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Diesel Price in India (20th August 2018)

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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 ₹ 69.04 ₹ 68.92
Kolkata ₹ 71.88 ₹ 71.76
Mumbai ₹ 73.30 ₹ 73.17
Chennai ₹ 72.93 ₹ 72.80
Gurgaon ₹ 69.84 ₹ 69.80
Noida ₹ 69.32 ₹ 69.19
Bangalore ₹ 71.30 ₹ 71.13
Bhubaneswar ₹ 73.94 ₹ 73.93
Chandigarh ₹ 67.12 ₹ 67.01
Jaipur ₹ 73.66 ₹ 73.46
Lucknow ₹ 69.14 ₹ 69.02
Patna ₹ 74.67 ₹ 74.22
Trivandrum ₹ 74.16 ₹ 73.86
Hyderabad ₹ 75.10 ₹ 74.97

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 Goes Up Again

The diesel prices in India surged up after the oil marketing companies increased their prices owing to oil industry volatility in the global scenario.

The diesel prices were recorded at Rs 69.04 per litre in New Delhi, Rs 71.88 per litre in Kolkata, Rs 73.30 per litre in Mumbai and at Rs 72.93 per litre in Chennai.

India mainly depends on oil imports which goes up to 80% in order to fulfil its domestic requirements. The crude oil prices in the international market were recorded at $65.19 per barrel – WTI and at $72.12 per barrel – Brent.

The crude oil prices apart from the dollar-rupee exchange rate act as major determinants to fix the fuel prices in India. The diminishing rupee against the dollar is likely to escalate the crude oil import bill which is all set to jump by $26 billion for 2018-2019.

20 August 2018
Diesel Prices Goes Up Again In India

The diesel prices in India has remained constant today despite the rise in the petrol prices in India. As of now, the diesel rates are recorded at Rs 68.86 per litre in New Delhi, Rs 71.70 per litre in Kolkata, Rs 73.10 per litre in Mumbai and Rs 72.75 per litre in Chennai.

The rise in the fuel prices has triggered inflation rates in the country. India is dependent on oil imports from abroad to meet its domestic requirements. Any change in the crude oil prices in the global scenario will have a repelling effect on the prices of fuel in India.

The crude oil prices edged up today with WTI at $65.21 per barrel, up by 0.51% and Brent at $71.83 per barrel, up by 0.56%.

The trade war between the two biggest economies in the world has turned murkier and this has impacted negatively on most of the developing countries in the Asian region. The strong dollar has weakened other local currencies across the globe thereby declining the purchasing power and demand for fuel.

The strong dollar raises the oil importing countries import bill apart from making the dollar-priced crude oil more expensive to buy for the holders of other countries currencies. With the declining rupee against the dollar, the country’s crude oil import bill is likely to jump by $26 billion for the fiscal 2018-2019 as stated by an Indian government official.

The value of rupee has slipped down to touch 70.32 per U.S. Dollar during the recent trading session which has lead to the rise in the retail selling price of petrol, diesel and cooking gas in the country.

18 August 2018
Diesel Prices in India Rallies Following Global Cues

The diesel prices in India were hiked up today following cues from the global market. The diesel rates in New Delhi was at Rs 68.86 per litre, at Rs 71.70 per litre in Kolkata, Rs 73.10 per litre in Mumbai and at Rs 72.74 per litre in Chennai.

The global crude oil prices surged up after China agreed to send its delegates to Washington to hold talks with the U.S. to resolve the ongoing trade tariff war which has escalated. The crude oil prices edged further as the risk aversion has eased out following the likely talks between the two major economies of the world.

WTI was at $65.68 per barrel, up by 0.34% and Brent at $71.75 per barrel, up by 0.45% during today’s trading session.

The country mainly depends on imports of crude oil to fulfil domestic requirements and hence the prices of diesel are dependent on global crude oil prices, dollar-rupee exchange rate and so on.

17 August 2018
Diesel Prices In India Increased Owing To Global Trends

The diesel prices in India has been increased since 6 am in the morning across all the fuel filling stations. The diesel rates after its hike were recorded at Rs 68.78 per litre in Delhi, Rs 71.62 per litre in Kolkata, Rs 73.02 per litre in Mumbai and Rs 72.65 per litre in Chennai.

The increasing prices of fuel is likely to trigger inflation rates in the country. Fuel is an essential commodity which is required for transportation purposes, rising fuel prices will lead to the rise in the prices of essential commodities as well.

Customers in India are reeling under the pressure as the surge in the fuel prices is creating a hole in their pockets hitting their savings to a great extent.

In the global scenario, the crude oil prices surged up due to the volatile environment. WTI Crude was seen at $65.11 per barrel, up by 0.15% and Brent was at $71.13 per barrel, up by 0.52% in the international market.

The U.S. intention to remove 1 billion barrel of Iranian oil from the market by early November as a part of its sanctions on the oil major, will impact crude oil prices and it may escalate to touch as high as $150 per barrel in the next 18 – 24 months in the global scenario.

16 August 2018
Diesel Prices Cut in India Amid Fall in Crude Oil Prices

The diesel prices in India has been cut today across all the states, city capitals, metropolitan cities after witnessing a surge in its prices in the last couple of days.

As of now, the diesel prices stand at Rs 68.72 per litre in New Delhi, down by 5 paise; at Rs 71.56 per litre in Kolkata, down by 5 paise; at Rs 72.96 per litre in Mumbai, down by
5 paise and at Rs 72.59 per litre in Chennai, down by 5 paise.

The cut in the diesel prices has bought cheers amongst the customers who otherwise had to bear the brunt due to the surge in the prices of fuel over the last few days in the country owing to geopolitical tensions which have led to the turmoil in the oil industry.

The escalating tensions between the U.S. and Iran is likely to take a toll on the fuel prices across the globe. As the U.S. is trying with all its efforts to persuade Iran’s oil customers to reduce their crude imports by as much as 1 million bpd, which is equal to approximately half of average Iran’s oil export volume in the last one year.

The U.S. sanctions on Iran which will come to effect by early November and the White House wants all the oil importing countries from Tehran to cut oil imports and bring it to zero as a part of its sanctions. Analysts believe that the move is likely to create havoc in the oil market as the fuel prices in the global market is likely to touch $90 per barrel in the second quarter of 2019. They also say that the complete cut of off oil supply from Iran is impossible and the effect will repel across the globe damaging the economy of the world.

Currently, the crude oil prices in the international market have slipped slightly and WTI was seen trading at $67.60 per barrel, down by 0.04% and Brent was at $72.64 per barrel, down by 0.23%.

13 August 2018
Diesel Prices Goes Up Again In India

The diesel prices of India were raised again for the second consecutive day raising concerns over the continuous supply of oil to the country. The diesel rates were recorded at Rs 68.71 per litre in New Delhi, Rs 71.55 per litre in Kolkata, Rs 72.94 per litre in Mumbai and at Rs 72.57 per litre in Chennai.

The residents of Mumbai pay the highest price for diesel followed by Chennai. The state governments will levy separate tax known as value added tax which differs from one state to another and hence the prices of fuel varies across the country.

The crude oil prices were up today during the trading session amid easing tensions over short-term supply of fuel for the oil importing countries. Analysts feel that the existing situation of lower prices and less demand growth is not going to last for a longer period of time.

The rates of crude oil in the international market is as follows WTI at $67.63 per barrel and Brent at $72.81 per barrel.

11 August 2018
Diesel Prices Surges Up In India

The diesel prices in India were increased by the state-run oil marketing companies despite a fall in the global crude oil prices.

The oil prices in India change on a regular basis as per the dynamic fuel pricing technique. The prices of diesel as on today across all the metropolitan cities stands at Rs 68.57 per litre in New Delhi, Rs 71.41 per litre in Kolkata, Rs 72.80 per litre in Mumbai and at Rs 72.43 per litre in Chennai.

This is the seventh hike in the diesel prices in the country. The diesel rates are increased despite the fall in the global crude oil prices. Brent was down by 0.72% at $71.55 per barrel and WTI was down by 0.55% at $66.47 per barrel.

The global oil prices sank owing to escalating trade tariff war between the U.S. and China which are all set to impose tariffs on each other over imported goods in the last few weeks.

India is an oil importing country, the country imports up to 80% of oil from the oil-producing countries. The U.S. sanctions on Tehran has led to the most of the oil importing countries to look out for an alternative source for continuous supply of crude oil to meet the domestic countries requirements.

10 August 2018
Diesel Prices Remains Constant in India Despite Fall in Crude Oil Prices

The diesel prices in India has remained fixed for the last two days in the country despite a fall in the rates of crude oil in the global market. The diesel prices stood at Rs 68.50 per litre in New Delhi, at Rs 71.31 per litre in Kolkata, at Rs 72.72 per litre in Mumbai and at Rs 72.35 per litre in Chennai.

The prices of diesel is comparatively less when compared to petrol prices in India. India is an oil importing country and up to 80% of oil is imported from foreign countries for meeting the domestic requirements.

Indian Oil Corporation, the country’s largest oil refinery is set to have purchased 6 million barrel of U.S. crude oil for delivery between November – January through a mini-term tender as a measure to replace Iran’s crude oil purchase.

The company is said to have purchased 2 million barrels of U.S. Mars, 1 million barrel of Mars and Eagle Ford each in a combination cargo slated for December delivery. Another 2 million barrels of Louisiana Light Sweet is set to be delivered during the month of January, next year.

The U.S. sanctions on Iran led India to look out for an alternative for the continuous supply of crude oil to meet the domestic requirements. Currently, the crude oil prices in the international market have declined owing to an increase in the supply of oil by OPEC member countries along with its ally Russia. Today Brent was trading at $72.06 per barrel and WTI was at $66.67 per barrel.

9 August 2018
Diesel Prices Remains Fixed in India

The diesel prices in the country remained stagnant today amid a surge in the prices of crude oil in the global market. As of now, the diesel is sold at Rs 68.50 per litre in New Delhi, at Rs 71.31 per litre in Kolkata, at Rs 72.72 per litre in Mumbai and at Rs 72.35 per litre in Chennai across all the petrol pumps in India.

The diesel rates were increased on a regular basis from past one week owing to the fluctuation in the fuel prices in the global market. The oil marketing companies in India regularly changes the fuel prices which comes into effect starting from 6 am in the morning in sync with the global fuel prices.

India is an importer of crude oil from oil-producing countries. It mainly depends on Iran for its crude oil supply. Iran is currently facing sanctions from the United States of America, which came into effect from 9:31 am (IST) on Tuesday after U.S. pulled itself out from the U.S – Iran Nuclear Deal.

The crude oil prices in the international market are inching towards $75 mark per barrel with WTI Crude trading at $69.24 per barrel, up by 0.10% and Brent Crude at $74.68 per barrel, up by 0.04%. Amidst an increase in the prices of the crude oil in the global market, analyst’s predict that the U.S. sanctions on Iran is likely to push the crude oil prices to touch $90 per barrel before the end of the year 2018.

8 August 2018
Diesel Prices Increased For Third Consecutive Day

The Diesel prices were hiked in the country for the third consecutive day in a row amid fall in the crude oil prices in the global market. Further hike in the fuel prices is likely to impact on inflation rates negatively.

The diesel costs Rs 68.20 per litre in Delhi, Rs 70.98 per litre in Kolkata, Rs 72.40 per litre in Mumbai and Rs 72.03 per litre in Chennai starting from 6 am in the morning today.

The state-run oil marketing companies in India changes the prices of fuel on a regular basis at 6 am in the morning as per the dynamic fuel pricing technique. India depends on oil importing countries to meet the needs of the domestic market.

The U.S. has pulled itself out of the U.S. - Iran Nuclear Deal and has sent an ultimatum to all the oil importing countries who depend on Iran for oil to stop procuring oil from Iran by November 4 as a part of its sanctions on Iran, this has led to the fluctuation of crude oil prices in the global market.

Starting from August 6, the first set of the U.S. sanctions on Iran will snap back and the White House is likely to set tough actions in the coming months, worsening the situation further.

To help the oil importing countries to overcome fuel crunch situation, Saudi Arabia along with other OPEC member countries have increased the oil production output to meet the global demands which have led to the downturn trend in the prices of fuel in the recent trading sessions.

Currently, Brent is down by 0.33% at $73.21 per barrel and WTI is down by 0.68% at $68.49 per barrel.

4 August 2018

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