Petrol
price has been hiked by Rs 6 per litre since the beginning of July
and is now priced at its highest rate in three years with rates being
revised in small dosages daily. Diesel price has increased by Rs 3.67
a litre and now costs Rs 57.03 a litre in Delhi, the highest in four
months, according to data from state-owned oil companies. A litre of
petrol costs Rs 69.04 a litre in Delhi, the highest since second-half
of August 2014 when it was priced at Rs 70.33. State-owned oil
companies in June dumped the 15-year old practice of revising rates
on 1st and 16th of every month and instead adopted a dynamic daily
price revision to instantaneously reflect changes in cost. Prices of
petrol and diesel have been revised at 0600 hrs everyday since June
16. Rates during the first fortnight dropped but have since July 3
been on the rise. Petrol price was at Rs 65.48 a litre on June 16 in
Delhi and it dropped to Rs 63.06 by July 2. However, rates have since
gone up every day except on four occasions when prices were cut by
2-9 paise per litre. Similarly, a litre of diesel was priced at Rs
54.49 on June 16 and it dropped to Rs 53.36 on July 2, thanks to the
softening international oil prices. Since then, it has been on an
upswing though the reduction in diesel rates have been on a larger
number of occasions than petrol. "Previously, everybody felt the
pinch when rates would go up by Rs 2 or 3 per litre in one go. Now
they are being increased by 1 paisa to 15 paise a litre everyday,
hikes that have largely gone unnoticed," a senior oil company
executive said. The daily price revision means an instantaneous
transfer of a rise or decline in international oil price to the
consumer instead of the previous practice of passing it on only after
a fortnight. The previous practice of revision in the rate on 1st and
16th of every month, which began with deregulation of auto fuel on
April 1, 2002, was based on average international oil price and
foreign exchange rate in the preceding fortnight. "Many a time,
international rates would fall for one week and then rise in the
following. So, the net effect of this in the previous price revision
policy was status quo or a marginal change in rate," he said.
Petrol and diesel prices were deregulated or freed from government
control from April 1, 2002, and the fortnightly revision in rates
kicked in. The deregulation derailed a bit when international oil
prices started to climb after 2004. Fortnightly revision continued
but the revision was not completely in sync with the required price
increase. Petrol price was finally freed in June 2010 and diesel in
October 2014 after small fortnightly increases over the past several
months brought rates at par with the cost. The daily price revision
was implemented after a successful pilot in five cities. The official
said daily price change will remove the big leaps in rates that need
to be effected at the end of the fortnight, making the consumer more
aligned to market dynamics. The three state-owned fuel retailers had
implemented a daily revision of retail selling price (RSP) of petrol
and diesel on a pilot basis in Udaipur in Rajasthan, Jamshedpur in
Jharkhand, Puducherry, Chandigarh, and Visakhapatnam in Andhra
Pradesh from May 1.
Subscribe to:
Post Comments (Atom)
ఐపిఓల సందడి, నిధుల సేకరణ దండి
ప్రైమరీ మార్కెట్లో ఈ ఏడాది (2024) ఐపీఓ సందడి జోరుగా ఉంది. ఏడాది మొత్తం మీద 90 ప్రధాన ఇష్యూల ద్వారా కంపెనీలు రూ.1.6 లక్షల కోట్లు సమ...
-
fo r April 25, 2019 Closing Subdued Tithi : Chaitra Krishna Saptemi Nakshatra : Poorvashadha Persons born in Mrigasira, ...
-
మార్కెట్ విలువలో బిఎస్ఇ కొత్త రికార్డు బొంబాయి స్టాక్ ఎక్స్ఛేంజిలో (బిఎస్ఇ) లిస్టింగ్ అయిన కంపెనీల ఉమ్మడి మార్కెట్ విలువ మంగళవారం (202...
-
దేశంలో సుజుకి మోటార్ కార్పొరేషన్ (ఎస్ఎంసి) మూడు కోట్ల కార్ల ఉత్పత్తి మైలురాయిని దాటింది. అయితే తన మాతృదేశంలో ఈ మైలురాయిని సాధించిన సమయం...
No comments:
Post a Comment