Goyal Filling Station

11/08/2015

Due to heavy fall in crude prices the retail diesel and petrol prices will come down by about 3.50 to 4 rupees from 16th of Aug plus an additional decrease of 55 Paisa exclusively for mahendergarh district only.....

07/08/2015

Good news

07/08/2015

Negative figures not allowed...

01/08/2015

What is the reason for the drop in petrol and diesel prices in India?

There is possibly one more angle to the fall in the price of brent crude.
one key reason is US over-production and surprisingly no reduction in production by OPEC for a long time. Now why is the US over-producing?
EU & US, as we know, are mad at Russia for the Ukraine mess, but are in no position to launch any military action. So, they decide to hurt Russian economy. First came the oil sanctions, but the impact of those has been limited, about $40 bn a year, and Russia refuses to think differently.
Therefore, it is speculated that US is trying to bring down the oil prices to hurt Russia's exports (which are mainly oil & gas).
As of January 2013, 58% of Russian exports were Oil & Gas (Economy of Russia). Now look at the fall in the price of brent crude- Commodities: Latest Crude Oil Brent Price & Chart. From $110 in July 2014 to $70 in Dec 2014. The impact is staggering -Russia is set to lose $100 bn due to drop in oil prices (Why Russia Said 'No Deal' to OPEC on Cutting Oil Production).
It is very likely that the Russian economy may go into recession if this condition gets worse -Russia Sees $140 Billion Annual Loss From Oil, Sanctions.
The geopolitical game may not be the strongest, but it is one of the factors at play here.

01/08/2015

What is the reason for the drop in petrol and diesel prices in India?

1. The reason is that the price of crude oil has become less than half of what it was a year ago. The price of Petrol in India didn't dive as dramatically as that.

2. The reason for the crude oil price drop is simple business - Nobody (none of the oil producers) wants to lose the market share. Saudi and the other OPEC nations usually cyclically reduce oil production every few years so that the demand for oil can catch up. When there is more demand, and less production, price of oil goes up.

3. This time because of a whole lot of political reasons like Russia supporting Iran, rise of IS in Iraq and Syria, the OPEC (OPEC) countries decided to not reduce their production. Russia supports Iran, which in turn supports the Assad regime in Syria.

4.The Saudis are pressing for all oil-producing countries to curb production so that they are not the only ones to lose their market share. Russia and a few others don't want to do that. Russia's economy, in particular is almost entirely dependent on oil and gas exports, and they are suffering badly because of the price drop.
You see, the Saudis can drill for oil very cheaply, and still manage to make a profit. The others not so much. In the US for example the oil is hard to reach (deepwater in the ocean, Shale oil - Shale oil, or by fracking - Hydraulic fracturing) and that makes it expensive to extract.

5. It is very interesting to read the effects of geopolitics on oil and vice versa. Countries have been attacked, conquered and devastated for oil in the last few decades, and it seems that it will continue, albeit with economic warfare now. It's no wonder oil is called black gold.

01/08/2015

Is petrol price coming down?

1. If you remember correctly, Petrol prices were deregulated by the government on June 25, 2010 in an attempt to cut down the fuel subsidies and reduce the burden on upstream and downstream companies.

2. Since then Brent crude has surged 33 percent while rupee has depreciated 34 percent since petrol deregulation. The consumers are now shelling out 50 percent more for petrol and diesel.

3. Last six months, the crude came down from $115 to below $100 for various reasons.

4.Since, the price in international market fell and the deregulated Indian oil companies are importing oil. They had to pass-on the same as they passed on the price hike. This is the reason for recent price drop in petrol.

5. If you observe the graphs of Petrol prices in Delhi & Brent crude, You can observe that the graphs are in sync after 2012. That is because I call 2010 - 2012 as cooling off period as the deregulation is just introduced and companies took time to pass on the price.

Now, tell me "Is petrol price coming down?"

01/08/2015

Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month, with effect from midnight July 31.

Petrol in Delhi will cost Rs 64.47 per litre from tomorrow instead of Rs 66.90 at present, while a litre of diesel will cost Rs 46.12 as against Rs 49.72 currently, Indian Oil Corp (IOC) said in a statement.

Petrol and diesel prices were last cut by Rs 2 per litre each, excluding local sales tax, from July 16 but consumers in Delhi were robbed of the benefit as Arvind Kejriwal government raised VAT on the two fuels.

As a result, petrol price in Delhi went up by 28 paise a litre after considering a local government decision to hike VAT or sales tax on the fuel from 20 to 25 per cent.

Rates of diesel, on which VAT was raised from 12.5 per cent to 16.6 per cent, saw a smaller reduction of 50 paise per litre.

Prior to this, the price of petrol was cut on July 1 by 31 paise per litre and diesel by 71 paise a litre.

"Prices of petrol and diesel were last revised on July 16, 2015. Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has, however, depreciated during this period.

"Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," the statement said.

State-owned fuel retailers -- IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) -- revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

"The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the statement added.

31/07/2015

Prices of petrol and diesel are going to be decreased from today instead of 30 th of July...

29/07/2015

Prices of both diesel and petrol are going to be decreased from 30 th of July 2015.

29/07/2015

24/07/2015

21/07/2015

No more details received yet about the reasons for calling off strike...