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Petrol, diesel prices down for second consecutive day

Petrol, diesel prices down for second consecutive day

Indian Oil, Petrol, diesel,Mumbai : In a Dussehra relief for consumers, state-run oil marketing companies (OMCs) cut the prices of key domestic transportation fuels — petrol and diesel — for the second consecutive day on Friday.

The prices of petrol and diesel were lowered in the national capital by 24 and 10 paise respectively.

According to the IndianOil Corp data, petrol was priced at Rs 82.38 per litre in the national capital, down from Rs 82.62 on Thursday.

As per the data, the key transportation fuel was priced at Rs 87.84 in Mumbai, Rs 84.21 in Kolkata and Rs 85.63 per litre in Chennai, down 25 paise from its previous rate.

As per the country’s pricing mechanism, the domestic fuel prices depend on international fuel prices on a 15-day average besides the value of the rupee.

Prices vary from region to region due to local taxes as the product is excluded from the GST regime. Delhi has the lowest tax rate among the four metro cities.

In tandem with petrol, the cost of diesel declined on Friday across all metros in a range of 10-11 paise.

On Friday, the diesel price in Mumbai was at Rs 79.13 from its previous price of 79.24 on Thursday.

Prices of diesel in Delhi, Kolkata and Chennai declined to Rs 75.48, Rs 77.33 and Rs 79.82 a litre from the Thursday’s Rs 75.58, Rs 77.43 and Rs 79.93 respectively.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a strengthened rupee against the US dollar.

Accordingly, the Brent crude was priced below $80 per barrel, which in recent past traded around $85 a barrel, while the rupee closed at 73.50 to a greenback from its previous close of 73.61 to a US dollar.

On a daily basis, the decline in petrol and diesel prices commenced on Thursday nearly a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies (OMCs) had been mandated to reduce prices of petrol and diesel by Re 1 a litre. This is the first time after the announcement that the prices have come down.

—IANS

OMC stocks tank over reports of proposed curbs on fuel pricing

OMC stocks tank over reports of proposed curbs on fuel pricing

OilMumbai : Stocks of three state-owned oil marketing companies (OMCs) tanked by as much as six per cent on Wednesday following reports that the government was mulling placing curbs on their newly acquired powers to determine transport fuel prices on a daily basis.

According to market observers, the slide in OMC scrips followed reports that the government proposed to curb the pricing powers of OMCs in view of the steep hike in the cost of petroleum products over the past almost three months, even though international crude oil prices have remained stable.

The selling pressure in OMCs’ stock prices also dragged the benchmark indices — BSE Sensex and NSE Nifty — lower.

“Most Indian equity benchmarks declined as shares of oil marketers sold off on reports that the government may ask these companies to absorb fuel price increase,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Oil marketing companies (OMCs) such as BPCL (Bharat Petroleum Corporation Ltd), HPCL (Hindustan Petroleum Corporation Limited) and IOC (Indian Oil Corporation Ltd) tanked as much as eight per cent following news reports that the OMCs may be told to absorb increase in oil prices due to inflation risks.”

Company-wise, BPCL scrips went down by 6.23 per cent to Rs 500.35 during the day’s trade. The IOC scrip dipped 4.28 per cent to Rs 416.15 and that of HPCL was lower by 5.06 per cent to Rs 457.35.

—IANS