Originally Posted by chayan
OK. Lets baseline the data today for future reference. According to IOC, current price is $116.61 a barrel. $ conversion = Rs 54.51.
Petrol in Mumbai will be Rs 72.88 per litre, in Chennai Rs 69.08, in Kolkata Rs 73.48 a litre and in Delhi Rs 66.09 per litre.
Barrel prices have declined from $119.23 per barrel to to $116.61 a barrel hence Re1 decrease (Rs.1.20 including VAT).
So according to IOC calculation, $3 increase/decrease would raise/lower the price of Petrol by Re1.
On average 42-gallon (159-liter) barrel of oil can be refined into:
19.4 gallons (73 liters) of petrol & 10.5 gallons (40 liters) of diesel + other petro chemical products.
Just wanted to capture a snapshot of the data so that we can refer to this in the future when ever there is discussion with respect to fuel price rise/decrease.
I had made the above snapshot in this thread last time oil prices were decreased. Now when I compare this, there is something I notice.
Cost of Crude : $116.61 a barrel
$ conversion = Rs 54.51
Cost of 1 barrel in Rs = Rs. 6356.41
Today (prices taken from oil-price.net):
Cost of Crude : $105.93 a barrel (trust me India buys at a much lesser rate than this)
$ conversion = Rs 57.78
Cost of 1 barrel in Rs = Rs. 6120.63
So cost of 1 barrel is lesser today, but petrol in Delhi costs more (Rs.66.39/lt). I agree that the difference is 30p but point is since majority of India's oil comes from Iran (where we buy in Rs), $ conversion should have an even lower effect than what is been conveyed.
Just a food for thought.