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Diesel Price in India (19th January 2020)

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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 ₹ 68.45 ₹ 68.61
Kolkata ₹ 70.81 ₹ 70.97
Mumbai ₹ 71.77 ₹ 71.94
Chennai ₹ 72.33 ₹ 72.50
Gurgaon ₹ 67.18 ₹ 67.21
Noida ₹ 68.72 ₹ 68.83
Bangalore ₹ 70.77 ₹ 70.90
Bhubaneswar ₹ 73.59 ₹ 73.48
Chandigarh ₹ 65.16 ₹ 65.31
Hyderabad ₹ 74.63 ₹ 74.81
Jaipur ₹ 73.58 ₹ 73.96
Lucknow ₹ 68.62 ₹ 68.63
Patna ₹ 73.15 ₹ 73.55
Trivandrum ₹ 73.38 ₹ 73.87

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 Dips in India

The diesel prices in India declined despite firm crude rates in the global platform as Chinese economy offsets trade optimism.

The diesel rates in India was spotted trading at Rs 68.61 per litre in New Delhi, Rs 70.97 per litre in Kolkata, Rs 71.94 per litre in Mumbai and Rs 72.50 per litre in Chennai.

In the global platform, Brent futures were seen at $64.85 per barrel and West Texas Intermediate (WTI) futures was at $58.54 per barrel.

The slow growth of Beijing’s economy has indeed left a question mark on the future of crude demand despite the recent signing of the trade settlement agreement between the United States of America and China, this Wednesday. 

As per the government reports, the Chinese economy expanded by 6.1% for fiscal 2019, which marks its slowest growth so far for over 29 years. 

China is considered as the biggest consumer of fuel in the globe. The settlement of trade dispute had renewed hopes of upliftment of crude demand which had witnessed a contraction for over 18 long months owing to an ugly trade war which wounded global financial markets, creating fear amongst investors community. 

Despite weak economic growth, the surge in the fuel demand in Beijing as seen in the refinery throughput figures has helped to keep the hopes alive on the rise in the outlook for crude demand in the coming months. 

18 January 2020
Diesel Prices in India Falls Amidst Weak Global Forecast For Fuel In Fiscal 2020

The diesel prices in India continued to fall following cues from the global markets amidst a weak forecast for oil in 2020. The diesel rates in India was seen trading at Rs 68.77 per litre in New Delhi, Rs 71.13 per litre in Kolkata, Rs 72.11 per litre in Mumbai and Rs 72.67 per litre in Chennai.

In the global platform, Brent was seen trading at $64.61 per barrel, down by 0.02% and West Texas Intermediate (WTI) was at $58.49 per barrel, down by 0.05%.

The weakening economy of Beijing, which is considered as one of the biggest consumers of fuel in the world has raised concerns over the future of fuel demand which has weighed on its priced during today’s trade session. China reported fourth quarter and fiscal 2019 results and announced that for the fourth quarter, the growth factor expanded by 6% from a year earlier, whereas for the full – the year of 2019, the expansion was 6.1%, marking the slowest growth in the past 29 years as per the government data.

On Wednesday, the U.S. and China signed the trade deal to end the dispute which ruined the global financial markets apart from dragging the global economy towards the verge of recession. Traders had hoped that the settlement of the deal will improve the global demand for oil and this, in turn, will also increase its prices.

Apart from this, the International Energy Agency (IEA) has offered a dim view of the fuel markets outlook for fiscal 2020. The agency has forecasted that the crude supply will exceed the demand for crude from the OPEC member group even though the members are fully compliant in their agreement with Russia and other members to restrain output.

17 January 2020
Diesel Prices in India Cut Slightly

The diesel prices in India were cut slightly despite arise in the fuel rates in the global platform after the U.S. and China inked the trade deal. The diesel rates in India were recorded at Rs 68.92 per litre in New Delhi, Rs 71.29 per litre in Kolkata, Rs 72.27 per litre in Mumbai and Rs 72.89 per litre in Chennai.

In the global markets, the crude benchmark – Brent was seen trading at $64.50 per barrel, up by 0.76% and West Texas Intermediate (WTI) was at $58.27 per barrel, up by 0.80%.

The prolonged trade tariff war had declined the demand for crude which resulted in OPEC and its member groups to cut the fuel supply to the global markets till now. The signing of the Phase One trade deal between the U.S. and China is likely to improve the demand factor for oil in the coming days, which weighed on fuel prices during today’s trade session.

Yesterday, the U.S. President – Donald Trump and Chinese Vice Premier – Liu He, inked on the Phase One Trade Deal in White House, ending the tit for a tat trade war which led to the slow down of the global economy over the last one and half year.

The surprise contraction in the U.S. crude inventories also impacted on today’s fuel prices. As per the official reports from the Energy Information Administration (EIA), the U.S. oil inventories declined sharply by 2.5 million barrels as against the analyst’s expectations of a fall of 500,000 barrels.

Meanwhile, the domestic Indian rupee opened a bit higher at 70.79 against the U.S. dollar compared to its previous close of 70.82 owing to the signing of the trade agreement which is expected to push for the global economic growth.

16 January 2020
Diesel Prices in India Stand Still Amidst Improving Oil Demand

The diesel prices in India stood still despite the rise in global crude prices as investors focus shifts towards the signing of the trade settlement agreement between the U.S. and China, tomorrow in Washington. The diesel rates in India today was spotted trading at Rs 69.06 per litre in New Delhi, Rs 71.43 per litre in Kolkata, Rs 72.42 per litre in Mumbai and Rs 73.04 per litre in Chennai.

In the overseas markets, Brent was trading at $64.28 per barrel, up by 0.12% and West Texas Intermediate (WTI) was at $58.11 per barrel, up by 0.05%.

The signing of the much-awaited Phase One trade deal between the U.S. and China has supported the oil prices. The move to settle the dispute marks a major step to end the feud which has cut the global growth and diminished the demand for fuel.

The waning tensions in the Middle East region have also attributed to the rally in the equities markets, cheering the investor community at large, which had earlier taken refuge in gold amidst uncertainty.

A Reuters poll showed on Monday, that the U.S. Crude oil inventories are likely to fall this week, which again weighed on today’s fuel prices.

China’s crude oil imports during fiscal 2019 improved by nearly 10 per cent as against its previous year’s close owing to growth in demand from new mega refineries as per the customs data.

Meanwhile, the rupee value opened higher at 70.73, up by 13 paise against the U.S. dollar today after some selling in American currency by exporters and banks.

14 January 2020
Diesel Prices in India Declines As Trade Optimism Between U.S. and China Grows

The diesel prices in India declined following hints from the global markets amidst relaxing tensions in the Middle East region. The diesel rates in India were spotted at Rs 69.06 per litre in New Delhi, Rs 71.43 per litre in Kolkata, Rs 72.42 per litre in Mumbai and Rs 72.98 per litre in Chennai.

In the overseas markets, Brent was seen trading at $65.04 per barrel and West Texas Intermediate (WTI) was at $59.15 per barrel.

The receding strain between the U.S. and Iran over the recent conflict which resulted in the death of Iran’s military commander and subsequent retaliation by Tehran’s military forces targeting U.S. forces located at Iraq’s airbase had promoted the fuel prices to hit a record high.

The erasing signs of conflict between the United States of America and Iran have supported the oil prices to decline in the global markets as investors focus has shifted towards the settlement of trade agreement between the U.S. and China which will be signed on January 15, 2020, in Washington.

The 18 – month long trade spat between the two major economies resulted in the slow down of the global economy amidst creating a sense of fear amongst the investor community across the world. The signing of the settlement agreement is likely to improve the demand for oil in the coming days.

Meanwhile, the rupee continued to strengthen against the dollar and opened at 70.79 today as against the previous close of 70.94.

13 January 2020
Diesel Rates Hiked Again in India

The diesel prices in India today is up again even though crude rates fell in the global platform over softening tensions between the U.S. and Iran. The diesel rates in India was spotted trading at Rs 69.17 per litre in New Delhi, Rs 71.54 per litre in Kolkata, Rs 72.54 per litre in Mumbai and Rs 73.26 per litre in Chennai.

In the international markets, the crude benchmark – Brent slipped to touch $64.98 per barrel, down by 0.60% and West Texas Intermediate (WTI) was at $59.04 per barrel, down by 0.87%.

In a surprise move on January 3, 2020, the U.S. drone-based airstrikes led to the death of top military commander who was accused of orchestrated attacks on the U.S. forces in the Middle East region.

In retaliation, Iran launched 16 missiles in response to the U.S. killing its military personnel towards air bases in Iraq which hosts U.S. military group. While launching missiles, one of it has accidental hit Ukraine bound passenger plane killing everyone on board. Today, Tehran admitted that its national armed forces had targeted the passenger plane unintentionally.

Meanwhile, the smooth supply of oil in the global markets has helped its prices to decline in the overseas markets.

11 January 2020
Diesel Prices Gains Again In India

The diesel prices in India gained lightly amidst fall in the oil rates in the international markets as tensions between the U.S. and Iran eases. The diesel rates in India were seen trading at Rs 69.05 per litre in New Delhi, Rs 71.42 per litre in Kolkata, Rs 72.41 per litre in Mumbai and Rs 72.97 per litre in Chennai.

In the global platform, Brent was seen trading at $65.18 per barrel, down by 0.29% and West Texas Intermediate (WTI) was at $59.37 per barrel, down by 0.32%.

The signs of easing tensions have helped the oil prices to decline and equity markets to rally new highs as investors opt for greater risk after the U.S. and Iran move to de-escalate tensions which had threatened to disrupt global peace.

The surprise U.S. drone attacks which resulted in the death of Iran’s top military commander speculated war between the U.S. and Iran, escalating further tensions amidst sending shock waves across the stock markets.

Currently, the oil prices are much below where they were before the U.S. drone strikes which killed Qassem Soleimani.

The U.S. President – Donald Trump announced that he ordered killing the top military commander of Tehran as he was looking up to blow the U.S. embassy in Iraq.

Meanwhile, the rupee value continued to strengthen against the dollar as it traded near day’s high at 71.09, up by 12 paise due to buying seen in the domestic equity markets.

10 January 2020
Diesel Prices in India Marches Up Despite Calming Middle East Tensions

The diesel price in India marched up slightly despite tumbling crude rates in the global platform as tensions between the U.S. and Iran soothes giving the markets the much-needed relief. The diesel rate in India was seen trading at Rs 68.94 per litre in New Delhi, Rs 71.31 per litre in Kolkata, Rs 72.29 per litre in Mumbai and Rs 72.85 per litre in Chennai.

In the global platform, Brent was seen trading at $65.65 per barrel and West Texas Intermediate (WTI) was at $59.81 per barrel.

The escalation of tensions between the U.S. and Iran over the death of Iran’s top military commander, who was killed in drone-based U.S. airstrikes last Friday, was accused by the U.S. President for killing American troops in the Middle East region. In response to America’s act, Iran fired 16 short-range ballistic missiles at two of Iraq’s airbases located in Al – Asad and Erbil, but it did not hurt any of the U.S. military personnel who are currently stationed in the region.

A series of events since last Friday, helped gold to surge past $1600 for the first time since last seven years during its earlier trade session before it slumped as fears of a larger conflict softened. Even fuel prices also relaxed during today’s trade session, as tensions in the Middle East soothed.

With both the nations opting to ease tensions at the moment has boosted the global equities markets to surge up today, as investors fears expedite.

Meanwhile, the rupee strengthened during today’s trade session against the U.S. dollar as it touched 71.40 as against yesterday’s close of 71.70.

9 January 2020
Diesel Prices in India Remains Constant

The diesel prices in India remained constant despite marching up of fuel rates in the overseas markets after Iran struck back U.S. military personnel who are stationed in Iraq’s airbase. The diesel rates in India were seen trading at Rs 68.79 per litre in New Delhi, Rs 71.15 per litre in Kolkata, Rs 72.14 per litre in Mumbai and Rs 72.69 per litre in Chennai.

In the global markets, Brent was seen trading at $69.06 per barrel, up by 1.16% and West Texas Intermediate (WTI) was at $63.27 per barrel, up by 0.91%.

In an apparent bid to retaliate the death of its top military commander, Tehran fired over a dozen ballistic missiles from Iran’s territory against two of Iraq’s military bases which are currently hosting the U.S. led coalition military staff, the U.S. military reported.

Though no casualties have yet been reported, the U.S. President – Donald Trump mentioned in a tweet that an assessment of casualties and damage from yesterday’s strike was underway and he would make a statement today morning.

Tensions in the Middle East region is likely to affect the global crude supply and thus the oil prices have shot up during today’s trade session as the market stays wary on the future of global crude supply.

Meanwhile, the Indian rupee extended its morning losses and was seen trading at day’s low level at 72.06 per U.S. dollar.

8 January 2020
Diesel Prices in India Continues its March

The diesel prices in India continued its march despite easing of global fuel prices as investors await to see the response from Iran over the U.S. killing its military commander which has bought in a fresh wave of tensions between two nations. The diesel rates in India were trading at Rs 68.79 per litre in New Delhi, Rs 71.15 per litre in Kolkata, Rs 72.14 per litre in Mumbai and Rs 72.69 per litre in Chennai.

In the global platform, Brent was seen trading at $68.25, down by 0.96% and West Texas Intermediate (WTI) was at $62.74 per barrel, down by 0.84%.

Iran and U.S. have already been at loggerheads with each other for over past many years, but the recent U.S. drone attack which killed the topmost military commander of Tehran has escalated tensions to the highest level between the two nations. The U.S. withdrew itself from the nuclear deal with Iran and imposed sanctions against the oil major which has impacted the economic status of oil producer severely.

The easing tensions have helped Brent crude to depreciate by as much as 1.5%.

As per the Reuters poll, U.S. crude inventories for refined products are all expected to rise with gasoline stocks set to gain for the ninth straight week and this has also weighed on the fuel prices.

Meanwhile, the rupee value extended gains and traded higher by 24 paise to settle at 71.69 against the U.S. dollar following correction in fuel prices and surge in equity markets.

7 January 2020

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