Petrol prices in Bangalore 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 Bangalore (₹79.91), 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 Bangalore 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.
|Aug 18, 2018||₹ 79.79||₹ 0.09|
|Aug 17, 2018||₹ 79.70||₹ 0.00|
|Aug 16, 2018||₹ 79.70||₹ 0.05|
|Aug 15, 2018||₹ 79.65||₹ 0.00|
|Aug 14, 2018||₹ 79.65||₹ 0.00|
|Aug 13, 2018||₹ 79.65||₹ -0.09|
|Aug 12, 2018||₹ 79.74||₹ 0.00|
|Aug 11, 2018||₹ 79.74||₹ 0.10|
|Aug 10, 2018||₹ 79.64||₹ 0.07|
|Aug 9, 2018||₹ 79.57||₹ 0.00|
|1 st July||Rs.76.77|
|Highest rate in July||Rs.79.36 on July 13|
|Lowest Rate in July||Rs.76.77 on July 2|
|Over all performance||Rising|
|1 st June||Rs.79.57|
|Highest rate in June||Rs.79.57 on June 1|
|Lowest Rate in June||Rs.76.77 on June 4|
|Over all performance||Falling|
|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|
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.
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 Bangalore today was raised by 9 paise to Rs 79.79 per litre. The fuel prices were hiked across the country following a rise in international crude oil prices. Oil prices in the global market will be reporting a weekly decline once again due to an oversupply from the US and a slowing of economic growth across the globe. China's lowering of GDP growth has posed a threat to the demand for oil from the country. As China slows down, so will other countries is the popular belief amoung investors. Brent crude was up marginally by 52 cents to $71.95 a barrel, heading for a weekly loss of more than 1 percent. The US West Texas Intermediate futures were 45 cents higher at $65.91 per barrel, marking its longest weekly loss in three years.18 August 2018
Petrol price in Bangalore today was unchanged at Rs 79.70 per litre. The Indian oil marketers today only raised the prices for diesel today.
Internationally, crude oil prices fell, marking the seventh weekly decline due to concerns over slowing of global economic growth. The investors are reluctant to invest in oil after the fall of the Turkish Lira. Turkey's economic crisis affected other emerging economies, especially in Asia. Developing countries being the biggest market for fuel in the world, the fall in the currencies also mark a slow down in growth, indicating a future fall in demand for oil. Benchmark Brent crude fell by 2 percent in the whole week, while US WTI saw a fall of more than 3 percent. Chinese data has already shown a drop in oil imports for the month of July. Additionally, the US reported a rise in crude oil inventories, increasing the pressure on the oil market.17 August 2018
Petrol price in Bangalore today was increased by 5 paise to Rs 79.70 per litre. The fuel rates were raised as oil prices in the international market benefited from the trade talks possibility between the two biggest economies in the world. The Chinese government said that it would send a delegation to the United States to resolve the ongoing trade disputes between the two countries. Following the news, global crude oil benchmark Brent crude gained 0.4 percent to $71.03 per barrel. US West Texas Intermediate crude futures increased by 5 cents to $65.06 a barrel.
In the previous session, the two benchmarks fell sharply due to the ongoing economic crisis in Turkey that has affected other major economies of the world, that raised doubts on the demand for oil in these countries. Crude oil was also affected by the increase in production in the US.
Petrol price in Bangalore is highly affected by international rates as India is dependent on imports for its domestic demand for fuel.16 August 2018
Petrol price in Bangalore today stayed at Rs 79.65 per litre. Fuel prices were affected by the OPEC's confirmation of a cut in crude oil supply.
According to a Reuters report, the Organization of the Petroleum Exporting Countries (OPEC) was informed by its major member nation Saudi Arabia about a 200,000 barrels per day (bpd) supply cut for the month of July to 10.288 million bpd. The supply cut may have raised international fuel prices but the currently looming financial crisis on Turkey and other major emerging economies were growth has already slowed down could hurt the demand for the commodity. The supply cut and reduced demand have left petrol price in Bangalore unchanged today. Besides the international factors, the Indian state-owned companies also apply their own agenda based on its imports to adjust prices accordingly on a daily basis. Prices are revised every day at 6 am.14 August 2018
Petrol price in Bangalore today was declined to Rs 79.65 per litre. Fuel prices were revised lower today by state oil marketers due to the fall in international crude oil prices.
Crisis in Turkey had the strengthening of the US dollar has dragged the currencies of emerging economies down. The ongoing trade war between the USA and major emerging economies including India has threatened the economy of these countries and reduced the possibility of a rise in oil demand from them. Emerging economies are among the biggest consumers of crude and with the current situation, the demand is uncertain. China has already reported a drop in its oil imports for July, slowly other could follow.
International trends and rates are crucial for change in the petrol price in Bangalore. A further fall can be expected in supply remains the same.13 August 2018
Petrol price in Bangalore today was up by 10 paise to Rs 79.74 per litre. The falling Indian rupee and the possibility of tightening of oil supply due to US sanctions on Iran were driving the fuel prices higher.
Internationally, crude oil benchmarks rose as much as one percent. Brent crude was up by 72 cents to $72.79 a barrel while US light crude grew by 82 cents to $67.63 per barrel. There have been increasing trade tensions between Turkey and the US, as the latter has doubled the tariffs on steel and aluminum on the former for not releasing the custody an American pastor charged with alleged espionage.
This not only lead to an economic disturbance in Turkey but has been affecting currencies of other emerging countries like China, India and Russia, as the US dollar gets stronger.11 August 2018
Petrol price in Bangalore today was raised by 7 paise to Rs 79.64 per litre. Fuel rates across the country revised after a 2-day break.
The prices were raised due to a surge in international crude oil prices in the last two sessions. The depreciation of rupee against the dollar also hurt the valuations.
Today, however, the global benchmarks were trading lower with Brent down by 30 cents to $71.77 a barrel and US light crude falling equally to $66.51 per barrel. The fall was on account of increased tensions of slower economic growth from the trade disputes among nations and the resulting fall in fuel demands. The three major emerging economies India, China and Turkey reported a drop in the value of the currency. Oil usually responds to the supply trend showed a change in dynamics today by moving as other commodities like gold that rise or fall with a change in US dollar exchange rate. Petrol price in Bangalore today has been derived from the previous session's movement as these rates are effective from 6 am each morning in India.10 August 2018
Petrol price in Bangalore today remained parked at Rs 79.57 per litre for the third straight day. Internationally, benchmarks Brent and West Texas Intermediate recovered after a heavy loss in the previous session. Brent was up by 24 cents to $72.52 a barrel and US WTI gained 7 cents to $67.02 per barrel. The two declined 3 percent and 3.2 percent respectively in the previous session due to an escalation in trade disputes between the US and China.
China has imposed 25 percent additional tariffs on $16 million imports from the United States on goods ranging from automobile to medical equipment. The results from Chinese official data showed a decline in imports of the country than expected. Experts and investors now fear that the trade war between the two biggest economies of the world could slash demand for commodities, slowdown down economic growth of the world as a whole.
Meanwhile, Bloomberg reported that IOC signed a term tender to purchase US crude for delivery every month between November and January, to reduce its dependence on Iranian oil when sanctions kick in on its petroleum products in November.9 August 2018
Petrol price in Bangalore today remained unchanged at Rs 79.57 per litre. Fuel prices in India are derived from the trends in international markets. Global benchmarks showed mixed results in crude oil markets today. Brent was down by 0.2 percent to $74.50 a barrel while US WTI declined by 2 cents to $69.15 per barrel.
The marginal decline was despite the fall in US crude inventories and introduction of sanction on Iran. This is mainly due to the import data released by the Chinese government that showed lowering of crude oil imports in July, resulting in the third consecutive month of decline.
If the fastest growing economy in the world reduces its imports, it indicates lowering global demand for oil, thus questioning the prospects of growth in the commodity market and threatening its price.
Meanwhile, reports suggest the US will impose sanctions on Iran's imports in the month of November, to isolate the country's trade. As the world's third largest oil producer, this could affect the market prices include petrol price in Bangalore.
8 August 2018
Petrol price in Bangalore today was raised for the sixth consecutive day to Rs 79.57 per litre. In the International markets, the crude oil prices are stagnant ahead of the implementation of US sanctions on Iran.
Starting 12 am (Washington time) on Tuesday, strict sanctions will be reimposed by the USA on Iran. In May, the US President Donald Trump withdrew from the Iran nuclear deal that the Obama administration had entered into, which had removed some financial penalties on the country. Despite opposition from US allies in the Europe, China and India, the US government wants as many countries as possible to stop buying Iranian oil.
Two of the fastest growing economies in the world, India and China make up for 80 percent of Iran's exports. In a time where the world is already facing a shortage in oil production, this could push the fuel prices higher.7 August 2018