2012 Petrol Price Hike - Wednesday Midnight May 23,2012

  
Petrol Price Hiked by Rs 7.50 per Litre - Wednesday Midnight May 23,2012

Oil companies revise petrol prices on 1st and 16th of every month on the basis of average international oil price and the foreign exchange rate in the previous fortnight.
Gasoline price, against which petrol price has been benchmarked, has come down from USD 124 per barrel (that was the basis of Wednesday's steep hike) to USD 117 a barrel.
Addressing the media in the national capital, the Petroleum Minister Jaipal Reddy clarified that the global price was beyond government's control and said that the petrol price hike, which has seen unprecedented protests by the Opposition and the allies, was for the long term gain.

Petrol Prices have increased by nearly 150% over the past decade 2002-12

Taxes account for a major portion of petrol price

 

Petrol price reduced by Rs 2 a litre

 

The partial rollback, with effect from midnight Saturday June 02,2012, comes days after petrol prices were hiked by about Rs 7.50 a litre, the sharpest increase ever 

 

After the reduction, petrol will cost Rs 71.16 a litre in Delhi, Rs 74.33 in Mumbai, Rs 75.40 in Chennai and Rs 75.81 in Kolkata.

Petrol price up by 70 paise per litre - Monday Night July 23,2012

After two rounds of rate cuts last month, petrol price was on Monday hiked by 70 paise per litre on firming international oil rates.

Monday's increase was "necessitated due to increasing international oil prices and movement in INR-$exchange rate," Indian Oil Corp, the nation's largest fuel retailer, said in a statement.

It is to be noted that the marginal hike in rate follows reductions last month - Rs 2.02 per litre on June 3 and Rs 2.46 a litre on June 29. The twin price cuts followed the massive Rs 7.54 per litre increase in rates, the biggest in the history, effected in May 2012. 

As a result of the hike now -

Mumbai petrol price has raised by Rs 0.88 (from Rs 73.36 to Rs 74.24 per litre)

 Kolkata petrol price raised by Rs 0.87 per litre (from Rs 72.74 per litre to Rs 73.61 a litre)

Chennai petrol price raised by Rs 0.89 per litre in price(from Rs 72.27 to Rs 73.16 a litre)

Petrol price cut by 56 paise per litre - Tuesday Oct 9,2012

The Indian Oil Corporation (IOC) has cut the price of petrol by 56 paise per litre. The reduction in petrol price has come amid criticism being faced by the UPA government over the hike in diesel prices and cap on subsidised LPG cylinders. 

 

Following are the revised petrol prices in 4 metros -
Delhi - price has come down to Rs 67.90 per litre from 68.46
Kolkata - price has come down to Rs 75.44 per litre from Rs 76.14
Mumbai - price has come down to Rs 74.43 per litre from Rs 75.14 and
Chennai - - price has come down to Rs 71.48 per litre from Rs 72.19

Petrol price was last revised on July 24,2012 when it was raised by 70 paise. It was last cut on June 3,2012 when rates were reduced by Rs 2.02 per litre.

 

 

Petrol Price cut by 95 paise - Thursday Nov 15,2012

 

Petrol price was on Thursday cut by 95 paise per litre, the second reduction in rates since October, on account of fall in international oil prices

 

Petrol price in Mumbai has been reduced by Rs 1.20 per litre to Rs 73.53, while it will cost Rs 70.57 a litre in Chennai from Friday instead of Rs 71.77 a litre currently. In Kolkata, the price has been cut by Rs 1.19 to Rs 74.55 per litre

The last reduction in petrol price before this was the 56-paise cut to Rs 67.90 a litre on October 9. Thereafter, the rate was hiked by 29 paise following government decision to raise the commission paid to petrol pump dealers.

The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation.

IOC said oil firms were losing Rs 9.84 a litre on diesel, Rs 31.30 a litre on kerosene sold through PDS and Rs 478.50 per 14.2-kg cooking gas cylinder supplied to households.  

IOC and other state retailers, Hindustan Petroleum and Bharat Petroleum, lost over Rs 2,000 crore on selling petrol below cost during the first six months of current fiscal 2012-13.