to cut prices, despite sliding crude prices, as high LPG under-recovery, inventory losses and weak gross refining margins (GRMs) weigh on the firms’ margins.
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The government hiked excise duty on petrol and diesel by Rs 2 per litre each. The excise duty on petrol was hiked to Rs 13 per litre and that on diesel to Rs 10 a litre.
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Energy experts told Moneycontrol that the companies are unlikely to cut fuel prices as OMC profitability has dipped in the current fiscal so far compared to last year.
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After a gap of almost two years, the OMCs, including Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd, had on March 14 slashed fuel prices in the country by Rs 2 per litre.
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There will be a reduction in the Retail Selling Price (RSP) of petrol and diesel at Kavaratti and Minicoy by around Rs 5.2 per litre. In Andrott and Kalpeni it will be reduced by around Rs 15.3 per litre, the release said.
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With global crude oil prices trading around $80 a barrel since late 2023 and oil marketing companies turning profitable, consumers have been expecting a cut in fuel prices
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Oil companies have earned Rs 1.32 lakh crore profit in six months. The burden of their huge earnings is being passed on to the people of the country, she alleged.
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Amid media reports of fuel price reduction, the Consortium of Indian Petroleum Dealers has written a letter to government to immune dealers from the losses incurred by them during instances of sudden price cuts.
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Crude prices have been declining steadily and hit a four-month low on November 16. This may lead to oil marketing companies (OMCs) such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation reducing fuel prices soon.
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Three state-owned fuel retailers — Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) — which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row.
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India is already the world’s fourth largest refining hub and we are going to end up as the second largest refining place, Puri said while highlighting the Modi government’s success in areas of trade and foreign policy.
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OMCs are expected to pass on the benefits to the consumers as their performance is now 'close to normalcy, a senior petroleum ministry official has said
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In Delhi, petrol costs Rs 96.72 per litre while diesel is selling at Rs 89.62 a litre. On the other hand, in Mumbai, petrol is retailing at Rs 106.31, while diesel prices are Rs 94.27.
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Fuel prices in major metro cities of India such as Delhi,Mumbai and Chennai have been steady over the last eleven months.
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Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.
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Oil prices eased in early Asian trade today after US job openings data signalled cooling labour market conditions which may hit demand.
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The government had imposed curbs on gasoline and gasoil exports through Friday’s end of the financial year.
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Brent futures, which have risen nearly 6 percent this week, were up 15 cents, or 0.19 percent, at $79.42 a barrel at 0146 GMT. US West Texas Intermediate (WTI) crude rose 17 cents, or 0.23 percent, to $74.54, having gained about 8 percent this week.
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Finance Minister Nirmala Sitharaman has allocated the money under the head "capital support to oil marketing companies". It offered no explanation why the blue chip, cash rich oil PSUs should need capital support.
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Finance Minister Ishaq Dar made the announcement in a televised address on Sunday morning, spoiling people's weekly holiday as prices in the past had been adjusted on a fortnightly basis from the first to sixteenth of every month.
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Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27.
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Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27.
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Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27.
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In Delhi, petrol and diesel cost Rs 96.72 per litre and Rs 89.62 per litre, respectively. In Mumbai, petrol is being sold for Rs 106.31/litre and diesel for Rs 94.27/litre.
