Petrol saving and tips....

[ksen]

petrol price hike

Chennai:
Petrol -- Rs 55.63 against Rs 52.13
Diesel -- Rs 40.05 against Rs 38.05

Diesel is currently around $3 a gallon & Petrol $2.75 a gallon in Detroit.

No one can ever understand how the Indian oil companies are making such huge losses and keep crying about it, since they too buy at the same market price per peeppAi as the americans.

It is not that simple - Govt. is supposed to bear the subsidy burden, but they only issue bonds, redeemable only six or seven years later, to the oil companies. To tide over the cash crunch, the companies have been redeeming the bonds with banks at discounted rates, losing out both ways.

Oil companies normally make spot purchases of crude at market rates, or sometimes make contracted purchases at a negotiated rate for a certain period, to avoid sudden price increase. Due to some vested political interests, the companies were forced to go in for longer contracts, when the crude prices were at the peak (was it year before last?). So the companies continued to buy at the peak rates long after the prices crashed. Also, private players like Reliance just closed their outlets and stopped selling at that time, whereas PSU companies were forced to sell at the existing domestic rates. Actually, the cash rich oil companies were stripped off their surplus, which would have cushioned them in these situations, when the govt. transferred the Oil pool account surplus to the general account to cover the deficit, some time in the mid 90s.

[PARAMASHIVAN]

another tip is to put your hand brake on and turn the ignition off when waiting in 'prolonged' traffic!

[app_engine]

Look at this news report :
http://thatstamil.oneindia.in/news/2...bsidy-oil.html

Here planning commission says that IOCL has made > 10000 crore profit.

Only a few weeks back, gasoline prices were raised, stating that these companies are dying - even subsidies don't meet the shortfall etc.

So, who really is losing money?

THE PUBLIC!

[vramesh]

Who won't smile with the trip meter showing 395 miles (I reset it each time when pumping gas) and the tank got filled at 9.9 gallons! Hurray! Almost 40mpg! Fantastic performance this time for the civic!

app_engine,
3 cheers for the civic! I drive a 212K civic that gives 46.5 mpg on the freeway(tested multiple times on Chevron. I must add I stick to 55mph and no A/C). It does puzzle me that on city roads I get roughly ~27mpg which is a good 20miles less.

Might be due to non-Chevron brand of gas?

[app_engine]

vramesh,

That's an interesting claim. We don't have chevron stations here in the metro Detroit are and hence I can't verify for mine

Enjoy if you get great mileage!

An interesting news report w.r.t. comparison of energy consumption between US & China here :
http://news.yahoo.com/s/afp/20100720...20100720065800

[app_engine]

Huge profit by IOCL once again

And in a couple of weeks, gov will allow gas price increase because "oil companies are bleeding"

இந்தியன் ஆயில் கார்ப்பரேஷன் (ஐஓசி) நிறுவனத்தின் மூன்றாம் காலாண்டு லாபம் இரண்டு மடங்கு உயர்ந்துள்ளது. டிசம்பர் மாதத்துடன் முடிவடைந்த மூன்றாம் காலாண்டில் நிறுவனத்தின் லாபம் ரூ. 1,634.76 கோடியாக உயர்ந்துள்ளது. நிறுவனத்தின் லாபம் அதிகரித்ததற்கு, அரசு மானியத் தொகை அளித்ததும் ஒரு காரணமாகும்.

நிறுவனத்தின் லாபம் 134.7 சதவீதம் உயர்ந்துள்ளது. முந்தைய ஆண்டு இதே காலத்தில் லாபம் ரூ. 696.59 கோடியாக இருந்ததாக ஐஓசி தலைவர் எஸ்.வி. நரசிம்மன் தெரிவித்தார்.

Steal public and pay fat pay checks / benefits / bonusses in public sector, what a strategy by gov! All the while crying that oil companies are bleeding, raising price only to compensate for "portion of losses" etc.

Outright lies!