Todays diesel rates in Chennai are very sensitive to global crude prices. We have been seeing an uptick in global crude prices, which has also pushed diesel rates in Chennai higher. Also, prices of the petroleum product have now been aligned to market rates. This means diesel price in Chennai will rise each time, global crude prices rise and the rupee falls against the dollar.
|Nov 30, 2020||₹ 77.84||₹ -0.08|
|Nov 29, 2020||₹ 77.92||₹ 0.35|
|Nov 28, 2020||₹ 77.57||₹ 0.27|
|Nov 27, 2020||₹ 77.30||₹ 0.22|
|Nov 26, 2020||₹ 77.08||₹ 0.07|
|Nov 25, 2020||₹ 77.01||₹ 0.13|
|Nov 24, 2020||₹ 76.88||₹ 0.16|
|Nov 23, 2020||₹ 76.72||₹ 0.17|
|Nov 22, 2020||₹ 76.55||₹ 0.18|
|Nov 21, 2020||₹ 76.37||₹ 0.06|
|Highest rate in November||Rs.77.92 on November 29th|
|Lowest Rate in November||Rs.75.95 on November 1st|
|Over all performance||Rising|
|Highest rate in October||Rs.76.10 on October 1st|
|Lowest Rate in October||Rs.75.95 on October 3rd|
|Over all performance||Falling|
|Highest rate in September||Rs.78.86 on September 1st|
|Lowest Rate in September||Rs.76.10 on September 30th|
|Over all performance||Falling|
|Highest rate in August||Rs.78.94 on August 10th|
|Lowest Rate in August||Rs.78.86 on August 1st|
|Over all performance||No Change|
|Highest rate in July||Rs.78.86 on July 26th|
|Lowest Rate in July||Rs.77.72 on July 1st|
|Over all performance||Rising|
|Highest rate in June||Rs.77.72 on June 29th|
|Lowest Rate in June||Rs.68.22 on June 1st|
|Over all performance||Rising|
Earlier, the Diesel price in Chennai used to change every two weeks. Now, from June 15, 2017 the price will be changed everyday morning at 6 AM. This change is done by the petroleum companies in India. It is advised if you are going to fill Diesel it is better to check price of the Diesel before filling because the price will be changing every day. You can check the perfect and updated Diesel prices on the goodreturns.in.
As the prices will be changed early in the morning at 6 AM it is advised to check the rates early in the morning before you go to your work. Mostly the pick or drop in the prices will be in few paise. It will not make any big difference for if you are filling in small quantities, as the prices will be changing on daily basis following up the prices will give you an understanding that in the long term this a low price or a high price. The change in the prices is due to movement in the international crude oil prices. Diesel prices in Chennai will rally if crude oil prices in International Markets rally and vice versa.
Top Indian Oil Companies built several methods of tracing daily diesel prices in Chennai as compared to old rates.
Indian Oil Companies has provided numerous methods to track diesel price without any hidden charges.
One can go through SMS, official websites, mobile apps and toll-free numbers of the oil companies.
To know the Diesel Price just type RSP DEALER CODE, and send it to 9224992249.
You can also make a call to the provided toll-free numbers of the oil company to know the diesel price instantly.
Indian Oil- 1800 233 3555, Bharat Petroleum- 1800 22 4344, Hindustan Petroleum- 1800 233 3555.
Diesel price of Chennai is daily updated on the company's website and mobile app too. You can also go through the same without any hidden charges.
Thus the price of diesel in Chennai is based on the varying factors of oil demand and import costs. The rates of each city can differ slightly in the state because of the multiple charges and fuel taxes.
In the case of diesel cars, the initial purchase cost is high but the efficiency is better than its petrol equivalent. So what matters now is how much you are driving in a month, if you are driving about 1500 km a month or 50 km per day, then go for diesel otherwise petrol. Comfort would be a consideration if you are someone who also takes long trips and diesel vehicles are convenient than petrol. Additionally, the smoothness to travel in diesel vehicles is great
Using four-wheelers has increased in petrol and diesel as far as Chennai is concerned. However, people prefer petrol cars as it requires less maintenance compared to diesel. Global marketing companies plan to implement a method to match the global fuel prices regularly with international crude oil prices.
The concept of so-called "dynamic fuel pricing" has been trending since it was introduced from June 17. It tends to adjust fuel rates on a daily basis in compliance with the currency exchange rate between US Dollar and Indian Rupee and global crude oil. This price change is carried out at 6.00 AM every day (Indian Standard Time). Therefore, it is always important to check the fuel rates before loading your tank. Since Chennai has been concerned from June 17 all the diesel stations have followed the dynamic fuel pricing mechanism across the city. Since the Dynamic Fuel Pricing has been implemented across the country including Chennai the primary concern of this mechanism is to bring fuel price transparency so that government bodies are unable to influence or influence the OMCs (Oil Marketing Companies). In addition, the variations in crude oil prices and the INR – USD exchange rate can be conveniently delivered to consumers.and also the dealers of fuel stations can easily handle their capital and resources with ease by considering this mechanism.
Chennai's diesel price have many elements, rather than key factors such as those of the price of crude oil and the currency exchange rate between Rupee- Dollar. Before the actual selling price of diesel in a city the oil firm include various charges such as freight charges, refinery charges, oil firm’s margin, entry tax etc. But the basic cost of fuel include dealer commission, excise duty levied by the Union Government and the VAT or local sales tax levied by the respective state. Although the other costs remain stable for the most part, the key crude oil price factors and the rupee-dollar exchange rate have the greatest effect on the country's diesel prices. Let ’s discuss why the price of crude oil fluctuates, and how it impacts India's fuel price.
Allocation and Demand: Organisation of Petroleum Exporting Countries (OPEC) is the leading suppliers of crude oil in the global market and its close partners, thereby affecting the market price of crude oil to a broad range. Geopolitical trends in the area influence the OPEC regulations. Consequently, any distress on any of the OPEC member countries also indicates a lack of crude oil supplies, which increases the price of crude oil on the global market.
Natural disasters: Any conflict or natural calamity also impacts the market price of crude oil, as it may result in a shortfall or a rise in oil demand. Political instability or conflicts in oil-producing or oil-consuming countries influence crude oil prices immensely.
Supply of crude oil: The largest oil-producing and oil-consuming countries are stockpiling massive crude oil reserves to maintain their economy active in case crude oil prices rise. When oil prices are weaker they stock up and increase production throughout the market to retain stable rates.
With the rise in value added tax ( VAT) on petrol and diesel by Rs 2,500 crore, the Tamil Nadu govt will raise its revenue. The increase in VAT has contributed to a hike in retail prices of both petrol and diesel, according to the state government. The state claimed that the VAT was raised to preserve the state revenue as and when global oil prices drop and customer interests will be secured when global oil prices rise. However, it is unlikely whether the state government will be able to meet its Rs.2,500 crore goal as sales have dropped by around 85 per cent at the retailers and it is not clear when the regular selling rate will be achieved again. In Tamil Nadu there are around 5,000 oil hubs and the average daily sales per station will be around 4,000-5,000 litres and the monthly production will be 150,000 litres.
Across all the parts of India including Chennai the diesel rates revised regularly and therefore to track the correct price of Chennai is a big trouble for the diesel consumers of Chennai. To overcome this problem the leading oil companies of India such as Indian Oil, Bharat Petroleum and Hindustan Petroleum culminated in separate solutions for fuel customers such as SMS, Mobile Apps and Customer Support to stay updated with the latest diesel rate of Chennai and also all other cities of the nation. Fuel users can install the official mobile apps of those oil companies from the default app store of their mobile OS. And this will enable Indian fuel customers to accurately track the appropriate price of diesel in the city. From June 2017, the Dynamic Fuel Pricing system has adopted by the leading oil companies of India resulting to a daily revision of diesel price across the cities of India including Chennai. Diesel price keeps changing on a daily basis due to some factors such as state taxes, currency exchange rate and more. So it is essential to stay updated with the updated diesel price of the city regularly. For this, the mobile apps of provided the oil companies enables you to track the diesel price of Chennai on the go. Below are the smartphone apps that enable you to remain updated with latest diesel price of Chennai without compromising your comfort.
The Fuel@IOC-Indian Oil mobile app enables Indian oil fuel customers to conveniently search the fuel price (petrol and diesel) of Chennai as well all other cities and states of India. A diesel consumer of Chennai can easily track the updated and accurate diesel price of the city from the comfort of his / her home or office by using this app. This app is available for download on IOS and Android devices alike. IOS owners can access the App Store to download the app, and by opening the Google Play Store, Android fans can perceive the same. Indian Oil's mobile application lets users to check the revised diesel rates on a regular basis 24x7 without any hidden charges. Before fuelling your vehicle, it is strongly suggested to verify the fuel price of your city and considering this, the Fuel@IOC-Indian Oil app is your ideal match to receive updates of the price revision of your city. Well you can now search Chennai's current diesel price by using your cell phone before going to your office, which means that convenience and user-friendliness are just in your fingertips. To know the latest fuel price pattern in Chennai with clarity, use this app which is free to download to both IOS and Android users. If you are not an IOS or Android user, you can visit the official website of Indian Oil directly to check the current diesel prices in Chennai. Without sacrificing your convenience, you can easily monitor the current price of diesel in Chennai or your area by visiting the respective website of Indian Oil or by accessing the Fuel@IOC – IndianOil mobile app.
Hindustan Petroleum, developed by my HPCL mobile app, also presents an improved section to stay informed with Chennai's revised and precise diesel prices. The app is available for free download or for Android, IOS and Windows devices. This software also has some important findings for Chennai's fuel customers, like Outlets & Services, My Vehicle, Updates, customer support section, Feedback, Assistance & Tips, and also generates access to Insurance Renewal (with partner firm), DTPLUS (HPCL Rewards Scheme for fleet operators) and HPGAS (LPG), in addition to providing Chennai's modified diesel price on a daily basis. While it is assumed that the overall trend is customer-centric, fuel prices are now determined based on global market conditions and USD to INR price variations in all parts of the nation. Diesel consumers in Chennai can quickly check for new diesel prices in the city from the comfort of their home or office. While going to the office or filling a car, customers can hit the revamped diesel price every morning with a few taps. Chennai's diesel consumers who do not have a mobile can also visit HPCL's official website or use the SMS service or HPCL's toll-free number to regularly monitor the city's current fuel prices.
The below covered are the different components which influence the Retail Selling Price of diesel in Chennai
Crude Oil Prices: Indian oil traders purchase Crude oil from companies trading global oil. The price needs to be paid in the USD, which is the standard financial exchange currency, since it is being transacted on foreign exchanges. Crude oil is then transferred and distilled to extract diesel. The crude oil is transferred to produce diesel and is distilled. Price & freight charges, refining fees are applied to the Crude oil price which in other words also known as the Refinery Transfer Price (RTP). This is the price paid to the refineries by OMCs (Oil Marketing Companies), such as IOCL, BPCL & HPCL. OMCs hold a certain profit and allocate it to the Distributor (the Gas Pump owner).
Refinery Transfer Price: The Retail selling price (RSP) is determined considering a variety of factors. Every fortnight, the average price of Indian Basket Crude Oil is calculated. This expense per barrel is in dollars. Also, the cost of Indian rupees depends upon the fortnight's average conversion rate.
Different taxes: The Central Excise Duty (levied by the central government) and the VAT (Value Added Tax) are 2 different taxes in nature. These taxes are applied to the cost that are charged to the dealer / owner of the fuel station. And the commission of the dealers is added to the price after the Central Excise and VAT is imposed which varies from state to state.
Diesel is an important commodity of our Indian economy. It offers a wide range of usability for performance, reliability and sustainability. Diesel, through manufacturing, logistics and transporting, is used everywhere. In comparison to other fuels, diesel also has outstanding strength performance. Chennai is among the fastest growing metro city of India and hence the industrial sector and transportation or personal vehicles are increasing day by day the diesel consumption is also rising in result. As a great number of vehicles powered by diesel, manufacturing and engineering industries are rising considerably, the requirement for diesel is higher in the city or Chennai. Each diesel consumer from Pune needs to be aware of the method used to determine the price of diesel on a daily basis, the price revision of diesel and the factors impacting on diesel prices. A retail or dynamic diesel consumer has to know if GST affects the diesel rate. Okay, let's dive at the following sections that take you to the roots of this factor. Look at the following linked parts, which will bring you to the factors in details. The regular adjustment has now come into force as of June 2017 by eliminating the earlier diesel price adjustment at which the price is evaluated every fortnight.
Diesel price in Chennai was revised to Rs 72.97 per litre on Saturday, down by 9 paise from Rs 73.06.
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 Chennai. 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 Tamil Nadu taxes.2 June 2018
Petrol price in Chennai dropped by 5 paise to Rs 73.12 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 Chennai was lowered by one paise to Rs 73.17 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 Chennai play out in the coming days is hard to predict under such prevailing uncertainties.
30 May 2018
In daily revision on Tuesday, diesel price per litre in Chennai was up by 15 paise to Rs 73.18. 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.29 May 2018
Diesel in Chennai was revised to Rs 73.03 per litre after a 12 paise rise on Monday, as per state-owned IOC's website. This is the fifteenth day of hike in the rates. It has increased by Rs 1.44 per litre in a week.
Prices were frozen for 3 weeks prior to May 14, what appeared to be a pre-election strategy.
The losses from the halt were 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 US, one of the largest oil producers, has also reportedly increased its production.
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 Chennai as no relief comes from state taxes.28 May 2018
Diesel price in Chennai increased by 16 paise to Rs 72.74 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 a half year high of $80.50 last week.
The rate paid at local bunks for diesel in Chennai is also incidental of high state and central government taxes. The rise in rates is, however, lower than the average hike of 23 paise per litre of diesel this week in the metro city. The price can be expected to ease in the coming days.26 May 2018
Diesel price in Chennai was up by 23 paise per litre in Chennai to Rs 72.58 on Friday. The fuel is being widely used in the metro city by industries and transport companies.
As diesel prices directly influence consumer goods like vegetables, fruits and grocery, the burden will be borne by the resident of Chennai.
International crude oil prices impact fuel rates in India. However, the rates have been eased in global market after Russia hinted on gradually increase its oil output. The oil-rich countries are known to hold production to inflate fuel prices globally.
Indian cities like Chennai are seeing a rise in rates as oil marketing companies are looking to recover from the loss it faced during the 19-day halt in the daily revision of prices 3 weeks ahead of Karnataka elections.
The burden may be eased to an extent when the government steps in to reduce taxes on diesel.25 May 2018
The south-Indian city of Chennai experienced a hike in the price of diesel for the eleventh straight day at Rs 72.35 per litre. It has crossed the Rs 72 mark on 23 May when it was revised to Rs 72.14 per litre.
Diesel price in Chennai is determined by international crude oil rates, processing fee and taxes imposed by the government. As international benchmarks, WTI (West Texas Intermediate) and Brent oil have been high on for a long time now. Brent oil had touched a new high of $80 per barrel last week.
Apart from global rates, taxes like central excise duty and state-specific (Tamil Nadu) VAT (value added tax) and surcharge also add up to the final price you pay at your local bunk in Chennai. Despite fall in fuel prices in 2014, Indian fuel prices were barely affected as they were compensated for high taxes. Now, that both diesel and petrol prices have hit an all-time high across India, protests are being made to bring them under control.24 May 2018
Diesel price in Chennai today was at Rs 71.59 per litre, up by 27 paise from its previous rate of Rs 71.32. The fuel mainly used for long-running vehicles has been on a steady rise in the south-Indian city after the daily revision system that was introduced across Indian oil marketing companies on 16 June 2017. The daily rise in diesel price in Chennai is slightly higher when compared to metro cities like Delhi which saw a 25 paise per litre rise today. This makes the city's increase on a weekly basis more than others.
Apart from international fuel prices, oil processing charges, central excise duty and road cess, state-specific taxes like VAT (value added tax), pollution cess and surcharge imposed by the Tamil Nadu government is also levied on the diesel price you pay in Chennai at your local bunk. Unless the government (central and state) makes some attempts to reduce the burden of taxes on consumers, fuel prices are likely to keep rising in the coming days.21 May 2018