It becomes extremely important to check the daily petrol price in Bangalore before you fill your tank. This is because unlike before, where petrol prices changed every fortnight, what we are seeing is that prices keep changing in Bangalore city more often. For example, today's petrol prices in Bangalore was very different to what it was until a few days ago. This is because of the beginning of June 15, there is a daily price revision.
|Jun 21, 2018||₹ 77.39||₹ -0.12|
|Jun 20, 2018||₹ 77.51||₹ 0.00|
|Jun 19, 2018||₹ 77.51||₹ -0.08|
|Jun 18, 2018||₹ 77.59||₹ 0.00|
|Jun 17, 2018||₹ 77.59||₹ 0.00|
|Jun 16, 2018||₹ 77.59||₹ 0.00|
|Jun 15, 2018||₹ 77.59||₹ -0.08|
|Jun 14, 2018||₹ 77.67||₹ 0.00|
|Jun 13, 2018||₹ 77.67||₹ 0.00|
|Jun 12, 2018||₹ 77.67||₹ -0.15|
|1 st May||Rs.75.82|
|Highest rate in May||Rs.79.71 on May 29|
|Lowest Rate in May||Rs.75.82 on May 6|
|Over all performance||Rising|
|1 st April||Rs.74.90|
|Highest rate in April||Rs.75.82 on April 5|
|Lowest Rate in April||Rs.74.90 on April 1|
|Over all performance||Rising|
|1 st March||Rs.72.69|
|Highest rate in March||Rs.74.71 on March 31|
|Lowest Rate in March||Rs.72.69 on March 1|
|Over all performance||Rising|
|1 st February||Rs.74.20|
|Highest rate in February||Rs.74.54 on February 6|
|Lowest Rate in February||Rs.72.62 on February 23|
|Over all performance||Falling|
|1 st January||Rs.71.06|
|Highest rate in January||Rs.74.07 on January 30|
|Lowest Rate in January||Rs.71.06 on January 1|
|Over all performance||Rising|
|1 st December||Rs.70.29|
|Highest rate in December||Rs.71.06 on December 26|
|Lowest Rate in December||Rs.70.14 on December 13|
|Over all performance||Rising|
In Karnataka petrol is used in day to day life as an essential commodity and used primarily for transportation purpose. It is important to track petrol rates in Bangalore and other cities as the same is changed everyday by oil marketing companies like IOC, HPCL and BPCL at the petrol pumps in Karnataka. At the same time, it is essential to know the daily petrol price that is changing slightly every day in major cities of Karnataka like Mysore, Davangere, Mangalore, Hubli-Dharwad and Belgaum etc... Prior to Capital/Metro city Bangalore, petrol prices may also vary slightly from city to city in Karnataka.
In fact, after petrol prices were deregulated, we saw fortnight revisions. This was highly inconvenient for consumers who ended-up paying Rs 2-3 higher for fortnightly revisions. This put an additional pressure and burden on the consumer. Things have become a lot easier these days with the everyday price revision of petrol not only in the city of Bangalore but, also the entire nation. Oil marketing companies like Indian Oil, HPCL and BPCL will now revise the prices early morning and this is a big plus for consumers.
India is a fast growing country, and also India is a big producer, consumer, and importer of petroleum products. Demand for oil products is increasing in India and India, There is a vast scope of oil storage. Having petroleum will provide technological improvements, financial incentives, policy initiatives and legislative measures. Mainly, the transport sector is the sector where most of the petroleum products especially petrol and high-speed diesel are consumed. Due to this consumption petrol price in Banglore is increasing day by day. Comparatively the petrol rates in Banglore in the past ten years are up by nearly thirty to forty rupees. There was a time when petrol price Bangalore was as low as Rs 40. But now due to the high Consumption and the necessity petrol rates are now at nearly almost at Rs 70. As of the rates seems to be doubled. Road transport solely accounts for about 37 per cent of the total oil usage, and the remaining is consumed for the machinery and other products which run on fuel.
From the past three years the petrol price in Bangalore has changed frequently once every 15 days. Before June 16th petrol price in Bangalore used to change every 15 days or two weeks by the top petroleum companies once. But the price of petrol now changed daily in the morning at 6.00 am. This change has been due to various reasons. Before two weeks once the price used to change around one or two rupees whereas now the price change in paise.
Anyhow due to the price change, larger vehicles tend to lose or save money every day. Even the companies which use a lot of petrol every day by buying and storing them in the big vessels may also buy petrol by having a track on petrol every day and buy it when the price of the petrol in Bangalore falls.
We know that both petrol and diesel are produced from crude oil then why is the petrol price in Bangalore is costlier than Diesel price most of us wonder. There are many reasons such as the refining costs, taxes, demand, etc.
The first and the main reason for it is the refining cost. In the refining process of the crude oil, crude Oil is separated into different components then further it is treated to form petrol, diesel or other petroleum products. So during the further treatment for making petrol, it will cost a lot whereas for the diesel it will not cost that much comparatively. Diesel is heavier and less volatile when compared to petrol. So, Diesel is not as much refined as petrol is refined. There are other duties such as Excise Duty, VAT, etc. which are a little higher for petrol when compared to Diesel. All these together make the petrol price in Bangalore costlier comparatively.
In diesel car, initial buying cost is high, but mileage is greater than its petrol counterpart. So now what matters is how much you drive in a month, if you drive around 1500kms a month or 50kms every day, then go for diesel, otherwise petrol.
If you are someone who frequently takes long distance trips, comfortability would be a factor, and diesel cars are more comfortable than petrol, plus the ease of driving will be better in diesel ones.
Coming to Bangalore, the usage of four wheelers has risen in both petrol and diesel. But, people prefer the petrol cars because compare to diesel, petrol cars are low on maintenance. Oil marketing companies are planning to put in place a mechanism to which fuel prices petrol will be compared with international crude oil prices on a daily basis.
From the past four days, the petrol price in Bangalore rose to 12 paise.i.e Rs 68 to RS 68.12 paisa.
Petrol price in Banglaore fell by 14 paise per litre to Rs 77.25 despite the rise in oil rates in the Asian markets in early market trade on Friday.
International benchmark Brent crude was trading 1.4 percent higher at $74.07 per barrel. US West Texas Intermediate (WTI) was at $66.45 a barrel, also up by 1.4 percent from the previous close. Global crude prices were pushed higher by uncertainty over the decision of OPEC (Organization of Petroleum Exporting Countries) on increasing production at their meeting later today.
The OPEC are set to meet today along with one of the largest oil producer-Russia (non-OPEC member) in their headquarters in Vienna, Austria, to discuss policy changes. Saudi Arabia, the top producer amoung the members and Russia have shown favour towards an increase in output while another OPEC member Iran, has opposed it. The decision from the meeting, therefore, remains uncertain.
Meanwhile, the US reported a drop in the commercial crude inventories by 3 million barrels to 430.6 million for the week ending 15 June as per the data published by American Petroleum Institute this week. The drop in inventory is an indicator of a strong prevailing global demand for crude oil. If OPEC decides against increasing production, it could push the oil price higher in the coming days.
Petrol price in Bangalore was revised lower for the second time this week on Thursday. Price per litre of petrol was cut by 12 paise to Rs 77.39.
Rates in the country were impacted by the fall in international crude prices after Iran signaled that the OPEC (Organization of Petroleum Exporting Countries) may decide to increase the production in their meet scheduled over the weekend.
International benchmark Brent on Thursday morning was trading lower by 0.3 percent to $74.55 a barrel from its previous close. Meanwhile, a top government official said to PTI that a new combination tax regime will be imposed on auto fuels replacing the existing tax structure that includes excise duty from the central government and VAT (value added tax) by the state government. The new regime that will include a peak GST (goods ans service tax) rate of 28 percent and local tax (VAT or sales tax) on petrol and diesel will be equivalent to the present tax incidence and is not a relief to the consumers.
"There is no pure GST on petrol and diesel anywhere in the world and so in India too it will have to be a combination of GST and VAT," the unnamed official said.
Petrol price in Bangalore stays unchanged at Rs 77.51 on Wednesday as international fuel prices face pressure from a shortage in supplies.
International benchmark Brent rose by 70 cents to $75.78 a barrel on Wednesday afternoon after the US reported a drop in their commercial crude inventories. The OPEC (Organization of Petroleum Exporting Countries) member-Libya, on the other hand, reported a loss in storage capacity.
News reports suggest that the storage capacity was lost as a result of a collapse of an estimated 400,000 barrel storage tank. Meanwhile, US inventories fell by 3 million barrels to 430.6 million in the week ending June 15 as per data in the American Petroleum Institute on Tuesday.
Additionally, investors of oil futures are cautious about the decision that could be taken on June 22-23 in the OPEC member meeting regarding the production policy. Initially, OPEC along with Russia (one of the largest oil producers) was expected to increase their production, but reports suggest that members like Iran are against the increase over fears of a sharp drop in fuel prices.
After a 3-day pause in petrol price in Bangalore was revised lower by 8 paise to Rs 77.51 per litre. The same trend was seen in most major cities across India.
Crude oil price fell in the Asian markets on Tuesday morning over expectations of OPEC (Organization of Petroleum Exporting Countries) and one of the biggest supplier Russia increasing their produce gradually after this week's meet. The OPEC had collectively decided to withhold supplies since 2017 to control the steep fall of oil prices.
International oil benchmark Brent was down by 29 cents (0.4 percent) to $78.05 a barrel from the last close after hitting a two-month low yesterday. OPEC is expected to revise its plans after an unexpected fall in supply from its member nation Venezuela. Apart from waiting decisions resulting from OPEC meet on 22 June in Vienna, markets have reacted to the escalating trade war between the US and China. The two big economies of the world have threatened imposition on each other's exports. If it happens, China has said it will put 25 percent duty on crude oil imports from the US.
Petrol price in Bangalore sees another cut after a two-day pause. Rates were lowered by 8 paise on Friday to Rs 77.59 per litre.
Meanwhile, international crude oil benchmark Brent was down by 3 cents to $75.91 a barrel and WTI was up by 6 cents to $66.95 per barrel. The OPEC (Organization of Petroleum Exporting Countries) meeting on June 22-23 in Vienna will tell if the members will make a pact to increase the production to curb the shortage in supply that pushed crude oil prices to $80 per barrel. Member nation Venezuela is reportedly short of one month's supply to its customers. Its production is now reduced to 1.5 million barrels a day from 2.9 million in 2014 (when the pact was made).
Petrol price per litre in Bangalore has been reduced by Rs 2.04 in the month of June so far.
Petrol price in Bangalore remains unchanged for the second day at Rs 77.67 per litre. Globally, crude oil prices were trading steady as they face pressure from increased US output and uncertainty over OPEC meet conclusions next week.
The US has increased its production for some time now. Its production is now up by one-third in the last two years. Russia too reported an increase in its daily output.
The OPEC (Organisation of Petroleum Exporting Countries) members are set to meet in next week. Their decision on whether or not they will increase the oil production remains uncertain now that oil rates have been stabilised by increased US production (non-OPEC nation). These countries had collectively decided to reduce production after a steep fall in oil prices in 2014.
However, supply shortage from Venezuela and reimposition of tariffs on Iran by the US pushed the prices of fuel shooting higher. Benchmark Brent crossed $80 mark in the month of May.
Petrol price was lowered by 15 paise per litre to Rs 77.67 in Bangalore. Fuel rates were cut for the fourteenth straight day across the country where petrol rate per litre in Bangalore has been lowered by Rs 2.04.
International crude oil prices were, however, trading higher on Tuesday on cautious optimism over the historic summit between US president Donald Trump and North Korean leader Kim Jong Un in Singapore.
Brent oil futures were up by 10 cents to $76.56 per barrel, while WTI futures rose 14 cents from its last close to $66.24 a barrel.
Meanwhile, the three big oil producers- the US, Russia and Saudi Arabia have reportedly increased their daily production limit. Russia has reported an increase in daily production from 11 million barrel per day to 11.1 million, whereas the US had increased it to a record high of 10.8 million bpd after a one-third increase in the last two years.
Petrol price in Bangalore was revised lower for the thirteenth straight day by 21 paise to Rs 77.82.
International oil prices were dragged down on Monday by an increase in output from the US and Russia. US drilling activity was at its highest level since March 2015, while Russian output was also on a rise.
An increase in US oil production has stabilized the oil prices that were on a sharp rise last month where petrol price in Bangalore was at its all-time high.
Global oil production that is mainly controlled by the OPEC (organization of petroleum exporting countries) that had withheld their outputs to avoid crude prices from falling sharply.
An unexpected crisis in oil production in Venezuela and re-imposition of tariffs by the US on Iran put the prices of the internationally traded oil prices under pressure. The increase in US and Russian production (both non-OPEC members) have eased the rates and will also impact the decision to be taken in the scheduled OPEC meeting on 22-23 June.
On the eleventh day of fuel price cut across the country, petrol price in Bangalore was lowered by 41 paise to Rs 79.95. The downward trend comes after 16 straight days of relentless price rise impacted by the rates in the global market. As a major importer of oil, Indian rates are changed based on exchange rates abroad as well as the value of the Indian rupee against the US dollar.
International crude oil prices fell on Friday after JP Morgan cut its forecast for 2018 by $3 on WTI (West Texas Intermediate) to $62.20 a barrel. Increased oil production in the US and cut in demand from China dragged the commodity further. Brent futures were trading 87 cents down (11 percent) at $76.45 per barrel, while WTI was down by 21 cents to $65.74 at the end of the session on Friday.
China's May custom data showed a reduction in crude oil imports as the country's state-owned refineries were entering planned maintenance.
Petrol price in Bangalore went further down by 9 paise to Rs 78.90 in Bangalore. Fuel prices in the city have been on a downward slope since May 30 after reaching an all-time high of Rs 79.71 per litre of petrol and Rs 70.50 per litre of diesel.
International benchmarks, however, rose on Thursday morning from plunge by one of the OPEC (Organization of Petroleum Exporting Countries) members- Venezuela. Brent crude was up by 33 cents (0.4 percent) to $75.69 a barrel from its previous close while WTI (West Texas Intermediate rose by 38 cents (0.6 percent) to $65.11 a barrel.
As per Reuters data, Venezuela is nearly a month (more than 24 million barrels) behind in its supply to customers, threatening to breach the contracts its state-run PDVSA has with them if not cleared quickly. The situation could influence the decision regarding oil production that will be taken in the OPEC meeting to be held on June 22.