Modi meets Jaitley, Pradhan on fuel

Last Updated: Sat, Oct 13, 2018 13:51 hrs
Petrol Pump

New Delhi: Amidst rising fuel prices despite an excise cut on petrol and diesel last week, Prime Minister Narendra Modi held a review meeting with Finance Minister Arun Jailtey and Petroleum Minister Dharmendra Pradhan here on Friday.

"The PM's meeting in the morning was on petroleum issues. The discussion centered around increasing domestic oil production, subsidy borne by oil marketing companies (OMCs) and reducing oil imports to cut down the current account deficit," a senior official said.

The meeting assumes significance as the US sanction against Iran kicks-in on November 4 and India is dependent on imports for more than 80 per cent of its oil requirement.

On domestic oil production, Petroleum Minister Pradhan on October 1 said Rs 5,900 crore of investment had been committed for the exploration of 55 oil and gas blocks awarded through the first round of auctions under the country's new Open Acreage Licensing Policy (OALP).

The OALP, under the new Hydrocarbon Exploration and Licensing Policy (HELP), allows the investor to carve out blocks of their choice and submit an Expression of Interest (Eol) throughout the year. HELP replaced nine earlier rounds held under the New Exploration Licensing Policy (NELP) wherein the government carved out areas for bidding.

On October 4, the Central government announced a cut of Rs 2.50 a litre each for petrol and diesel and urged state governments to match the reduction to provide relief from high fuel prices.

While the Centre would bear the excise duty cut of Rs 1.50 a litre totalling to about Rs 10,500 crore for the remaining period of the fiscal, it asked the OMCs to absorb the remaining Re 1.

Despite the cut in excise duty, which is likely to expand the fiscal deficit by 0.05 percentage points, the government said it was committed to meet the fiscal deficit target of 3.3 per cent.

The government had also stressed that by asking the OMCs to provide a subsidy of Re 1 was not going back on deregulation. The OMCs are less likely to be asked for further subsidies, as Jaitley on the day of excise cut said the government would want the OMCs to remain healthy.

State Capitals (Applicable from 6:00 a.m. on 13-10-2018) Petrol Current Price(Per Lt) Petrol Previous Price(Per Lt) Change(Rs)
Petrol price in DelhiRs.82.48 Rs.82.48 0.00
Petrol price in KolkataRs.84.31 Rs.84.31 0.00
Petrol price in MumbaiRs.87.94 Rs.87.94 0.00
Petrol price in ChennaiRs.85.73 Rs.85.73 0.00
Petrol price in FaridabadRs.81.38 Rs.81.45 -0.07
Petrol price in GurgaonRs.81.15 Rs.80.85 0.30
Petrol price in NoidaRs.80.16 Rs.80.01 0.15
Petrol price in GhaziabadRs.79.88 Rs.79.87 0.01
Petrol price in AgartalaRs.78.63 Rs.78.74 -0.11
Petrol price in AizwalRs.78.17 Rs.78.44 -0.27
Petrol price in AmbalaRs.80.78 Rs.80.84 -0.06
Petrol price in BangaloreRs.83.13 Rs.83.13 0.00
Petrol price in BhopalRs.85.69 Rs.85.56 0.13
Petrol price in BhubhaneswarRs.81.30 Rs.81.26 0.04
Petrol price in ChandigarhRs.77.87 Rs.77.87 0.00
Petrol price in DehradunRs.80.07 Rs.80.07 0.00
Petrol price in GandhinagarRs.79.72 Rs.79.61 0.11
Petrol price in GangtokRs.85.60 Rs.85.60 0.00
Petrol price in GuwahatiRs.82.50 Rs.82.50 0.00
Petrol price in HyderabadRs.87.44 Rs.87.44 0.00
Petrol price in ImphalRs.78.10 Rs.78.13 -0.03
Petrol price in ItanagarRs.75.30 Rs.75.30 0.00
Petrol price in JaipurRs.82.63 Rs.82.93 -0.30
Petrol price in JammuRs.81.58 Rs.81.50 0.08
Petrol price in JalandharRs.87.81 Rs.87.88 -0.07
Petrol price in KohimaRs.78.87 Rs.78.34 0.53
Petrol price in LucknowRs.79.80 Rs.79.81 -0.01
Petrol price in PanjimRs.73.58 Rs.73.42 0.16
Petrol price in PatnaRs.86.25 Rs.85.93 0.32
Petrol price in Port BlairRs.70.96 Rs.70.86 0.10
Petrol price in RaipurRs.80.31 Rs.80.19 0.12
Petrol price in RanchiRs.78.97 Rs.78.75 0.22
Petrol price in ShillongRs.79.27 Rs.79.32 -0.05
Petrol price in ShimlaRs.81.00 Rs.81.19 -0.19
Petrol price in SrinagarRs.84.39 Rs.84.27 0.12
Petrol price in TrivandrumRs.85.65 Rs.85.71 -0.06
Petrol price in SilvassaRs.80.24 Rs.80.21 0.03
Petrol price in DamanRs.80.24 Rs.80.08 0.16
Petrol price in PondicherryRs.81.20 Rs.81.14 0.06

Source for prices: Indian Oil Corporation

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