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Diesel Price in India (24th October 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 ₹ 74.85 ₹ 74.85
Kolkata ₹ 76.70 ₹ 76.70
Mumbai ₹ 78.46 ₹ 78.46
Chennai ₹ 79.15 ₹ 79.15
Gurgaon ₹ 73.71 ₹ 73.64
Noida ₹ 73.04 ₹ 72.94
Bangalore ₹ 75.24 ₹ 75.44
Bhubaneswar ₹ 80.37 ₹ 80.36
Chandigarh ₹ 71.22 ₹ 71.22
Hyderabad ₹ 81.42 ₹ 81.42
Jaipur ₹ 77.42 ₹ 77.31
Lucknow ₹ 72.84 ₹ 72.78
Patna ₹ 78.10 ₹ 77.94
Trivandrum ₹ 80.11 ₹ 80.11

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 Dips Amid Increase in Saudi’s Crude Output

The prices of diesel in India were cut amid the decline in crude prices in the international market. The diesel rates in India were recorded at Rs 74.85 per litre in New Delhi, Rs 76.70 per litre in Kolkata, Rs 78.46 per litre in Mumbai and at Rs 79.15 per litre in Chennai.

Brent was seen trading at $78.40 per barrel, down by 1.79% and WTI was at $68.31 per barrel, down by 1.51%. The U.S. Sanctions on Iran has led to the tightening of the oil industry and this led to the rallying of crude prices in the global market. Amid the political tension between the U.S. and Saudi Arabia, over the disappearance and death of Saudi Arabia based journalist Jamal Khashoggi, Saudi Arabia announced that it will play a responsible role in the energy markets. This led the crude prices to dip in the international market.

The OPEC member countries headed by Saudi Arabia have pitched in to supply crude to the world in the absence of crude supply from Iran once the U.S. sanctions hit Tehran starting from November 4.

Analysts’ are expecting that close to 1.5 million barrels per day of crude supply from Iran, is going to take a hit due to the petroleum products related sanctions from the U.S.

The crude export from the Middle East is scaling up and this has helped the crude prices to cool off and hence the prices of diesel are down in India.

23 October 2018
Diesel Prices Trimmed in India Amid Escalation Of Political Tensions

The prices of diesel in India were trimmed despite the rise in crude rates in the international market. The diesel rates in India were recorded at Rs 74.92 per litre in New Delhi, Rs 76.77 per litre in Kolkata, Rs 78.54 per litre in Mumbai and at Rs 79.22 per litre in Chennai.

The crude prices rallied in the international market ahead of the return of the U.S. sanctions on Tehran starting from November 4. Apart from this, the disappearance and the ultimate death of the Saudi Arabia based journalist Jamal Khashoggi has set a political unrest between the U.S. and Saudi Arabia.

With most of the U.S. policymakers favouring to impose sanctions on the desert kingdom over the death of the journalist has cast a sense of uncertainty in the oil industry. The kingdom country has vowed to retaliate with bigger measures in case of sanctions and this led the crude prices to rally up. With Brent trading at $79.94 per barrel and WTI was seen trading at $69.41 per barrel.

The Indian rupee strengthened against the dollar and was seen trading at 73.45 mark during today’s trade session. The rise in rupee value will make the dollar-priced crude cheaper for purchase.

22 October 2018
Diesel Prices in India Dips Amid Fall In Crude Prices

The prices of diesel were down in India amid fall in crude prices in the global market. The diesel rates in India were recorded at Rs 75.36 per litre in New Delhi, at Rs 77.21 per litre in Kolkata, Rs 79 per litre in Mumbai and at Rs 79.69 per litre in Chennai.

The crude prices in the global market are declining on a daily basis over the last few days amid the rise in the U.S. crude inventories which has ushered continuous supply of oil to the global market. The return of U.S. sanctions on Iran had led to the tightening of the oil industry which witness volatility as the U.S. pressurized all its member countries to cut the oil imports from Iran and bring it to zero. The move led the OPEC member countries to up the oil output from their production units but the OPEC member countries showed hindrance for increasing the output.

The oil major, Iran seems to be unfazed ahead of the U.S. sanctions on its petroleum products which will hit Tehran starting from November 4. An unprecedented volume of crude is set to arrive at China’s northeast Dalian port this month and also in the early month of November 2018 as per Iran’s shipping source.

The rise in U.S. inventories led to the decline of crude prices in the international market and hence diesel rates in India were trimmed. The abundant availability of crude in the global market helped the prices to go down which otherwise was at its peak due to concerns arising out of shortfall in its supply. Apart from this, the Indian rupee also gained against the dollar during yesterday’s trade session and was seen trading at 73.48 mark.

20 October 2018
Diesel Prices in India Declines Due To Curtailing Of Crude Prices

The diesel prices in India dipped down amid fall in crude prices and more availability of crude oil. The diesel rates in India stood at Rs 75.58 per litre in New Delhi, Rs 77.43 per litre in Kolkata, Rs 79.24 per litre in Mumbai and at Rs 79.93 per litre in Chennai.

The crude rates in the global market inched down and touched below $70 per barrel for the first time in the last few weeks amid reports which stated an increase in the U.S. crude stockpiles which is up by three times than expected by the analysts. The exports of crude also declined which in turn led the fall in crude prices. The WTI was seen trading at $69.79 per barrel and Brent at $80.08 per barrel.

The U.S. withdrew itself from the U.S. - Iran Nuclear deal and sanctioned against Tehran. The petroleum products related sanctions will come into effect from November 4, 2018. The U.S. has forced many of the member countries to stop procuring oil from Iran and has pressurized all the member countries to bring down oil exports from Iran to zero. This has created volatility in the oil industry.

Apart from this, the sudden disappearance of Saudi based journalist, Jamal Khashoggi from the has raised tension in Saudi Arabia as the U.S. suspect that he might have been killed at the behest of the Saudi rulers triggering geopolitical strain between the U.S. and Saudi Arabia.

Meanwhile, the rupee gained during today’s trade session marginally against the U.S. dollar and was seen trading at 73.68 mark.

18 October 2018
Diesel Prices in India Remains Constant

The diesel prices in India remained constant amid curtailing crude prices in the international market. The diesel rates in India were recorded at Rs 75.69 per litre in New Delhi, Rs 77.54 per litre in Kolkata, Rs 79.35 per litre in Mumbai and at Rs 80.04 per litre in Chennai.

The crude prices in the global level dipped amid escalating geopolitical tensions between Saudi Arabia and the U.S over the missing of a Saudi based journalist. Apart from this, the decline in the crude oil inventories in the U.S. also led to the downfall of crude prices in the global market.

WTI was seen at $71.54 per barrel, down by 0.53% and crude benchmark – Brent at $81.14 per barrel, down by 0.33%.

A report from the American Petroleum Institute reported that the U.S. Crude declined by 2.13 million barrels per day over the last week and this led to the downfall of crude prices in the international market.

The rallying of crude prices in the global market led to the rise in diesel prices in India.

17 October 2018
Diesel Prices in India Rises Again Amid Geo-Political Row

The diesel prices in India is up amid a surge in crude prices in the global market. The diesel prices were seen at Rs 75.69 per litre in New Delhi, Rs 77.65 per litre in Kolkata, Rs 79.35 per litre in Mumbai and at Rs 80.04 per litre in Chennai.

The global crude prices gained amid the data which revealed that Iran’s export for October has shrunk compared to the September’s oil exports. Tehran’s crude export for the month of October is at 1.33 million barrels per day (bpd) down from September’s oil export of 1.6 million bpd. There is a sharp decline in oil export from Tehran to the tune of 2.5 million bpd for October 2018.

The disappearance of the Saudi Arabia based journalist, Jamal Khashoggi has led to the geopolitical row between U.S. and Saudi. The U.S. has threatened with severe punishment if the journalist is found to have been killed by Saudi and the kingdom country is denying all the charges till now. The U.S. President has dispatched Secretary of State to the kingdom country to meet its leader King Salman, to discuss the matter.
WTI was seen trading at $71.61 per barrel and Brent at $80.65 per barrel.

The Indian rupee weakened by 9 paise to touch 73.92 mark against the dollar during today’s trade session amid increased demand for the U.S. dollar from banks and importers. The fall in the value of rupee has made dollar-priced crude expensive and hence petrol prices in India have gone up.

16 October 2018
Diesel Prices In India Again Hiked

The prices of diesel are up in India following cues from the global market wherein crude prices surged up amid tensions in Saudi Arabia. The diesel prices in India were recorded at Rs 75.46 per litre in New Delhi, Rs 79.11 per litre in Mumbai, Rs 77.31 per litre in Kolkata and at Rs 79.80 per litre in Chennai.

The crude prices rallied up owing to Saudi tensions and WTI was seen trading at $71.76 per barrel and Brent was at $81.23 per barrel.

The disappearance of a famous Saudi journalist at the Saudi consulate in Istanbul led to the oil supply worries. The oil major has been under pressure since then.

U.S. President – Donald Trump threatened severe punishment if it is found that Jamal Khashoggi, a prominent Saudi journalist was killed in the consulate. In its defence, the Saudi denied charges and stated that it would retaliate to any action against it over the Khashoggi case.

Analyst feels that Saudi may use oil as a tool for retaliation if any sanctions or another kind of actions are taken against it.

Today, the Indian rupee gained against the strong dollar and was seen trading at 73.76 mark.

15 October 2018
Diesel Prices in India Hiked Again Amid Rallying Crude

The diesel prices in India inched up amid a rise in crude prices ahead of the return of petroleum products related sanctions on Tehran by the United States of America. The diesel rates in India were seen at Rs 75.19 per litre in New Delhi, Rs 77.04 per litre in Kolkata, Rs 78.82 per litre in Mumbai and at Rs 79.52 per litre in Chennai.

In the global market, crude oil gained marginally with WTI at $71.34 per barrel, up by 0.52% and Brent at $80.43 per barrel, up by 0.21%.

The International Energy Agency (IEA) stated in its monthly report that the spare oil production capacity is down by 2 percent of the global demand and expected a further fall in the future. Apart from this the OPEC member countries which have stepped in to increase the oil output is hesitating to increase the oil production fearing a shortage of oil for the next fiscal. Apart from this, the IEA has also cut the forecast for global oil demand growth for current, as well as next fiscal, owing to an adequately supplied market.

In India, the rupee gained against the dollar by 55 paise to close at 73.57 mark during yesterday’s close. The rupee tumbled against the dollar after the crash of the Dow Jones and other stock markets across the globe to touch a lifetime low of 74.48 mark on Thursday.

13 October 2018
Diesel Prices Goes Up In India Again

The diesel prices in India were again hiked by the state-run oil marketing companies owing to rise in crude prices in the global market. The diesel rates in India stood at Rs 74.90 per litre in New Delhi, Rs 76.75 per litre in Kolkata, Rs 78.51 per litre in Mumbai and at Rs 79.20 per litre in Chennai.

In the global scenario, crude prices rallied to gain 1 percent amid to robust Chinese crude imports. Crude benchmark – Brent was seen trading at $81.30 per barrel, up by 1.30% and WTI was up by 1.21% at $71.83 per barrel.

A report from the Chinese customs stated that the crude oil imports have gone up in September to hit the record high since May. Even the OPEC member countries have cut the global growth demand for oil for next year mainly due to the headwinds facing the broader economy arising out of trade disputes and turbulence amongst emerging markets.

Meanwhile, the rupee gained moderately against the dollar during today’s early trade session and was seen trading at 73.70 mark ahead of the release of Consumer Price Index based (CPI) inflation and Index of Industrial Production data later today.

12 October 2018
Diesel Prices in India Rises Despite Fall in Crude Prices

The diesel prices in India grew despite curtailing crude prices in the global market. The diesel rates in India were recorded at Rs 74.62 per litre in New Delhi, Rs 76.47 per litre in Kolkata, Rs 78.22 per litre in Mumbai and at Rs 78.90 per litre in Chennai.

In the global scenario, crude prices declined amid the rise in U.S. crude inventories ahead of the market expectations, this helped the crude prices to decline slightly after rallying for a long time for many weeks. The data from the American Petroleum Institute which was released yesterday confirmed that the gasoline inventories have gone up.

WTI was trading down by 1.16% at $72.32 per barrel and Brent slid by 1.18% at $82.11 per barrel.

The downfall in the U.S. stock market led to the slump in the Asian markets too which in turn led to the fall in rupee value to touch an all-time low of 74.46 against the dollar during today’s trade session. The fall in the rupee value has made the dollar-priced crude more expensive and hence the diesel prices in India has gone up.

11 October 2018

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