Oil companies set to reduce petrol prices

September 24, 2012

petrolpricecut

Mumbai, September 24: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.

The Indian basket of crude oil fell to $106.74 on September 20 from $116 five days earlier, according to data published by the oil ministry. The rupee, which hit a four-month-high of 53.47 on September 21, is expected to strengthen further due to the reform measures the government announced last week.

Usually, each dollar fall in crude oil makes petrol cheaper by 33 paise. Similarly, a strengthening rupee would lead to a 77-paisa reduction in the price of petrol. "Logically yes, petrol prices should fall.

However, we have to wait for some more time before deciding to pass on the benefit to consumers," S Varadarajan, director (finance) at BPCL, told TOI. According to him, petrol is being sold at par - no profit, no loss.

The OMCs also plan to effect frequent revisions so that the price change is reflected in paise to soften the blow for consumers and avoid any political backlash. OMCs earlier used to revise petrol prices on the 1st and 16th of every month on the basis of average international oil prices and the foreign exchange rate in the previous fortnight. However, the practice was discontinued in late July in favour of revising rates on a random date to deter petrol pump dealers from building positions.

"In US, petrol prices are revised everyday at 3 pm. In many countries, it is revised on an hourly basis. We are trying to do it more often, maybe on a bi-weekly or weekly basis, so that the revision is in paise and the consumer is not burdened with a steep hike," BPCL chairman R K Singh told TOI. He added that the government has now given OMCs a free hand on deciding the quantum and timing of a petrol price hike.

Petrol was de-controlled in 2010 but the OMCs were not allowed to revise petrol prices. So they used to seek an unofficial nod from the government to pass on a hike to consumers. This led to $1 billion in losses for the OMCs till September 15.

IOC chairman R S Butola said, "The government has taken a bold step in revising diesel price, reducing duties on petrol and capping LPG cylinders to six per household every year. Now our pump prices are at par with petrol's cost, and we'd like to be at par because the loss on petrol is not compensated by the government."

Competition Commission of India (CCI) is reportedly likely to investigate into the alleged cartel-like behavior of OMCs increasing and decreasing prices of petrol in unison. "Petrol is a decontrolled product and we can't afford to make losses on it. We are answerable to our shareholders and the federal auditor," said an HPCL board member.


Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 21,2020

United Nations, May 21: At least 19 million children in parts of Bangladesh and India are at "imminent risk" from flash flooding and heavy rain as Cyclone Amphan makes landfall and the state of West Bengal is expected to take a direct hit from the powerful storm, the UN's children agency has warned.

The extremely severe cyclonic storm Amphan made a landfall at Digha in West Bengal and Bangladesh on Wednesday, leaving a trail of destruction. At least three persons were killed in India and seven in Bangladesh.

The UNICEF said that at least 19 million children in parts of Bangladesh and India are at “imminent risk from flash flooding, storm surges and heavy rain as Cyclone Amphan makes landfall.”

West Bengal, “home to more than 50 million people, including over 16 million children, is expected to take a direct hit from the powerful storm,” the UN agency said in a statement on Wednesday.

The UNICEF said it is also very concerned that the COVID-19 could deepen the humanitarian consequences of Cyclone Amphan in both the countries. Evacuees who have moved to crowded temporary shelters would be especially vulnerable to the spread of respiratory diseases like COVID-19, as well as other infections.

“We continue to monitor the situation closely,” said UNICEF Regional Director for South Asia Jean Gough.

“The safety of children and their families in the areas that will be impacted is a priority and it is good to see that the authorities have planned their urgent response factoring in the on-going COVID-19 pandemic.”

Across the region, the UNICEF is “working closely with the governments of Bangladesh and India and stands ready to support humanitarian operations to reach children and families affected by Cyclone Amphan.”

Based on the storm’s current trajectory, Cox’s Bazar in Bangladesh – now sheltering over 850,000 Rohingya refugees – is likely to experience high winds and heavy rains which may cause damage to homes and shelters in the refugee camps and Bangladeshi communities. This population is already highly vulnerable and cases of COVID-19 have recently been confirmed in the camps and host communities.

The UNICEF said it is working with the Deputy Commissioner’s Office in Cox’s Bazar, the Office of the Refugee Relief and Repatriation Commissioner, and humanitarian partners to help ensure Bangladeshi and Rohingya children and families remain protected.

These efforts include raising awareness among Rohingya and Bangladeshi communities on cyclone preparedness and prepositioning emergency life-saving water, sanitation, hygiene and medical supplies to meet immediate humanitarian needs.

Meanwhile, UN Secretary-General Antonio Guterres’ spokesperson Stephane Dujarric said at the daily press briefing that UN teams on the ground continue to work with the Government of Bangladesh to prepare and support those in need in the wake of the cyclone.

“Given the current pandemic, this support includes distributing personal protective equipment, disinfectants and other materials to evacuation shelters. To reduce the person-to-person contact during the delivery of aid, e-cash distributions will be used,” he said adding that the UN along with its partners is mobilising more than 1,700 mobile health teams and preparing for emergency food deliveries.

“The Super Cyclone is taking a westerly trajectory towards India, but nearly 8 million people in Bangladesh remain at risk,” he said adding that the Bangladesh government has evacuated more than 2 million people in high-risk areas. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
January 5,2020

Puducherry, Jan 5: Puducherry Lt Governor Kiran Bedi, a former IPS officer, became the butt of Twitterati jokes on Saturday after she tweeted that NASA recording of the sound of the sun was in fact 'Om' chant. She wrote at @thekiranbedi: "NASA recorded sound of the sun -- Sun chants Om."

The post got 5.6K retweets and 17.7K likes, and as many as 472.6K views.

One user remarked: "Wrong. The Sun said NaMo NaMo. You should've checked the UNESCO version along with the NASA version."

A post read: "And we thought you were intelligent."

One user posted a picture of Kiran Bedi with Sadhguru Jaggi who was trolled a few days ago after he posted his support on the Citizenship Amendment Act. He commented: "This picture can be provided."

A Twitter user reminded the former bureaucrat about the Indian Constitution's Fundamental Duties (Article 51A) that says that it shall be the duty of every citizens of India to develop scientific temper, humanism and the spirit of inquiry and reform.

Another wondered aloud: "We don't know how you cleared the Civil Services exams. We are ashamed...."

A user posted a clip of a well known stand-up comic who talked about the celestial hum which many claim to be Om chant.

A post read: "I consider this tweet by you as one of the best jokes of the millennium. The saffron brigade is successful in brainwashing learned people like you."
One user commented: "Once upon a time this lady was a hero to many. What a disgrace now!"

Comments

Ahmed Ali Kulai
 - 
Monday, 6 Jan 2020

Shame on you!!

 

Dont know how you are appointed as IPS officer

 

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 24,2020

New Delhi, Feb 24: India and the US are committed to defend their people from radical islamic terrorism, resolved to significantly expand defence ties and are working on a "fantastic" trade deal, said US President Donald Trump on Monday while asserting that his country "loves" and is "loyal" to India.

Addressing a huge crowd at 'Namaste Trump' event at the Motera stadium here, the US president, accompanied by his wife Melania and Prime Minister Narendra Modi, talked about India's great tradition of embracing individual freedom, rule of law, dignity of every human being and where people worship side-by-side in harmony.

On his maiden visit, Trump, who was welcomed by Modi on his arrival here, said his country will remain a "loyal" friend of India and called the Prime Minister an "exceptional leader" who works day and night for the country.

"India and the US are committed to fight terrorists and their ideology; that is why my government is working with Pakistan to crack down on terror groups," Trump said in the presence of his family -- daughter Ivanka, son-in-law Jared Kushner-- and top brass of his administration.

"The US will always be faithful and loyal friend of India. Thank you for the spectacular welcome," he added.

He also announced that the two countries will firm up defence deals worth USD 3 billion on Tuesday and that the US will become India's premier defence partner.

"India and US have natural and enduring friendship," Trump said to a cheering crowd.

"We are quickly revitalising our alliances all around world," he said.

Trump said both countries are working on a "fantastic trade" deal, and observed that Modi is a "tough negotiator".

The US president also heaped praises on Modi, saying the Prime Minister is a "living proof" of what an Indian can achieve with hard work as Trump referred to his humble background as a tea-seller, who had a landslide win in the 2019 Lok Sabha polls.

On his part, Modi welcomed Trump to "world's largest democracy" and said a "new history" was being created.

Modi also praised Trump's leadership in containing terrorism.

Trump said as the world's largest economy, India gives hope to all humanity and has become an economic giant.

"There is a difference between a nation that rises by coercion and one that rises by setting its people free -- that is India. India and the US have natural and enduring friendship," he said.

He also touched on India's cultural diversity and riches as he highlighted the success of its blockbuster movies like DDLJ (Dilwale Dulhania Le Jayenge) and Sholay, and its sporting icons like Sachin Tedulkar and Virat Kohli.

He highlighted the boom in the US economy under his presidency and added that India will soon be home to the biggest middle class as it will eliminate extreme poverty in in next 10 years.

On his part, Modi said ties between India and the US are no longer just another partnership but have touched far greater heights.

Welcoming Trump, he said a "new history" is being created.

Visit of President Trump to India with his family shows strong ties between India and the US, said Modi.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.