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Petrol costlier by Rs 7.50; Oppn demands rollback

harpoon

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New Delhi: The Government was on Wednesday slammed by its allies and the Opposition alike over the sharp increase in petrol price, with key UPA constituents Trinamool Congress and DMK terming it as "unjust" and demanding an immediate rollback.
TMC supremo and West Bengal Chief Minister Mamata Banerjee said that the decision was taken without consulting her. "We cannot accept the petrol price hike. It is unjust and unilateral. It was done without our knowledge," she said.
In the steepest ever increase, petrol rates were on Wednesday raised by a massive Rs 7.50 per litre, the first hike in rates in six months.

DMK chief M Karunanidhi demanded that the price hike should be immediately rolled back. He said the DMK MPs will convey the party’s view to the government.
Samajwadi Party, whose chief Mulayam Singh Yadav was the focus of Congress-led government's celebrations on Tuesday, also slammed the hike as a "gift" to the common man on completion of three years in power. "We demand immediate rollback of petrol price hike. The decision is anti-people," SP spokesman Rajendra Chowdhury said.
Terming the steep hike in petrol price as "unreasonable", BJP warned of a political agitation if it is not withdrawn. "We condemn the petrol price hike and seek its rollback. We will not allow it to happen. A strong democratic agitation is on the cards," BJP's spokesperson Prakash Javadekar said.
Congress, however, steered clear of the issue saying that petrol companies are independent into the matter after the deregulation of petrol prices. Party spokesperson Rashid Alvi at the same time said, "it is a very difficult decision".
State-owned oil companies decided to raise petrol price by Rs 6.28 per litre excluding local sales tax or VAT. The hike translates into Rs 7.50 per litre in Delhi and is the steepest ever. Petrol in Delhi currently costs Rs 65.64 a litre and after the increase it will be priced at Rs 73.14 per litre. Oil companies had already told the government that wanted to hike petrol price by at least Rs 4 per litre.
Earlier on Tuesday, Petroleum Minister S Jaipal Reddy had said that there was an immediate need to raise fuel prices, but refused to say when the hike would actually take place.
The government had decontrolled petrol price in June 2010 but rates were last increased on November 4 last year. This despite oil price rising by 14 per cent and 7 per cent fall in value of rupee against the US dollar.
Price of diesel, kerosene and cooking gas were raised in June 2011. State-owned oil firms, who had in the fiscal ending March 31, 2012 lost Rs 4,860 crore on petrol sales, are currently losing Rs 6.28 per litre on petrol.
Here are the rates of petrol in four major metros after the hike:
Petrol in Delhi currently costs Rs 65.64 a litre and after the increase it will be priced at Rs 73.14 per litre.
In Mumbai, the petrol now costs Rs 70.66 but after midnight it will go up to rs 78.16.
Kolkata too faces the pressure with the petrol now costing Rs 77.53 from Rs 70.03.
Similarly, the cost of petrol in Chennai will see a steep hike of Rs 7.50 to 77.05 from Rs 69.55.
 
what was the use of appointing doctorate level PM when he cannot do anything?? The BS policies running past 10 years has resulted in rupee falling in front of Dollar giving set back to the oil companies, air india in loss, inflation rising, differences in communities, biggest scams, etc , etc
Idiots!!!!
 
what was the use of appointing doctorate level PM when he cannot do anything?? The BS policies running past 10 years has resulted in rupee falling in front of Dollar giving set back to the oil companies, air india in loss, inflation rising, differences in communities, biggest scams, etc , etc
Idiots!!!!

Well if you have to dole out 50,000 crores for the Rural Development Scheme among others, you have to start somewhere.
As usual the nett losers are the middle class.
 
Well if you have to dole out 50,000 crores for the Rural Development Scheme among others, you have to start somewhere.
As usual the nett losers are the middle class.
This money never reached its intended recipients nor did it do any good in the infrastructure development of the Rural country side

Mods, I too opened a thread related to the same topic, please merge them.
http://www.defence.pk/forums/world-affairs/181895-petrol-price-hiked-india.html#post2962231
 
This money never reached its intended recipients nor did it do any good in the infrastructure development of the Rural country side

Mods, I too opened a thread related to the same topic, please merge them.
http://www.defence.pk/forums/world-affairs/181895-petrol-price-hiked-india.html#post2962231

Sorry...I got the term wrong. Its the Rural Employment Guarantee Program(NREGA).Just saw on TV that it cost 50,000 crores per annum for this program.

1,00,000 Crore Food Security Bill Pure Cash Which will be Urinated by the Poor.

Actually its 2 lakh crores.
 
The situation has become so pathetic in CON-REST/ CON-G-REST raj that i can now even vote for devil if he can save us from them :devil:
 
Meanwhile white elephant called Air India will get 40,000 crores while their employess don't give a damn about the poor commuters.

The situation has become so pathetic in CON-REST/ CON-G-REST raj that i can now even vote for devil if he can save us from them :devil:

I don't have much love for BJP either, but I just want this Govt to go. Enough is enough..lets bring in some change.
 
I came back a little while ago from petrol station.
Feels relieved now. Pockets are empty.

I didnt knew this was how UPA planned to celebrate their 3rd Anniversary.
 
I came back a little while ago from petrol station.
Feels relieved now. Pockets are empty.

I didnt knew this was how UPA planned to celebrate their 3rd Anniversary.

bhai abhi toh tum bas wait karo, yeh toh chota sa bum he abhi toh kal kerosene, LPG sab ke dam badna hai.

Look at the shrewdness of these party with cons, they increased the prices only after the parliament session ended & when they celebrated there 3rd anniversary last evening.
 
bhai abhi toh tum bas wait karo, yeh toh chota sa bum he abhi toh kal kerosene, LPG sab ke dam badna hai.

Look at the shrewdness of these party with cons, they increased the prices only after the parliament session ended & when they celebrated there 3rd anniversary last evening.

YUP..

Also

Breaking News: 2 Mumbai players caught red handed accepting a 10 litre can of Petrol to bowl a NO ball...:laugh:
 
The Cost Breakup

The Indian basket of Crude Oil is at about USD 100 today (NYMEX is at USD 90.32, Brent is at USD 107.4

Source: Energy & Oil Prices: Natural Gas, Electricity and Oil - Bloomberg

and Indian basket is usually at 5-7% discount to Brent).

At today’s exchange of Rs. 56 per USD (the worst ever!), this works out to Rs. 5600 per barrel, which is still 6% cheaper than the highest price of Rs. 5900 recorded in August 2008.

Lets us look closely at how this translates to cost per litre of petrol!

A barrel of Crude produces approx. 150 litres of Petrol or its equivalent. (This is a broad generalisation and depends on type of crude, efficiency of the refinery etc. but is a reasonably good estimate, based on expert inputs).

The total of all other costs involved in converting crude to Petrol – which includes transport of crude and refined products, cost of refining, reasonable refining margin for the refinery, fuel used by the refinery, dealer commission, etc. – is approx. USD 12, which works out to Rs. 672 per barrel.

Now, this totals up to a final cost of petrol, at your nearest petrol bunk, at Rs. 42 per litre!

YES, it is a little less than Rs 42 per litre, shorn of all taxes! [(5600+672)/150].

This morphs to Rs. 77 – 81 per litre, adding taxes at different levels under various heads – Basic Excise duty, Additional Duty, Special Additional duty, Cess, Additional Cess and lastly, the exorbitant State Sales Tax – adding up to Rs. 35-40 per litre of Petrol.
These are the taxes and duties that the Governments – both centre and state – happily splurge on populist policies with an aim of making every citizen a beggar of Govt. doles!:moil:
 

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