Petrol prices in have been turning more volatile, as prices of crude oil have been showing a firm trend. It is important to check todays petrol price in ₹ (1st January 1970), especially if you are going for a long drive. Remember, petrol and diesel prices are revised daily, so you can lose much, if you are travelling on a long distance. The rupee has also moved lower against the dollar, which has made petrol prices in more expensive than before. It is hoped that the government can reduce excise duties, so as to enable rates to become more cheaper in the coming days.
|Highest rate in May||Rs.77.62 on May 1st|
|Lowest Rate in May||Rs.59.57 on May 16th|
|Over all performance||Rising|
|Highest rate in February||Rs.76.53 on February 23rd|
|Lowest Rate in February||Rs.68.13 on February 23rd|
|Over all performance||Falling|
|Highest rate in January||Rs.78.49 on January 16th|
|Lowest Rate in January||Rs.60.07 on January 1st|
|Over all performance||Rising|
|Highest rate in September||Rs.71.18 on September 15th|
|Lowest Rate in September||Rs.55.70 on September 1st|
|Over all performance||Falling|
|Highest rate in April||Rs.67.96 on April 5th|
|Lowest Rate in April||Rs.52.78 on April 16th|
|Over all performance||Rising|
|Highest rate in||Rs.39.65 on|
|Lowest Rate in||Rs.35.42 on|
|Over all performance||Falling|
Petrol prices were revised daily in India with effect from June 15, 2017. This was a marked departure from the earlier practice of revising petrol prices every fortnight.
Daily petrol prices revision is a better proposition for a number of reasons.
The first and the foremost is that it allows you to easily absorb the changes in daily petrol prices in India by a few paise. When petrol prices are revised or changed every fortnight there is a big variation in prices, which puts great additional pressure on the consumer.
In India, petrol prices are revised by the oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on the international prices. So, when international crude oil prices gain, petrol prices in India move higher and so on. On the other hand, if crude oil prices in the international markets drop, we see a fall in daily or today's petrol prices in India. In any case, we are providing our readers with the daily petrol prices, so they can plan their requirements of filling petrol accordingly.
Cost of Crude Oil – The change in the price of crude oil in the international market directly influences the price of crude oil in the domestic market; this is one of the most important factors responsible for an increase in petrol prices in Indian domestic market. Increase in international demand, low production rate and any political unrest in the crude oil producing countries of the world severely affects petrol price.
Increased Demand – Economic growth in India and other developing countries has also led to the increase in demand for the petrol and other essential fuels in India. The number of people who own private vehicles has gone up in the recent past which has contributed to the increase in demand for petrol in India; this has resulted in the hike in petrol prices in India.
Mismatch of Supply & Demand – Oil refinery companies in India face problem to meet the demands of the market due to the high cost of input price of crude oil thus resulting in less supply and more demand for petrol in the country. An increase in supply results in a decrease in the price of the petrol and vice versa. Oil refining and marketing companies maintain crude oil inventory up to six weeks, which also influences the price of the petrol and petroleum products.
Tax Rates – The prices of petrol and other petroleum products varies according to the local government policies which impose taxes on fuels. As and when the government of India raises tax rates on fuels the oil companies in India also increases the price of the petrol to recover losses and maintain marginal profits in the oil business in India.
Rupee to Dollar Exchange Rate – The rupee-dollar exchange rate is also one of the major factors which influence the price of petrol in India. Indian oil companies pay to the oil imported from other countries in terms of dollars, but their expenses are regarding rupee. So, when the price of the crude oil is in the fall but the rupee is also weak against the dollar then it will reduce the gains to the oil refiners. On the other hand, when the rupee strengthens against the dollar and the price of the crude oil is in the fall, then the oil companies tend to gain.
Logistics - Logistics is one of the significant factors in pricing retail fuel. Petrol and diesel transported to longer distances to cities or regions farther from depots will be priced higher than the places nearer to the oil companies storage area. The reason behind the change in the prices of petrol in different cities across India. This difference may be huge between cities that are far from each other. For example, petrol price in Delhi is Rs.72.38 per liter on January 24, 2018, and the same petrol price is Rs. 80.25 per litre in Mumbai.
The fear linked to the rise of petrol prices in India seems to be never ending. Do we blame crude oil for these steep prices hikes? Or, is the root cause something different? Well, the answer lies in the fact that while crude oil continues to remain cheaper, it is the taxes levied by the state and central governments which are actually responsible for the ever rising petrol rates.
If studies are to be followed, it would be quite simple to associate the tax factor to the steep hike in petrol prices. Since May 2014, there has been a successive increase in excise duties. Data reveals that as of November 2014, there has been a 54 percent increase in the excise duty on petrol.
In spite of the government slashing excise duty on petrol according to the Budget 2018, yet there seems to be no downward curve when the price of petrol is taken into consideration. This is due to the introduction of Rs. 8 per litre as Road Cess.
Daily price revision of petrol has begun from 16th June this year. It has been observed that the price rise has happened gradually. As petrol does not fall under GST, the price of it varies across states. However, when considering the cost & freight prices along with the excise duty, dealer commission, applicable VAT, etc, it has been found that the taxes on petrol sums up to be more than its actual cost.
Although, presently crude oil has become much cheaper compared to what it had been way back in 2014, it is the collective taxes levied by the state and the central government that has caused the petrol prices to rise to what it had been in 2014, the highest till date. Despite promises from the government regarding rolling back the taxes, we are yet to see some positive efforts on this front.
Petrol prices are a function of many things. Among these include the average of the India crude basket, to which is added a host of taxes including value added tax, central excise etc.
At the moment, we have the excise duty levied by the government, which is a staggering Rs 21 per litre. Should this be reduced we might get some respite from very high retail level of fuel and diesel.
The value added tax, differs from state to state. In cities like Mumbai and New Delhi the value added tax is very high, which has resulted in an extremely high prices for both petrol and diesel.
In India, retail prices are determined by the oil marketing companies, bearing all these things in mind. So, the retail price of petrol in India today is determined by the Indian Oil Marketing Company, which is the largest oil marketing company in the country.
For example, it releases the price of petrol everyday at 6 am, wherein it is revised at the petrol pumps in the country. The private sector petrol pumps like Shell also determine their own prices, though they tend to be higher than that of Indian Oil Company, BPCL and HPCL.
The fuel is one of the costliest, when compared to neighboring countries like Pakistan, Bangladesh and Sri Lanka. It maybe recalled that petrol and diesel prices were earlier subsidized by the government, but, the same were aligned to market prices.
However, the government has over the years added to excise duty on petrol, which has made it horribly expensive for consumers.
The one reason why excise is added before petrol is retailed at the fuel stations is to mop-up additional resources for social schemes. However, this leave the common burdened with additional rates on the fuel.
The government is looking at the possibility of reducing petrol prices over the longer term, however, it would need to find more longer term mechanisms to do so. One of them is to add some taxes onto Oil and Natural Gas Corporation, which is an oil exploration company. However, these maybe all temporary measures and one needs to find a more durable long-term solution.
You can check petrol prices in India, in a number of ways. The most popuar way is to send an SMS. For example, if you are at an HPCL pump you can send an SMS to: HPPRICE DEALER CODE and send it to 9222201122.
For Indian Oil Corporation or IOC send SMS to: Type: RSP DEALER CODE and send it to 9224992249.
You can also go online and check a number of websites, that provide you daily rates of the fuel. Remember, that Indian Oil the country's largest retailer revises fuel prices everyday at 6 am in the morning. So, you are able to check live petrol price everyday after this time.
It is also important to note that bulk of the fuel is supplied by the government owned oil refining companies, including the likes of Indian Oil, Bharat Petroleum and HPCL. There are other private retailers like Shell, which also retail fuel at a slightly higher price.
India which mainly depends on imports for fuel sells fuels and lubricants for vehicles across the petrol bunks or petrol pumps which are spread across the length and breadth of the country. The largest oil and gas company in India – Indian Oil Corporation (IOC), owns most of the filling stations and it is followed by Hindustan Petroleum (HP) and Bharat Petroleum (BP).
There are six brands of petrol pumps which are currently active in India. They are:
1. Indian Oil Corporation
The Indian Oil Corporation (IOC) is one of the biggest oil company in India. It is owned by the government of India and is valued as the most profitable company in the country. IOCL mainly operates most of the petroleum market share through its filling stations, Servo Lubricant oils, natural gas. Apart from this, it also provides electric charging stations for electric vehicles at its filling stations.
2. Bharat Petroleum
Bharat Petroleum is the second-largest oil and gas company in India and stands next to IOCL. It has its refineries located in Kochi and Mumbai. The fuel filling stations of Bharat Petroleum provides world-class services to its customers across the country.
3. Hindustan Petroleum
Hindustan Petroleum or HPCL is one of the most trusted brands of fuel filling stations in India. The firm operates two of the major refineries in the country and produces an array of petroleum fuels.
Shell, which is operated by Royal Dutch Shell currently has over 100 filling stations in India. Known for its superior quality of fuel, the company has plans to expand the number of petrol filling outlets across many centres in the country.
5. Reliance Petroleum
Owned by the Indian conglomerate, Reliance Industries, Reliance Petroleum is one of the largest private sector oil firms in India. Its Jamnagar refinery is touted as one of the largest refineries in India.
6. Essar Oil
Essar Oil is part of the Essar Group which was earlier known as Nayara Energy. As of now it has over 1,400 petrol pumps located across India and has plans for expanding its presence by setting up more pumps in the country.
India mainly depends on imports when it comes to oil and gas. The country imports close to 82.8% of crude oil and 45.3% of natural gas to meet the domestic requirements. The country’s net foreign exchange for the fiscal year 2017 – 2018 stood at $63.305 billion due to import of crude oil. The country generated around 35.2 million tons of petrol and its related products from indigenous crude oil production whereas the consumption of petroleum and its substitute products stood at 204.9 million tons.
Due to the heavy import of fuel, India occupies the third position when it comes to consumption of oil after the U.S. and China.
Inadequate reserves of petroleum in the country has forced India to depend on imports. The country is slowly turning to use its renewable resources such as wind, solar, biomass, hydroelectric power and so on to achieve energy sufficiency in coming days as it plans to replace the use of petroleum products which contributes greatly towards air pollution.
The petrol prices in India are stable despite the fall in the global crude rates amidst a rampant rise in the pandemic cases.
The petrol price in India traded at Rs 85.70 per litre in New Delhi, Rs 87.11 per litre in Kolkata, Rs 92.28 per litre in Mumbai and Rs 88.29 per litre in Chennai.
In the overseas markets, Brent stood at $55.81 per barrel; West Texas Intermediate (WTI) at $52.59 per barrel.
The fuel prices slipped for the second consecutive day today following a rampant rise in the pandemic cases across the globe.
On Monday, China reported rally in the new coronavirus cases, casting a shadow over the fuel demand prospects in the world’s largest energy consumer which stood as a pillar of strength for crude consumption globally.
Last week, the data from the U.S., weighed on fuel prices to drop further.
As per the records from the Energy Information Administration (EIA), the U.S. crude inventories expanded by 4.4 million barrels during the week to January 15 against the analyst expectations of a drop of 1.2 million barrels.
The rise in the U.S. crude stockpiles amidst muted fuel demand has led to the drop in the global crude rates.
The total number of oil and natural gas rigs added by the U.S. energy firms increased for the ninth week in a row during the week to January 22. But the total rig counts are still below 52% for the year as against the previous year, the data from the Baker Hughes revealed.25 January 2021
The petrol prices were hiked again in India despite a drop in the global crude rates amidst weak fuel demand following a rise in the pandemic cases. The petrol price in India in top cities traded at Rs 85.70 per litre in New Delhi, Rs 87.11 per litre in Kolkata, Rs 92.28 per litre in Mumbai and Rs 88.29 per litre in Chennai.
In the global markets, Brent stood at $55.41 per barrel, down by 1.23%; West Texas Intermediate (WTI) at $52.27 per barrel, down by 1.62%.
The crude prices slipped again on Friday as the unexpected build up in the U.S. crude inventories weighed down on the fuel prices. The growing worries about the new pandemic restrictions imposed in China are likely to curb the oil demand in the world’s biggest oil importer.
As per the reports, the overall U.S. crude inventories expanded by 4.4 million barrels in the last few weeks against the analyst expectations of a drop of 1.2 million barrels.
The travelling on the U.S. roads declined by 11% in November, a steeper slump as against October’s tally following a rise in the pandemic cases notes the U.S. Transportation Department.
The U.S. crude oil inventories scaled up unexpectedly last week as refineries pumped out more oil to their highest capacity since March and demand for gasoline and diesel shot up a week on week.23 January 2021
The petrol prices inched up in India despite a drop in the global crude rates amidst rally in the pandemic cases in China. The petrol price in India for top cities traded at Rs 85.45 per litre in New Delhi, Rs 86.87 per litre in Kolkata, Rs 92.04 per litre in Mumbai and Rs 88.16 per litre in Chennai.
In the global scenario, Brent stood at $54.71 per barrel, down by 2.48%; West Texas Intermediate (WTI) at $51.70 per barrel, down by 2.69%.
The crude prices dropped by around 2.50% during today’s trade session after retreating from 11-month highs it touched last week following the rampant rise in the pandemic cases in China which will curb the fuel demand from the biggest fuel importer.
The revival of the fuel demand in China has underpinned the market gains during late last year while the U.S. and Europe lagged, but the source of support from the dragon country is fading following a fresh wave of the pandemic which has led to the imposition of new restrictions to contain its spread.
Meanwhile, markets are awaiting the official oil inventory data from the U.S. Energy Information Administration (EIA) which will be released later today. On Wednesday, the industry data revealed a surprise rise in the U.S. crude inventories to the tune of 2.6 million barrels as against the Reuters analyst of an estimated drop of 1.2 million barrels.22 January 2021
The petrol prices are stable in India despite a drop in the global crude rates owing to the surprise rise in the U.S. crude inventories. The petrol price in India traded at Rs 85.20 per litre in New Delhi, Rs 86.63 per litre in Kolkata, Rs 91.80 per litre in Mumbai and Rs 87.85 per litre in Chennai.
In the overseas markets, Brent stood at $55.95 per barrel, down by 0.23%, West Texas Intermediate (WTI) at $53.23 per barrel, down by 0.15%.
Today, the crude rates in the international markets slipped following a surprise build in the U.S. crude inventories which re-fueled pandemic led demand concerns.
As per the data from the American Petroleum Institute (API), the U.S. crude oil inventories expanded by 2.6 million barrels to the week till January 15 as against the Reuters analyst expectations of a drop of 1.2 million barrels. Though the official data from the U.S. Energy Information Administration is due to scheduled for release this Friday.
The new U.S. President – Joe Biden’s administration is committed to curbing carbon emissions and in his first day of office, Biden announced America’s return to the Paris Climate deal and revoked the permit granted for Keystone XL oil pipeline project from Canada.21 January 2021
The petrol prices stood stagnant in India despite inching up of crude rates in the international markets as investors eye demand rebound in the second half of 2021. The petrol rates in India reported at Rs 85.20 per litre in New Delhi, Rs 86.63 per litre in Kolkata, Rs 91.80 per litre in Mumbai and Rs 87.85 per litre in Chennai.
In the international scenario, Brent stood at $56.08 per barrel, up by 0.32%; West Texas Intermediate (WTI) at $53.12 per barrel, up by 0.26%.
The rollout of vaccines sparked the rally of oil as crude benchmarks inched towards $57 per barrel, its highest since March 2020.
During the recently concluded meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, Saudi Arabia agreed for additional volumes cuts to the tune of 1 million barrels per day (bpd) to support the prices amidst a surge in the pandemic cases.
The mounting cases across the globe have raised doubts about how long the fuel demand would hold up.
The U.S. drillers added further pressure by pumping in more oil and natural gas rigs to the work for eight straight weeks, during last week owing to rise in the fuel prices. Yet the total number of rigs remain less than half of the level it was a year ago.
The shale companies are reported to take advantage of the market gains as they are locking in the prices for further sales, a source familiar with the matter has disclosed it with Reuters during last week.20 January 2021
The petrol prices were hiked for the second consecutive day in India following cues from the global markets amidst strong dollar value. The petrol rates in India traded at Rs 85.20 per litre in New Delhi, Rs 86.63 per litre in Kolkata, Rs 91.80 per litre in Mumbai and Rs 87.85 per litre in Chennai.
In the international markets, Brent stood at $55.60 per barrel, up by 1.55%; West Texas Intermediate (WTI) at $52.75 per barrel, up by 0.74%.
The resurgence in the pandemic cases across the world has dampened hopes for quick revival of oil demand. The International Energy Agency (IEA) noted that the fuel demand recovery will take a hit owing to mounting cases before vaccine rollouts and stimulus measures are likely to help during the second half of the year.
The discovery of the new strain of the virus has led to the imposition of renewed lockdowns in China and logistical hurdles are posing a challenge for the roll-out of vaccine, thus contributing to the gloomier outlook for crude forecasted by IEA.
An improvement to the global fuel demand went into the reverse mood in December. A Paris based watchdog has lowered outlook for the first quarter of 2021 by 580,000 barrels per day (bpd) and its outlook for fiscal 2021 by 300,000 bpd.19 January 2021
The petrol prices were hiked in India despite a drop in the global crude rates as Chinese data offsets pandemic fears. The petrol rates in India traded at Rs 84.95 per litre in New Delhi, Rs 86.39 per litre in Kolkata, Rs 91.56 per litre in Mumbai and Rs 87.63 per litre in Chennai.
In the international scenario, Brent traded at $54.79 per barrel, down by 0.56%; West Texas Intermediate (WTI) at $52.19 per barrel, down by 0.32%.
The better than expected quarterly rebound of China’s economy has countered the fears over a rampant rise in the coronavirus cases around the world amidst tighter restrictions denting the economic growth and fuel demand.
The economy of the dragon country is reported to have picked up in the fourth quarter of 2020, with growth exceeding analyst expectations as it ended the pandemic hit fiscal 2020 on a remarkably good note. The country has remained poised to expand further during fiscal 2021 despite mounting virus cases.
Analyst note that the security concerns ahead of the U.S. President’s inauguration are also dragging on the investor’s sentiments.
Meanwhile, the fall in Libya’s crude output lent support for crude prices to inch up ates during today’s trade session as Waha Oil Company trimmed down production to the tune of 200,000 barrels per day (bpd) owing to maintenance work of the main pipeline that links the Al-Samah and Al-Dhahra oil fields.18 January 2021
The petrol prices traded firm in India despite a slump in crude rates in the overseas markets as a rampant rise in pandemic cases sparks fear over fuel demand. The petrol rates in India traded at Rs 84.70 per litre in New Delhi, Rs 86.15 per litre in Kolkata, Rs 91.32 per litre in Mumbai and Rs 87.40 per litre in Chennai.
In the global scenario, Brent stood at $55.10 per barrel, down by 2.34%; West Texas Intermediate (WTI) traded at $52.04 per barrel, down by 2.86%.
The mounting infection cases in Europe and parts of Asia has led to the imposition of renewed lockdowns in the region, weighing on the fuel prices to slump in the overseas markets.
The weak U.S. dollar also had boosted the oil prices to climb in the past few days. The U.S. Federal Reserve Chair, Jerome Powell struck a dovish tone and said that the central bank will not raise interest rates anytime soon in the coming days.
China reported its biggest jump in the pandemic cases in over last 10 months, casting a shadow over the future of oil demand, weighing on its prices to drop over 2% during today’s trade session.
Governments across Europe have announced stringent and longer coronavirus lockdowns as vaccinations are not expected to have a significant impact for the next few months.16 January 2021
The petrol prices traded stagnant in India despite inching up in the overseas markets owing to weak dollar value. The petrol rates in India traded at Rs 84.70 per litre in New Delhi, Rs 86.15 per litre in Kolkata, Rs 91.32 per litre in Mumbai and Rs 87.40 per litre in Chennai.
In the international scenario, Brent stood at $55.58 per barrel, West Texas Intermediate (WTI) at $52.99 per barrel.
The weak dollar value uplifted the oil prices to march up as the bullish signals from Chinese import data during the second and third quarter helped oil to rise. As per the reports, the dragon country’s crude imports rose by 7.3% in fiscal 2020 with record arrivals in the second and third quarter following the expansion of refinery operations. The low prices of fuel led to the stockpiling.
But, on the other hand, China is facing a new challenge following the biggest jump in the pandemic cases in over the last 10 months.
The new of likely announcement by the U.S. President-Elect, Joe Biden’s pandemic aid proposal cheered the global stock markets as it climbed to touch record levels and even the U.S. bond yields also edged higher yesterday.
Meanwhile, the U.S. currency slumped after the U.S. Federal Reserve Chairman – Jerome Powell struck a dovish tone on the monetary policy and noted that the central bank will not be hiking the interest rates anytime soon.15 January 2021
The petrol prices are hiked in India following cues from the overseas markets as crude rates scales up to touch 11 – month high amidst growing expectations of a tight supply. The petrol rates in India stood at Rs 84.45 per litre in New Delhi, Rs 85.92 per litre in Kolkata, Rs 91.07 per litre in Mumbai and Rs 87.28 per litre in Chennai.
In the global markets, Brent traded at $56.68 per barrel, up by 0.18%, West Texas Intermediate (WTI) at $53.37 per barrel, up by 0.30%.
The fuel prices hit an 11 – month high in the overseas markets as it traded just below $57 per barrel during yesterday’s trade owing to additional supply cuts by Saudi Arabia.
Starting in February and March, the kingdom country plans to cut the output by an additional volume of 1 million barrels per day (bpd) to keep inventories in check.
The decision by Saudi Arabia is a part of the Organization of the Petroleum Exporting Countries (OPEC) deal wherein other producers will hold the output firm in February.
Apart from this, the fall in the U.S. crude inventories has also boosted the oil rates to climb in the global markets.
As per the reports from the Energy Information Administration (EIA), The U.S. crude production is forecasted to decline by 190,000 barrels per day (bpd) in fiscal 2021 to settle at 11.1 million bpd.13 January 2021