Petrol prices were revised daily in India with effect from June 15, 2017. This was a marked departure from the earlier practice of revising petrol prices every fortnight.
|City||Today Price||Yesterday's Price|
|New Delhi||₹ 73.86||₹ 74.16|
|Kolkata||₹ 76.48||₹ 76.77|
|Mumbai||₹ 79.47||₹ 79.76|
|Chennai||₹ 76.71||₹ 77.04|
|Gurgaon||₹ 73.39||₹ 73.79|
|Noida||₹ 75.22||₹ 75.66|
|Bangalore||₹ 76.33||₹ 76.64|
|Bhubaneswar||₹ 72.85||₹ 73.01|
|Chandigarh||₹ 69.79||₹ 70.07|
|Hyderabad||₹ 78.54||₹ 78.86|
|Jaipur||₹ 77.66||₹ 77.97|
|Lucknow||₹ 75.22||₹ 75.37|
|Patna||₹ 78.57||₹ 78.85|
|Trivandrum||₹ 77.03||₹ 77.52|
|State List for Petrol Rates in India|
|Andaman & Nicobar||Andhra Pradesh||Arunachal Pradesh|
|Chhatisgarh||Dadra Nagarhaveli||Daman & Diu|
|Haryana||Himachal Pradesh||Jammu & Kashmir|
Daily petrol prices revision is a better proposition for a number of reasons.
The first and the foremost is that it allows you to easily absorb the changes in daily petrol prices in India by a few paise. When petrol prices are revised or changed every fortnight there is a big variation in prices, which puts great additional pressure on the consumer.
In India, petrol prices are revised by the oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on the international prices. So, when international crude oil prices gain, petrol prices in India move higher and so on. On the other hand, if crude oil prices in the international markets drop, we see a fall in daily or today's petrol prices in India. In any case, we are providing our readers with the daily petrol prices, so they can plan their requirements of filling petrol accordingly.
Cost of Crude Oil – The change in the price of crude oil in the international market directly influences the price of crude oil in the domestic market; this is one of the most important factors responsible for an increase in petrol prices in Indian domestic market. Increase in international demand, low production rate and any political unrest in the crude oil producing countries of the world severely affects petrol price.
Increased Demand – Economic growth in India and other developing countries has also led to the increase in demand for the petrol and other essential fuels in India. The number of people who own private vehicles has gone up in the recent past which has contributed to the increase in demand for petrol in India; this has resulted in the hike in petrol prices in India.
Mismatch of Supply & Demand – Oil refinery companies in India face problem to meet the demands of the market due to the high cost of input price of crude oil thus resulting in less supply and more demand for petrol in the country. An increase in supply results in a decrease in the price of the petrol and vice versa. Oil refining and marketing companies maintain crude oil inventory up to six weeks, which also influences the price of the petrol and petroleum products.
Tax Rates – The prices of petrol and other petroleum products varies according to the local government policies which impose taxes on fuels. As and when the government of India raises tax rates on fuels the oil companies in India also increases the price of the petrol to recover losses and maintain marginal profits in the oil business in India.
Rupee to Dollar Exchange Rate – The rupee-dollar exchange rate is also one of the major factors which influence the price of petrol in India. Indian oil companies pay to the oil imported from other countries in terms of dollars, but their expenses are regarding rupee. So, when the price of the crude oil is in the fall but the rupee is also weak against the dollar then it will reduce the gains to the oil refiners. On the other hand, when the rupee strengthens against the dollar and the price of the crude oil is in the fall, then the oil companies tend to gain.
Logistics - Logistics is one of the significant factors in pricing retail fuel. Petrol and diesel transported to longer distances to cities or regions farther from depots will be priced higher than the places nearer to the oil companies storage area. The reason behind the change in the prices of petrol in different cities across India. This difference may be huge between cities that are far from each other. For example, petrol price in Delhi is Rs.72.38 per liter on January 24, 2018, and the same petrol price is Rs. 80.25 per litre in Mumbai.
The fear linked to the rise of petrol prices in India seems to be never ending. Do we blame crude oil for these steep prices hikes? Or, is the root cause something different? Well, the answer lies in the fact that while crude oil continues to remain cheaper, it is the taxes levied by the state and central governments which are actually responsible for the ever rising petrol rates.
If studies are to be followed, it would be quite simple to associate the tax factor to the steep hike in petrol prices. Since May 2014, there has been a successive increase in excise duties. Data reveals that as of November 2014, there has been a 54 percent increase in the excise duty on petrol.
In spite of the government slashing excise duty on petrol according to the Budget 2018, yet there seems to be no downward curve when the price of petrol is taken into consideration. This is due to the introduction of Rs. 8 per litre as Road Cess.
Daily price revision of petrol has begun from 16th June this year. It has been observed that the price rise has happened gradually. As petrol does not fall under GST, the price of it varies across states. However, when considering the cost & freight prices along with the excise duty, dealer commission, applicable VAT, etc, it has been found that the taxes on petrol sums up to be more than its actual cost.
Although, presently crude oil has become much cheaper compared to what it had been way back in 2014, it is the collective taxes levied by the state and the central government that has caused the petrol prices to rise to what it had been in 2014, the highest till date. Despite promises from the government regarding rolling back the taxes, we are yet to see some positive efforts on this front.
Petrol prices are a function of many things. Among these include the average of the India crude basket, to which is added a host of taxes including value added tax, central excise etc.
At the moment, we have the excise duty levied by the government, which is a staggering Rs 21 per litre. Should this be reduced we might get some respite from very high retail level of fuel and diesel.
The value added tax, differs from state to state. In cities like Mumbai and New Delhi the value added tax is very high, which has resulted in an extremely high prices for both petrol and diesel.
In India, retail prices are determined by the oil marketing companies, bearing all these things in mind. So, the retail price of petrol in India today is determined by the Indian Oil Marketing Company, which is the largest oil marketing company in the country.
For example, it releases the price of petrol everyday at 6 am, wherein it is revised at the petrol pumps in the country. The private sector petrol pumps like Shell also determine their own prices, though they tend to be higher than that of Indian Oil Company, BPCL and HPCL.
The fuel is one of the costliest, when compared to neighboring countries like Pakistan, Bangladesh and Sri Lanka. It maybe recalled that petrol and diesel prices were earlier subsidized by the government, but, the same were aligned to market prices.
However, the government has over the years added to excise duty on petrol, which has made it horribly expensive for consumers.
The one reason why excise is added before petrol is retailed at the fuel stations is to mop-up additional resources for social schemes. However, this leave the common burdened with additional rates on the fuel.
The government is looking at the possibility of reducing petrol prices over the longer term, however, it would need to find more longer term mechanisms to do so. One of them is to add some taxes onto Oil and Natural Gas Corporation, which is an oil exploration company. However, these maybe all temporary measures and one needs to find a more durable long-term solution.
You can check petrol prices in India, in a number of ways. The most popuar way is to send an SMS. For example, if you are at an HPCL pump you can send an SMS to: HPPRICE DEALER CODE and send it to 9222201122.
For Indian Oil Corporation or IOC send SMS to: Type: RSP DEALER CODE and send it to 9224992249.
You can also go online and check a number of websites, that provide you daily rates of the fuel. Remember, that Indian Oil the country's largest retailer revises fuel prices everyday at 6 am in the morning. So, you are able to check live petrol price everyday after this time.
It is also important to note that bulk of the fuel is supplied by the government owned oil refining companies, including the likes of Indian Oil, Bharat Petroleum and HPCL. There are other private retailers like Shell, which also retail fuel at a slightly higher price.
The petrol prices in India dipped following cues from the global markets amidst growing concerns on virus outbreak in China.
The petrol rates in India traded at Rs 74.43 per litre in New Delhi, Rs 77.04 per litre in Kolkata, Rs 80.03 per litre in Mumbai and Rs 77.31 per litre in Chennai.
In the global markets, Brent was spotted trading at $61.05 per barrel, down by 0.38% and West Texas Intermediate (WTI) was at $55.46 per barrel, down by 0.23%.
The sudden outbreak of the coronavirus has led to the suspension of the public transport system in 10 of the Chinese cities. The upcoming Lunar New Year is likely to accelerate the rate of infection as most of the people travel back home to be with their family to celebrate the occasion.
China which holds the tag of second-largest oil consumer in the globe, with a slowdown in travel, the likely demand for oil will take a hit which has, in turn, weighed on its prices in the global markets.
The OPEC and its member group’s decision to go for a deeper cut in fuel output beginning from January 1, 2020, by 500,000 barrels per day (bpd) in addition to the existing 1.2 million bpd which was in force since January 1, 2019, will expire by the end of March 2020.24 January 2020
The petrol prices in India declined following a drop in crude prices in the international markets amidst the rise in U.S. crude stock inventories. The petrol rates in India today traded at Rs 74.65 per litre in New Delhi, Rs 77.26 per litre in Kolkata, Rs 80.25 per litre in Mumbai and Rs 77.54 per litre in Chennai.
In the overseas markets, Brent was seen trading at $62.16 per barrel, down by 1.66% and West Texas Intermediate (WTI) was at $55.65 per barrel, down by 1.92%.
The higher than expected rise in the crude output in the United States of America has led to the fall in the global crude prices by over 1% during today’s trade session. As per the reports, the crude inventories increased by 1.6 million barrels for the week to January 17 to touch 433 million barrels as against the analyst's expectations of an output of 1 million barrels.
The crude stocks at the Cushing, Oklahoma, declined by 429,000 barrels.
The data from the American Petroleum Institute (API) showed that the U.S. crude oil stocks along with the gasoline and distillate inventories marched up in the most recent weeks.
Meanwhile, the Indian rupee opened marginally lower at 71.21 per dollar during today’s trade session.23 January 2020
The petrol prices in India stood still despite a dip in crude prices in the global markets amidst a market surplus forecast. The petrol rates in India were seen trading at Rs 74.82 per litre in New Delhi, Rs 77.42 per litre in Kolkata, Rs 80.42 per litre in Mumbai and Rs 77.72 per litre in Chennai.
In the overseas markets, Brent was seen trading at $64.31 per barrel, down by 0.43% and West Texas Intermediate (WTI) was at $58.05 per barrel, down by 0.57%.
The International Energy Agency’s (IEA) forecast of a market surplus in crude supply for the first half of 2020 has helped to erase concerns surrounding disruption in the fuel inventory as Libya has slashed its crude output. Fatih Birol, the head of IEA announced that he expects the markets to be in surplus by a million barrels per day (bpd) for the first half of fiscal 2020.
The ongoing political crisis in Libya has led to the National Oil Corp in the country to declare force majeure on loading fuel from two major oil fields in the region following recent development in a long-running military conflict.
Analysts expect that unless oil production returns to normalcy quickly in Libya, the country’s output of fuel will be reduced from about 1.2 million barrels per day (bpd) to mere 72,000 bpd.22 January 2020
The petrol prices in India declined following trends from the global markets as risk concerns surrounding supply fades. The petrol rates in India were seen trading at Rs 74.82 per litre in New Delhi, Rs 77.42 per litre in Kolkata, Rs 80.42 per litre in Mumbai and Rs 77.72 per litre in Chennai.
In the overseas markets, Brent was seen trading at $64.65 per barrel, down by 0.84% and West Texas Intermediate (WTI) was at $58.24 per barrel, down by 0.58%.
Yesterday, the news on the stoppage of a pipeline in Libya had supported the fuel prices to surge up. Currently, the National Oil Corp (NOC) has declared force majeure which means waiver on contractual obligations on crude loading from Libya’s El Feel and El Sharara which are located in the southwestern region.
Investors seem to have shrugged off their earlier supply concerns owing to a forced shutdown of Libya’s oil fields by its military personnel. NOC said that the two major oilfields located in the southwest Libya had witnessed shut down on Sunday after a pipeline was closed which has resulted in the reduction of national output to a fraction of its normal level.
Meanwhile, the rupee value was seen trading at 71.19 against the U.S. dollar during today’s trading session.21 January 2020
The petrol prices in India slipped despite scaling up of crude prices in the global markets as Libya’s pipeline shutdown cripples fuel output. The petrol rates in India were seen trading at Rs 74.98 per litre in New Delhi, Rs 77.58 per litre in Kolkata, Rs 80.58 per litre in Mumbai and Rs 77.89 per litre in Chennai.
In the overseas markets, Brent was seen trading at $65.65 per barrel, up by 1.23% and West Texas Intermediate (WTI) was seen trading at $59.20 per barrel, up by 1.06%.
The military blockade which has resulted in the shutdown of the crude production in Libya has sent the crude prices to rally during today’s trade session. In the latest development amidst ongoing tension in Libya wherein two rival factions have claimed the right to rule the nation for over more than 5 years. The move has led to the shutdown of two big oilfields in the southwest of Libya after forces loyal to the Libyan National Army closed a pipeline.
Libya was producing close to 1.2 million barrels per day (bpd) of crude till recently.
The cut in the oil supply to the industry has pushed the fuel prices to march up at a time when even the OPEC members have decided to go for deeper cuts in crude supply which will wipe away close to 1.7 million bpd of oil from the markets.
Meanwhile, the rupee value traded flat at 71.08 per U.S. dollar owing to selling seen in the domestic stock markets.20 January 2020
The petrol prices in India slipped despite steadier crude rates in the global markets following the sluggish economic growth of the Chinese economy. The petrol rates in India today traded at Rs 75.26 per litre in New Delhi, Rs 77.85 per litre in Kolkata, Rs 80.85 per litre in Mumbai and Rs 78.19 per litre in Chennai.
In the overseas markets, Brent futures were seen at $64.85 per barrel and West Texas Intermediate (WTI) futures was at $58.54 per barrel.
The slow growth of Beijing’s economy has indeed left a question mark on the future of crude demand despite the recent signing of the trade settlement agreement between the United States of America and China, this Wednesday.
As per the government reports, the Chinese economy expanded by 6.1% for fiscal 2019, which marks its slowest growth so far for over 29 years.
China is considered as the biggest consumer of fuel in the globe. The settlement of trade dispute had renewed hopes of upliftment of crude demand which had witnessed a contraction for over 18 long months owing to an ugly trade war which wounded global financial markets, creating fear amongst investors community.
Despite weak economic growth, the surge in the fuel demand in Beijing as seen in the refinery throughput figures has helped to keep the hopes alive on the rise in the outlook for crude demand in the coming months.18 January 2020
The petrol prices in India slipped marginally following cues from the global markets amidst sluggish economic growth in China. The petrol rates in India stood at Rs 75.41 per litre in New Delhi, Rs 78.00 per litre in Kolkata, Rs 81.00 per litre in Mumbai and Rs 78.34 per litre in Chennai.
In the overseas markets, Brent was seen trading at $64.61 per barrel, down by 0.02% and West Texas Intermediate (WTI) was at $58.49 per barrel, down by 0.05%.
The reports over the slow economic growth in Beijing has kept the fuel prices to stay afloat during today’s trade session. China which is considered as the world’s largest crude importer is facing a slow down in the economy owing to 18 months of trade tariff dispute with the U.S. which has diminished the growth factor across most of the sectors. The weak growth will in turn impact on the fuel demand in the coming days.
On Wednesday, the U.S. and China signed the trade deal to end the dispute which ruined the global financial markets apart from dragging the global economy towards the verge of recession.
As per the government data released by China, the country’s economy increased by 6% for the fourth quarter of 2019, as per the market expectations and for fiscal 2019, the expansion stood at 6.1%, the slowest in the past 29 years.17 January 2020
The petrol prices in India dipped marginally despite a surge in crude rates in the international markets as the signing of Phase One trade settlement agreement is likely to improve fuel demand. The petrol rates in India today traded at Rs 75.55 per litre in New Delhi, Rs 78.14 per litre in Kolkata, Rs 81.14 per litre in Mumbai and Rs 78.56 per litre in Chennai.
In the overseas markets, Brent was seen trading at $64.50 per barrel, up by 0.76% and West Texas Intermediate (WTI) was at $58.27 per barrel, up by 0.80%.
The long-awaited trade deal between the U.S. and China was finally signed by the U.S. President – Donald Trump and Chinese Vice Premier, Liu He, yesterday in Washington. As per the deal Beijing has committed to purchase over $50 billion worth of U.S. oil, liquefied natural gas and other energy-related products for over two years. The deal will bring in truce to the 18 – month long trade tariff war which had doomed the global economy.
Analysts noted that the Beijing is likely to struggle to meet the target and rise in fuel prices are likely to be limited ahead as markets are waiting to see more details on how the commitments are likely to be achieved.
Meanwhile, the domestic Indian rupee opened a bit higher at 70.79 against the U.S. dollar compared to its previous close of 70.82 owing to the signing of the trade agreement which is expected to push for the global economic growth.16 January 2020
The petrol prices in India slid marginally despite inching up in the global markets over growing optimism on the trade deal. The petrol rates in India today traded at Rs 75.70 per litre in New Delhi, Rs 78.29 per litre in Kolkata, Rs 81.29 per litre in Mumbai and Rs 78.71 per litre in Chennai.
In the overseas markets, Brent was trading at $64.28 per barrel, up by 0.12% and West Texas Intermediate (WTI) was at $58.11 per barrel, up by 0.05%.
Ahead of signing of the trade deal between the U.S. and China, which marks a major step towards ending the dispute which disrupted the growth of the global economy, the crude prices edged up as investors predict improvement in crude demand in coming months.
The tit for a tat trade war between the two major economies dented the demand for crude amidst abundant fuel supply which forced the OPEC and its member partners to go for a deeper cut in supply to improve its prices.
The signing of settlement deal at White House, tomorrow has supported oil prices to gain during today’s trade session. The receding tensions in the Middle East have also weighed on fuel prices.
Meanwhile, the rupee value opened higher at 70.73, up by 13 paise against the U.S. dollar today after some selling in American currency by exporters and banks.14 January 2020
The petrol prices in India slipped marginally following cues from the global markets as tensions between the U.S. and Iran eases. The petrol rates in India were seen trading at Rs 75.80 per litre in New Delhi, Rs 78.39 per litre in Kolkata, Rs 81.39 per litre in Mumbai and Rs 78.76 per litre in Chennai.
In the global markets, Brent was seen trading at $65.04 per barrel and West Texas Intermediate (WTI) was at $59.15 per barrel.
The easing tensions between the United States of America and Iran over the recent death of Iran’s top military commander in a surprise airstrike by the U.S. military have helped the crude to slump in the global markets. Though the decline is checked by the planned signing of the trade settlement agreement between the U.S. and China which is due to take place this week.
Analysts note that the settlement of trade tariff war which went on for over 18 – months in a row is likely to boost the demand for crude in the international markets.
The tensions in the Middle East region boosted the fuel prices to surge over $3 per barrel per day after drone-based airstrikes in Baghdad which resulted in the death of Qassem Soleimani, the top military commander in Iran on January 3, 2020.13 January 2020