Todays diesel rates in Bangalore are very sensitive to global crude prices. We have been seeing an uptick in global crude prices, which has also pushed diesel rates in Bangalore higher. Also, prices of the petroleum product have now been aligned to market rates. This means diesel price in Bangalore will rise each time, global crude prices rise and the rupee falls against the dollar.
|Nov 25, 2020||₹ 75.70||₹ 0.00|
|Nov 24, 2020||₹ 75.70||₹ 0.17|
|Nov 23, 2020||₹ 75.53||₹ 0.19|
|Nov 22, 2020||₹ 75.34||₹ 0.20|
|Nov 21, 2020||₹ 75.14||₹ 0.23|
|Nov 20, 2020||₹ 74.91||₹ 0.22|
|Nov 19, 2020||₹ 74.69||₹ 0.06|
|Nov 18, 2020||₹ 74.63||₹ 0.00|
|Nov 17, 2020||₹ 74.63||₹ 0.00|
|Nov 16, 2020||₹ 74.63||₹ 0.00|
|Highest rate in November||Rs.75.92 on November 26th|
|Lowest Rate in November||Rs.74.63 on November 1st|
|Over all performance||Rising|
|Highest rate in October||Rs.74.81 on October 1st|
|Lowest Rate in October||Rs.74.35 on October 7th|
|Over all performance||Falling|
|Highest rate in September||Rs.77.88 on September 1st|
|Lowest Rate in September||Rs.74.81 on September 29th|
|Over all performance||Falling|
|Highest rate in August||Rs.77.88 on August 1st|
|Lowest Rate in August||Rs.77.88 on August 1st|
|Over all performance||No Change|
|Highest rate in July||Rs.77.88 on July 26th|
|Lowest Rate in July||Rs.76.58 on July 1st|
|Over all performance||Rising|
|Highest rate in June||Rs.76.58 on June 29th|
|Lowest Rate in June||Rs.65.96 on June 1st|
|Over all performance||Rising|
|Highest rate in May||Rs.66 on May 14th|
|Lowest Rate in May||Rs.65.96 on May 1st|
|Over all performance||No Change|
Checking Diesel price before filling your fuel tank has become an important thing now because, from June 15, 2017, as the diesel price are to be revised on a Daily basis. Due to inability, the Diesel price used to get updated for two weeks or fifteen days once. Now the things have changed and Diesel price will be changed every day and there will be a new price every day. This price will be set by the Petroleum Companies on daily basis. Petroleum Companies such as Bharat Petroleum, Hindustan Petroleum, Shell, etc., will fix Diesel price every day and give the new price at 6 AM every day.
In the International Markets crude oil price change on a daily basis and the petroleum companies in India will change the price depending on those prices. The price of the crude oil in the International Markets will be influenced by various reasons. The movement or change in the Diesel price will be very low if it is changing every day such as the price change will be in paise. In Bangalore, diesel prices reduced further due to a change in some local guidelines as well.
Previously, petrol rates were updated every two weeks, or 15 days.
Now Bangalore 's diesel prices are updated regularly based on the process of 'Dynamic Fuel Pricing.' Checking the diesel rate in Bangalore is important because any cost reduction will save you some fuel. As we know it today, Bengaluru is one of the nation's rapidly increasing cities with a metropolitan atmosphere. Petrol and diesel prices are updated on a regular basis, synchronized with global rates , meaning that Bangalore 's diesel prices will rise as global crude oil prices rise as well as the rupee drops in value against the US dollar. State-owned Oil Marketing Companies (OMCs), such as Bharat Petroleum, Indian Oil and Hindustan Petroleum, set the latest diesel price of Bangalore in accordance with any adjustments in international crude oil markets.
Under the 'Dynamic Fuel Pricing' framework, diesel price variations are related to the regular adjustment of the fuel prices in the nation. Oil firms foresee the fortnight average price of crude oil including the rupee-dollar exchange rate to set the price of diesel or petrol for retailers. Bangalore 's latest diesel price takes effect from 6:00 am IST every day. By retaining fuel prices in India comparable to the international price of crude oil, oil companies are able to cover any losses and add on any benefits to customers. Before this process, oil firms modified fuel prices per fortnight, that was before the implementation of the regular revision in the country on 16 June 2017.
In June 2017, the "dynamic fuel pricing" approach was introduced. This strategy was planned to adjust the price of diesel or petrol on a daily basis across India. The daily price update is carried out, considering the currency exchange rate between the US dollar and the Indian Rupee and foreign crude oil. After the strategy is imposed across the nation, this framework continues to be adopted by all metropolitan areas, including Bangalore for a regular price modification. The key purpose of this mechanism is to simplify the price of diesel so that officials may not be able to regulate or manipulate the OMC (Oil Marketing Companies), as dynamic fuel pricing has been adopted across every city of India including Bangalore. Thus, the distributors of fuel stations can now conveniently handle their resources and capital by taking this system into consideration.
Top Indian Oil Firms have developed several methods for monitoring daily diesel rates in Bangalore. Indian oil companies have offered many methods to track diesel prices at no hidden expense, such as smartphone applications, SMS facilities, and customer support. Hence, just follow the simple steps listed below to track Bangalore's latest diesel price via SMS and toll-free numbers.
Via SMS: Type RSP DEALER CODE and send it to 9224992249
You can conveniently find the latest diesel rate of Bangalore instantly from the convenience of your residence or workplace by dialling the below toll-free numbers of the oil companies.
Indian Oil- 1800 233 3555
Bharat Petroleum- 1800 22 4344
Hindustan Petroleum- 1800 233 3555
By adopting the dynamic fuel pricing methodology since June 2017, through their smartphone apps and websites, oil companies are regularly updating Bangalore's diesel rate. Consequently, diesel prices in Bangalore are based on different factors, such as prices of crude oil and production costs. Due to different charges and local taxes in the state, each city's rates can differ slightly.
Apart from the oil price and the rupee-dollar exchange value, diesel prices in Bangalore are composed of many significant components. Aspects such as entry duty, freight costs, refinery costs, oil company's margin and transportation are assessed during the refining phase before landing at the standard fuel bill. The commission of the operator of the petrol pump, the excise duty imposed by the Centre and the local tax or VAT of the relevant state are later applied to the basic fuel rate. Since most of those components' paid are not volatile, the international crude oil price and the rupee-dollar exchange rate are volatile. Thus, the main reason why diesel prices fluctuate in India is because of these two reasons. Let's analyse the factors that drive the international demand for crude oil prices.
Supply and Demand of Crude Oil: The Organisation of Petroleum Exporting Countries ( OPEC) and its broad associates have become the world's main sources of crude oil, impacting oil prices to a great level. OPEC's objectives are primarily influenced by geopolitical trends. Thus, any strain on all of the OPEC’s members also leads to a decrease in the production of oil and a resulting decline in crude prices. Likewise, prices also decrease as there is additional production of oil.
Geopolitical Affects- Political activities and uncertainties are related to a spike in the price of crude oil. Clashes could eventually tie up supply in some of the oil-producing regions and therefore boost oil prices. The oil price is also influenced by any incident, such as environmental hazards or any global instability.
Future Supply of Crude Oil: In the case of an rise in oil prices, the leading oil-producing and oil-consuming countries stockpile vast amounts of crude oil to sustain a stable economy. When prices are weaker, these countries typically stock up, and supply is distributed across the market to keep prices stable.
The individual aspects that impact the retail selling price of diesel in Bangalore are as follows.
Tax system- The Federal Excise Duty (conveyed by the central government) and the VAT (Value Added Tax) are two different taxes in effect. These duties refer to the prices offered to the dealer of the fuel bunker. And the cost after the introduction of the Central Excise and VAT, which differs from state to state, applies to the commission of the distributors.
RSP (Retail Selling Price)- The retail selling price (RSP) of Bangalore is primarily influenced by crude oil prices, the currency conversion rate between the US Dollar and the Indian Rupee, and taxes. The same variables are also relevant to all cities in India. On the other hand, however, seasonal fluctuations, weather predictions, foreign demands, global political activities, geographic outlays and surplus, and the currency exchange ratio affect the purchase price of unrefined crude.
Cost of crude oil- Crude oil is obtained from multinational oil trading companies by Indian oil traders. The amount is paid in USD, which is the regular currency, as it is processed on foreign exchanges. Crude oil is then extracted and distilled to obtain diesel. Crude oil prices, also referred to as the Refinery Transfer Price (RTP), are subject to freight and processing fees. The RTP is what is billed to the refineries by OMCs (Oil Marketing Companies), such as IOCL, BPCL & HPCL. The OMCs hold a certain margin and distribute it to the distributor (petrol pump owner).
Diesel price in Bangalore was revised to Rs 70.30 per litre on Saturday, down by 9 paise from Rs 70.39.
Fuel prices in India are affected by the change in International crude oil benchmarks.
Global benchmark Brent was down 1 percent to $76.75 per barrel while WTI fell by 1.8 percent to $65.81. The fall has been from the rise in US oil production which is edging closer to that of Russia. Amid the fall, there have been concerns over the widening gap (premium) between WTI futures and Brent that surpassed $11 on Thursday, marking a new 3-year high.
It has been the fourth day of correction in diesel rates in Bangalore. Fuel rates have been down by 21 paise in 4 days. The fall comes after 16 straight days of relentless rise. Diesel rates also impact your daily expenses like grocery shopping as most vehicles used for its transportation run on the same fuel. More relief can only be expected from a cut in central and Karnataka taxes.2 June 2018
Petrol price in Bangalore dropped by 5 paise to Rs 70.44 per litre after the daily revision on IOC's (Indian Oil Corporation) website from a fall in international crude oil prices.
Oil prices abroad weighed down after a sudden rise in US crude inventories and on continued expectations on OPEC (organization of the petroleum exporting countries) increasing their output in their June meeting.
Benchmark Brent slipped by 20 cents to $77.30 per barrel while WTI was also down by 20 cents to $68.01 per barrel. The US increased its inventories by 1 million barrels in the last week as per data published by the American Petroleum Institute.
In India, the Kerala state government announced a deduction of Re 1 in the price per litre of petrol and diesel in the state by making a cut on VAT collected on fuel to reduce the burden of consumers. While the central government did not make any attempts to control fuel rates that hit an all-time high last week, Kerala was the first state to take an initiative.31 May 2018
Diesel price in Bangalore was lowered by one paise from Rs 70.50 to Rs 70.49 per litre. The decline in international crude oil prices has finally started showing in the fuel rates in India, although quite marginally.
Brent crude was trading at around $75 per barrel on Wednesday, almost $5 lower than its three and a half year high of $80.50 per barrel on May 17. The steep fall was an effect of the news that OPEC and its allies would increase production.
The decision is not finalized and even if it were to, it would take a while before the current deficiencies in supply for crude oil are eased. The international fuel rates are therefore going to hover around $75 per barrel mark for a while.
Italy's political turmoil that has caused the euro to hit a 10-month low, has, in turn, benefited the US dollar, making oil expensive for other currencies.
How diesel prices in Bangalore play out in the coming days is hard to predict under such prevailing uncertainties.
30 May 2018
Diesel price in Bangalore was up by 14 paise to Rs 70.50 per litre in daily revision. Fuel prices in India are affected by international crude rates, strength of the rupee and tax rates.
Taxes rates have been consistently high since 2014, on account of social welfare expenses incurred by the central government.
International crude oil rates were mixed today with Brent futures experiencing a marginal hike of 0.28 percent to $75.51 a barrel while WTI fell by 1.64 percent to $66.77 a barrel.
Meanwhile, the rupee weakened against the US dollar in early trade, which is when the daily revision of petrol and diesel prices happens in India. The American currency gained from the reviving hopes of US-North Korea historic summit that is scheduled to take place in Singapore in June.
The easing tensions between the countries have made the dollar attractive to investors, pushing its value further.
If the rupee falls further, petrol prices in Bangalore may be hiked again.
29 May 2018
Diesel in Bangalore was revised to Rs 70.36 per litre as per state-owned IOC's website. This is the fifteenth day of hike in the rates. It has increased by Rs 1.38 per litre in a week.
Prices were frozen for 3 weeks prior to May 14, what appeared to be a pre-election strategy in the Karnataka state.
The losses from the halt are estimated to be Rs 500 crore for oil marketers as during the period the international crude oil benchmarks Brent and WTI were rallying.
On Monday, however, Brent was trading 6.4 percent lower than its month high while WTI was 9.1 percent lower than its peak. They were at $75.09 per barrel and $66.22 per barrel. International rates have been falling since late Friday when Russia and Saudi Arabia said they would increase their output to help stabilize prices in the market.
The hike despite easing prices says that the oil marketers are still recovering from their losses and it would take a while before the diesel rates are stabilized in Bangalore.28 May 2018
Diesel price in Bangalore increased by 16 paise to Rs 68.98 per litre after the daily revision by state-owned oil marketers like IOC.
The price rise was despite the drop in crude oil prices internationally. Russian energy minister said that his country and a group of oil-rich countries will increase their production in the coming days. Following the news, WTI crude fell by 4 percent to $67.88 per barrel from its week's peak of $72.83, while benchmark Brent was down by 3.1 percent or $2.42 to $76.37. It had hit its 3 and half year high of $80.50 last week.
A rise in fuel prices automatically pushes inflation and increase the cost of living in the Silicon Valley of India as consumer goods are transported in diesel running vehicles. The rise in rates is, however, lower than the average hike of 23 paise per litre of diesel this week in the city. The price can be expected to ease in the coming days.26 May 2018
Diesel price in Bangalore was hiked by 22 paise per litre to Rs 69.93 on Friday. The fuel used in long-distance vehicles has been up by Rs 2.88 in the last 12 days.
Meanwhile, crude oil prices internationally have eased after Russia indicated that it will gradually increase its production. Reduced supply from oil rich countries and strong demand had pushed the fuel prices higher globally in the past few weeks. Geopolitical tensions between Iran and the US also triggered it.
Diesel rates in Bangalore are in line with most other cities in India. It includes Karnataka state VAT (value added tax) and sales tax apart from excise duty imposed by the central government. As a city highly dependent on road transport, the rise will impact costs incurred by transport companies which will ultimately be passed on to final consumers.
The Indian government is, however, looking for ways to reduce the burden on citizens. Temporary relief can come if taxes, which make up for a large portion of the final price is slashed to some extent.25 May 2018
After today's revision, diesel price in Bangalore stands at Rs 69.51 per litre. Fuel rates across the country at their all-time highs.
State-owned oil companies had started the practice of revising fuel rates on a daily basis in June 2017. This means that the volatility of the oil rates is being passed on to the consumers.
International crude oil rates and domestic taxes along with processing fee makes up for the price you pay at your local bunk in Bangalore. While global oil benchmarks are trading higher, the taxes paid to the Karnataka and central government in the form of excise duty, VAT (value added tax) and surcharge are also significant.
Due to reduced production in oil-rich countries, diesel prices in Bangalore may only find relief if the taxes are controlled by the governments. There are also recommendations to bring fuel under the GST (goods and service tax) regime, to regulate the rates across the country.23 May 2018
The prices of diesel, the liquid fuel is increasing on a day-to-day basis in Bangalore. Today’s price of diesel in Bengaluru is Rs 68.73 per liter.
There was no hike in the prices of diesel during the election period, post-election the prices of diesel is rising and it may reach beyond Rs 80 per liter in the near future.
The prices of diesel are gradually increasing due to the rise in the prices of crude oil, which hit an all-time high of $80 per barrel during last week.
The prices of diesel stood at Rs 59.12 during November 27, 2018, in Bengaluru. As per the new rule implemented in India starting from June 16, 2017, the prices of petrol and diesel are set to a revision on a daily basis -daily morning at 6 am. This is mainly done to sync in the domestic prices of the liquid fuel with the international prices which is beneficial for both the consumers as well as the government.
The oil PSUs in India has passed on the four weeks of the relentless rise in the international oil prices to consumers, which is currently hurting the consumer's pockets.21 May 2018