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.
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 are unchanged in India despite marginal gains in the overseas markets as Iran nuclear talks drag on.
The petrol rates in India were seen at Rs 97.22 per litre in New Delhi; Rs 97.12 per litre in Kolkata, Rs 103.36 per litre in Mumbai and Rs 98.40 per litre in Chennai.
In the international platform, Brent was seen trading at $73.58 per barrel, up by 0.10%; West Texas Intermediate (WTI) at $71.77 per barrel, up by 0.18%.
The crude prices nudged up on Monday as it was underpinned by strong fuel demand during the summer driving season and a pause in the ongoing talks between Iran and the U.S. on Tehran's nuclear deal which could indicate a delay in the resumption of supplies from the OPEC producers.
Both the crude benchmarks have managed to gain strength over the last four weeks amidst growing optimism over fuel demand and the improved pace of global vaccinations. Apart from this, an uptick in summer travel and the easing of lockdown restrictions in some countries have bolstered fuel prices.
The rebound in the oil prices has already pushed up the spot premiums for crude in Europe and Asia to multi-month highs.
On Sunday, negotiations to revive the ongoing talks between Washington and Tehran paused after hardline judge Ebrahim Raisi won Iran's Presidential elections following low turnout on Saturday. Two of the diplomats noted expecting a break of close to 10 days before the resumption of talks.
ANZ analyst notes that the election could likely delay the nuclear deal.
The petrol prices in India are untouched despite marginal gains in the overseas markets amidst OPEC’s outlook. The petrol rates in India traded at Rs 96.93 per litre in New Delhi; Rs 96.84 per litre in Kolkata; Rs 103.08 per litre in Mumbai and Rs 98.14 per litre in Chennai.
In the international forum, Brent was seen at $73.51 per barrel, up by 0.59%; West Texas Intermediate (WTI) at $71.64 per barrel, up by 0.84%.
On Friday, the oil futures reversed their earlier losses as OPEC sources revealed that the group expected limited U.S. crude oil output growth this year despite a rally in the prices.
The officials at the Organization of the Petroleum Exporting Countries (OPEC) and its allies have got the U.S. production forecast from industry experts. The data will give the oil producers club more power to manage the crude market in the short term before the surge in the shale output in fiscal 2022.
The crude benchmark – Brent managed to hit its record highs on Wednesday for the first time since April 2019 and WTI also closed at its highest since October 2018. But the rally in the fuel prices was capped by growing concerns over the coronavirus and robust U.S. dollar, thus making fuel more expensive for holders of other countries currencies.
Both the U.S. crude benchmarks are on track to report around 1% growth during the week.
Sources have revealed to Reuters that the officials from the OPEC’s Economic Commission Board (ECB) and external presenters who attended the meeting focused on the U.S. oil output.19 June 2021
The petrol prices surged in India despite marginal drop in the crude rates in the overseas markets. The petrol rates in India stands at Rs 96.93 per litre in New Delhi, Rs 96.84 per litre in Kolkata, Rs 103.08 per litre in Mumbai and Rs 98.24 per litre in Chennai.
In the global markets, Brent was seen at $72.60 per barrel, down by 0.66%; West Texas Intermediate (WTI) at $70.69 per barrel, down by 0.49%.
The crude prices declined for the second consecutive day following surge in the U.S. dollar. The recent move by the U.S. Fed to hike interest rates at the earliest has weighed on the fuel prices to slip.
This Wednesday, the crude benchmark – Brent touched it highest price since April 2019, on the other hand, WTI settled at its highest since October 2018.
The U.S. currency rallied up to touch record highs in the past two sessions after the U.S. Fed projected for a possible interest rate hikes in fiscal 2023, earlier than the market expectations. The surging U.S. currency has made oil more expensive for holders of other countries currencies, shrinking the fuel demand.
The prospects of interest rate hikes has weighed on the long-term growth forecast, which is likely to eventually hurt the fuel demand in contrast to the near-term outlook for growth as the pandemic related curbs are eased in most parts of the globe.
The travel restrictions owing to the outbreak of the coronavirus had deeply impacted on the oil prices to tumble and at one point it crashed to zero levels and traded in negative numbers.18 June 2021
The petrol prices are stable in India despite a marginal drop in the crude rates in the overseas markets amidst the strong U.S. dollar. The petrol rates in India traded at Rs 96.66 per litre in New Delhi, Rs 96.58 per litre in Kolkata, Rs 102.82 per litre in Mumbai and Rs 97.91 per litre in Chennai.
In the overseas markets, Brent was seen at $74.20 per barrel, down by 0.26%; West Texas Intermediate (WTI) at $72.04 per barrel, down by 0.15%.
The fuel prices in the international markets slipped as it was pressured by the robust U.S. dollar. Yet, the losses were limited following the slump in the U.S. crude inventories.
The U.S. currency surged up strongly marking its biggest single-day gain in 15 months as the U.S. Federal Reserve signalled that it may hike interest rates at a much faster pace than expected owing to rising inflation rates.
The announcement from the U.S. Central Bank has pressurized the fuel prices to decline during today’s trade session. A firmer greenback will make the crude which is priced in the dollar more expensive for other currency holders, thus potentially weighing on the demand.
The loss of the fuel prices was limited as the Energy Information Administration revealed that the U.S. crude oil stockpiles slipped sharply last week following boosted operations in refineries. The improved fuel demand has forced the refineries to ramp up their operations to their highest level since January 2020.
The analyst notes that the Fed was expected to put the interest rates on hold during this meeting, but they are ready to taper the economic stimulus measures, which means that the U.S. currency is ripe for a rebound and this is a headwind for all the commodities.17 June 2021
The petrol prices scaled up in India following cues from the international markets on surging demand. The petrol rates in India traded at Rs 96.66 per litre in New Delhi, Rs 96.58 per litre in Kolkata, Rs 102.82 per litre in Mumbai and Rs 97.91per litre in Chennai.
In the overseas markets, Brent was seen trading at $74.39 per barrel, by 0.54%; West Texas Intermediate (WTI) at $72.41 per barrel, by 0.40%.
The crude prices continued their march in the international markets as both the U.S. crude benchmarks scale-up near $75 a barrel, its highest since April 2019. The revival of the fuel demand from the pandemic crisis and fall in the U.S. crude inventories has helped the fuel prices to record gains for the fifth straight day.
Two of the market sources said that the reports from the American Petroleum Institute revealed that the U.S. crude inventories declined 8.5 million barrels which is higher than the analyst forecast. Though, official figures from the Energy Information Administration are due to be released later today.
The crude benchmark – Brent has rallied by around 44% this year as it was supported by the supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and its allies. The members of the OPEC have forecasted the recovery in the fuel demand to gather pace during the second half of 2021.
Despite its deeper supply cuts, the oil producers club is withholding millions of barrels of daily crude supply from the markets.16 June 2021
The petrol prices in India were steady despite a slight rise in the global crude rates as demand hopes to face supply growth. The petrol rates in India stood at Rs 96.41 per litre in New Delhi, Rs 96.34 per litre in Kolkata, Rs 102.58 per litre in Mumbai and Rs 97.69 per litre in Chennai.
In the overseas platform, Brent was seen at $72.91 per barrel, up by 0.07%; West Texas Intermediate (WTI) at $70.94 per barrel, up by 0.08%.
The crude prices steadied in the overseas markets after scaling up to touch record highs in over two years on Monday, as increasing in U.S. crude production has dampened expectations for growth in fuel demand.
The market has reacted negatively to the U.S. Energy Information Administration’s (EIA) forecast that the shale oil output is expected to expand by around 38,000 barrels per day (bpd) in July to about 7.8 million bpd.
The crude benchmark Brent has managed to gain around 17 cents and trade at $72.86 per barrel, its highest since the outbreak of the pandemic crisis.
On Friday, the International Energy Agency (IEA) had reported that it predicts that the global fuel demand will return to the pre-pandemic levels at the end of fiscal 2022, more quickly than expected.
IEA had urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies to support the crude prices after the coronavirus crisis diminished the fuel demand in 2020.15 June 2021
The petrol prices edged up in India following cues from the overseas markets amidst fuel demand recovery. The petrol rates in India stood at Rs 96.41 per litre in New Delhi, Rs 96.34 per litre in Kolkata, Rs 102.58 per litre in Mumbai and Rs 97.69 per litre in Chennai.
In the global platform, Brent was seen at $73.03 per barrel, up by 0.47%; West Texas Intermediate (WTI) at $71.22 per barrel, up by 0.44%.
The crude prices continued their march in the overseas markets for the third straight week following the revival of the fuel demand. Both the U.S. crude benchmarks have surged past $71 per barrel, its record highs since the outbreak of the pandemic crisis.
The improved forecast for the global fuel demand as rising vaccination drives and easing pandemic curbs has uplifted the mood of the oil markets.
Analyst note that the demand is coming back faster than the supply. Hence more supply will be needed to meet the upcoming demand.
Meanwhile, the International Energy Agency (IEA) in its monthly report has stated that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will require to boost the output production to meet the rising demand. The fuel demand is set to recover to the pre-pandemic levels by the end of fiscal 2022.
IEA further notes that the improved demand and the nation’s short-term policies were at odds as the agency calls to stop the new oil, coal and gas funding.14 June 2021
The petrol prices continued its rally in India following trends from the overseas markets as crude hits multi-year highs for third week on revival of fuel demand. The petrol rates in India traded at Rs 96.12 per litre in New Delhi, Rs 96.06 per litre in Kolkata, Rs 102.30 per litre in Mumbai and Rs 97.43 per litre in Chennai.
In the international markets, Brent was seen at $72.69 per barrel, up by 0.23%; West Texas Intermediate (WTI) at $70.91 per barrel, up by 0.88%.
The crude prices touched multi-year highs on Friday’s trade session as it closes out a third straight weekly gains on improved fuel demand as increased drive of coronavirus vaccination rates has helped to lift the pandemic curbs.
The International Energy Agency (IEA) in its monthly report has noted that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will need to bolster the crude output to meet the fuel demand which is set to reach pre-pandemic levels by the end of fiscal 2022.
The oil producers club needs to open the taps to keep the fuel markets supplied with adequate crude, notes IEA.
The Paris based energy watchdog has further said that in fiscal 2022, the group may have to ramp up the oil supply by 1.4 million barrels per day (bpd) which is above its July 2021 – March 2022’s target.12 June 2021
The petrol prices inched up in India today following trends from the overseas markets as crude rises to fresh multi-year highs on recovery in fuel demand. The petrol rates in India traded at Rs 95.85 per litre in New Delhi, Rs 95.80 per litre in Kolkata, Rs 102.04 per litre in Mumbai and Rs 97.19 per litre in Chennai.
In the global scenario, Brent stood at $72.76 per barrel, up by 0.33%; West Texas Intermediate (WTI) at $70.66 per barrel, up by 0.53%.
On Friday, the fuel prices in the international markets hit fresh multi-year highs and it was set for the third weekly jump on growing expectations of a revival of oil demand in Europe, the U.S. and China. The drive-in vaccination rates have to lead to an easing of the pandemic curbs.
Investment banking firm – Goldman Sachs expects the crude benchmark – Brent to touch $80 a barrel during the summer season following vaccination rollouts as it has boosted the global economic activity.
The International Energy Agency (IEA) noted in its monthly report, that the OPEC and oil producers will have to boost the output to meet the fuel demand as it is set to recover to the pre-pandemic levels by the end of fiscal 2022.
Recently, the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to ease the crude supply curbs through July as hopes for improved fuel demand grows. The oil producers club noted that the rising demand and countries short-term policies were at odds with IEA’s call to stop the new gas, oil and coal funding.11 June 2021
The petrol prices are stable in India despite a rise in the crude rates in the overseas markets amidst knock from the U.S. driving season data. The petrol rates in India traded at Rs 95.56 per litre in New Delhi, Rs 95.52 per litre in Kolkata, Rs 101.76 per litre in Mumbai and Rs 96.94 per litre in Chennai.
In the international platform, Brent was seen at $72.82 per barrel, up by 0.83%; West Texas Intermediate (WTI) at $70.52 per barrel, up by 0.80%.
On Thursday, the crude prices shot up after the data indicated weak U.S. driving season fuel demand as investors continue their focus on the upcoming U.S. economic data.
An analyst from PVM Oil Associates notes, that the market is recovering from the weekly report published by the Energy Information Administration (EIA). EIA in its weekly report had stated that the crude inventories excluding the Strategic Petroleum Reserve (SPR) declined for an eleventh straight week as refiners ramped up crude output. But the fuel inventories expanded sharply owing to weak consumer demand.
The data further stated that the crude inventories exclude SPR contracted by 5.2 million barrels during the week to June 4 to settle at 474 million barrels, marking the third consecutive weekly fall.
Adding further woes to the oil markets, India the third-largest crude importer in the world, has reported a slump in fuel demand for May. The oil demand is the lowest since August last year as the second wave of the pandemic has ravaged the economic activity stalling the movement of people.10 June 2021