In a relief to common man battered inflation, price of gasoline was cut on Thursday Rs.2.46 per liter, the second reduction this month.Price of petrol in Delhi will cost Rs.67.78 per liter from midnight on Thursday, compared with a rate of Rs.70.24 liter now, the state oil company announced Thursday.The fee reduction follows a cut of Rs.2.02 per liter price of 3 June. The two price cuts have destroyed more than half of the massive Rs.7.54 per liter in the rates of increase, the largest in history, made last month.
Even after reducing Thursday, there is scope to cut rates by Re 1 per liter higher, according to the current version was made at an average international oil in the first half of June. World oil prices have fallen 8 percent since then.In Mumbai, the price of gasoline has been reduced to Rs.73.35 Rs.3.10 per liter, while one liter will cost Rs.72.74 in Kolkata on Friday compared to Rs.75.81 per liter today. Chennai saw a cut Rs.3.07 per liter in the price of a liter Rs.72.74.
State-owned oil companies abandoned the practice of revision of rates of gas on days 1 and 16 of every month from now and will do so in a random date in order to deter distributors of gasoline pump construction positions.Gas pumps dry in places like the owners to stop taking supplies companies, if a price reduction is expected.Similarly, if a rate increase is expected, dealers pump start up on supplies.
Indian Oil Corp, the nation's largest retailer of fuel, said the three oil companies are expected to lose a record Rs.151, 000 crore in revenue from the sale of diesel, domestic LPG and kerosene, which rates have not been reviewed in the past one year.
The sources said that the current version in the price of gasoline has been given an average of $ 106.93 per barrel, the international rate of petrol, against domestic prices of gasoline have been taken.
Petrol rates have since fallen to around $ 97-98 per barrel. But the value of the rupee against the U.S. dollar has been a large shock. Rupee has depreciated to Rs.57 to a U.S. dollar from Rs.54.96 to a U.S. dollar (average for the first half of June), making imports more expensive.
"We hold these prices for a some time (without changing the price of retail). Unless there is a further drop in oil prices and the rupiah strengthened, a review of the types of gasoline is highly unlikely in the coming days, "said a source.IOC said the company had lost Rs.1, 053 crore during the current fiscal year will not be able to raise gas rates in line with the cost in the first two months of the current fiscal year.
For industry (besides IOC, Bharat Petroleum and Hindustan Petroleum) loss comes to Rs.2, 323 crore in a commodity whose price was released by the government in June 2010."In addition, oil marketing companies are suffering high losses of revenue in the three petroleum products, ie sensitive to diesel, kerosene and cooking gas (LPG)," the IOC said in a statement here.
Since the last price revision in June 2011, the revenue loss in diesel has gone up from Rs.6.13 per liter to Rs.10.20 per liter for kerosene (PDS) of Rs.24.16 per liter to Rs.30.53 per liter and LPG cylinder by Rs.396.00 Rs.331.13 per cylinder."At that rate, it is estimated that the deficit recovery (or revenue loss) on sale of sensitive products during 2012-13 will be around Rs.83, 000 crore (IOC) and Rs 1, 51,000 crore for the industry, "it added.
Even after reducing Thursday, there is scope to cut rates by Re 1 per liter higher, according to the current version was made at an average international oil in the first half of June. World oil prices have fallen 8 percent since then.In Mumbai, the price of gasoline has been reduced to Rs.73.35 Rs.3.10 per liter, while one liter will cost Rs.72.74 in Kolkata on Friday compared to Rs.75.81 per liter today. Chennai saw a cut Rs.3.07 per liter in the price of a liter Rs.72.74.
State-owned oil companies abandoned the practice of revision of rates of gas on days 1 and 16 of every month from now and will do so in a random date in order to deter distributors of gasoline pump construction positions.Gas pumps dry in places like the owners to stop taking supplies companies, if a price reduction is expected.Similarly, if a rate increase is expected, dealers pump start up on supplies.
Indian Oil Corp, the nation's largest retailer of fuel, said the three oil companies are expected to lose a record Rs.151, 000 crore in revenue from the sale of diesel, domestic LPG and kerosene, which rates have not been reviewed in the past one year.
The sources said that the current version in the price of gasoline has been given an average of $ 106.93 per barrel, the international rate of petrol, against domestic prices of gasoline have been taken.
"We hold these prices for a some time (without changing the price of retail). Unless there is a further drop in oil prices and the rupiah strengthened, a review of the types of gasoline is highly unlikely in the coming days, "said a source.IOC said the company had lost Rs.1, 053 crore during the current fiscal year will not be able to raise gas rates in line with the cost in the first two months of the current fiscal year.
For industry (besides IOC, Bharat Petroleum and Hindustan Petroleum) loss comes to Rs.2, 323 crore in a commodity whose price was released by the government in June 2010."In addition, oil marketing companies are suffering high losses of revenue in the three petroleum products, ie sensitive to diesel, kerosene and cooking gas (LPG)," the IOC said in a statement here.
Since the last price revision in June 2011, the revenue loss in diesel has gone up from Rs.6.13 per liter to Rs.10.20 per liter for kerosene (PDS) of Rs.24.16 per liter to Rs.30.53 per liter and LPG cylinder by Rs.396.00 Rs.331.13 per cylinder."At that rate, it is estimated that the deficit recovery (or revenue loss) on sale of sensitive products during 2012-13 will be around Rs.83, 000 crore (IOC) and Rs 1, 51,000 crore for the industry, "it added.
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