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Diesel Price in India (18th June 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 ₹ 63.84 ₹ 63.84
Kolkata ₹ 65.76 ₹ 65.76
Mumbai ₹ 66.93 ₹ 66.93
Chennai ₹ 67.52 ₹ 67.53
Gurgaon ₹ 63.42 ₹ 63.42
Noida ₹ 63.17 ₹ 63.28
Bangalore ₹ 65.99 ₹ 65.99
Bhubaneswar ₹ 68.54 ₹ 68.40
Chandigarh ₹ 60.80 ₹ 60.80
Hyderabad ₹ 69.58 ₹ 69.58
Jaipur ₹ 66.20 ₹ 66.20
Lucknow ₹ 63.22 ₹ 63.30
Patna ₹ 67.42 ₹ 67.25
Trivandrum ₹ 68.69 ₹ 68.75

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 Rates in India Remains Flat Despite Strong Gains in Global Markets

The diesel prices in India remained firm despite edging up in the overseas markets amidst tightness in the oil industry.

The diesel rates in India were at Rs 63.84 per litre in New Delhi, Rs 65.76 per litre in Kolkata, Rs 66.93 per litre in Mumbai and at Rs 67.52 per litre in Chennai.

In the global markets, Brent has seen trading at $61.87 per barrel and West Texas Intermediate was at $52.36 per barrel.

The Thursday’s attack on two oil tankers near Iran and the Strait of Hormuz has boosted the crude prices to move up in the international market. The attack is the second one in a month and has occurred in a place which is very important for oil supplies escalating further tensions between the U.S. and Iran. Washington has blamed Iran for the attack which in turn has prompted for denial and criticism from Tehran.

Meanwhile, the U.S. Secretary of State Mike Pompeo stated that Washington will take all the necessary actions to guarantee safe navigation in the Middle East region. He also noted that the U.S. will continue to take actions that will deter Iran from engaging itself in this kind of behaviour.

17 June 2019
Diesel Rates in India Declines Amidst Tensions in Middle East Region

The diesel prices in India declined slightly despite edging up strongly in the overseas markets amidst attack on two oil tankers in the Gulf of Oman. The diesel rates in India were recorded at Rs 63.93 per litre in New Delhi, Rs 65.85 per litre in Kolkata, Rs 67.03 per litre in Mumbai and at Rs 67.62 per litre in Chennai.

In the international markets, Brent was seen trading at $62.01 per barrel, up by 0.44% and West Texas Intermediate was seen at $52.51 per barrel, up by 1.14%.

The recent attack on two oil tankers on the Gulf of Oman has pressurized the crude prices to surge up by more than 4%. This comes after a month of strikes on tankers on the coast of the United Arab Emirates and oil pumping stations in Saudi Arabia. The rising tensions in the Middle East region over a smooth supply of fuel has given a boost to the crude prices.

The U.S. has suspended its duty-free benefits for Indian exporters and in retaliation for the same, India has levied tariffs on a list of 29 U.S. products which was pending for a long time since June 16, because the country was in the middle of Lok Sabha Polls season.

The slowdown of the global economy added with the escalating trade war, Brexit issue has also led to the decline in the demand for crude in the oil industry.

Meanwhile, the Indian rupee was seen trading at 69.88 during the previous day’s close against the U.S. dollar. The petrol prices in Mumbai is mainly determined based on the rupee-dollar currency exchange rate and crude prices in the international market.

15 June 2019
Diesel Prices in India Declines Slightly Amidst Depreciating Rupee

The diesel prices in India declined lightly despite slight gains in the overseas markets amidst a rise in crude output. The diesel rates in India stood at Rs 64.33 per litre in New Delhi, Rs 66.25 per litre in Kolkata, Rs 67.45 per litre in Mumbai and at Rs 68.05 per litre in Chennai.

In the global markets, Brent has seen trading at $60.77 per barrel and West Texas Intermediate was at $51.52 per barrel.

The OPEC members decision to trim down crude by 1.2 million barrels per day (bpd) since the beginning of 2019 amidst oversupply of crude has impacted its prices in the international market. Added to this is the imposition of U.S. sanctions on Iran and Venezuela over its crude exports which has further worsened the situation.

The oil market is currently experiencing tightness which is the main reason behind surging crude rates in the international market. The crude prices have boosted by more than 30% so far in the global markets since the beginning of fiscal 2019.

The rise in crude stockpiles in the United States of America has helped its prices to cool off. As per the report from the U.S. Energy Information Administration (EIA), the crude stockpiles rallied up unexpectedly for a second week consecutively to touch 2.2 million barrels during last week after analysts had predicted a fall of 481,000 barrels.

Meanwhile, the Indian rupee value edged lower to touch 69.38 against the U.S. currency during today’s early trade session. The petrol prices in India is mainly decided based on international crude prices and the rupee-dollar exchange rate ratio.

13 June 2019
Diesel Prices in India Remains Still

The diesel prices in India remained firm despite depreciating in the global markets owing to the rise in crude production in the United States of America. The diesel rates in India were seen at Rs 64.39 per litre in New Delhi, Rs 66.31 per litre in Kolkata, Rs 67.51 per litre in Mumbai and at Rs 68.11 per litre in Chennai.

In the international markets, the crude benchmark Brent was seen trading at $61.02 per barrel, down by 2.04% and West Texas Intermediate was at $52.07 per barrel, down by 2.25%.

The U.S. crude inventories surged up by 4.9 million barrels for the week ending June 7 to touch 482.8 million barrels as per the data revealed by the American Petroleum Institute, yesterday. Analyst had expected that the crude production for the week will be 481,000 barrels.

The surprise rise in the production of crude in the United States has kept a tab on rising fuel prices amidst the escalation of trade tensions between the U.S. and China. The U.S. President – Donald Trump has stated that he was holding up a trade deal with the dragon country.

Meanwhile, the domestic Indian rupee was trading flat at 69.32 mark against the U.S. currency during today’s trade session ahead of the IIP numbers and inflation report which is scheduled to be released today.

12 June 2019
Diesel Rates in India Remains Unmoved

The diesel prices in India stood unmoved despite witnessing gains in the global markets amidst the continuation of supply cuts by OPEC + members. The diesel rates in India were seen at Rs 64.39 per litre in New Delhi, Rs 66.31 per litre in Kolkata, Rs 67.51 per litre in Mumbai and at Rs 68.17 per litre in Chennai.

In the global markets, crude benchmark – Brent stood at $62.63 per barrel, up by 0.55% and West Texas Intermediate was at $53.74 per barrel, up by 0.90%.

The OPEC members decision to trim down crude supply by 1.2 million dollars per day since the beginning of January 1, 2019, has paid off the price with crude gaining more than 30% in the international market, the ugly trade spat between the U.S. and China has also hurt the demand for fuel in the global markets. Added to this the resolution between the U.S. and its neighbour Mexico over the immigration issue and avoiding of the tariff has also supported its prices to move up.

On Monday, Russia stated that it may support the OPEC members decided to continue with the supply cuts. The OPEC non – member – Russia also warned that the oil prices will fall as low as $30 per barrel if the producers increase the quantum of crude supply to the oil industry.

Meanwhile, the Indian domestic rupee has appreciated against the U.S. dollar and was seen trading at 69.45 during today’s trade session. The rising rupee value against the dollar has helped to keep a tab on rising diesel prices in India.

11 June 2019
Diesel Rates in India Depreciates Amidst Appreciating Rupee

The diesel prices in India depreciated despite edging up in the overseas markets amidst rising concerns surrounding slowdown of the global economy. The diesel rates in India were recorded at Rs 64.39 per litre in New Delhi, Rs 66.31 per litre in Kolkata, Rs 67.51 per litre in Mumbai and at Rs 68.11 per litre in Chennai.

In the global markets, Brent was seen trading at $63.58 per barrel, up by 0.46% and West Texas Intermediate was at $54.29 per barrel, up by 0.56%.

The recent emerging weak economic data reports from the U.S. and other developing countries has created a sense of fears amongst the investor community. The slowdown of the economy of the world has impacted the growth of several countries across the globe.

The announcement of data from the General Administration of Customs data from China showed that the crude supply of China has declined to touch 40.23 million tonnes during May from its earlier record of 43.73 million tonnes during April. This comes in at a time when the country is embattled with the U.S. over trade tariff row over a period of one year. The trade tariff war has declined the growth rate of the economy of the dragon country.

The OPEC members decision to withhold additional supply of crude to the oil industry has also impacted crude prices in the overseas markets.

Meanwhile, the Indian rupee appreciated against the dollar and stood at 69.38 during today’s trade session. The rise in the value of Indian rupee has helped for the fall in diesel prices in India.

10 June 2019
Diesel Rates in India Slips Amidst Appreciating Rupee

The diesel prices in India slipped despite securing strong gains in the overseas markets amidst tightness in the oil industry over the smooth supply of crude. The diesel rates in India were recorded at Rs 64.65 per litre in New Delhi, Rs 66.57 per litre in Kolkata, Rs 67.79 per litre in Mumbai and at Rs 68.39 per litre in Chennai.

In the global markets, Brent was seen trading at $63.29 per barrel, up by 2.63% and West Texas Intermediate was at $53.99 per barrel, up by 2.66%.

The trade tensions between the U.S. and Mexico is likely to ease off as both the countries are in the midst of talks with each other and U.S. has withheld imposing tariffs on Mexican imported goods which were supposed to come into effect as on June 5, 2019.

The OPEC members decision to trim down the crude supply to the oil industry to the tune of 1.2 million dollars per day has led to the tightening of supply in the market apart from boosting the prices of oil in the international market. The move was initiated starting from January 1, 2019. Till date, the OPEC member countries are withholding additional supply of crude and are not willing to change their stance.

Russia, which is also a non-member of the OPEC has decided to change its stance with OPEC over what it constituted a fair price for oil. It’s President – Vladimir Putin stated that he would be taking a joint decision on the output at a policy meet which will take place in the coming weeks.

The appreciating value of Indian rupee has helped to keep a check on growing prices of diesel in India.

8 June 2019
Diesel Prices in India Declines Marginally

The diesel prices in India declined despite witnessing strong gains in the international market amidst likely postponement of trade tariffs on Mexican imported goods by the United States of America. The diesel rates in India were recorded at Rs 64.90 per litre in New Delhi, Rs 66.82 per litre in Kolkata, Rs 68.06 per litre in Mumbai and at Rs 68.66 per litre in Chennai.

In the global markets, Brent stood at $62.44 per barrel, up by 1.25% and West Texas Intermediate was at $53.24 per barrel, up by 1.24%.

The likely postponement of trade tariffs on Mexico by the United States of America has helped the crude prices to march up by over 1 per cent during today’s trade session amidst OPEC members decision to withhold supply cuts of crude to the oil industry.

Sentiments on oil demand stay dull as the trade tariff war between the U.S. and China is intensifying amidst signs of fresh data surrounding stalling of global economy emerges damaging investors sentiments.

The domestic India rupee inched up and stood at 69.23 mark against the dollar during today’s trade session. The move by the RBI to cut down key interest rates by 25 bps helped the rupee to edge up against the dollar.

7 June 2019
Diesel Rates in India Slips Lightly

The diesel prices in India slipped slightly following global cues amidst growing concerns surrounding the slowdown of the global economy. The diesel rates in India were at Rs 65.22 per litre in New Delhi, Rs 67.14 per litre in Kolkata, Rs 68.39 per litre in Mumbai and at Rs 69.00 per litre in Chennai.

In the global scenario, Brent was seen at $60.71 per barrel and West Texas Intermediate was at $51.73 per barrel.

The rise in the production of crude oil in the U.S. market has cooled down its prices in the international markets. As per the reports released by the Energy Information Administration (EIA), the production of crude in the U.S. hit a record 124.4 million barrels per day for the week ending May 31. The rise in the production of U.S. crude following the slowdown of the economy has dented the demand for fuel in the global markets.

The global economic growth, on the other hand, took a sharp fall last year before coming back to normalcy during early 2019, but as of now, the analyst are predicting that the economic growth will be stalled in coming days.

The appreciating Indian domestic rupee value, on the other hand, has also made the dollar-priced crude less costly. The value of Indian rupee has appreciated over the last few days and has strengthened amidst the announcement of Lok Sabha election results which witnessed the return of the NDA led government with an absolute majority.

6 June 2019
Diesel Rates in India Depreciates Further Following Global Trends

The diesel prices in India depreciated further amidst fall in global crude prices by over 1 per cent during today’s trade session amidst geopolitical tensions between the U.S. and Mexico. The diesel rates in India were seen trading at Rs 65.56 per litre in New Delhi, Rs 67.48 per litre in Kolkata, Rs 68.76 per litre in Mumbai and at Rs 69.36 per litre in Chennai.

In the overseas markets, Brent was seen trading at $60.40 per barrel, down by 1.44% and West Texas Intermediate was at $52.59 per barrel, down by 1.24%.

The straining of the relationship between the U.S. and its neighbour Mexico has led to the fall in global crude prices. Mexico announced yesterday, that it will reject the U.S. idea to take in Central American asylum seekers if it was raised at the talks this week with the U.S. President – Donald Trump, who threatened the tariff’s over illegal immigration.

The trade war with Mexico comes in at a time when the U.S. is already in a full-fledged trade war with China over a year till now which has badly impacted oil prices in the overseas markets.

The Indian domestic rupee edged up against the U.S. currency during today’s trade session. The rise in the value of rupee will make the dollar-priced crude less expensive and hence the diesel prices in India has declined slightly.

4 June 2019

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