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Petrol Price in Chennai (17th November 2018)

Petrol prices in Chennai 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 Chennai (₹79.88), 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 Chennai 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.

Nov 17, 2018
₹ 79.88 /Ltr (₹ -0.20 )

Last 10 Days Petrol Rate in Chennai

Date Price Price Change
Nov 16, 2018 ₹ 80.08 ₹ -0.18
Nov 15, 2018 ₹ 80.26 ₹ -0.16
Nov 14, 2018 ₹ 80.42 ₹ 0.00
Nov 13, 2018 ₹ 80.42 ₹ -0.14
Nov 12, 2018 ₹ 80.56 ₹ -0.17
Nov 11, 2018 ₹ 80.73 ₹ -0.17
Nov 10, 2018 ₹ 80.90 ₹ -0.18
Nov 9, 2018 ₹ 81.08 ₹ -0.38
Nov 7, 2018 ₹ 81.46 ₹ -0.01
Nov 6, 2018 ₹ 81.47 ₹ -0.14

Daily & Monthly Petrol Price in Chennai : Graphical Representation

Historical Petrol Price in Chennai

  • Trend of Petrol Rate in Chennai, October 2018
  • Petrol Price
    1 st October Rs.87.05
    31st October Rs.82.65
    Highest rate in October Rs.87.33 on October 4
    Lowest Rate in October Rs.82.65 on October 1
    Over all performance Falling
    % Change -5.32%
  • Trend of Petrol Rate in Chennai, September 2018
  • Trend of Petrol Rate in Chennai, August 2018
  • Trend of Petrol Rate in Chennai, July 2018
  • Trend of Petrol Rate in Chennai, June 2018
  • Trend of Petrol Rate in Chennai, May 2018

Petrol prices are changing everyday in Chennai against the earlier practice of revising prices once in 15 days. So, if you are looking to fill petrol everyday now, you should look at today's petrol prices in Chennai. Therefore, it would be important to check the daily petrol prices at goodreturns.in.

Daily Petrol Price Revise in Chennai 

In fact, petrol prices would now be revised at 6 am in the morning. So, before you leave for work, it would be advisable to look for a change in petrol prices daily in Chennai. It is likely that the daily revision in petrol prices would be only for a few paise. However, if you are also filling large amounts, a small revision could also mean a lot. It therefore becomes imperative to check the daily petrol prices in Chennai, before you fill petrol in your vehicles. Remember, these prices are revised largely based on what the situation in the global markets is. So, when international crude oil prices jump, petrol prices in Chennai too rally. You can now check the daily petrol prices in Chennai on our website.

Why Petrol Rates in Chennai Change Everyday

The petrol rates in Chennai is changing every day. This is due to change of the petrol prices in the global Markets. There is no production of petrol in India. So India needs to import it, and for importing crude, we need to pay for it. So depending upon the various factors demand for the oil and importing charges, export charges and much more the petrol price in Chennai is fixed.

Demand for the petrol is day by day increasing the number of the vehicle are increasing. If we see, the statistics the number of vehicles increased with the increase in the population. Top oil companies such as Indian oil take various aspects such as duties and charges into consideration and give a new price every day. Within the state for every different city, the price will be slightly different due to various tolls and charges.

Petrol Rates in Chennai

The petrol price in India used to change monthly twice from first and sixteenth of every month. This is when oil companies were facing difficulties to change the price due to various issues. However, now we have petrol rates in Chennai changing on a daily basis. This is called dynamic fuel pricing. The increase and decrease of the petrol price in Chennai will now depend on the crude oil price in the international market. Now moving a step ahead The Indian oil corporation introduced a new app called FUEL@IOC. It helps to know the current petrol rates. If we observe the petrol price in Chennai from last four days, petrol prices were Rs. 67.78, 67.51, 67.37, 67.18. and today the petrol price in Chennai is 67.71.

Petrol prices steady in Chennai

 Petrol prices saw some change in Chennai on Friday as compared to Thursday, as global petrol prices were higher.
 Indian oil companies have introduced many methods to check daily petrol prices daily at morning 6 am.
 Buyers can check the prices through SMS alerts, oil companies mobile apps, websites and toll-free phone numbers.
 Buyers can type RSPDEALER CODE, and send to 9224992249.
 For Indian Oil- 9224992249, Bharat Petroleum-9223112222, Hindustan Petroleum-9222201122.
 The information also will available on company websites and mobile apps, like Fuel@IOC, Smart Drive (BPCL), and My HP CL.
 Yesterday, the petrol price in Chennai was Rs.68.02, and today it was Rs.68.32, a slight change in petrol price.

How todays petrol rates in Chennai are infuenced 

Todays petrol rates in Chennai depend on a host of factors. Among these include the behaviour of crude oil in the global markets and also the movement of the currency. For example, when the rupee falls against the dollar, it becomes very expensive to import crude oil and this reflects on prices of crude. There has been a trend of increasing crude oil prices, which have moved higher from levels of $55 to the current levels of $60. This has led to prices of petrol in Chennai moving way above the Rs 70 mark. 

When this happens it leads to increase in prices of all commodities as petrol is needed for transportation. However, it is better to frequently check prices as this may save you money if you are especially filling large amounts of petrol in your vehicle.  

Why petrol prices in Chennai are high?

In the past, the petrol prices in the country were centralized and changed every fortnight. These days, thanks to a myriad of changes in the political situation in the country, dynamic pricing has been introduced and due to that the prices change every day.

As all of us are well aware, petrol prices in India is something on which both the central and the state government levy their taxes. In fact this is the reason for the current variation in the price of petrol in different areas of the country. In the case of Chennai, there has been an increase in the state tax and this has consequently impacted the price of petrol in the area. That is why although the price of petrol in Chennai in the last month was Rs. 75.07, with effect from the 27th of March it has reached an all time high of Rs 75.66. At this point it is to be noted that the average petrol price in the country last month was Rs 74.26 and that the figures in Chennai were always a tad bit higher as compared to the values at other metros.

One of the other reasons for the sudden rise of the petrol prices in Chennai is, of course, the impact of the global scene. The increase in the global crude oil price was bound to have an impact on the rate in Chennai. With economists predicting these values to rise in the coming months we can only hope that Chennai is able to bear the brunt of it all.

Petrol price in Chennai continues decline

Petrol price in Chennai today was reduced further by oil marketing companies to Rs 80.07 per litre. Fuel rates in the city have been falling from its peak of Rs 87.33 per litre on 4 October owing to a fall in international crude prices. In addition, around the first week of October, the central government cut excise duty on the two petroleum products to help ease the burden on consumers in the country. The reduced burden from state taxes was soon followed by a downfall in crude rates on an international scale after Saudi Arabia agreed to gradually increase the fuel production to help make up for the loss from when Iranian sanctions kick in. However, that led to the danger of excess supply as the US waved off sanctions on 8 of Iran's customers. Global benchmark for oil prices, Brent, has been declining ever since. It was seen trading at $67 levels today. In the first week of October, it was over $80 a barrel.

16 November 2018
Petrol price in Chennai continues decline

Petrol price in Chennai today was cut once again to Rs 80.26 per litre. Fuel prices in the city continue declining from global cues. Oil price in the international market fell sharply in the last three days due to concerns about an over-supplied market. Despite OPEC's message that it will be cutting supply, after Donald Trump's insistent to keep gradually increasing output, analysts are not sure of how things will turn out. Petrol prices are set based on the rates for oil in the international market and this makes the price changes being entirely dependent on its movement. Unless a cut in output is seen anytime soon, rates will continue falling through November as demand for the fuel has been reportedly reduced even in heavy consuming countries like India and China. The International Energy Agency (IEA) has warned that there would be excess supply in the first half of 2019 at this rate.

15 November 2018
Petrol price in Chennai lowered further

Petrol price in Chennai today was reduced to Rs 80.42 per litre as crude rates continue their decline in the international markets. Oil prices fell sharply today after US president Donald Trump urged the OPEC to not cut their supplies and continue with their current plan of gradually increasing output. Earlier this week, Saudi Arabia said that along with its partners, it would reduce the production to control the excess supply in the market that has led to 5 straight weeks of decline in oil prices. It was planning on cutting the output in the month of December but after Trump's intervention, there is an uncertainty on the decision that would be taken. Benchmark Brent plummeted to $66.65 a barrel. It has fallen 20 percent in the past month from its last month's peak. Analysts and traders fear that in an already oversupplied market, any increase in output from the OPEC could mean excess oil for the world as a whole.

13 November 2018
Petrol price in Chennai falls to Rs 80.56/litre

Petrol price in Chennai today was cut to Rs 80.56 per litre. Fuel rates in the country have declined faster in the past month than it rose in the month prior to it. The fall was a result of the five-week slump in the international markets where Brent slipped to below $70 a barrel levels. The benchmark, however, gained today, rising over one percent to over $71 a barrel after Saudi Arabia said that OPEC (Organization of Petroleum Exporting Countries) and its partners have decided to cut output by 1 million barrels per day as they believe that the demand has dipped. Saudi Arabia, the largest oil producer in the world will be reducing its output by half a million per day in December as seasonal demand lowers. Oil prices to fall after experts noticed that in the first half of 2019, there would be an oversupply of crude as the US waived off sanctions on 8 of Iran's major customers.

12 November 2018
Petrol price in Chennai lowered by 17 paise

Petrol price in Chennai today was cut by 17 paise to Rs 80.91 per litre. Fuel prices in the country have been on a continuous downslide owing to international trends. Today marks the 20 straight session of a price cut of the two petroleum products. These rates are revised every day based on the international prices for crude. In the global market, US crude prices have been declining for 10 consecutive days (as of Friday), its longest losing streak since mid-1984. Crude futures slumped for the fifth straight week as increasing world output of oil becomes a growing concern amoung traders whose outlook for the commodity's demand has deteriorated. Biggest suppliers of oil, that is, Saudi Arabia and the US have increased their production levels and while the Iran supplies were expected to cut this month, the waivers on sanctions to 8 countries by the Trump administration added to the total output. The markets are showing a sharp reversal of trends in a month. At the beginning of October, crude was at its four-year high from worries over potential shortages that US sanctions on Iran would bring.

10 November 2018
Petrol price in Chennai lowered further

Petrol price in Chennai today was lowered to Rs 81.08 per litre. The decline in crude oil prices in the international market is due to an increase in supply from the US and the OPEC (Organisation of Petroleum Exporting Countries). While US crude continues to accelerate, the OPEC output is at its highest level in years. The increase in production was sought earlier to compensate for any deficit that would be caused after the US sanctions kick-in on 4 November. While the leading oil producer Saudi Arabia increased its output, the US government allowed waivers on its sanctions on Iran for some of its biggest customers, including India. Though the Iranian exports have declined, countries still have excess flow. Traders are also concerned about the slowing down of emerging economies from the US-China war, dampening the demand for fuel. A Reuters report earlier this week suggested that the OPEC may consider cutting its production at its meeting in Abu Dhabi scheduled for this Sunday.

9 November 2018
Petrol price in Chennai stays at Rs 81.46

Petrol price in Chennai today was unchanged at Rs 81.46 per litre. In the international market, traders continue to worry over the possibility of a global oversupply in 2019 as the US continued to increase its output at a record rate this week. There are also reports that the OPEC (Organisation of Petroleum Exporting Countries) may have to consider cutting outputs next year, to compensate for the increase. Saudi Arabia and Russia in October said that they would be producing more to compensate for the losses from Iran sanctions. India has been highly dependent on Iran for its supply of petroleum. After the temporary waiver on the sanctions from the US, Indian markets may not be facing price pressure but there would be a change in the supplier gradually. Petrol price in Bangalore is determined by the rates set by the oil marketers which include state taxes, central taxes, dealer's commission, and other local taxes.

8 November 2018
Petrol price in Chennai halted

Petrol price in Chennai today remained unchanged at Rs 81.46 per litre. The international oil market has been volatile for the day as the US midterm results come out. In addition, Reuters reported citing an unnamed source that Saudi Arabia and Russia are discussing output cuts for 2019. There seems to have been an imbalance in the rate at which production and demand are increasing, with the former being faster than anticipated. With China's slowing growth after the US sanctions, analysts expect a drop in demand for oil from the biggest consumer in the world. At this rate, despite a cut in Iranian oil supply, the world will be sitting on an excess reserve of crude as the demand continues to fall. The price at which petrol is sold in the country is solely based on the international rate as India is highly dependant on import for its local demand.

7 November 2018
Petrol price in Chennai sees another cut

Petrol price in Chennai today was lowered to Rs 81.61 per litre as international prices continue downfall despite the imposition of sanctions on Iran. US sanctions on Iran came to effect on Sunday but it wasn't a major concern as the Trump administration gave a waiver to 8 countries who are the biggest buyers of Iranian oil. These countries include China, India, South Korea and Japan. China and India are the biggest buyers of oil from Iran and also the large consumers in the world. These countries, however, will have to gradually reduce their dependency on the oil importer as per their negotiations will the US and the waiver is only temporary. Petrol price is controlled by the fluctuations in the crude prices in the commodities markets. Indian oil marketers revise this rate daily based on these rates. Oil prices have been plummeting for over a month after Saudi Arabia said that it would be increasing its production to meet demand.

5 November 2018
Petrol price in Chennai cut by 20 paise more

Petrol price in Chennai was cut once again to be priced at Rs 82.06 per litre. The pricing of the petroleum products that are sold to consumers at a large scale in India is decided by the leading state-owned oil marketers in the country, like Indian Oil Corporation that make up for 90 percent of the country's supply. This rate is set at 6 am every morning, every day of the week and is decided based on the crude oil prices prevailing in the international markets. Global benchmark Brent recovered slightly on Friday at the closing time gaining 2 cents a barrel at $72.91, however, it is its fourth consecutive weekly loss having fallen 6 percent this week and 16 percent since the beginning of October. The cause of the fall has been due to investor concerns over an increase in supply from Russia and Saudi Arabia that agreed to produce more oil to make up for the deficit that will be caused when US sanctions on Iran kick in tomorrow.

3 November 2018


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