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
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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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
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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

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')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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        LATEST NEWS UPDATES | Petrol price may be cut by up to Rs 2 a litre soon-Piyush Pandey    </title>
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Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices,..."/>
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Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices,..." />
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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">Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices, which fell to $96.5 per barrel on Wednesday, the lowest level in the last one year, have provided enough legroom for the oil firms to reduce petrol prices.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">State-owned oil marketing firms Indian Oil Corporation ( IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) will meet on Friday to decide on the quantum of reduction in petrol prices to be passed on to consumers, who suffered the steepest ever petrol price hike of around 10 % last month. This would be the second successive cut in petrol prices after oil firms agreed to roll back petrol prices by Rs 2 on June 2.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Confirming the move, a senior official with India's biggest oil retailer told TOI: &quot;There is scope to reduce petrol prices between Rs 2 and Rs 3 a litre on falling international crude oil prices but the quantum of cut will be ascertained only after adjusting the rupee's fall against the US dollar.&quot;&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Here's how the arithmetic works. Every dollar reduction in international oil prices translates into a cut in product price by 33 paise. But every time the Indian currency depreciates against the dollar by one rupee, it translates into a requirement to raise prices by 77 paise. In the current context, oil prices have reduced by an average of $7 while the rupee has depreciated by 50 paise against the dollar. In rupee terms, the fall is pegged at 7.7% or Rs 451 to Rs 5392.88 per barrel on Wednesday from prices of Rs 5844.36 per barrel in the last fortnight.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;We review petrol prices on a fortnightly basis, which not only depends upon international crude oil prices but also on international product prices and exchange rate fluctuations. It's true that crude oil prices have fallen but at the same time the rupee has also depreciated against the dollar to Rs 55.79 from Rs 55.36, when the prices were last reviewed,&quot; BPCL chairman R K Singh told TOI. After reviewing global product prices and adjusting for exchange rate fluctuations, we will be happy to pass on the benefit to consumers&quot;, he said.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Echoing similar feelings, HPCL finance director B Mukherjee said that though the Indian basket of crude oil prices has fallen to $96.5, they would have to take the average of the last two weeks to decide on the petrol prices.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Earlier this week, finance minister Pranab Mukherjee had hinted at a reduction in petrol prices on falling crude oil prices. &quot;A reduction in petrol prices will set the stage for the government to increase diesel prices after the presidential elections gets over as oil firms are losing Rs 12.5 per litre on sale of diesel, which is an administered product,&quot; said an oil analyst. Oil firms are losing over Rs 450 crore per day on sale of sensitive petroleum products like diesel, cooking gas and kerosene with effect from June 1.&nbsp;</div><div style="text-align: justify"><br /></div>                                                           
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    <h1 class="cat-box-title">Petrol price may be cut by up to Rs 2 a litre soon-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">Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices, which fell to $96.5 per barrel on Wednesday, the lowest level in the last one year, have provided enough legroom for the oil firms to reduce petrol prices.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">State-owned oil marketing firms Indian Oil Corporation ( IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) will meet on Friday to decide on the quantum of reduction in petrol prices to be passed on to consumers, who suffered the steepest ever petrol price hike of around 10 % last month. This would be the second successive cut in petrol prices after oil firms agreed to roll back petrol prices by Rs 2 on June 2.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Confirming the move, a senior official with India's biggest oil retailer told TOI: &quot;There is scope to reduce petrol prices between Rs 2 and Rs 3 a litre on falling international crude oil prices but the quantum of cut will be ascertained only after adjusting the rupee's fall against the US dollar.&quot;&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Here's how the arithmetic works. Every dollar reduction in international oil prices translates into a cut in product price by 33 paise. But every time the Indian currency depreciates against the dollar by one rupee, it translates into a requirement to raise prices by 77 paise. In the current context, oil prices have reduced by an average of $7 while the rupee has depreciated by 50 paise against the dollar. In rupee terms, the fall is pegged at 7.7% or Rs 451 to Rs 5392.88 per barrel on Wednesday from prices of Rs 5844.36 per barrel in the last fortnight.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;We review petrol prices on a fortnightly basis, which not only depends upon international crude oil prices but also on international product prices and exchange rate fluctuations. It's true that crude oil prices have fallen but at the same time the rupee has also depreciated against the dollar to Rs 55.79 from Rs 55.36, when the prices were last reviewed,&quot; BPCL chairman R K Singh told TOI. After reviewing global product prices and adjusting for exchange rate fluctuations, we will be happy to pass on the benefit to consumers&quot;, he said.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Echoing similar feelings, HPCL finance director B Mukherjee said that though the Indian basket of crude oil prices has fallen to $96.5, they would have to take the average of the last two weeks to decide on the petrol prices.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Earlier this week, finance minister Pranab Mukherjee had hinted at a reduction in petrol prices on falling crude oil prices. &quot;A reduction in petrol prices will set the stage for the government to increase diesel prices after the presidential elections gets over as oil firms are losing Rs 12.5 per litre on sale of diesel, which is an administered product,&quot; said an oil analyst. Oil firms are losing over Rs 450 crore per day on sale of sensitive petroleum products like diesel, cooking gas and kerosene with effect from June 1.&nbsp;</div><div style="text-align: justify"><br /></div>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/business/india-business/Petrol-price-may-be-cut-by-up-to-Rs-2-a-litre-soon/articleshow/14135439.cms" class="re" target="_blank">The Times of India, 15 June, 2012, http://timesofindia.indiatimes.com/business/india-business/Petrol-price-may-be-cut-by-up-to-Rs-2-a-litre-soon/articleshow/14135439.cms</a><div class="clear"></div>
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Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices,..." />
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    <h1 class="cat-box-title">Petrol price may be cut by up to Rs 2 a litre soon-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">Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices, which fell to $96.5 per barrel on Wednesday, the lowest level in the last one year, have provided enough legroom for the oil firms to reduce petrol prices.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">State-owned oil marketing firms Indian Oil Corporation ( IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) will meet on Friday to decide on the quantum of reduction in petrol prices to be passed on to consumers, who suffered the steepest ever petrol price hike of around 10 % last month. This would be the second successive cut in petrol prices after oil firms agreed to roll back petrol prices by Rs 2 on June 2.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Confirming the move, a senior official with India's biggest oil retailer told TOI: &quot;There is scope to reduce petrol prices between Rs 2 and Rs 3 a litre on falling international crude oil prices but the quantum of cut will be ascertained only after adjusting the rupee's fall against the US dollar.&quot;&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Here's how the arithmetic works. Every dollar reduction in international oil prices translates into a cut in product price by 33 paise. But every time the Indian currency depreciates against the dollar by one rupee, it translates into a requirement to raise prices by 77 paise. In the current context, oil prices have reduced by an average of $7 while the rupee has depreciated by 50 paise against the dollar. In rupee terms, the fall is pegged at 7.7% or Rs 451 to Rs 5392.88 per barrel on Wednesday from prices of Rs 5844.36 per barrel in the last fortnight.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&quot;We review petrol prices on a fortnightly basis, which not only depends upon international crude oil prices but also on international product prices and exchange rate fluctuations. It's true that crude oil prices have fallen but at the same time the rupee has also depreciated against the dollar to Rs 55.79 from Rs 55.36, when the prices were last reviewed,&quot; BPCL chairman R K Singh told TOI. After reviewing global product prices and adjusting for exchange rate fluctuations, we will be happy to pass on the benefit to consumers&quot;, he said.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Echoing similar feelings, HPCL finance director B Mukherjee said that though the Indian basket of crude oil prices has fallen to $96.5, they would have to take the average of the last two weeks to decide on the petrol prices.&nbsp;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Earlier this week, finance minister Pranab Mukherjee had hinted at a reduction in petrol prices on falling crude oil prices. &quot;A reduction in petrol prices will set the stage for the government to increase diesel prices after the presidential elections gets over as oil firms are losing Rs 12.5 per litre on sale of diesel, which is an administered product,&quot; said an oil analyst. Oil firms are losing over Rs 450 crore per day on sale of sensitive petroleum products like diesel, cooking gas and kerosene with effect from June 1.&nbsp;</div><div style="text-align: justify"><br /></div>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/business/india-business/Petrol-price-may-be-cut-by-up-to-Rs-2-a-litre-soon/articleshow/14135439.cms" class="re" target="_blank">The Times of India, 15 June, 2012, http://timesofindia.indiatimes.com/business/india-business/Petrol-price-may-be-cut-by-up-to-Rs-2-a-litre-soon/articleshow/14135439.cms</a><div class="clear"></div>
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Home हिन्दी

Petrol price may be cut by up to Rs 2 a litre soon-Piyush Pandey

Published on Jun 15, 2012   Modified on Jun 15, 2012

-The Times of India Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices, which fell to $96.5 per barrel on Wednesday, the lowest level in the last one year, have provided enough legroom for the oil firms to reduce petrol prices.  State-owned oil marketing firms Indian Oil Corporation ( IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) will meet on Friday to decide on the quantum of reduction in petrol prices to be passed on to consumers, who suffered the steepest ever petrol price hike of around 10 % last month. This would be the second successive cut in petrol prices after oil firms agreed to roll back petrol prices by Rs 2 on June 2.  Confirming the move, a senior official with India's biggest oil retailer told TOI: "There is scope to reduce petrol prices between Rs 2 and Rs 3 a litre on falling international crude oil prices but the quantum of cut will be ascertained only after adjusting the rupee's fall against the US dollar."  Here's how the arithmetic works. Every dollar reduction in international oil prices translates into a cut in product price by 33 paise. But every time the Indian currency depreciates against the dollar by one rupee, it translates into a requirement to raise prices by 77 paise. In the current context, oil prices have reduced by an average of $7 while the rupee has depreciated by 50 paise against the dollar. In rupee terms, the fall is pegged at 7.7% or Rs 451 to Rs 5392.88 per barrel on Wednesday from prices of Rs 5844.36 per barrel in the last fortnight.  "We review petrol prices on a fortnightly basis, which not only depends upon international crude oil prices but also on international product prices and exchange rate fluctuations. It's true that crude oil prices have fallen but at the same time the rupee has also depreciated against the dollar to Rs 55.79 from Rs 55.36, when the prices were last reviewed," BPCL chairman R K Singh told TOI. After reviewing global product prices and adjusting for exchange rate fluctuations, we will be happy to pass on the benefit to consumers", he said.  Echoing similar feelings, HPCL finance director B Mukherjee said that though the Indian basket of crude oil prices has fallen to $96.5, they would have to take the average of the last two weeks to decide on the petrol prices.  Earlier this week, finance minister Pranab Mukherjee had hinted at a reduction in petrol prices on falling crude oil prices. "A reduction in petrol prices will set the stage for the government to increase diesel prices after the presidential elections gets over as oil firms are losing Rs 12.5 per litre on sale of diesel, which is an administered product," said an oil analyst. Oil firms are losing over Rs 450 crore per day on sale of sensitive petroleum products like diesel, cooking gas and kerosene with effect from June 1.

The Times of India, 15 June, 2012, http://timesofindia.indiatimes.com/business/india-business/Petrol-price-may-be-cut-by-up-to-Rs-2-a-litre-soon/articleshow/14135439.cms

Tagged with: Inflation Energy

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