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Diesel Price in India (17th December 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 ₹ 64.38 ₹ 64.50
Kolkata ₹ 66.14 ₹ 66.26
Mumbai ₹ 67.38 ₹ 67.50
Chennai ₹ 67.97 ₹ 68.10
Gurgaon ₹ 64.26 ₹ 64.23
Noida ₹ 63.73 ₹ 63.91
Bangalore ₹ 64.73 ₹ 64.86
Bhubaneswar ₹ 69.11 ₹ 69.24
Chandigarh ₹ 61.30 ₹ 61.41
Hyderabad ₹ 69.97 ₹ 70.10
Jaipur ₹ 66.93 ₹ 66.49
Lucknow ₹ 63.64 ₹ 63.81
Patna ₹ 67.67 ₹ 67.93
Trivandrum ₹ 69.08 ₹ 69.34

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 Trimmed Following Global Cues

The diesel prices in India were cut marginally following a slump in global crude prices owing to surplus availability. The diesel rates in India were recorded at Rs 64.50 per litre in New Delhi, Rs 66.26 per litre in Kolkata, Rs 67.50 per litre in Mumbai and at Rs 68.10 per litre in Chennai.

The crude prices dipped in the international market owing to surplus availability of crude in the oil industry. Brent was seen trading at $60.28 per barrel, down by 1.90% and WTI was at $51.20 per barrel, down by 2.62%.

The U.S. Sanctions on Iran which was supposed to bring down Iran’s crude export to zero got a temporary relief for a few days. Currently, Tehran can supply crude to six countries temporarily after the United States of America granted the oil major slight relief over the sanctions. This added with extra crude production by OPEC member countries led by Saudi Arabia and Russia has added surplus crude to the oil industry.

The rise in crude production by Venezuela is likely to slow a free fall in Venezuela’s output which witnessed a drop in the production output to the lowest level since the last 70 years.

Meanwhile, the fall in the Indian rupee against the dollar has made crude more expensive for the country and accordingly, the rupee was seen at 71.92 mark against the U.S. dollar.

15 December 2018
Diesel Prices in India Cut Despite Decline of Crude Prices Globally

The diesel prices in India were cut despite the crude prices being steady in the global market. The diesel rates in India were seen at Rs 64.57 per litre in New Delhi, Rs 67.58 per litre in Mumbai, Rs 66.33 per litre in Kolkata and at Rs 68.18 per litre in Chennai.

The prices of crude eased today after edging over 2 percent during yesterday’s session. Analysts predict that the market is likely to tighten further during the second quarter of 2019 as the OPEC member countries along with its non – OPEC member has decided to cut down crude supply starting from January 2019. The oil major – Saudi Arabia is all set to trim down 10.2 million barrels per day (bpd) of crude supply to the oil market.

The crude oil benchmark – Brent was seen trading at $61.07 per barrel, down by 0.62% and WTI by $52.35 per barrel, down by 0.44%.

Meanwhile, the Indian rupee gained during today’s session against the U.S. dollar and was seen at 71.80 mark. The rupee gained after the government of India appointed Shaktikanta Das as the RBI Governor after the shocking exit of Urijit Patel before the completion of his tenure. The new governor is likely to tackle the issues promptly and swiftly which is currently haunting the banking sector in India.

14 December 2018
Diesel Rates in India Remains Even Amid Rise in Global Crude Prices

The diesel prices in India remained flat despite the crude prices rising up in the global scenario due to the cut in its supply starting from January 2019. The diesel rates in India was at Rs 64.66 per litre in New Delhi, Rs 67.40 per litre in Kolkata, Rs 67.66 per litre in Mumbai and at Rs 68.26 per litre in Chennai.

The decision of the OPEC member countries along with its non – OPEC member partner to cut down the global supply of crude starting from January 2019 has helped its prices to climb up and hence Brent was seen trading at $60.97 per barrel, up by 1.28% and WTI was at $52.31 per barrel, up by 1.28%.

The U.S. President, Donald Trump stated that the country is in talks with China to defuse the trade tariff war which dwindled the global economic growth rate and shook most of the developing countries economies.

In India, the domestic rupee tumbled again against the dollar during today’s trade session and was seen at 72.04 mark. The RBI Chief’s sudden exit followed by yesterday’s poll results weakened the rupee further during today’s trading session. The weak rupee makes dollar-priced crude costlier.

12 December 2018
Diesel Rates in India Slips Following Global Cues

The diesel rates in India slipped again following cues from the global market wherein the crude prices declined ahead of the cut in global crude supply in the coming days. The diesel prices in India were seen at Rs 64.66 per litre in New Delhi, Rs 66.40 per litre in Kolkata, Rs 67.66 per litre in Mumbai and at Rs 68.26 per litre in Chennai.

In the global market, the crude prices dipped due to the weak market as the OPEC member countries have decided to cut the supply of crude to the market by 1.2 million barrels per day (bpd) starting from January 2019. Brent was seen trading at $59.89 per barrel and WTI was at $50.98 per barrel.

The likely cut in the oil supply to the industry has raised concerns over the future prices of crude in the oil industry.

In India, the sudden exit of the RBI Governor – Urjit Patel, has led to the fall in the rupee value against the dollar and was seen trading at 71.98 mark. The fall in the rupee against the dollar makes the crude purchase costlier for India and this will eventually impact the current account deficit of India.

11 December 2018
Diesel Prices in India Dips Despite Cut in Crude Production

The diesel prices in India dipped further despite the rise in global crude prices as the OPEC member countries decided to cut the crude supply starting from January 2019. The diesel rates in India were seen at Rs 64.82 per litre in New Delhi, Rs 66.55 per litre in Kolkata, Rs 67.81 per litre in Mumbai and at Rs 68.41 per litre in Chennai.

The OPEC members meet which concluded in Vienna agreed to trim down the crude production as currently, the oil industry is witnessing crude surplus. The move helped the crude prices to march up in the global scenario.

As per the agreement, the OPEC member countries will cut 8,00,000 barrels per day (bpd) of crude production, Russia is likely to decline 1.2 million barrels per day (bpd) and other countries who are not affiliated with the OPEC group will trim 4,00,000 bpd of crude.

The Indian rupee which was appreciating against the dollar in the past few days is currently declining on a regular basis and today it was seen at 71.32 mark against the U.S. dollar. The rise in the global crude prices added with the slowdown of the global economic growth has led the fall in the value of rupee against the dollar.

10 December 2018
Diesel Prices in India Declines Amid Fall in Rupee Value

The diesel prices in India were down despite scaling up in the global market amid the production cut by OPEC member countries. The diesel prices in India were at Rs 65.30 per litre in New Delhi, Rs 67.03 per litre in Kolkata, Rs 68.32 per litre in Mumbai and at Rs 68.93 per litre in Chennai.

After two days of marathon meet, the OPEC member countries decided to slash the oil output due to the abundant supply of crude in the oil market. The oversupply of oil led to the fall in crude prices. With an intention to support crude prices, the oil majors decided to trim down the crude supply despite pressure from the U.S. President to keep the fuel prices low.

As the OPEC decided to go ahead with the slashing of supply supported by its members the crude prices in the global market rose up with Brent at $61.67 per barrel, up by 2.68% and WTI at $52.61 per barrel, up by 2.18%.

The producers club will cut 0.8 million barrels per day (bpd) of oil from January 2019 and its non – OPEC partners will cut 0.4 million barrels per day.

The move led to the fall of the Indian domestic rupee against the dollar as crude is measured in terms of dollars. The Indian rupee was seen trading at 71.38 mark against the U.S. dollar.

8 December 2018
Diesel Prices in India Sinks Further

The diesel prices in India fell amid fall in global crude prices owing to supply cut by OPEC member countries. The diesel rates in India were seen at Rs 65.55 per litre in New Delhi, Rs 67.28 per litre in Kolkata, Rs 68.59 per litre in Mumbai and at Rs 69.19 per litre in Chennai.

The OPEC member’s decision to trim down the crude supply owing to oversupply in the oil industry has led to fall in crude prices in the global market. With this Brent is seen trading at $59.41 per barrel, down by 1.08% and WTI was at $50.94 per barrel, down by 1.07%.

The OPEC member countries meet which is currently ongoing in Vienna is likely to arrive at the volume of crude which is supposed to be cut from the current supply to the oil importing countries. Yesterday, the member countries could not arrive at a decision as Russia remained at the sticking point and hence today’s meet will focus on the supply reduction.

Meanwhile, the Indian domestic rupee appreciated against the U.S. dollar by 34 paise during today’s trade session and was seen trading at 70.56 mark.

7 December 2018
Diesel Rates in India Trimmed Following Fall in Global Crude Prices

The diesel prices in India declined further amid the fall in global stocks markets which in turn impact on the crude prices in the international market. The diesel rates in India stood at Rs 65.96 per litre in New Delhi, Rs 67.69 per litre in Kolkata, Rs 69.02 per litre in Mumbai and at Rs 69.63 per litre in Chennai.

The arrest of Huawei’s executive led to the tumbling of Dow Jones Future and this, in turn, led to the fall in global crude prices in the global market. The crude benchmark, Brent was seen trading at $61.04 per barrel and WTI was at $52.45 per barrel.

Apart from this, the upcoming OPEC meet is likely to cut down the crude supply to the oil industry which is currently flooded with surplus crude supply after the U.S., OPEC member countries upped their ante and produced more crude to provide uninterrupted fuel supply to the oil importing countries.

The fall in the global markets has also affected the stock markets in India, both Sensex and Nifty slipped by few points during today’s trade session. The RBI’s move to keep the repo rate unchanged led to the further depreciation of Indian rupee against the U.S. dollar and was seen trading at 71.04 mark during today’s trade session.

6 December 2018
Diesel Prices in India Remains Same Despite Likely Cut In Crude Supply

The diesel prices in India were firm despite edging up in the global scenario owing to supply cut. The diesel rates in India were recorded at Rs 66.39 per litre in New Delhi, Rs 68.12 per litre in Kolkata, Rs 69.48 per litre in Mumbai and at Rs 70.09 per litre in Chennai.

The rise in crude production by OPEC member countries also with the U.S. has bore fruitful results. Currently, the oil industry is flooded with crude supply and this has helped the crude prices to plunge across the globe, bringing in a major relief to end users.

Currently, Brent was seen trading at $61.24 per barrel and WTI was at $52.59 per barrel.

To end the crude prices to fall further, the OPEC member countries led by Saudi Arabia has decided to trim down the crude supply in its upcoming meet which is scheduled to take place on December 6, in Vienna. The U.S. President, Donald Trump has heavily criticized the move and has pressurized the kingdom nation to keep the prices lower. He even blamed the oil major for rising fuel prices.

Meanwhile during today’s trade session, the Indian rupee slipped further against the U.S. dollar and was seen trading at 70.51 mark.

5 December 2018
Diesel Prices in India Slip Further Amid Depreciating Rupee

The diesel prices in India fell further despite the rise in global crude prices amid an oversupply of crude. The diesel rates in India were recorded at Rs 66.39 per litre in New Delhi, Rs 68.12 per litre in Kolkata, Rs 69.48 per litre in Mumbai and at Rs 70.09 per litre in Chennai.

The truce between the U.S. and China to end the ongoing trade tariff war helped the crude prices to surge up in the international market. Brent was seen trading at $62.88 per barrel, up by 1.93% and WTI was at $53.98 per barrel, up by 1.95%.

Apart from this, the OPEC member countries are likely to cut the crude supply and the decision related to the same will be arrived at the upcoming OPEC meet which is scheduled to take place on December 6 in Vienna. The abundant supply of crude in the market has forced the OPEC member countries apart from their non – OPEC member partner – Russia, to cut down the crude supply.

Meanwhile, the Indian rupee depreciated during today’s trade session and was seen trading at 70.48 mark against the U.S. dollar.

4 December 2018

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