Tuesday, 18 December, 2018

Oil industry gets its wish, petrol & diesel profit margins jacked up

Top part of the chart shows diesel prices while the one below shows petrol prices Top part of the chart shows diesel prices while the one below shows petrol prices
Ginger Lawrence | 11 June, 2018, 05:37

In Delhi, petrol now costs Rs 77.42 a litre, and diesel costs Rs 68.58 per litre.

Across other metro cities, petrol dipped to Rs 79.44 in Kolkata, Rs 84.61 in Mumbai, and Rs 79.69 in Chennai.

In case of diesel prices, Hyderabad remained on top with Rs 74.54 per litre.

The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on May 29 touched an all-time high of Rs 78.43 per litre and Rs 69.31 a litre respectively.

(These prices are according to the Indian Oil Corporation; prices may vary at bunks of other companies by a few paise). Between yesterday (June 7) and today (June 8) the prices slashed were 21 paise and 15 paise for petrol and diesel (Delhi rates), respectively.

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As a result, petrol margins were revised from November 1, 2017 and diesel margins were deferred and recommended to be deregulated from 1 December 2017.

The 16 days of hike came after a mysterious "freeze" in the daily revisions of fuel prices across the country.

The petroleum division apprised the ECC that in its previous meeting held on October 6, 2017 had given go-ahead to revisions in petrol margins of oil marketing companies (OMCs) and dealers based on CPI reading.

Prices had been going up since then and the Centre faced a lot of flak for allowing fuel to get more expensive by the day.

Lower global crude oil cost, along with a strengthened rupee, has pulled down the prices of transportation fuels since May 30. High central and state government levies on petrol and diesel added to the burden on customers, who had to shell out nearly half of the cost they paid for a litre of fuel in taxes.