Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Oil companies set to reduce petrol prices -Piyush Pandey    </title>
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-The Times of India





MUMBAI: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.





The Indian basket of crude oil fell to $106.74 on..."/>
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-The Times of India





MUMBAI: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.





The Indian basket of crude oil fell to $106.74 on..." />
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                            <div style="text-align: justify">-The Times of India</div><div style="text-align: justify"><br /></div><div style="text-align: justify"><em>MUMBAI: </em>Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The Indian basket of crude oil fell to $106.74 on September 20 from $116 five days earlier, according to data published by the oil ministry. The rupee, which hit a four-month-high of 53.47 on September 21, is expected to strengthen further due to the reform measures the government announced last week.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Usually, each dollar fall in crude oil makes petrol cheaper by 33 paise. Similarly, a strengthening rupee would lead to a 77-paisa reduction in the price of petrol. &quot;Logically yes, petrol prices should fall. However, we have to wait for some more time before deciding to pass on the benefit to consumers,&quot; S Varadarajan, director (finance) at BPCL, told TOI. According to him, petrol is being sold at par - no profit, no loss.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&nbsp;The OMCs also plan to effect frequent revisions so that the price change is reflected in paise to soften the blow for consumers and avoid any political backlash. OMCs earlier used to revise petrol prices on the 1st and 16th of every month on the basis of average international oil prices and the foreign exchange rate in the previous fortnight. However, the practice was discontinued in late July in favour of revising rates on a random date to deter petrol pump dealers from building positions.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;In US, petrol prices are revised everyday at 3 pm. In many countries, it is revised on an hourly basis. We are trying to do it more often, maybe on a bi-weekly or weekly basis, so that the revision is in paise and the consumer is not burdened with a steep hike,&quot; BPCL chairman R K Singh told TOI. He added that the government has now given OMCs a free hand on deciding the quantum and timing of a petrol price hike.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Petrol was de-controlled in 2010 but the OMCs were not allowed to revise petrol prices. So they used to seek an unofficial nod from the government to pass on a hike to consumers. This led to $1 billion in losses for the OMCs till September 15.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">IOC chairman R S Butola said, &quot;The government has taken a bold step in revising diesel price, reducing duties on petrol and capping LPG cylinders to six per household every year. Now our pump prices are at par with petrol's cost, and we'd like to be at par because the loss on petrol is not compensated by the government.&quot;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Competition Commission of India (CCI) is reportedly likely to investigate into the alleged cartel-like behavior of OMCs increasing and decreasing prices of petrol in unison. &quot;Petrol is a decontrolled product and we can't afford to make losses on it. We are answerable to our shareholders and the federal auditor,&quot; said an HPCL board member.</div>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/business/india-business/Oil-companies-set-to-reduce-petrol-prices/articleshow/16523111.cms" class="re" target="_blank">The Times of India, 24 September, 2012, http://timesofindia.indiatimes.com/business/india-business/Oil-companies-set-to-reduce-petrol-prices/articleshow/16523111.cms</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Oil companies set to reduce petrol prices -Piyush Pandey    </title>
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-The Times of India





MUMBAI: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.





The Indian basket of crude oil fell to $106.74 on..."/>
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-The Times of India





MUMBAI: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.





The Indian basket of crude oil fell to $106.74 on..." />
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    <h1 class="cat-box-title">Oil companies set to reduce petrol prices -Piyush Pandey</h1>
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                            <div style="text-align: justify">-The Times of India</div><div style="text-align: justify"><br /></div><div style="text-align: justify"><em>MUMBAI: </em>Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The Indian basket of crude oil fell to $106.74 on September 20 from $116 five days earlier, according to data published by the oil ministry. The rupee, which hit a four-month-high of 53.47 on September 21, is expected to strengthen further due to the reform measures the government announced last week.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Usually, each dollar fall in crude oil makes petrol cheaper by 33 paise. Similarly, a strengthening rupee would lead to a 77-paisa reduction in the price of petrol. &quot;Logically yes, petrol prices should fall. However, we have to wait for some more time before deciding to pass on the benefit to consumers,&quot; S Varadarajan, director (finance) at BPCL, told TOI. According to him, petrol is being sold at par - no profit, no loss.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&nbsp;The OMCs also plan to effect frequent revisions so that the price change is reflected in paise to soften the blow for consumers and avoid any political backlash. OMCs earlier used to revise petrol prices on the 1st and 16th of every month on the basis of average international oil prices and the foreign exchange rate in the previous fortnight. However, the practice was discontinued in late July in favour of revising rates on a random date to deter petrol pump dealers from building positions.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;In US, petrol prices are revised everyday at 3 pm. In many countries, it is revised on an hourly basis. We are trying to do it more often, maybe on a bi-weekly or weekly basis, so that the revision is in paise and the consumer is not burdened with a steep hike,&quot; BPCL chairman R K Singh told TOI. He added that the government has now given OMCs a free hand on deciding the quantum and timing of a petrol price hike.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Petrol was de-controlled in 2010 but the OMCs were not allowed to revise petrol prices. So they used to seek an unofficial nod from the government to pass on a hike to consumers. This led to $1 billion in losses for the OMCs till September 15.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">IOC chairman R S Butola said, &quot;The government has taken a bold step in revising diesel price, reducing duties on petrol and capping LPG cylinders to six per household every year. Now our pump prices are at par with petrol's cost, and we'd like to be at par because the loss on petrol is not compensated by the government.&quot;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Competition Commission of India (CCI) is reportedly likely to investigate into the alleged cartel-like behavior of OMCs increasing and decreasing prices of petrol in unison. &quot;Petrol is a decontrolled product and we can't afford to make losses on it. We are answerable to our shareholders and the federal auditor,&quot; said an HPCL board member.</div>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/business/india-business/Oil-companies-set-to-reduce-petrol-prices/articleshow/16523111.cms" class="re" target="_blank">The Times of India, 24 September, 2012, http://timesofindia.indiatimes.com/business/india-business/Oil-companies-set-to-reduce-petrol-prices/articleshow/16523111.cms</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Oil companies set to reduce petrol prices -Piyush Pandey    </title>
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-The Times of India





MUMBAI: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.





The Indian basket of crude oil fell to $106.74 on..."/>
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-The Times of India





MUMBAI: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.





The Indian basket of crude oil fell to $106.74 on..." />
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    <h1 class="cat-box-title">Oil companies set to reduce petrol prices -Piyush Pandey</h1>
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                            <div style="text-align: justify">-The Times of India</div><div style="text-align: justify"><br /></div><div style="text-align: justify"><em>MUMBAI: </em>Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The Indian basket of crude oil fell to $106.74 on September 20 from $116 five days earlier, according to data published by the oil ministry. The rupee, which hit a four-month-high of 53.47 on September 21, is expected to strengthen further due to the reform measures the government announced last week.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Usually, each dollar fall in crude oil makes petrol cheaper by 33 paise. Similarly, a strengthening rupee would lead to a 77-paisa reduction in the price of petrol. &quot;Logically yes, petrol prices should fall. However, we have to wait for some more time before deciding to pass on the benefit to consumers,&quot; S Varadarajan, director (finance) at BPCL, told TOI. According to him, petrol is being sold at par - no profit, no loss.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&nbsp;The OMCs also plan to effect frequent revisions so that the price change is reflected in paise to soften the blow for consumers and avoid any political backlash. OMCs earlier used to revise petrol prices on the 1st and 16th of every month on the basis of average international oil prices and the foreign exchange rate in the previous fortnight. However, the practice was discontinued in late July in favour of revising rates on a random date to deter petrol pump dealers from building positions.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;In US, petrol prices are revised everyday at 3 pm. In many countries, it is revised on an hourly basis. We are trying to do it more often, maybe on a bi-weekly or weekly basis, so that the revision is in paise and the consumer is not burdened with a steep hike,&quot; BPCL chairman R K Singh told TOI. He added that the government has now given OMCs a free hand on deciding the quantum and timing of a petrol price hike.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Petrol was de-controlled in 2010 but the OMCs were not allowed to revise petrol prices. So they used to seek an unofficial nod from the government to pass on a hike to consumers. This led to $1 billion in losses for the OMCs till September 15.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">IOC chairman R S Butola said, &quot;The government has taken a bold step in revising diesel price, reducing duties on petrol and capping LPG cylinders to six per household every year. Now our pump prices are at par with petrol's cost, and we'd like to be at par because the loss on petrol is not compensated by the government.&quot;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Competition Commission of India (CCI) is reportedly likely to investigate into the alleged cartel-like behavior of OMCs increasing and decreasing prices of petrol in unison. &quot;Petrol is a decontrolled product and we can't afford to make losses on it. We are answerable to our shareholders and the federal auditor,&quot; said an HPCL board member.</div>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/business/india-business/Oil-companies-set-to-reduce-petrol-prices/articleshow/16523111.cms" class="re" target="_blank">The Times of India, 24 September, 2012, http://timesofindia.indiatimes.com/business/india-business/Oil-companies-set-to-reduce-petrol-prices/articleshow/16523111.cms</a><div class="clear"></div>
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Home हिन्दी

Oil companies set to reduce petrol prices -Piyush Pandey

Published on Sep 24, 2012   Modified on Sep 24, 2012

-The Times of India MUMBAI: Consumers may get some relief as oil marketing companies (OMCs) plan to revise petrol prices downward due to falling international crude oil prices and a strengthening rupee. The Indian basket of crude oil fell to $106.74 on September 20 from $116 five days earlier, according to data published by the oil ministry. The rupee, which hit a four-month-high of 53.47 on September 21, is expected to strengthen further due to the reform measures the government announced last week. Usually, each dollar fall in crude oil makes petrol cheaper by 33 paise. Similarly, a strengthening rupee would lead to a 77-paisa reduction in the price of petrol. "Logically yes, petrol prices should fall. However, we have to wait for some more time before deciding to pass on the benefit to consumers," S Varadarajan, director (finance) at BPCL, told TOI. According to him, petrol is being sold at par - no profit, no loss.  The OMCs also plan to effect frequent revisions so that the price change is reflected in paise to soften the blow for consumers and avoid any political backlash. OMCs earlier used to revise petrol prices on the 1st and 16th of every month on the basis of average international oil prices and the foreign exchange rate in the previous fortnight. However, the practice was discontinued in late July in favour of revising rates on a random date to deter petrol pump dealers from building positions. "In US, petrol prices are revised everyday at 3 pm. In many countries, it is revised on an hourly basis. We are trying to do it more often, maybe on a bi-weekly or weekly basis, so that the revision is in paise and the consumer is not burdened with a steep hike," BPCL chairman R K Singh told TOI. He added that the government has now given OMCs a free hand on deciding the quantum and timing of a petrol price hike. Petrol was de-controlled in 2010 but the OMCs were not allowed to revise petrol prices. So they used to seek an unofficial nod from the government to pass on a hike to consumers. This led to $1 billion in losses for the OMCs till September 15. IOC chairman R S Butola said, "The government has taken a bold step in revising diesel price, reducing duties on petrol and capping LPG cylinders to six per household every year. Now our pump prices are at par with petrol's cost, and we'd like to be at par because the loss on petrol is not compensated by the government." Competition Commission of India (CCI) is reportedly likely to investigate into the alleged cartel-like behavior of OMCs increasing and decreasing prices of petrol in unison. "Petrol is a decontrolled product and we can't afford to make losses on it. We are answerable to our shareholders and the federal auditor," said an HPCL board member.

The Times of India, 24 September, 2012, http://timesofindia.indiatimes.com/business/india-business/Oil-companies-set-to-reduce-petrol-prices/articleshow/16523111.cms

Tagged with: Fuel Petrol

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