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.
|City||Today Price||Yesterday's Price|
|New Delhi||₹ 67.78||₹ 67.78|
|Kolkata||₹ 70.33||₹ 70.33|
|Mumbai||₹ 72.13||₹ 72.13|
|Chennai||₹ 71.54||₹ 71.54|
|Faridabad||₹ 68.90||₹ 68.90|
|Gurgaon||₹ 68.68||₹ 68.68|
|Noida||₹ 67.97||₹ 67.97|
|Ghaziabad||₹ 67.84||₹ 67.84|
|Agartala||₹ 65.92||₹ 65.92|
|Aizawl||₹ 65.11||₹ 65.11|
|Ambala||₹ 68.29||₹ 68.29|
|Bangalore||₹ 68.87||₹ 68.87|
|Bhopal||₹ 71.34||₹ 71.34|
|Bhubaneswar||₹ 72.65||₹ 72.65|
|Chandigarh||₹ 65.82||₹ 65.82|
|Dehradun||₹ 68.11||₹ 68.11|
|Gandhinagar||₹ 72.84||₹ 72.84|
|Gangtok||₹ 69.55||₹ 69.55|
|Guwahati||₹ 70.75||₹ 70.75|
|Hyderabad||₹ 73.67||₹ 73.67|
|Imphal||₹ 65.85||₹ 65.85|
|Itanagar||₹ 65.07||₹ 65.07|
|Jaipur||₹ 72.19||₹ 72.19|
|Jammu||₹ 68.95||₹ 68.95|
|Jalandhar||₹ 67.70||₹ 67.70|
|Kohima||₹ 66.15||₹ 66.15|
|Lucknow||₹ 67.93||₹ 67.93|
|Panjim||₹ 68.98||₹ 68.98|
|Patna||₹ 72.46||₹ 72.46|
|Pondicherry||₹ 70.02||₹ 70.02|
|Port Blair||₹ 63.54||₹ 63.54|
|Raipur||₹ 73.18||₹ 73.18|
|Ranchi||₹ 71.57||₹ 71.57|
|Shillong||₹ 67.60||₹ 67.60|
|Shimla||₹ 67.42||₹ 67.42|
|Srinagar||₹ 71.17||₹ 71.17|
|Trivandrum||₹ 72.56||₹ 72.56|
|Silvassa||₹ 68.60||₹ 68.60|
|Daman||₹ 68.53||₹ 68.53|
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.
Diesel prices in India jumped 22 paise as oil marketing companies, increased the fuel rate for yet another day. The fuel was retailing at Rs 68.75 in the city of Delhi.
Most Indian cities saw a similar rally in the price of the fuel. It is important to note that bulk of India's transportation needs are met through roads and the increase in the fuel price could tend to push other consumables higher.
The government is now grappling with the problem of higher fuel rates and how to deal with them.
For its part consumers have now to factor in higher transportation costs, in the longer run. Diesel price in India, which was at Rs 66.36 on May 15 is now at Rs 68.53.
Transportation costs may now rise, if the government does not move quickly to cut fuel prices.27 May 2018
Diesel prices in most Indian cities jumped by as much as Rs 0.25 on Thursday, as compared to Wednesday. The rally was largely too do with a surge in global prices.
WTI crude went way above the $84 mark, which pushed diesel prices in India higher. Analysts believe that there could be more uptrend in the prices of oil, as investors buy into the commodity on supply issues.
The US had backed-off a deal with Iran, which pushed crude prices higher, as there were worries that several million barrels of oil from Iran would now be hit. While demand is expected to be robust, given that economic growth from around the world, would be flat. Strong economic rebound especially in the US and Europe could propel growth.24 May 2018
Diesel rates in India jumped for the 10th consecutive day, leaving consumers with little respite. In the city of Mumbai, the fuel price surged to Rs 72.76 levels - rates which were at historic highs and never seen before. A rise in diesel prices in India tends to push inflation higher, given the fact that bulk of the transportation takes place through roadways.
The government may intervene to bring own the rates of diesel in India. it may ask the oil marketing companies to absorb any further hike in crude price or might asking oil and exploration companies like ONGC and Oil India to bear a part of the hike, as these companies gain from oil production and exploration. Diesel prices in some cities are now at a new historic peak. The state governments have also not been cutting VAT, which is another worry for consumers.
The central government may also request the state government to cut the value added tax to reduce burden on consumers.23 May 2018
Diesel prices in India, hit a lifetime high in select cities, as international crude prices continued to be on a boil. In fact, in some cities like New Delhi, they are at a record high.
The one reason for such high prices, is the fact that crude oil prices have spurted way above the $80 per barrel mark. There are worries that the fuel may rise even more in the coming days.
The rupee has also dropped, against the dollar, pushing prices of the fuel even higher. The economy is likely to take a hit, should diesel prices rise further.
The government may go in for a cut in excise, if fuel prices rally further. Alternatively, it may ask oil marketing companies to bear the burn of rising fuel and not increase the retail fuel prices. A further rally in diesel prices may spur inflation further.
21 May 2018