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.


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News Network
January 13,2020

New Delhi, Jan 13: The Supreme Court on Monday commenced hearing on issues related to discrimination against women in various religions and at religious places including Kerala's Sabarimala Temple.

A nine-judge bench headed by Chief Justice S A Bobde said that it was not considering review pleas in the Sabarimala case.

“We are not hearing review pleas of Sabarimala case. We are considering issues referred to by a 5-judge bench earlier,” the bench said.

The apex court had on November 14 asked a larger bench to re-examine various religious issues, including the entry of women into the Sabarimala Temple and mosques and the practice of female genital mutilation in the Dawoodi Bohra community.

While the five-judge bench unanimously agreed to refer religious issues to a larger bench, it gave a 3:2 split decision on petitions seeking a review of the apex court's September 2018 decision allowing women of all ages to enter the Sabarimala shrine in Kerala.

A majority verdict by then Chief Justice Ranjan Gogoi and Justices A M Khanwilkar and Indu Malhotra decided to keep pending pleas seeking a review of its decision regarding entry of women into the shrine, and said restrictions on women in religious places was not restricted to Sabarimala alone and was prevalent in other religions as well.

The minority verdict by Justices R F Nariman and D Y Chandrachud gave a dissenting view by dismissing all review pleas and directing compliance of its September 28 decision.

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News Network
June 27,2020

New Delhi, Jun 27: India on Saturday crossed 5 lakh-mark with record highest spike of 18,552 cases of coronavirus reported in the country in the past 24 hours.

India has added more than 3.18 lakh COVID-19 cases since June 1.

According to the Union Ministry of Health and Family Welfare, this was the highest single-day spike of COVID-19 positive cases. Also, with 384 fatalities in the past 24 hours, the total deaths inched closer to the 16000 mark.

With this, the total number of active cases are 1,97,387 while a total of 2,95,880 people have been cured or discharged from hospitals. The death toll stands at 15685 with one person migrated outside India, according to the health ministry update at 8 am today.

Maharashtra continues to top the countrywide list with a total number of COVID-19 positive cases at 1,52,765.

Delhi has so far reported 77,240 confirmed cases while Tamil Nadu has reported 74622 cases till now, as per the MoHFW. Delhi, Mumbai and Chennai are the worst-hit cities in the country

According to the Indian Council of Medical Research (ICMR), the total number of samples tested up to June 26 is 79,96,707; the number of samples tested on June 26, Friday stands at 2,20,479.

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News Network
February 28,2020

Patna, Feb 28: Social and cultural activists from far and wide converged here on Thursday to lend their support to a massive rally that marked the conclusion of Kanhaiya Kumar's 'Jan Gan Man Yatra' across Bihar to galvanise public opinion against CAA-NPR-NRC.

Medha Patkar of the Narmada Bachao Andolan fame, Mahatma Gandhi's grandson Tushar Gandhi and former IAS officer Kannan Gopinathan, who gave up his career at a young age in protest against abrogation of Article 370, shared the stage with the former JNU students' leader.

Shabnam Hashmi -- founder of socio-cultural organisation ANHAD and sister of slain Marxist playwright and director Safdar Hashmi -- also joined them.

Congress MLA Shakil Ahmed Khan, a former president of JNU students' union himself who accompanied Kanhaiya during his tour that commenced at Champaran on January 30, Mahatma Gandhi's death anniversary, and leaders of state units of CPI and CPI(M) also addressed the rally held at Gandhi Maidan.

Kanhaiya began his speech with a one-minute silence held in the memory of those who lost their lives in Delhi violence.

Defending his frequent use of the term "azadi" (freedom) which supporters of the Sangh Parivar hold to be tantamount to supporting secession, Kanhaiya said, "We must talk about the virtues of azadi here since today happens to be the day when legendary revolutionary Chandrashekhar Azad had given up his life fighting the British."

Charging the ruling BJP with pitting Hindus against Muslims, he said, "Let us resolve to defeat their agenda by emulating the fabled friendship of Ram Prasad Bismil and Ashfaqullah Khan."

The young CPI leader, who made an unsuccessful debut from his native Begusarai Lok Sabha constituency last year, seemed unimpressed with the resolution passed by the Bihar Assembly earlier this week against NRC and inclusion of contentious clauses in NPR forms.

"Both the government and the opposition are busy congratulating themselves. I extend my congratulations as well. But to all those who are present here, I would say it is a half-victory. We must not allow our movement to fizzle out and draw inspiration from Gandhi's model of civil disobedience when the NPR exercise gets underway," he said.

"Villagers should ask their respective panchayat heads to ensure that no NPR official is allowed to come knocking in their areas of jurisdiction when NPR is scheduled to be undertaken in May," the CPI leader said.

"We have to brace for a long and tough fight. We are living under a regime which sends conscientious professionals like Dr Kafeel Ahmed behind the bars and declares anybody questioning its actions as an anti-national," said Kanhaiya, who has himself been slapped with a sedition case.

Earlier, in his address, Tushar Gandhi likened CAA, NPR and NRC to the "three bullets that killed the Mahatma" and asserted that these measures would "harm the poor, belonging to all religious communities and not just the Muslims".

"If the government does not care about the poor, we must tell those in power -- 'chale jaao' (go away) just as we had done to the British colonisers... it is going to be a long fight. Independence was achieved five years after the call for Quit India Movement," he said.

"We need to keep repeating the importance of non-violence over and over again while those with other value systems simply have to utter inciting statements," he said, in an oblique reference to the controversial poll campaign of Union minister and BJP leader Anurag Thakur during the recently-held Delhi Assembly elections, which the party lost.

Kannan Gopinathan said, "The claim that CAA is all about granting citizenship and not taking it away is bunkum. Any law which seeks to favour one section of the society on the basis of religion can be tweaked to harm another social segment... people say this government is Fascist. I am not sure of that but it is certainly stupid."

"This government brought in demonetisation and wrecked the economy but failed to achieve its promise of eradicating black money. It abrogated Article 370 and now it is clueless as to what to do with the situation in Kashmir," he said.

"Union minister Amit Shah had declared in Parliament that NRC will be implemented. Faced with public resistance, Prime Minister Narendra Modi had to say he does not know what NRC is. Keep up the stir for a little longer, he will start saying he does not know Amit Shah," said Kannan, evoking peals of laughter.

In the course of his speech, Kanhaiya also made the crowds sing after him the National Anthem but skipped a few words towards the end. Participants at the rally were viciously trolled on social media for the slip-up.

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