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Diesel Price in Bhopal (24th January 2021)

Todays diesel rates in Bhopal are very sensitive to global crude prices. We have been seeing an uptick in global crude prices, which has also pushed diesel rates in Bhopal higher. Also, prices of the petroleum product have now been aligned to market rates. This means diesel price in Bhopal will rise each time, global crude prices rise and the rupee falls against the dollar.

Jan 24, 2021
₹ 83.84 /Ltr

Last 10 Days Diesel Rate in Bhopal

Date Price Price Change
Jan 23, 2021 ₹ 83.84 ₹ 0.43
Jan 22, 2021 ₹ 83.41 ₹ 0.02
Jan 21, 2021 ₹ 83.39 ₹ 0.08
Jan 20, 2021 ₹ 83.31 ₹ 0.00
Jan 19, 2021 ₹ 83.31 ₹ 0.46
Jan 18, 2021 ₹ 82.85 ₹ 0.07
Jan 17, 2021 ₹ 82.78 ₹ -0.08
Jan 16, 2021 ₹ 82.86 ₹ 0.08
Jan 15, 2021 ₹ 82.78 ₹ 0.00
Jan 14, 2021 ₹ 82.78 ₹ 0.27

Daily & Monthly Diesel Price in Bhopal : Graphical Representation

Historical Diesel Price in Bhopal

  • Trend of Diesel Rate in Bhopal, January 2021
  • Diesel Price
    1st January Rs.81.68
    24th January Rs.83.84
    Highest rate in January Rs.83.84 on January 23rd
    Lowest Rate in January Rs.81.49 on January 3rd
    Over all performance Rising
    % Change +2.58%
  • Trend of Diesel Rate in Bhopal, December 2020
  • Trend of Diesel Rate in Bhopal, November 2020
  • Trend of Diesel Rate in Bhopal, October 2020
  • Trend of Diesel Rate in Bhopal, September 2020
  • Trend of Diesel Rate in Bhopal, August 2020
  • Trend of Diesel Rate in Bhopal, July 2020

The diesel price in Bhopal has been fluctuating regularly since the "dynamic fuel pricing" system was introduced. The great thing about diesel, though, is that it is considerably cheaper than petrol and other fuel. For a stronger understanding we have specifically covered the notion of dynamic pricing and other important factors affecting Bhopal 's diesel prices. Bhopal is among the largest metropolis in India and is also the capital city but also Madhya Pradesh. Earlier the economic growth had been stalled due to the Bhopal Gas Catastrophe. But in recent years economic development has continued to thrive across the city. As a whole, the economy is focused solely on its factories, and is actually an essential state industrial area. The main origins of their economy are chemicals, cotton, rice mills, and electrical products. It is heavily urbanised and now a "metro" town with around 80 percent of the metropolitan population and that's why many IT companies have established up their businesses there. Previously, the diesel price of Bhopal was changed every two weeks. Today, since about June 15, 2017, the price of diesel is revised every morning at 6.00 a.m. If you are going to fuel Petrol, it is recommended that it is best to review the Petrol price prior to filling because the price will change every day. And only because of the regular revision in diesel price, all the petroleum firms in India have considered this new mechanism. You must check on goodreturns.in for the best and modified Diesel rates of Bhopal on a daily basis. 

Factors affecting the diesel rate in Bhopal

In general, diesel is much cheaper than other fuel, but over time, the results differ greatly in almost all countries.

Also, diesel is derived from crude oil much like petrol. The price of crude oil is, thus, an essential factor in affecting a country's diesel price. Additionally, diesel price also represents taxes, refining, distribution, and marketing charges. Moreover, the retail price of diesel is also influenced by demand from the market. The essential factors that influence the diesel price of Bhopal are mentioned below: 

Refining charges- Crude oil is divided into different elements during the refining method, which are then processed into diesel fuel, petrol, and other products by extra resources. Speaking of diesel, it is less volatile and heavier than petrol in general. It is primarily for this purpose that diesel is easier to produce from crude oil. Additionally, in numerous countries around the world, diesel is cheaper than other gasoline products. But when ULSD (Ultra-Low Sulfur Diesel) was implemented between 2006 and 2010, the cost of manufacturing diesel increased sharply, as further refining was required for this approach. 

Tax- The tax imposed on diesel and gasoline differs from country to country. For example, if the Federal United States imposed a levy of 18 cents per gallon for diesel, for example, the European countries will enforce it more softly. As tax is one of the core components of the overall price of diesel, therefore tax proposals establish to a large degree the cross - country differences in diesel and gasoline rates.

Demand- A gasoline such as diesel not only serves to operate the automobiles but also different kinds of cars used for the transportation system. Big shipping trucks, heavy-duty vehicles, off-road equipment, machinery, engines, submarines, etc. are generally involved in diesel consumption. Demand from the manufacturing sectors has risen dramatically since the time of economic growth, and that is why diesel prices surpass other gasoline rates. Please remember that the diesel rate is raised when there is high demand. 

Seasonal changes- The same elements that are developed for diesel include the fuel that is used for power generation. Consequently, the price of diesel is often driven by the need for heating oil. The appetite for heating oil increases in winters in general, which often pushes the market price of diesel. 

Introduction of Dynamic Fuel Pricing

The "dynamic fuel pricing" scheme was unveiled by the OMCs (Oil Marketing Companies) of the public sector on June 16, 2017 to adjust fuel prices on a regular basis based on market dynamics and many other variables. On the first and sixteenth day of each month, the petrol and diesel prices were revised before this scheme was introduced. That's why it was dubbed "fortnight fuel pricing." It had a number of disadvantages, though, and the process of dynamic pricing was introduced to resolve them. Unlike petrol, diesel is used not only for transportation, but also for manufacturing activities as well. Fuel plays a crucial role in the financial stability of every nation. The greatest change is the introduction of the dynamic fuel pricing scheme, which came into effect in June 2017.

The Dynamic Fuel Pricing System is a structure that adjusts fuel prices on a daily basis in accordance with the valuation of the currency and the prices of unrefined or crude oil. The price adjustment occurs at 6:00 a.m every day. Before you fuel your vehicle, it is also extremely essential to confirm the price of diesel. In Bhopal, all diesel dealers have been following this new fuel pricing model since 16 June 2017. The dynamic fuel pricing scheme was launched in India after conducting a 40-day pilot in five cities in India. Fuel price consistency is provided by the system, as governments are unable to regulate oil marketing firms (OMCs). Variations in crude oil markets and the exchange rate of the INR / USD would be easily communicated to end users. Dealers are able to easily manage their supplies and working costs. Transformation of clients with market conditions occurs due to the mechanism of dynamic fuel pricing.  

Does GST influence the diesel price in Bhopal?

The Goods and Services Tax (GST) has no influence on the fuel prices of Bhopal, as diesel is not liable to GST, which is presently imposed at four rates: 5%, 12%, 18% and 28%. The lowest is 5 per cent and the highest proportion is 28 per cent. Enforcing GST on diesel would lower the revenue source of the country. The GST scope does not encompass the entire oil and natural gas sector. The adoption of GST, for stakeholders, would double the rate of adoption.

Components influencing the diesel price in Bhopal

The exchange rate, crude oil taxation are the key factors affecting diesel prices in Noida. The final price also referred to as the retail selling price. The RSP will increase if:

  • INR drops against USD
  • Ups in crude oil rates
  • Ups in state VAT or local tax
  • Ups in excise duty

The retail selling price, in comparison, drops if:

  • INR spike against USD
  • Downs in local tax
  • Downs in crude oil rates
  • Downs in excise duty

The exchange rate is fixed in India by the Reserve Bank of India, also referred to as the Central Bank of India. The price is determined on the basis of the inflation rate, the interest rate, the interest exchange rate, the rate of imports and exports, and the cost of debt. Crude oil prices depend on natural variation, environmental conditions, global supplies and shortages, as well as demand.  

 

 

 

 

 

 

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