Todays diesel rates in Kolkata are very sensitive to global crude prices. We have been seeing an uptick in global crude prices, which has also pushed diesel rates in Kolkata higher. Also, prices of the petroleum product have now been aligned to market rates. This means diesel price in Kolkata will rise each time, global crude prices rise and the rupee falls against the dollar.
|Dec 1, 2021||₹ 89.79||₹ 0.00|
|Nov 30, 2021||₹ 89.79||₹ 0.00|
|Nov 29, 2021||₹ 89.79||₹ 0.00|
|Nov 28, 2021||₹ 89.79||₹ 0.00|
|Nov 27, 2021||₹ 89.79||₹ 0.00|
|Nov 26, 2021||₹ 89.79||₹ 0.00|
|Nov 25, 2021||₹ 89.79||₹ 0.00|
|Nov 24, 2021||₹ 89.79||₹ 0.00|
|Nov 23, 2021||₹ 89.79||₹ 0.00|
|Nov 22, 2021||₹ 89.79||₹ 0.00|
|Highest rate in November||Rs.101.56 on November 1st|
|Lowest Rate in November||Rs.89.79 on November 4th|
|Over all performance||Falling|
|Highest rate in October||Rs.101.19 on October 31st|
|Lowest Rate in October||Rs.93.27 on October 1st|
|Over all performance||Rising|
|Highest rate in September||Rs.92.97 on September 30th|
|Lowest Rate in September||Rs.91.71 on September 5th|
|Over all performance||Rising|
|Highest rate in August||Rs.93.02 on August 1st|
|Lowest Rate in August||Rs.91.98 on August 24th|
|Over all performance||Falling|
|Highest rate in July||Rs.93.02 on July 15th|
|Lowest Rate in July||Rs.92.03 on July 1st|
|Over all performance||Rising|
|Highest rate in June||Rs.92.03 on June 29th|
|Lowest Rate in June||Rs.88.23 on June 1st|
|Over all performance||Rising|
Prices of diesel in Kolkata is now going to change everyday, as against the earlier practice of changing prices every fortnight.
It is important to understand that arriving at everyday diesel prices was a complex procedure, as it involved taking into account daily movement of crude oil and also the currency rate fluctuations. This was one of the reasons why diesel prices were not revised everyday and were revised once in 15 days. However, now since the oil marketing companies are better equipped to handle the price change, we are seeing daily revision in prices. One does hope that we would see a regular change in diesel rates continuing in the city of Kolkata. Do read goodreturns.in for the daily diesel rates.
As stated, the price of petrol and diesel is related to the global price of crude oil which varies every day due to multiple reasons.
Through adopting this strategy of petrol or diesel pricing, oil companies are able to cover any losses as well as easily update the purchasers with the latest price. Under this process, oil companies consider the 15-day average crude oil rate and the rupee's exchange rate against the U.S. dollar to meet the final purchase price of diesel. In Kolkata, the current price of diesel or petrol may be either higher or lower than the previous one. The adjustment in pricing approach was meant to pass on to customers and gas pump owners make the benefit of even the slight update in oil prices. Under the former system of revising oil and diesel prices, each fortnight culminated in a rapid change in petrol costs that only had to be made at the end of a fortnight. This lead to falls on oil companies and consumers were unable to quickly reap the benefits of any downturn in prices.
Apart from the major factors such as the international crude oil price and the rupee-dollar exchange rate, there are many aspects which are included in the actual retail cost of petrol or diesel in a region. Certain elements include shipping costs, excise duties, the margin of the oil company, logistics and refining charges brought before settling at the specific fuel cost. Dealer fee is then included in the selling price of fuel and the taxes paid by the Center and the relevant state government. Although these factors remain unchanged, the two principal volatile variables are the price of crude oil and the rupee's exchange rate against the US dollar. Let's take a look at the key factors that affect the fuel price adjustment.
Allocation and exigency: The Organisation of Petroleum Exporting Countries (OPEC) remains the leading distributor of crude oil on the international market over many centuries, thereby affecting the international prices of oil. OPEC's legislations are often affected by geopolitical evolution, so any constraint on any of the participating countries results in a scarcity of oil allocation. Oil prices are down when there are fears regarding future oil supply cuts. Similarly, a rise in oil demand from oil-consuming nations influences the fall of oil rates.
Geopolitical conflicts: In the event of political crises, environmental catastrophes, and other political campaigns, crude oil prices have an effect on the market price of crude oil. Furthermore, disputes in oil-producing countries may lead to supply shortages and hence to rising oil prices.
Supply and reserve of crude oil: All oil-producing and oil-consuming countries store crude oil to keep their market safe. Oil is stocked when prices are falling and shipped to keep prices stable throughout the year.
The following are the various components that affect the Retail Selling Price of Diesel in Kolkata.
Price of crude oil: Crude oil is purchased by Indian oil marketers from global oil trading firms. Since it is transacted on foreign exchanges, the price is paid on USD, which is the standard exchange currency. To extract diesel, crude oil is then processed and refined. The price of crude oil, also known as the Refinery Transfer Price (RTP), is liable to freight costs and refining charges. The RTP is what paid by OMCs (Oil Marketing Companies), such as IOCL, BPCL & HPCL, to the refineries. The OMCs keep some margin and assign it to the Dealer (the operator of the petrol pump).
Retail selling price: Kolkata’s retail selling price (RSP) is mainly affected by the cost of crude oil, currency exchange rate between US Dollar and Indian Rupee, and tax. The same factors is applicable for across the all the cities of India as well. But, on the other hand, the purchasing price of unrefined oil is influenced by seasonal variations, weather forecasts, international needs, global political movements, regional surpluses and deficits, and the currency exchange ratio.
Tax: In existence, the Central Excise Duty (foisted by the central government) and the VAT (Value Added Tax) are two distinct taxes. These duties are applied to the prices charged to the distributor of the oil bunk. And the price after the enforcement of the Central Excise and VAT, which ranges from state to state relates to the dealers' commission.
The "dynamic fuel pricing" method was launched in June 2017. This approach was designed to regularly change the price of diesel or petrol across the cities of India including Kolkata. Taking into account the currency exchange rate between the US dollar and the Indian Rupee and international crude oil, the daily price update is carried out. After the system is enforced throughout the nation, all the metropolitan areas continue to adopt this framework including Kolkata for a regular disclosure of price revision. The main objectives of this system is to put clarity on the price of fuel so that the officials will not be able to restrict or abuse the OMC (oil marketing companies), as dynamic fuel pricing is introduced all over India, even Kolkata. Thus, by taking this framework into account dealers of fuel stations can also easily manage their wealth and capital.
In comparison with older costs, Top Indian Oil Firms has evolved many methods to track daily diesel prices in Kolkata. Indian Oil Firms have given many methods to monitor the price of diesel at no hidden cost such as mobile apps, SMS facility and customer care service. To track the latest diesel price of Kolkata via SMS and toll-free numbers, just follow the simple steps listed below.
Via SMS: Type RSP DEALER CODE and send it to 9224992249
By dialling the below given toll-free numbers of the oil firms you can easily track the current diesel rate of Kolkata instantly from the comfort of your home or office.
Indian Oil- 1800 233 3555
Bharat Petroleum- 1800 22 4344
Hindustan Petroleum- 1800 233 3555
By following the dynamic fuel pricing mechanism since June 2017, oil firm are revising the diesel rate of Kolkata regularly across their mobile apps and websites. The prices of diesel in Kolkata are therefore dependent on the various factors of crude prices and import costs. Every city's rates will vary slightly due to various charges and fuel taxes in the state.
The various components that affect the retail price of diesel in Kolkata are mentioned below.
Cost of crude oil- Crude oil is purchased by Indian oil traders from multinational oil trading firms. Since it is transacted on international markets, the price is always compensated in the USD, which is the normal financial exchange currency. To generate diesel, crude oil is then transported and refined. The crude oil is transported and refined to produce diesel. The price of crude oil, also known as the Refinery Transfer Price (RTP), is subject to price, freight costs and refining fees. This is the cost compensated by OMCs (Oil Marketing Companies), such as IOCL, BPCL & HPCL, to the refineries. OMCs maintain some margin and allocate it to the dealer of a particular filling station.
RSP- Considering a number of influences, the retail selling price (RSP) is estimated. The Indian Basket Crude Oil average price is determined every fortnight. This per barrel value is in dollars. Also, the value of Indian rupees relies on the average exchange rate of the fortnight.
Taxation- In existence, the Central Excise Duty (imposed by the central government) and the VAT (Value Added Tax) are 2 distinct taxes. The price charged to the distributor/owner of the petrol station is compensated by these fees. And the dealers' commission is affixed to the price after the imposition of the Central Excise and VAT, which differs from state to state.
Diesel is an indispensable product for economic development. For efficiency, quality, and stability, it offers a wide range of functionality. The diesel also has excellent effectiveness of strength compared to other oils. Diesel is used everywhere, starting from shipping, warehousing and transport. After all, Kolkata is one of the major cities where diesel use is constantly expanding. As a large number of diesel-powered vehicles, manufacturing industries and engineering firms are increasing substantially, this leads to a strong demand for diesel in the city. The process used to assess the price of diesel, the price breakdown of diesel and the factors impacting diesel prices need to be known to everyone like you from Kolkata. A retail or dynamic diesel user still needs to know whether or not the diesel rate is impacted by GST. Alright, let’s examine a look at the following related portions that will take you to the depths of both of these variables. By replacing the former adjustment of diesel pricing in which the price is revised every fortnight, the daily reform has now entered into effect as of June 2017.
The prices of Diesel has reached the highest level in Kolkata.
There is a continuous rise in the price of diesel not just in Kolkata but in the entire country. The main reason behind the surge in the prices of diesel is the surge in the prices of crude oil in the international market.
India depends on exports to fulfill the domestic requirements of fuel. Any impact on the prices of fuel at the global level is likely to affect the prices in the India domestic market as well.
Today’s diesel price in Kolkata is Rs 71.08 per liter, up by 0.19 paise from the previous day’s price. On January 1, 2018, the price of diesel per liter was recorded at Rs 62.36. The prices of diesel are up by almost 14% since January 1, 2018.
The rise in the prices of diesel will also trigger inflation rates in the country, which in turn will directly impact the economy of the country.
The strong dollar and declining rupee are also adding worry to the investors amidst the surge in the prices of the crude oil in the global market. There is a possibility that Indian rupee may further fall in the coming days and hit an all-time low or Rs 70 per US$1.
The rupee is down by more than 6% against U.S. dollar since the beginning of the year adding concerns over macroeconomic conditions.24 May 2018