Financial Daily from THE HINDU group of publications
Tuesday, Nov 16, 2004
Financial Daily from THE HINDU group of publications Tuesday, Nov 16, 2004 |
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Petroleum Industry & Economy - Petroleum Petrol price cut; diesel unchanged Our Bureau
New Delhi , Nov. 15 PUBLIC sector oil companies have reduced the price of petrol by up to Rs 1.26 per litre while maintaining diesel prices at the existing level. The new prices will be effective from midnight tonight. The decrease in price comes close on the heels of a Rs 2.20 per litre increase announced on November 4. "The prices have been decreased due to the falling international prices. While petrol was at import parity, diesel, which is linked to half the import parity, was short of about Rs 1.24 per litre than the international price. Therefore, the fall in international prices is only being transferred in case of petrol, while in diesel, the decline is being used to cover for losses," official sources said. Following the reduction, petrol will now cost Rs 37.84 per litre in Delhi, a decrease of Rs 1.16 per litre from the earlier level of Rs 39 per litre. The CPI (M) today said the cut in the prices of petrol was "inadequate" and asked the Government to reconsider the hikes in the prices of other petroleum products as well. "The reduction only in the price of petrol is inadequate. We have been asking the Government to review its petroleum pricing policy, especially after the dismantling of the administered price mechanism," the Polit Bureau member, Mr Sitaram Yechury, said. He said the international crude prices had fallen substantially and the Government should now reconsider hikes in other petroleum products such as diesel and LPG.
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