Petrol Price in Chandigarh (20th April 2024)
Today's petrol price in Chandigarh (Chandigarh) stands at ₹94.24 per litre. No change recorded in petrol's price compared to yesterday. In the last 2 month, the petrol price in Chandigarh has been fluctuating between ₹96.20 and ₹94.24 .You can also view today's petrol prices in all states and districts of India and compare them with the rates from the previous day, which already include state taxes.
In an exhaustive examination of the fluctuating fuel prices within Chandigarh over the past decade, notable trends and patterns emerge, shedding light on the broader economic and policy landscape that shapes the cost of petrol. This analysis provides a comprehensive overview, engaging stakeholders and the general public alike in understanding how fuel prices have evolved in this region.
| City | Today Price | Yesterday Price |
| Chandigarh | ₹ 94.24 | ₹ 94.24 |
The Decade in Review
The past ten years have witnessed a series of ups and downs in the petrol prices in Chandigarh, influenced by a myriad of factors including international crude oil prices, government tax policies, and geopolitical events. These fluctuations have not only affected consumer behavior but also had wider economic implications, impacting transportation costs, inflation rates, and even the adoption of alternative energy sources.
One of the key observations from the review is the correlation between international crude oil prices and local petrol costs. As a major importer of crude oil, India's fuel prices are directly impacted by changes in the global oil market. This relationship underscores the vulnerability of Chandigarh's petrol prices to external shocks and highlights the importance of diversifying energy sources.
Government policies, particularly in terms of taxation, have played a significant role in shaping petrol prices. Increases in excise duties and VAT have often been passed on to consumers, leading to higher retail prices. These policy decisions are critical in understanding the domestic factors that contribute to price changes.
Geopolitical events, such as conflicts in oil-producing regions, have also had a significant impact. Such events can lead to sudden spikes in prices, demonstrating the interconnectedness of global markets and the local impact of international disputes.
Looking Forward
As we delve into the future, it is evident that the dynamics of petrol pricing will continue to be influenced by a combination of international and domestic factors. The trend towards cleaner, alternative energy sources is expected to gradually change consumption patterns, potentially stabilizing prices in the long term.
However, immediate price trends are likely to remain susceptible to global oil market fluctuations and policy changes.
The decade-long review of Chandigarh's petrol prices offers valuable insights into the complexities of fuel pricing, emphasizing the need for strategic planning and policy-making to mitigate the impact of price volatility on consumers and the economy. Understanding these trends is crucial for stakeholders across various sectors, from transportation to energy, as they navigate the challenges and opportunities presented by the evolving energy landscape.
Latest Updates on Petrol Price in Chandigarh
Petrol prices in Chandigarh today are stable amidst stagnant demand noted in crude oil for international markets, costing Rs. 96.20/- per litre. Traditionally it has been noticed that whenever there are election season ahead in India, ruling political parties might influence local Chandigarh petrol rates, in order to have a favorable result attracting high vote share ahead.
In India fortunately, global changes in demand and supply has minimal impact on local petrol rates as the government regulates the sector and ensure both private and public institutions stay away from creating a monopolistic market situation. However, Chandigarh petrol prices today are remaining stable due to the policies and regulatory control of the central government on petrol producing corporations of the country.
Global energy traders currently expecting tomorrow's US GDP quarterly growth to have a directional influence on commodity commodity segments. The US dollar index globally is moving cautious at weekly low range, which might support crude oil demand today. However, except for US and UK, the bond yields of major economies trade in green posing a threat for local petrol rates in Delhi and major cities of India.
MCX Crude Oil Futures maturing next month are currently trading at Rs 143.1/-, which is 14.67% or Rs 24.6/- lower than Monday's closing.
28 February 2024
The petrol prices are balanced in Chandigarh despite a marginal fall in the global crude rates on growing demand worries. The petrol rates in Chandigarh were recorded at Rs 96.20 per litre.
In the overseas forum, Brent stood at $85.62 per barrel, down by 0.89% and West Texas Intermediate (WTI) at $78.89 per barrel, down by 1.04%.
The oil prices witnessed a marginal drop on Monday’s trade session after witnessing a surge in the previous session, as investors focus on the short-term demand concerns which are stemming from the release of the U.S. inflation data and refinery Maintenace in Asia and the United States of America.
An analyst from OANDA notes that the crude prices are softening as energy traders are forecasting a potentially weak fuel demand in the coming days and this might force the Fed to tighten the policy stance much more aggressively.
He further added that this week could deliver a make-or-break moment in how bad of a recession, the Wall Street Prices are in.
Meanwhile, China’s oil demand recovery is curbing its gasoline exports in February. Though its refiners are maintaining diesel shipments of over 2 million tonnes.
Russia announced its plans to trim down crude production in retaliation against western curbs on its oil imports which were imposed in response to Moscow's invasion of Ukraine.
Russia is likely to cut output production by 500,000 barrels per day (bpd) in March, accounting for around 5% of the output. Last week Russia’s Deputy Prime Minister Alexander Novak noted about country’s intention to trim down crude output, bolstering the fuel prices to march up.
13 February 2023
