Petrol price cut by 95 paise per litre

November 15, 2012

New Delhi, November 15: State-owned oil marketing companies today cut the price of petrol by 95 paise per litre (minus state levies), effective midnight, Indian Oil announced.

The fuel will now cost Rs. 67.24 in Delhi, Rs. 73.53 in Mumbai, Rs. 70.57 in Chennai, Rs. 74.55 in Kolkata, Rs. 73.73 in Hyderabad and Rs. 74.22 in Bangalore.

Petrol prices were last revised on October 27, when they were raised by 29 paise after the government increased the commission paid to petrol pump dealers.

“Presently, international oil prices are relatively stable. However, there has been significant volatility in the rupee/dollar exchange rate and is currently very weak with uncertainty in its future direction,” Indian Oil said, adding that the trends will be monitored and reflected in future price revisions.

"There has been some reduction in gasoline rates (against which the domestic price of petrol is benchmarked) giving us some margins (on petrol). But they have moved up again in the last few days," R.S. Butola, chairman of Indian Oil, the nation's largest fuel retailer, said earlier this month.

The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation.

Mr Butola said Indian Oil lost Rs. 1,167 crore on selling petrol below cost during the first six months of the current fiscal year. Since the product is deregulated, there will be no subsidy support from the budget to cover these losses.

Comments

Add new comment

Coastaldigest.com reserves the right to delete or block any comments.
Coastaldigset.com is not responsible for its readers’ comments.
Comments that are abusive, incendiary or irrelevant are strictly prohibited.
Please use a genuine email ID and provide your name to avoid reject.

IndiGo CEO says less than 1,000 cancellations on Dec 6; normalcy by Dec 15

News Network

December 5,2025

New Delhi, Dec 5: IndiGo CEO Pieter Elbers issued a public apology this evening after more than a thousand flights were cancelled today, making it the "most severely impacted day" in terms of cancellations. The biggest airline of the country cancelled "more than half" of its daily number of flights on Friday, said Elbers. He also said that even though the crisis will persist on Saturday, the airline anticipates fewer than 1,000 flight cancellations.

"Full normalisation is expected between December 10 and 15, though IndiGo cautions that recovery will take time due to the scale of operations," the IndiGo CEO said.

IndiGo operates around 2,300 domestic and international flights daily.

Pieter Elbers, while apologising for the major inconvenience due to delays and cancellations, said the situation is a result of various causes.

The crisis at IndiGo stems from new regulations that boost pilots' weekly rest requirements by 12 hours to 48 and allow only two night-time landings per week, down from six. IndiGo has attributed the mass cancellations to "misjudgment and planning gaps".

Elbers also listed three lines of action that the airline will adopt to address the issue.

"Firstly, customer communication and addressing your needs, for this, messages have been sent on social media. And just now, a more detailed communication with information, refunds, cancellations and other customer support measures was sent," he said.

The airline has also stepped up its call centre capacity.

"Secondly, due to yesterday's situation, we had customers stranded mostly at the nation's largest airports. Our focus was for all of them to be able to travel today itself, which will be achieved. For this, we also ask customers whose flights are cancelled not to come to the airports as notifications are sent," the CEO said.

"Thirdly, cancellations were made for today to align our crew and planes to be where they need to start tomorrow morning afresh. Earlier measures of the last few days, regrettable, have proven not to be enough, but we have decided today to reboot all our systems and schedules, resulting in the highest numbers of cancellations so far, but imperative for progressive improvements starting from tomorrow," he added.

As airports witnessed chaotic scenes, the Directorate General of Civil Aviation (DGCA) stepped in to grant IndiGo a temporary exemption from stricter night duty rules for pilots. It also allowed substitution of leaves with a weekly rest period.

Civil Aviation Minister Ram Mohan Naidu has said a high-level inquiry will be ordered and accountability will be fixed.

Comments