Petrol Price in Karnataka (24th April 2024)

The Petrol prices in Bangalore today are stable, despite the increasing value and price of crude oil in international markets, costing Rs. 96.72/- per litre as per the government authorisation. The election season ahead in India, might influence Delhi petrol rates to fall with vote-bank expectations.

The fastest growing city of India has large presence of passenger vehicles, especially in two-wheeler segments which consume the highest amount of petrol in the city. However, in recnt years the utilisation and availability of electronic mobility have increased rapidly in the city, posing a threat for petrol prices ahead. Bangalore petrol rates today remain stagnant since past ten days,

Globally the crude oil trades have lost the fund inflows witnessed earlier in Asian session and remains in red currently. The US dollar index have regained momentum and stays afloat at average weekly range, which would push for dollar-backed crude oil prices to tumble further with expectations of unchanged interest rates in today's FOMC minutes. Oil traders would focus on US session today to infuse their fresh impetus over commodity segments.

The MCX Crude oil Futures maturing this April today are floating around Rs 149.5/-, a fall of Rs 26.3/- or 14.96% snce yesterday's closing.

21 February 2024

The petrol prices are in Bangalore despite slight gains in the fuel prices in the global markets as tighter supply and weak global crude demand weighed on fuel prices. The petrol rates in Bangalore were recorded at Rs 101.94 per litre.

In the international scenario, Brent was seen at $104.0 per barrel and West Texas Intermediate (WTI) traded at $96.29 per barrel.

The crude prices gained in Asia as they rebounded from previous declines amidst supply tightness and geopolitical tensions. The weak demand for fuel in the United States of America has cast a shadow on the market this week.

The signs of decline in the U.S. crude demand have weighed on the fuel prices and have sent benchmark contracts sliding by around 3% during the previous session. Even the tight global supplies have continued to keep the oil markets buoyed.

During June, the demand for gasoline and distillate fuels surged up by record highs in India, despite sky-rocketing prices with total refined product consumption running at 18% more than a year ago.

Russia’s invasion of Ukraine had bolstered the oil prices to jump over $100 and trade beyond the $100 per barrel range for over a month. China’s move to impose lockdown restrictions has weighed on the fuel demand to decline.

The dragon country is one of the biggest importers and consumers of crude globally.

The recent meeting of Joe Biden – the U.S. President with Saudi Arabia’s crown prince to ramp up crude production was not fruitful as the oil producers club did not agree to immediately increase the oil production, to reduce the crude rates.

The petrol prices are consistent in Bangalore after witnessing a massive cut following cut in central excise duty. The petrol rates in Bangalore were recorded at Rs 101.94 per litre.

In the global platform, Brent was seen at $113.8 per barrel, up by 1.15% and West Texas Intermediate (WTI) at $111.4 per barrel, up by 1.00%.

The crude prices gained in the overseas markets as tight fuel supply, and a marginally weak U.S. dollar supported the oil markets. The U.S. dollar and crude prices share an inverse relationship, a weak dollar helps the oil prices to climb up and vice versa. As crude is traded in the U.S. currency, a weak U.S. dollar will fuel cheaper for buyers of other countries currencies.

China has placed Shanghai under prolonged lock-down owing to a surge in the pandemic cases. The dragon country is all set to reopen the city on June 1. China is one of the largest consumers and importers of fuel globally. The lock-downs and restrictions on the movement of people had diminished the crude outlook demand, weighing on its prices to drop.

Apart from this, the inability of the European Union to reach a final agreement on banning Russia’s crude imports following its invasion of Ukraine has also capped the oil prices from rising further.

23 May 2022

The petrol prices are trimmed in Bangalore bringing in the much-needed respite for the common man who is fighting the rising high inflation rates. The petrol rates in Bangalore traded at Rs 101.94 per litre.

In the global markets, Brent was trading at $112.5 per barrel, up by 0.46% and West Texas Intermediate (WTI) at $110.3 per barrel, up by 0.35%.

The central excise duty has been reduced on petrol by Rs 8 per litre and by Rs 6 per litre on diesel. The petrol rates in Bangalore were consistent for quite a long time has been bought down by Rs 9.15 per litre.

Petrol prices are revised at 6:00 am by the state-run oil marketing companies (IOCL). They follow the dynamic pricing model.

The central government had hiked the excise duty on petrol to Rs 32.9 per litre and diesel to Rs 31.8 per litre in 2020.

Meanwhile, in the overseas markets, the fuel prices settled slightly higher as the planned ban on Russian crude imports by the European Union helped the oil prices. The easing of lock-down restrictions in China is likely to uplift the crude demand in the coming days.

The EU is set to ban imports of crude from Moscow in a phased manner as a part of the oil embargo sanction on Russia for its invasion of Ukraine.

Bangalore is one of the biggest metropolitan city of India. The population is very huge while comparing with other major cities in India. The petrol rate in Bangalore is not changed today and stands at Rs.75.30/- due to elections which are going to held in the city tomorrow. From the last 10 days, petrol rate in Bangalore has been moving in a very narrow band.

The fuel rates in Bangalore mainly depends on how international prices of crude oil move. It is largely linked to international crude prices, which trade abroad. Indian crude basket determines the price of petrol in Bangalore. In the international oil market, crude prices went up, backed by worries over tightening global supply because of US curbs against Iran and Venezuela. International Brent crude oil futures were trading at USD 71.93 per barrel, up by 21 cents or 0.3 per cent from their last close.

Petrol price in Bangalore today was increased to Rs 75.23 per litre. The rise in fuel rates was seen despite a fall in international rates. The prices of Oil eased by 1 percent from their 2019 highs after the attention has now shifted to the lack of progress in the US and China talks. To pile on to the fears of the global economic slowdown was the release of grim manufacturing data from Germany and the US. Slower growth in the world economy is bad for oil demand, thus pushing its prices lower. Benchmark Brent crude futures fell by 1.3 percent to $66.96 a barrel. The contract hit a four-month high of $68.69 on Thursday. Supply cuts from the OPEC and its allies have caused oil prices to increase by as much as 20 percent from January. PMI data released in Germany and France further disappointed traders as the slowdown concerns have moved to all the major parts of the world.

Petrol price in Bangalore today was increased to Rs 75.18 per litre even as international rates fell and the rupee strengthened. While the Indian rupee turned tables from being the worst performing currency in Asia to the best, the international benchmark for crude oil Brent fell by 14 cents from its last close to $67.72 a barrel. US West Texas Intermediate (WTI) futures were down by 14 cents to $59.84 per barrel. The hike in petrol price in Bangalore today appears to be a result of the rise in the benchmarks in the previous trading day. Crude rates are mixed for the moment with factors like the OPEC production cuts and concerns of a slowdown in economic growth have been balancing the price both ways. In a previous session this week Brent hit its four-month high, however, data suggests that economic activity has slowed down in Europe, Asia, and North America.

Petrol price in Bangalore today was reduced by 7 paise to Rs 75.13 per litre. The fuel's rates were reduced despite an increase in international rates to their 2019 highs. Supported by the tightening of US stocks and reduced output from OPEC due to scheduled cuts and sanctions on Venezuela and Iran has pushed the oil rates higher. Benchmark Brent crude oil futures were up by 5 cents to $68.55 a barrel while the US West Texas Intermediate was down by 13 cents to $60.10 per barrel. India imports crude oil from the USA as well as the Middle East. Apart from the global rate of crude, the foreign exchange rate also impacts the price at which fuel is sold in India. With rupee sailing strong for nearly two weeks, it is likely that the fall in petrol price in Bangalore today was a result of it.

Petrol price in Bangalore today was unchanged at Rs 72.78 per litre on firm global cues. The international oil prices climbed marginally from supply cuts from the OPEC and US sanctions on Venezuelan and Iranian exports. The climb was curbed by the concerns of an economic slowdown around the globe. Benchmark Brent crude oil futures rose by 18 cents or 0.3 percent to $67.79 a barrel when compared to their last close. US WTI increased marginally by 6 cents to $ 59.09 per barrel. The global rates have increased by almost a third in 2019 mainly due to OPEC's decision to withhold around 1.2 million barrels per day. Analysts are expecting the prices to curb down from the suspected global economic slowdown. On Wednesday, a Thomson Reuters/INSEAD survey found that Asian business confidence held near three-year lows in the first quarter from the US-China trade dispute that was dragged on.

Petrol price in Bangalore today remained at Rs 75.20 per litre as international oil prices slipped from their four-month highs on Tuesday, but still hovered near their 2019 peaks as supply cuts led by producer club OPEC remain. Sanctions against oil producers Iran and Venezuela from the US are also adding pressure to the crude prices. Traders feel that the market may be being capped by the rising American output. Global benchmark Brent crude oil futures were was down by 4 cents at $67.50 per barrel. Earlier today it rose to a four-month high of $68.20 a barrel. US West Texas Intermediate (WTI) futures for April delivery dropped 25 cents to $58.84 per barrel, after hitting an intraday peak at $59.57, its highest level since 12 November.  Petrol price in Bangalore is set based on the average of the fuel prices for 15 days and the exchange rate of the rupee. The Indian rupee rose for the seventh straight trading session today.