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Petrol Price in India (10th August 2022)

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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.

Today's Petrol Price in Indian Metro Cities & State Capitals

City Today Price Yesterday's Price
New Delhi ₹ 96.72 ₹ 96.72
Kolkata ₹ 106.03 ₹ 106.03
Mumbai ₹ 106.31 ₹ 106.31
Chennai ₹ 102.63 ₹ 102.74
Gurgaon ₹ 96.89 ₹ 96.97
Noida ₹ 96.65 ₹ 96.92
Bangalore ₹ 101.94 ₹ 101.94
Bhubaneswar ₹ 103.19 ₹ 103.47
Chandigarh ₹ 96.20 ₹ 96.20
Hyderabad ₹ 109.66 ₹ 109.66
Jaipur ₹ 108.34 ₹ 108.90
Lucknow ₹ 96.57 ₹ 96.57
Patna ₹ 107.24 ₹ 107.48
Trivandrum ₹ 107.71 ₹ 107.71

Daily Petrol Prices Revision in India

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.

Factors affecting Todays Petrol Price In India

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.

Various taxes that impact petrol prices in India

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.

How Petrol Prices Today in India are calculated?

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.

Why petrol prices today are expensive in India?

 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. 

Where and how to check petrol prices in India today?

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. 

Brands of Petrol Pumps in India

India which mainly depends on imports for fuel sells fuels and lubricants for vehicles across the petrol bunks or petrol pumps which are spread across the length and breadth of the country. The largest oil and gas company in India – Indian Oil Corporation (IOC), owns most of the filling stations and it is followed by Hindustan Petroleum (HP) and Bharat Petroleum (BP).

There are six brands of petrol pumps which are currently active in India. They are: 

  1. Indian Oil Corporation
  2. Hindustan Petroleum
  3. Bharat Petroleum
  4. Shell
  5. Reliance Petroleum
  6. Essar Oil

1. Indian Oil Corporation

The Indian Oil Corporation (IOC) is one of the biggest oil company in India. It is owned by the government of India and is valued as the most profitable company in the country. IOCL mainly operates most of the petroleum market share through its filling stations, Servo Lubricant oils, natural gas. Apart from this, it also provides electric charging stations for electric vehicles at its filling stations.

2. Bharat Petroleum 

Bharat Petroleum is the second-largest oil and gas company in India and stands next to IOCL. It has its refineries located in Kochi and Mumbai. The fuel filling stations of Bharat Petroleum provides world-class services to its customers across the country.

3. Hindustan Petroleum

Hindustan Petroleum or HPCL is one of the most trusted brands of fuel filling stations in India. The firm operates two of the major refineries in the country and produces an array of petroleum fuels.

4. Shell

Shell, which is operated by Royal Dutch Shell currently has over 100 filling stations in India. Known for its superior quality of fuel, the company has plans to expand the number of petrol filling outlets across many centres in the country.

5. Reliance Petroleum

Owned by the Indian conglomerate, Reliance Industries, Reliance Petroleum is one of the largest private sector oil firms in India. Its Jamnagar refinery is touted as one of the largest refineries in India.

6. Essar Oil

Essar Oil is part of the Essar Group which was earlier known as Nayara Energy. As of now it has over 1,400 petrol pumps located across India and has plans for expanding its presence by setting up more pumps in the country.

Oil Imports in India

India mainly depends on imports when it comes to oil and gas. The country imports close to 82.8% of crude oil and 45.3% of natural gas to meet the domestic requirements. The country’s net foreign exchange for the fiscal year 2017 – 2018 stood at $63.305 billion due to import of crude oil. The country generated around 35.2 million tons of petrol and its related products from indigenous crude oil production whereas the consumption of petroleum and its substitute products stood at 204.9 million tons.

Due to the heavy import of fuel, India occupies the third position when it comes to consumption of oil after the U.S. and China.

Inadequate reserves of petroleum in the country has forced India to depend on imports. The country is slowly turning to use its renewable resources such as wind, solar, biomass, hydroelectric power and so on to achieve energy sufficiency in coming days as it plans to replace the use of petroleum products which contributes greatly towards air pollution.

Latest Updates on Petrol Price

Petrol Prices Untouched in India

The petrol prices are untouched in India despite a drop in the global crude rates amidst the chance of an Iran nuclear deal supply boost.

The petrol rates in India stood at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the global scenario, Brent was trading at $97.50 per barrel, up by 0.88% and West Texas Intermediate (WTI) at $91.47 per barrel, up by 0.78%.

The crude prices approached a multi-month low last week as it was pressurized by the latest progress in talks to review Iran’s nuclear accord of 2015, which will allow Tehran to bolster its exports amidst tighter crude markets.

On Monday, the European Union put forward its final text to revive the deal. One of the senior EU officials noted that a final decision on the proposal needs approval from the U.S. and Iran.

Analysts note that traders are particularly hopeful considering how long it's taken to get to this point and with there still reportedly being points of contention.

Russia’s invasion of Ukraine had bolstered the oil prices to surge up adding supply concerns. The sanctions on Moscow’s crude oil imports were banned tightening the oil supply. Brent had managed to hit $139 a barrel in March, close to its all-time high. On the other hand, the growing concerns of economic recession also weighed on the oil prices and their further demand.

9 August 2022
Petrol Prices Balanced in India

The petrol prices are balanced in India despite the rise in the global crude rates on strong economic data. The petrol prices in India were recorded at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.74 per litre in Chennai.

In the international markets, Brent was seen at $96.06 per barrel, up by 1.20% and West Texas Intermediate (WTI) at $90.11 per barrel, up by 1.24%.

The crude prices rose over 1% during today’s trade session after hovering at lower levels in the recent past on positive economic data from the United States of America and China. The robust jobs data from America has renewed hopes of an improved fuel demand outlook.

Since the onset of the pandemic crisis, oil prices are witnessing volatility on fears of weak fuel demand and the growing fears of recession have also weighed on the crude prices.

The worries over recession have dented the energy demand as it pushed the front month Brent prices to slide by 13.7%, to their lowest since February. This was the biggest fall in the crude benchmark – Brent since April 2020 and WTI shed 9.7%.

The prices of both contracts recouped some losses following robust jobs data growth in the United States of America. With this, America’s crude demand is likely to accelerate in July, America is one of the world’s top crude consumers.

Yesterday, China surprised markets with its faster-than-expected growth in exports. The dragon country is the biggest importer of fuel globally. The nation purchased 8.79 million barrels per day (bpd) of crude during July, up from a four-year low in June. Yet the import of fuel was 9.5% less than a year earlier, as per the data from the customs data.

8 August 2022
Petrol Prices Stable in India

The petrol prices are stable in India as Saudi Arabia sets crude prices for September at a record high. The petrol rates in India were seen at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the international forum, Brent was trading at $94.62 per barrel and West Texas Intermediate (WTI) at $89.02 per barrel.

Saudi Arabia, the world’s top crude exporter has hiked the crude oil prices for September for Asia’s buyers to record high levels. The move from the oil producer comes at a time when the refining margins are declining.

The official selling price (OSP) for September – loading Arab Light to the Asia region was hiked by 50 cents per barrel from August to $9.80 per barrel over Oman/Dubai quotes, the state oil producer – Saudi Aramco noted on Thursday.

The price rise was lower than the market forecast of about 70 cents to $1 per barrel.

Meanwhile, the spread between the WTI and Brent has contracted to $6.55 per barrel on Thursday. This level was seen last April. The situation has made the Brent–linked grades more attractive to Asian buyers and put pressure on regional grades.

6 August 2022
Petrol Prices Unaffected in India

The petrol prices are unaffected in India despite the rebound of the crude rates in the international markets on supply concerns. The petrol rates in India traded at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the international markets, Brent was trading at $96.95 per barrel, up by 0.18% and West Texas Intermediate (WTI) at $90.98 per barrel, up by 0.35%.

Yesterday, the oil prices rose as supply concerns triggered a rebound in the prices from multi-month lows. Brent and WTI witnessed a decline to their weakest levels since February during the previous session after the U.S. data revealed that crude and gasoline stockpiles unexpectedly jumped last week.

The Organization of the Petroleum Exporting Countries (OPEC) and its members including Russia have been increasing output previously but have struggled to meet their set targets as most of the oil producers have already exhausted their potential. For now, the oil producers club have agreed to increase the production by 100,000 barrels per day (bpd) in September, far lower than previous production hikes.

Last month, U.S. President – Joe Biden visited the Middle East nation – Saudi Arabia and asked the group to boost the crude output to help the struggling oil market as it is facing a supply crunch. But Saudi Arabia was reluctant to beef up the production at the expense of Russia, which is facing sanctions from several nations following its invasion of Ukraine.

4 August 2022
Petrol Prices Stable in India

The petrol prices are stable in India despite a drop in the global crude rates over demand worries. The petrol rates in India were seen at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the international scenario, the crude benchmark – Brent was seen at $100 per barrel, down by 0.50% and West Texas Intermediate (WTI) at $94.03 per barrel, down by 0.41%.

The oil prices slipped in the overseas markets during today’s early trade session ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC+) members amidst fears of a slowdown in global growth. The current situation of the slow growth of manufacturing activities is likely to dent the demand for oil in the coming months.

The members of the Organization of the Petroleum Exporting Countries (OPEC) including Russia will be meeting today. Sources close to Reuters reveal that the oil producers club are likely to keep the output unchanged for September or may raise it slightly.

Meanwhile, Saudi Arabia, the top oil producer noted that it may be reluctant to beef up the output at the expense of its OPEC partner Russia which is facing sanctions from several western nations following its invasion of Ukraine.

Analysts note that OPEC has a strong case to stand by their standard hike in the output of 400,000 barrels per day.

3 August 2022
Petrol Prices Untouched in India

The petrol prices are untouched in India despite the fall in the crude rates in the international markets. The petrol rates in India are seen at Rs 96.72 litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the international markets, Brent was seen at $98.87 per barrel, down by 1.16% and West Texas Intermediate (WTI) at $93.07 per barrel, down by 0.87%.

The oil prices slipped on Tuesday as investors absorbed a bleak outlook for oil demand with data pointing that the global manufacturing downturn which may diminish the fuel demand.

Both the crude benchmarks slumped during yesterday’s trade session to trade below $100 per barrel.

The growing concerns of recession following surveys from the United States, Europe and Asia showed that factories struggled for momentum in July. China’s stringent coronavirus restrictions and its slowed production have flagged global demand.

The fall in the oil prices comes in at a time when market participants await the outcome of the meeting of the Organization of the Petroleum Exporting Countries (OPEC). The oil producers will be deciding on September’s output in the upcoming meeting.

From a Reuters survey, two out of the eight OPEC+ members noted that a modest hike in September will be discussed at the meeting held on August 3, 2022. The rest of the output is likely to be held constant.

 

2 August 2022
Petrol Prices Untouched in India

The petrol prices are untouched in India despite the slump in the global crude rates as weak manufacturing data in several countries has weighed on the fuel demand. The petrol rates in India were seen at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the international scenario, Brent was trading at $100.1 per barrel, down by 3.76% and West Texas Intermediate (WTI) at $93.95 per barrel, down by 4.74%.

The oil prices declined during Monday’s trade session as the weak manufacturing data from several countries have diminished the fuel demand outlook. On the other hand, investors are bracing up for the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its members on supply.

In July, factories across Europe, the U.S. and Asia struggled for momentum as flagging global demand and China’s stringent restrictions on the coronavirus outbreak slowed down production activity.

Both the crude benchmarks have witnessed a decline in July for the second consecutive month in a row for the first time since 2020 as the surging inflation rates and hike in the interest rates have spiralled up fears of recession which is likely to erode crude demand.

A Reuters poll analysis reveals that the outcast for average Brent prices to $105.75 for 2022, its first downward revision since April.

1 August 2022
Petrol Prices Balanced in India

The petrol prices are balanced in India despite a surge in the global oil prices ahead of the OPEC+ meeting. The petrol rates in India were seen at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the international scenario, Brent was trading at $104.0 per barrel, up by 2.10% and West Texas Intermediate (WTI) at $98.62 per barrel, up by 2.28%.

The oil prices marched up by over $2 per barrel during yesterday’s trade session as attention has turned towards next week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) + members that the oil producers club may not imminently boost crude supply.

The crude benchmark – Brent futures contract for September, which expires on Friday, surged by over $3 per barrel, during the session and then pared gains to trade at $110.01 a barrel.

Both Brent and WTI contracts have logged their second monthly losses. Brent was down by about 4% for July and WTI was lower by around 7%.

Apart from this, the robust stock markets supported the fuel as did the softer dollar. As oil is weighed in terms of U.S. dollars, the weak dollar will make the fuel cheaper for purchasers of other countries currencies.  

30 July 2022
Petrol Prices Stagnant in India

The petrol prices are stagnant in India despite a surge in the global crude rates as a fall in the U.S. inventory and gas cuts by Russia ha pressurized oil rates. The petrol rates in India are recorded at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the international scenario, Brent was seen at $109.6 per barrel; up by 2.28% and West Texas Intermediate (WTI) at $98.57 per barrel, up by 2.23%.

The oil prices jumped over 2% during Friday’s trade session following a report of lower inventories in the United States of America and cuts in gas flows from Russia to Europe. The worries surrounding the weaker fuel demand amidst continued interest rate hike in America has bolstered the crude prices to jump.

The Energy Information Administration (EIA) noted that the U.S. crude oil stockpiles declined 4.5 million barrels last week as exports jumped to touch an all-time high owing to a big discount on Brent,

After witnessing a drastic fall in the last two weeks, the U.S. gasoline demand has rebounded by 8.5% week on week as per the data.

As expected, the U.S. Federal Reserve has decided to hike interest rates on its benchmark overnight by three-quarters of a percentage point in a bid to cool off inflation rates.

29 July 2022
Petrol Prices Unvaried in India

The petrol prices are unvaried in India despite a decline in the crude rates in the international markets. The petrol rates in India were seen at Rs 96.72 per litre in New Delhi; Rs 106.03 per litre in Kolkata; Rs 106.31 per litre in Mumbai and Rs 102.63 per litre in Chennai.

In the global platform, Brent was seen at $103.3 per barrel and West Texas Intermediate (WTI) at $94.59 per barrel.

The oil prices are extending their recent losing streak on growing concerns that an unexpected hike in the U.S. interest rates will weaken the crude demand. Both the crude futures have witnessed a fall over the last few days.

Analysts note that fuel prices have come under pressure due to the growing worries that the aggressive interest rate hike by the U.S. Federal Reserve will slow down the global economic growth thereby diminishing the fuel demand.

During the recent weeks, the oil futures have been volatile as it tried to reconcile the possibilities of further interest rate hikes, a move which could limit economic activity amidst tight crude supply and disruptions in trading of Russia’s crude due to western sanctions and Ukraine’s invasion.

Officials from Fed have hinted at a possible hike in interest rates by 75 basis points for July at its upcoming monetary policy meeting.

25 July 2022

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