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Diesel Price in India (17th February 2019)

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In India with effective from June 15, 2017, Diesel prices are to be revised daily. Earlier, Diesel prices used to change every two weeks. Day by day Diesel costs revision is an excellent move to take for various reasons. The first and the most significant about the change in Diesel price is that it enables you to effectively understand the alterations in day by day diesel price in India. At the point when Diesel price is modified or changed every two weeks, there will be a big difference in the price, which puts the big burden on the customer.

Today's Diesel Price in Indian Metro Cities & State Capitals

City Today Price Yesterday's Price
New Delhi ₹ 65.86 ₹ 65.73
Kolkata ₹ 67.64 ₹ 67.51
Mumbai ₹ 68.97 ₹ 68.83
Chennai ₹ 69.57 ₹ 69.44
Gurgaon ₹ 65.30 ₹ 65.38
Noida ₹ 65.04 ₹ 64.83
Bangalore ₹ 68.03 ₹ 67.90
Bhubaneswar ₹ 70.57 ₹ 70.48
Chandigarh ₹ 62.73 ₹ 62.61
Hyderabad ₹ 71.60 ₹ 71.46
Jaipur ₹ 68.16 ₹ 68.21
Lucknow ₹ 64.79 ₹ 64.89
Patna ₹ 69.21 ₹ 69.05
Trivandrum ₹ 70.96 ₹ 70.69

Factors affecting the price of Diesel in India

The oil marketing firms in India recently introduced the daily revision of diesel prices in India.

With the introduction of this rule in India, the price of diesel varies across India; there is a daily revision of retail fuel price in India.

The following are the major factors that affect the price of diesel in India

Cost of Crude Oil – The cost of crude oil is one of the major components which determines the diesel price across the globe. Worldwide demand and supply and economic conditions of crude oil determine the diesel prices. Low production rate, increase in international demand, and any political unrest in the crude oil producing countries of the world seriously affects diesel price.

Demand and Supply of Diesel Fuel – The fleet vehicles in the country mostly depends upon petrol. If the supply of petrol reduces as a result of refinery problem or lagging imports, diesel stocks may decline. If the transportation for the supply of diesel from one place to another place cannot support the flow of supplies, then the prices of diesel remain comparatively high. This affects the prices of diesel in India, which mainly depends on the export of diesel from foreign countries.

Tax Rates – The tax rates of diesel depends on the local government policies on imposing taxes on fuels. As and when the government of India raises the tax on fuels the oil companies will also increase the price of diesel in India to recover losses and to maintain the marginal profits in its oil business.

Rupee – The rupee-dollar exchange rate also acts as a factor which influences the diesel price in the country. Indian oil companies pay to the oil imported from other countries in terms of US dollars, but they incur expenses in terms of rupee. When the rupee value strengthens against the dollar and the price of the crude oil is declining, then the oil companies tend to gain and vice-versa.

Logistics – Logistics also acts as a factor which affects the pricing of the diesel in India. Diesel transported to longer distances to cities or regions farther from depots will be priced higher than the places nearer to the storage area of the oil companies. The difference may be huge between cities which are far from each other this is the reason behind the difference in prices of diesel in different cities across the country. For example, petrol price in Chennai is Rs. 66.84 per litre for January 24, 2018, and the same diesel price is Rs. 66.04 per litre in Kolkata.

Latest Updates on Diesel Price

Diesel Prices in India Rises Following Global Trends

The diesel prices in India were hiked amid a rise in global crude prices due to a decrease in its supply.

The diesel rates in India were recorded at Rs 65.86 per litre in New Delhi, Rs 67.64 per litre in Kolkata, Rs 68.97 per litre in Mumbai and at Rs 69.57 per litre in Chennai.

The crude rates in the global markets inched up following cut in its supply and hence WTI was at $55.98 per barrel, up by 2.17% and Brent was at $66.25 per barrel, up by 2.60%.

The progressing trade talks between the U.S. and China has helped the crude demand to edge up in the oil industry after its steep decline following the slowness of global economic growth.

The OPEC partner – Saudi Arabia has stated its intention to further trim down crude supply by half a million barrels per day (bpd) during the month of March. The fall in its supply has led to the rise in crude prices by close to 2 percent during yesterday’s trade session.

Meanwhile, in India, the Indian currency – Rupee was seen trading at 71.34 mark against the U.S. currency. The dollar-rupee exchange value also determines the diesel rates in India apart from the international crude prices.

16 February 2019
Diesel Prices in India Increases Marginally Amid Rallying Crude Rates

The diesel prices in India rose up amid rise in global crude prices due to the rise in investors concerns over global economic slowdown. The diesel rates in India were seen at Rs 65.73 per litre in New Delhi, Rs 67.51 per litre in Kolkata, Rs 68.83 per litre in Mumbai and at Rs 69.44 per litre in Chennai.

In the global scenario, the Brent was seen trading at $64.85 per barrel, up by 0.43% and WTI was seen trading at $54.58 per barrel, up by 0.31%.

The decline in the U.S. economy owing to the rise in the unemployment rates added with the recovery of Wall Street stocks led to the rise in global crude prices. The crude rates edged up by 20 percent this fiscal, mainly due to the cut in supply by Organization of Petroleum Exporting Countries (OPEC) to avoid supply glut.

The slowdown of the global economic growth has had its own impact on crude’s demand and supply in the oil industry. Analysts feel that the fuel demand will decline in the coming days owing to lack of demand.

Meanwhile, the rupee dipped further against the U.S. dollar during today’s early trade session and was seen trading at 71.40 mark.

15 February 2019
Diesel Prices in India Gains Marginally Following Global Trends

The prices of diesel in India gained marginally following global trends amid fall in crude supply by OPEC led member countries and slowdown of the global economy. The diesel rates in India were seen at Rs 65.67 per litre in New Delhi, Rs 67.45 per litre in Kolkata, Rs 68.76 per litre in Mumbai and at Rs 69.37 per litre in Chennai.

The crude prices in the international market stood shot up with WTI at $54.38 per barrel and Brent was at $64.32 per barrel.

The trade tariff war between U.S. and China, which had escalated to peak during fiscal 2018, is likely to be settled amicably between the world’s largest economies and this has helped the crude prices to rally up.

Meanwhile, the U.S. crude oil output remained at its peak at a record 11.9 million barrels per day (bpd).

The International Energy Agency in its report has stated that the global crude demand for current fiscal will grow by 1.4 million bpd whereas for non-OPEC supply will rise by 1.8 million bpd.

Meanwhile, the Indian rupee declined against the U.S. currency and was seen trading at 70.89 mark during today’s early session.

14 February 2019
Diesel Rates in India Remains Flat Despite Crude Gaining Edge Globally

The diesel prices in India remained flat despite the rise in crude rates in the international market amid fall dip in crude supply by OPEC led member countries. The diesel rates in India were seen at Rs 65.62 per litre in New Delhi, Rs 67.40 per litre in Kolkata, Rs 68.71 per litre in Mumbai and at Rs 69.32 per litre in Chennai.

In the global scenario, the West Texas Intermediate (WTI) was seen trading at $53.62 per barrel and Brent stood at $63.03 per barrel.

The recent sanctions on Venezuela’s oil firm by the United States of America added to the trimming of crude supply by OPEC member countries has led to the rallying of crude prices in the global market which otherwise had fallen below $60 per barrel.

Now Venezuela has tried to find out alternative customers and is trying to export crude to Asian countries. But most of the countries are shying away from securing crude from PDVSA which is currently facing sanctions from the U.S. as most of the Asian countries are wary to face wrath from the United States of America.

Analysts are predicting that currently, the global oil markets have remained well supplied despite the crisis in Venezuela and trimming of crude supply by OPEC member countries.

Meanwhile, the Indian domestic rupee continued to gain against the U.S. currency and stood at 70.58 mark against the dollar. The rise in the value of rupee against the U.S. dollar is a positive sign for India’s economy.

13 February 2019
Diesel Prices in India Remains Firm

The diesel prices in India remained firm despite the rise in crude rates in the global market. The diesel rates in India were recorded at Rs 65.62 per litre in New Delhi, Rs 67.40 per litre in Kolkata, Rs 68.71 per litre in Mumbai and at Rs 69.32 per litre in Chennai.

In the global scenario, the crude benchmark – Brent was seen trading at $61.83 per barrel and West Texas Intermediate stood at $52.67 per barrel.

The recent U.S. sanctions on Venezuela’s oil firm has halted its crude exports to the United States and this has led to the rise in global crude rates added to the trimming of fuel supply by the OPEC led member countries.

The slowdown of the global economy added with the fall in fuel demand has worried those nations which mainly depend on crude exports for managing their country’s economy.

In India, the rupee value edged up against the U.S. currency and was seen trading at 70.78 mark, during today’s trade session. The rise in the rupee value has helped the fuel prices to remain stagnant in India.

12 February 2019
Diesel Prices in India Gains Slightly Despite Being Firm in Global Scenario

The diesel prices in India gained slightly despite being firm in the overseas market amid the slowdown of global economic growth. The diesel rates in India were recorded at Rs 65.62 per litre in New Delhi, Rs 67.40 per litre in Kolkata, Rs 68.71 per litre in Mumbai and at Rs 69.32 per litre in Chennai.

In the global scenario, the Brent was seen trading at $61.97 per barrel and WTI was at $52.33 per barrel.

The slow progress in the talks between the U.S. and China trade talks has raised concerns about the fuel demand in the coming days. In the United States of America, the energy firms have increased the total number of rigs operating for the second time in a time span of three weeks. It is unsure if the oil market is ready to absorb the supply of crude amid a dip in demand for crude.

The OPEC member countries along with its non-partner member Russia has cut down the crude supply to market with an intention to support crude prices and to prevent supply glut in the oil industry.

The Indian rupee rose up against the U.S. currency and was seen trading at 71.31 mark, up by 14 paise. The rise in the rupee value will make the dollar-priced crude less expensive for purchase.

11 February 2019
Diesel Prices in India Depreciates Slightly Following Global Cues

The prices of diesel stood still despite depreciating crude rates in the global scenario owing to growing concerns over the slowing of the global economy. The diesel rates in India were recorded at Rs 65.56 per litre in New Delhi, Rs 67.34 per litre in Kolkata, Rs 68.65 per litre in Mumbai and at Rs 69.25 per litre in Chennai.

In the global scenario, Brent was seen trading at $61.70 per barrel and WTI was at $52.34 per barrel.

The looming concerns over economic slowdown are likely to hit oil demand in the coming days amid worries surrounding trade tariff war between the U.S. and China which is yet to end with a positive note. The surge in the U.S. crude oil production level to meet the growing global demands has worried the markets as they are unsure if the demand is sufficient to absorb the rising crude output production in the U.S.

The world is witnessing both highs and lows of economic growth of major economic countries, while the U.S. reported robust job data and on the other hand, China reported lowest annual economic growth for the first time since the 1990s. The trade tariff war which escalated between the Sino-U.S. has injured the dragon countries economy badly.

Meanwhile, the rupee value rallied up against the U.S. dollar and was seen trading at 71.31 mark during today’s trade session. The rise in the rupee value against the U.S. currency will make the dollar-priced crude less expensive for purchase.

8 February 2019
Diesel Prices in India Rises Slightly Despite Fall in Global Crude Rates

The diesel prices in India rose up despite witnessing fall in the global market amid a slowdown of the global economy. The diesel rates in India were seen at Rs 65.56 per litre in New Delhi, Rs 67.34 per litre in Kolkata, Rs 68.65 per litre in Mumbai and at Rs 69.25 per litre.

The crude benchmark – Brent was seen trading at $62.53 per barrel and WTI was seen at $53.81 per barrel. The rise in U.S. crude inventory has helped in the decline of international crude prices during today’s trade session.

A report from Energy Information Administration revealed that the U.S. crude oil inventories surged up by 1.3 million barrels to touch 447.21 million barrels, for the week ending February 1.

The slowdown of the global economy is likely to weigh on the rise of fuel demand in the coming months. The Chinese economy has declined for the first time since the 1990s and Germany’s industrial output showed a decline in December, fourth monthly consecutive fall in a row.

7 February 2019
Diesel Prices Remains Flat Despite Strong Global Gains

The diesel prices in India remained flat despite gaining an edge in the global scenario owing to trimming of crude supply by OPEC member countries. The diesel rates in India were seen at Rs 65.51 per litre in New Delhi, Rs 67.29 per litre in Kolkata, Rs 68.59 per litre in Mumbai and at Rs 69.20 per litre in Chennai.

The ongoing slow down of the global economy has weighed heavily on market sentiments amid tightening of global crude supply. Investors have now set their eyes on the Union address by President Donald Trump.

Crude benchmark – Brent was seen trading at $61.35 per barrel and WTI stood at $53.07 per barrel in the global markets, up from its previous market prices.

The recent U.S. sanctions on Venezuela has helped the crude prices to shoot up in the international scenario.

Meanwhile, the Indian domestic rupee surged up against the U.S. dollar and was seen at 71.49 mark. The positive opening in the domestic stock market added with fresh foreign fund inflows helped the domestic rupee to march up against the U.S. currency.

6 February 2019
Diesel Prices In India Depreciates Further Amid Rise in Crude Rates

The diesel prices in India depreciated further despite the rise in global crude prices owing to cut in its supply by OPEC member countries and U.S. sanctions on Venezuela’s oil firm. The diesel rates in India were recorded at Rs 65.61 per litre in New Delhi, Rs 67.29 per litre in Kolkata, Rs 68.59 per litre in Mumbai and at Rs 69.20 per litre in Chennai.

In the global market, the crude benchmark Brent was seen trading at $62.94 per barrel and WTI stood at $56.12 per barrel.

The OPEC member countries along with its partner country – Russia has decided to cut down oil production starting from this month to help the rise in crude prices amid a supply glut.

The ongoing global economic uncertainties and prospects of the future global growth demand have been shrouded by the U.S. - China trade tariff war added with poor economy of China which has slowed down for the first time since the 1990s.

Meanwhile, the Indian rupee gained sharply against the U.S. dollar and was seen trading at 71.67, up by 13 paise during today’s trade session. The rise in domestic rupee will make dollar-priced crude less expensive for purchase.

5 February 2019

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