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||Falling|
|Highest rate in February||Rs.76.53 on February 23rd|
|Lowest Rate in February||Rs.68.13 on February 23rd|
|Over all performance||Rising|
|Highest rate in January||Rs.78.49 on January 16th|
|Lowest Rate in January||Rs.60.07 on January 1st|
|Over all performance||Falling|
|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||Falling|
|Highest rate in May||Rs.68.93 on May 17th|
|Lowest Rate in May||Rs.52.72 on|
|Over all performance||Rising|
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.
The petrol prices in India remained flat despite inching up marginally in the global markets as optimism over OPEC agreeing to cut crude supply has helped the fuel prices to march up.
The petrol rates in India today traded at Rs 73.30 per litre in Kolkata, Rs 76.31 per litre in Mumbai, Rs 72.28 per litre in Chennai and Rs 69.59 per litre in New Delhi.
In the global markets, Brent was seen trading at $33.28 per barrel, up by 0.70% and West Texas Intermediate (WTI) stood at $26.43 per barrel, up by 1.34%.
Today, the crude prices in the international markets bounced back to its positive territory as world’s biggest producers are likely to agree to trim down their output and outweighed analysts expectations that the ongoing global recession amidst the outbreak of deadly coronavirus could be deeper than expected.
The top oil producers – Saudi Arabia and Russia who are at logger's heads with each other and are waging price war are set to meet this Thursday and are likely to cut the output at a meeting but sources have revealed to Reuters that the cut would depend on the joining of the United States of America.
The final agreement as to how much the OPEC and its member partners will trim down will likely depend on their talks which the producers including Canada, United States, Brazil and other member nations are willing to cut at the moment to uplift the ailing prices of oil market which is trading at around $30 per barrel over last few days.7 April 2020
The petrol prices in India stood still despite a drastic fall in global crude rates as Saudi Arabia and Russia delay meeting to end the overproduction of fuel. The petrol rates in India today traded at Rs 72.28 per litre in Chennai, Rs 73.30 per litre in Kolkata, Rs 69.59 per litre in New Delhi and Rs 76.31 per litre in Mumbai.
In the overseas markets, Brent was seen trading at $34.07 per barrel, down by 0.12% and West Texas Intermediate (WTI) was at $28.08 per barrel, down by 0.92%.
The top oil producers – Saudi Arabia and Russia delayed its meeting which was scheduled to take place today which has led to the drastic fall in the fuel prices in the international markets amidst abundant supply of oil as coronavirus suppresses oil demand.
The top fuel producers are blaming each other for the collapse of last months OPEC meet and has now pushed their meeting to April 9, 2020, in a bid to end the price war and reduce the crude output to stabilize the ailing oil markets.
Meanwhile, the U.S. President has announced that he will be imposing tariffs on crude imports if required to protect the U.S. energy workers following crashing crude prices which have exacerbated owing to the price war between Saudi Arabia and Russia over market share.6 April 2020
The petrol prices in India stood still despite witnessing a rally in the crude rates in the overseas markets on hopes of output deal. The petrol rates in India today spotted trading at Rs 69.59 per litre in New Delhi, Rs 76.31 per litre in Mumbai, Rs 72.28 per litre in Chennai and Rs 73.30 per litre in Kolkata.
In the global markets, Brent was seen trading at $34.11 per barrel, up by 13.93% and West Texas Intermediate (WTI) was at $28.34 per barrel, up by 11.93%.
The rising hopes of a cut in crude supply in the global markets have uplifted the crude prices which have been feeble for over two weeks in a row.
This Thursday, the crude prices staged its biggest one-day rally in the history of the oil industry on growing prospects the supply cut will be around 10% - 15% of world demand. The sharp rebound staging a recovery came after the U.S. President – Donald Trump announced that he has meddled between Russia and Saudi Arabia in a bid to end the price war amidst coronavirus scare.
OPEC has scheduled for an emergency meeting on Monday which is led by Saudi Arabia wherein the possibility of a cut of crude supply equal to 10 million barrels per day (bpd) is likely to be agreed upon.4 April 2020
The petrol prices in India stood still despite edging of crude rates in the overseas markets amidst improved hopes that a new global deal will be reached out between Saudi Arabia and Russia. The petrol rates in India were seen trading at Rs 69.59 per litre in New Delhi, Rs 76.31 per litre in Mumbai, Rs 73.30 per litre in Kolkata and Rs 72.28 per litre in Chennai.
In the overseas markets, Brent was seen trading at $32.25 per barrel, up by 7.72% and West Texas Intermediate (WTI) were at $26.37 per barrel, up by 4.15%.
Yesterday, the U.S. President said that he has brokered a deal which is likely to result in reaching an amicable settlement between Saudi Arabia and Russia, who are waging a price war after the recent failure of trade talks between both the countries during the OPEC meet.
OPEC and its member countries are discussing to trim down the crude supply to the tune of 10 million bpd.
During the first quarter of 2020, the crude prices have slumped by 65% due to decline in demand caused by the outbreak of coronavirus and move made by Russia and Saudi Arabia to increase the supply of oil after talks to deepen crude supply failed last month in Vienna to extend a previous supply pact.
3 April 2020
The petrol prices in India stood still despite a rally in the global crude rates as the U.S. President – Donald Trump talks up truce hopes amidst price war. The petrol rates in India today traded at Rs 69.59 per litre in New Delhi, Rs 76.31 per litre in Mumbai, Rs 73.30 per litre in Kolkata and Rs 72.28 per litre in Chennai.
In the global markets, Brent was seen trading at $27.19 per barrel, up by 9.90% and West Texas Intermediate (WTI) was seen at $22.21 per barrel, up by 9.35%.
In a move to ease out the existing tension between Saudi Arabia and Russia, the U.S. President expects that both the nations will reach out to a deal to end the price war which has led to slumping in crude rates in the global markets. Meanwhile, the Russian President called for a solution to the challenging oil markets.
Donald Trump noted that he recently had a telephonic conversation with the leaders of both the countries to make a deal which in turn will end the price war within a few days by declining the production which in turn will support the prices to recover.
Analysts note that markets are now receiving an abundant supply of crude and it is to the tune of 15 million barrels per day (bpd) which has resulted in a plunge in its prices over the last few days amidst the coronavirus spread across the global markets.2 April 2020
The petrol prices in India remained firm despite a fall in global crude rates as U.S. inventory build-up heightens oversupply concerns. The petrol rates in India today traded at Rs 72.28 per litre in Chennai, Rs 73.30 per litre in Kolkata, Rs 69.59 per litre in New Delhi and Rs 75.30 per litre in Mumbai.
In the global markets, Brent was seen trading at $25.36 per barrel, down by 3.76% and West Texas Intermediate (WTI) was at $20.19 per barrel, down by 1.42%.
The crude prices are trading below $30 per barrel, its lowest ever rates over the last few days in the global markets. Global crude rates slid further today due to biggest-ever quarterly and monthly losses as the bigger than expected rise in the U.S. inventories and expanding rift within OPEC has heightened the oversupply fears.
The crude futures have diminished by nearly 70% after posting record losses during March 2020.
As per the reports from the American Petroleum Institute, the U.S. crude inventories rallied up by 10.5 million barrels last week, beating the analyst’s expectations of 4 million barrels of build-up.
The rise in the number of pandemic cases across the globe has taken a toll on the demand for oil as there are no takers for crude amidst lockdown situation enforced by many nations in a bid to curtail the spread of the pandemic.1 April 2020
The petrol prices in India stood still despite climbing of crude rates in the overseas markets as Russia’s President – Vladimir Putin and his U.S. counterpart – Donald Trump has agreed for talks to stabilize the energy markets. The petrol rates in India today traded at Rs 72.28 per litre in Chennai, Rs 72.29 per litre in Kolkata, Rs 69.59 per litre in New Delhi and Rs 75.30 per litre in Mumbai.
In the global markets, Brent was seen trading at $27.08 per barrel, up by 2.50% and West Texas Intermediate (WTI) was at $21.14 per barrel, up by 5.23%.
The fuel markets had to bear the brunt of double shocks one from the tumbling of crude demand amidst ongoing coronavirus scare and the other one from the price war fought between the de facto oil producer – Saudi Arabia and Russia in a bid to increase their market share by producing more oil and supplying the same at lower prices to the oil markets.
As per the reports, Trump and Putin held a phone call discussion and both have agreed that their top energy officials discuss on stabilizing the oil markets in the coming days helping the fuel prices to edge up from 18 – year lows.
Analysts predict that the oil prices will shoot up in future and this has prompted many traders to store oil for later sales.31 March 2020
The petrol prices in India continued to stay afloat for 14th consecutive day in a row despite drubbing of international crude rates in the overseas markets amidst weak demand for oil. The petrol rates in India today traded at Rs 72.28 per litre in Chennai, Rs 72.29 per litre in Kolkata, Rs 69.59 per litre in New Delhi, Rs 75.30 per litre in Mumbai.
In the overseas markets, Brent was seen trading at $26.87 per barrel, down by 3.86% and West Texas Intermediate (WTI) was at $20.74 per barrel, down by 3.58%.
The worsening coronavirus has led to the slump in the crude prices in the overseas markets. The oil markets have witnessed twin shock of demand destruction one due to the rampant spread of coronavirus which is epidemic and the other one is the ongoing price war between Russia and Saudi Arabia which has flooded the markets with an abundant supply of fuel.
So far, the flu-like virus has killed over 32,000 people and have infected close to 5,00,000 globally.
The virus which has bought the airline industry to a halt has put more than 3 billion people on lockdown in a move to contain the spread of the deadly virus.
Analysts note that the estimated demand for fuel is likely to decline by as much as 20% in the coming months.30 March 2020
The petrol prices in India remained firm today as well despite a plunge in fuel rates for the fifth straight week despite stimulus efforts pushed in by the global leaders to fight the coronavirus. The petrol rates in India stood trading at Rs 69.59 per litre in New Delhi, Rs 75.30 per litre in Mumbai, Rs 72.29 per litre in Kolkata and Rs 72.28 per litre in Chennai.
In the overseas markets, Brent was seen trading at $27.95 per barrel, down by 2.44% and West Texas Intermediate (WTI) was at $21.51 per barrel, down by 4.82%.
The crude prices have continued to plunge in the overseas markets for the fifth consecutive week in a row despite the best stimulus package announced by several nations in a bid to cushion the ailing economy which has been hit by the coronavirus pandemic. The lack of demand for oil has not supported for the upliftment of prices in the global scenario.
The slump in the economic activity and the decline in oil demand has forced for massive retrenchment in investment in fuel and other energy companies.
Most of the nations have embraced lockdown to contain the wide-spreading coronavirus which is yet to find a medical cure. With more than 3 billion people kept in lockdown, the demand for fuel across the world has collapsed.28 March 2020
The petrol prices in India continued to stay firm despite drop-in the global crude rates as oil markets are back to 1990’s crisis pricing amidst the rapid spread of coronavirus cases across the world rampantly. The petrol rates in India traded at Rs 72.28 per litre in Chennai, Rs 69.59 per litre in New Delhi, Rs 75.30 per litre in Mumbai, Rs 72.29 per litre in Kolkata.
In the global scenario, Brent was seen trading at $28.56 per barrel, down by 0.31% and West Texas Intermediate (WTI) was at $22.85 per barrel, up by 1.11%.
The crude prices are being sold at a record lower prices which were not seen since the aftermath of the Asian financial crisis which rocked the markets in the late 1990s.
The oil price war which is on between Saudi Arabia and Russia has also led to the slump in crude prices as both the nations have decided to increase the oil production beginning from April 2020 to increase their market share amidst muted demand for fuel owing to the rapid outbreak and spread of epidemic coronavirus.
Analysts noted that the demand for oil demand will decline by 10 million barrel per day or it will fall by around 10% in the next few months.
Series of tough measures taken by major nations which includes lockdown of the countries, restricting the movement of people from one place to another have forced most of the refiners in India to trim down on crude supply. The scenario is different in Europe as most of the refinery plants are considering shutting down.27 March 2020