The bad news is that crude could well overshoot 80 a barrel mark soon.51 a litre prevailing in September 2014 when crude oil price was 101.33rd Day Of Lockdown Total Cases 26,283 1,835 Recovered 5,939 443 o-ring Suppliers Deaths 825 44 Maharashtra76281076323 Gujarat3071282133 Delhi262586954 Rajasthan208351334 Madhya Pradesh194528199 Tamil Nadu182196023 Uttar Pradesh179326127 Andhra Pradesh101617131 Telangana99030725 West Bengal57110318 Karnataka50015818 Jammu and Kashmir4941126 Kerala4583384 Punjab3087217 Haryana2871913 Bihar251452 Odisha100341 Jharkhand6783 Uttarakhand48260 Himachal Pradesh40232 Chhatisgarh37320 Assam36191 Chandigarh28150 Meghalaya1201 Puducherry840 Goa770 Manipur220 Tripura220 Mizoram100 Arunachal Pradesh110 Business.

In Other News Govt’s tacit diktat: Petrol price shouldn’t breach Rs 75 in Delhi FINANCIAL CHRONICLE Published: Apr 13, 2018, 9:22 am IST Updated: Apr 13, 2018, 9:22 am IST In all, Rs 11. New Delhi: The government has told public sector oil marketing companies (OMCs) that retail price of petrol should not increase beyond Rs 75 a litre in Delhi, The veiled entry of administered price mechanism regime for the two decontrolled petroleum products — petrol and diesel — comes amid concerns that continued upshot in prices could have an adverse fallout for the ruling BJP ahead of elections.

In all, Rs 11.. Hopefully, the oil market would correct itself and price of crude and products may fall.94 a litre and given that benchmark Brent crude oil price is rising and has reached close to 72 barrel while the Indian basket of crude is hovering just below 70 a barrel, it would soon breach the Rs 75 a litre mark. Rather than price control, the effort should be reduce excise duty on petroleum products.Sources said OMCs have not been issued any written order on petrol prices, but the government being its largest shareholder has exercised its control to make sure that companies absorb a portion of the hike in retail prices and prevent consumers from paying abnormally higher prices.77 hiked duty on petrol per litre and that on diesel by 13.Oil minister Dharmendra Pradhan, however, on Thursday denied that the government has asked state-owned oil firms to defer raising the retail price of petrol and diesel ahead of elections in Karnataka. Saudi Crown Prince Mohammed bin Salman has already linked his expectation of higher oil prices of 80 with the timing of the initial public offering of world’s largest oil company Saudi Aramco later this year. Companies are fixing the fuel prices on the basis of international oil prices,” Pradhan told reporters. The big criticism the government has faced is on account of higher petrol and diesel prices even though global oil prices have remained low in an oversupplied market.“The finance ministry is not inclined to cut excise duty as revenue mobilisation is paramount to prevent fiscal deficit from going further out of control.“There is no such direction (to hold price hike).94 a litre.47 a litre.

This would mean OMC would start incurring losses on selling the product in Delhi very soon. Moreover, Opec is also working a production related arrangement with US shale oil producers that could continue the present surge in oil prices. This would ease the situation and price controls could be withdrawn,” said a government official not willing to be named. What has pinched the consumers most is that after the switch over to daily price revision by OMCs in July, retail price of petrol and diesel has consistently moved up with reductions only in the first fortnight period. Companies are fixing the fuel prices on the basis of international oil prices.Pradhan had to convene emergency meetings with oil company heads on more than one occasion in the past to curb the rise. Crude oil price (Indian basket) is hovering around 65 a barrel (Indian basket) while retail price of petrol has reached at Rs 73.

etrol in Delhi is priced at Rs 73. In this situation, the best option is to cap increase in retail price of petroleum products. The October 4, Rs 2 excise duty cut is first such announcement by the government. In fact, this was the logic given by the government when it raised excise duty on products on nine occasions between 2014-16 when crude oil prices were low,” said an oil industry expert asking not to be named.To test the new scheme, sources said OMCs would absorb any hike in petrol price beyond Rs 75 only in Delhi.But the system has now become a big headache for the government as constant increase in global prices is pushing up retail petrol and diesel prices daily. This was more than the price of petrol at Rs 68.47 a litre.77 hiked duty on petrol per litre and that on diesel by 13.Ever since coming to power, the BJP led NDA government increased basic excise duty on petrol and diesel nine times (between November 2014 and January 2016) that more than doubled the government's excise mop-up to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. It could be extended to other parts of the country, if the global crude price maintains its rise.89 a barrel.“The government seems to be experimenting too much to control the situation of rising petrol prices.State-run fuel retailers Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp switched to daily price revision from a fortnightly pricing system in June as the government sought to further the pricing reforms in the sector when prices remained subdued