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Diesel Price in Patna (24th July 2021)

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

Jul 24, 2021
₹ 95.72 /Ltr ( ₹ -0.06 )

Last 10 Days Diesel Rate in Patna

Date Price Price Change
Jul 23, 2021 ₹ 95.78 ₹ -0.48
Jul 22, 2021 ₹ 96.26 ₹ 0.00
Jul 21, 2021 ₹ 96.26 ₹ 0.75
Jul 20, 2021 ₹ 95.51 ₹ -0.13
Jul 19, 2021 ₹ 95.64 ₹ -0.62
Jul 18, 2021 ₹ 96.26 ₹ 0.30
Jul 17, 2021 ₹ 95.96 ₹ -0.30
Jul 16, 2021 ₹ 96.26 ₹ 0.45
Jul 15, 2021 ₹ 95.81 ₹ 0.46
Jul 14, 2021 ₹ 95.35 ₹ 0.05

Daily & Monthly Diesel Price in Patna : Graphical Representation

Historical Diesel Price in Patna

  • Trend of Diesel Rate in Patna, July 2021
  • Diesel Price
    1st July Rs.94.82
    24th July Rs.95.72
    Highest rate in July Rs.96.26 on July 16th
    Lowest Rate in July Rs.94.76 on July 6th
    Over all performance Rising
    % Change +0.94%
  • Trend of Diesel Rate in Patna, June 2021
  • Trend of Diesel Rate in Patna, May 2021
  • Trend of Diesel Rate in Patna, April 2021
  • Trend of Diesel Rate in Patna, March 2021
  • Trend of Diesel Rate in Patna, February 2021
  • Trend of Diesel Rate in Patna, January 2021

Diesel rates are now adjusting every day in Patna, but earlier the rates of diesel are revised once every fortnight. Actually, monitoring the fuel rates before fuelling has become a vital thing as the slight change would make a difference if you load the fuel in high amounts. Regular modifications in diesel rates is a benefit for the consumers of Patna as they can stay tuned with the regular price trend of diesel. Since the price shift is going to be very small, it could feel like it's not going to make a difference, but you're going to make a profit in the long run. Indian oil marketing firms such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum, etc., will every day set the new diesel price in India. The global price of crude oil is relative to the price of diesel oil in India and, based on the fluctuations of the price of crude oil in the global markets, the oil firms in India will set diesel prices. As we discussed above the diesel rate of Patna is previously updated fortnightly, but after June 2017 the price is updated on regular basis across all the cities including Patna in India. The daily shift in the diesel price is undertaken by the Indian oil firms. So it's suggested to review the current diesel price of Patna before fuelling your vehicle. Goodreturns.in helps you to search the latest and updated diesel prices on a daily basis. Before going to your workplace, it would be better if you kept an eye on daily updated diesel prices by visiting the site.    

Economy of the capital city of Bihar 

There are different factors influencing the price of diesel in Patna, but the international crude oil prices are the main element among them.

This is not the only part, however, that is used in defining the retail selling price of diesel in Patna. To make you properly consider, here is a comprehensive article that describes the different factors that influence Patna's diesel price and the form of fuel pricing system it uses. But before considering this let’s know the economy of Patna. In addition to being the capital, Patna is the largest city in the state of Bihar. It has a range of around 18 km and a length of 35 km. Patna is estimated to be the 19th largest city in India, with an approximate population of more than 2 million. The city is built on the banks of the Ganges River. It also interacts, therefore, with the Punpun, Gandak, and Sone rivers. Patna recognized as the second convenient area to set up a company, according to the World Bank. The city is estimated to be the 5th fast-growing city in India and the 21st in the world with massive growth. One of the main farming hubs and marketplaces in India has traditionally located in Patna. Sesame, medium-grained rice, barley, and sugar cane are among its effective exports. In addition, the city also has several sugar mills and is, in reality, a major business centre in Eastern India. Since 2005, the economy of Patna has exhibited continuous growth and is claimed to be the best in the FMCG (Fast-Moving Consumer Goods) region.   

Introduction of Dynamic Fuel Pricing Mechanism In Patna

The "dynamic fuel pricing" approach was implemented by the OMCs (Oil Marketing Companies) of the public sector on June 16, 2017, to adjust fuel prices on a regular basis depending on market dynamics and many other influences. On the first and sixteenth days of each month, petrol and diesel prices were revised before this concept was introduced. That's why it was dubbed "fortnight fuel pricing." It had a number of limitations, however, and the process of dynamic pricing was introduced to counter them. Diesel is used not only for transportation but also for infrastructure activities, unlike petrol. Fuel serves an important role in the economic survival of every nation. The Dynamic Fuel Pricing System (DFPS) is a factor that controls fuel prices in line with exchange rates and unrefined or crude oil prices on a daily basis. The price adjustment happens at 6:00 a.m daily. Before you fuel your vehicle, it is therefore exceedingly important to validate the price of diesel. All diesel dealers have been following this new fuel pricing model since 16 June 2017 in Patna. The dynamic fuel pricing strategy was adopted in India after conducting a 40-day pilot in five cities. Although authorities are unable to approach oil marketing firms (OMCs), the process thus ensures diesel price stability. Under this mechanism, it would be useful to disclose variations in crude oil prices and the exchange rate of INR / USD to end-users. Dealers are able to easily monitor their supplies and operating resources. The convergence of consumers with market conditions continues due to the mechanism of dynamic fuel pricing.  

What are the factors influencing the diesel rates in Patna?

The selling price of a litre of diesel is expressed in the profit (or loss) and processing costs as well as the shipment to the customers. Although the fuel prices in Patna are influenced by many factors, the main components involve:

  • Price of crude oil
  • Profit margin of the OMCs and Dealers of the fuel stations
  • Cost of refining
  • Cost of marketing and distribution
  • Applicable taxes

Not only does the market price for one litre of diesel vary from time to time, but it also varies depending on a location's geographical area.

Price of crude oil- One of the largest and main factors influencing the price of diesel is the price of crude oil. One of the main raw materials for refining diesel is crude oil. Currently, 75% of the requirements for crude oil in India are fulfilled by imports. Therefore, the main factors of determining the retail price of diesel are foreign exchange rates and imported crude oil prices. Global supply and demand, on the other hand, participate in establishing the price of crude oil as well. Global economic trends add a significant contribution to the rising market for crude oil products. As diesel is one of the major fuels used for transportation, the appetite for diesel is generally based on economic factors. 

OMCs- An oil manufacturing firm is solely liable for the manufacturing of crude oil. Usually, these firms are a fusion of both the private and public sectors. Carin India Limited, Reliance Industries Limited, etc. are the private companies, while the public sectors include ONGC (Oil and Natural Gas Corporation), Oil India, etc. Currently, only about 25 percent of India's crude oil requirements can be achieved by both companies, and the remaining is imported.  

 

 

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