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Petrol Price in India (19th March 2024)

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India's petrol prices are influenced by a combination of international crude oil prices, domestic tax structures, and currency exchange rates. As of the latest data, the price of petrol in India has been observed to be significantly higher than in some of its neighboring countries. This discrepancy can be attributed primarily to the higher taxes imposed on petrol in India.

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

City Today Price Yesterday's Price
New Delhi ₹ 94.72 ₹ 94.72
Kolkata ₹ 103.94 ₹ 103.94
Mumbai ₹ 104.21 ₹ 104.21
Chennai ₹ 100.85 ₹ 100.75
Gurgaon ₹ 94.80 ₹ 94.79
Noida ₹ 94.71 ₹ 94.96
Bangalore ₹ 99.84 ₹ 99.84
Bhubaneswar ₹ 101.05 ₹ 101.05
Chandigarh ₹ 94.24 ₹ 94.24
Hyderabad ₹ 107.41 ₹ 107.41
Jaipur ₹ 104.88 ₹ 105.71
Lucknow ₹ 94.56 ₹ 94.65
Patna ₹ 105.18 ₹ 105.18
Trivandrum ₹ 107.35 ₹ 107.35

Petrol Price by States (Capital City Petrol Rate Listed Below)

State Today Price Yesterday's Price
Andaman & Nicobar ₹ 82.42 ₹ 82.42
Andhra Pradesh ₹ 109.73 ₹ 109.31
Arunachal Pradesh ₹ 90.62 ₹ 90.62
Assam ₹ 96.18 ₹ 96.18
Bihar ₹ 105.18 ₹ 105.18
Chandigarh ₹ 94.24 ₹ 94.24
Chhatisgarh ₹ 100.49 ₹ 100.49
Dadra Nagarhaveli ₹ 92.51 ₹ 92.51
Daman & Diu ₹ 92.32 ₹ 92.32
Delhi ₹ 94.72 ₹ 94.72
Goa ₹ 95.40 ₹ 95.40
Gujarat ₹ 94.66 ₹ 94.66
Haryana ₹ 95.50 ₹ 95.50
Himachal Pradesh ₹ 94.89 ₹ 95.88
Jammu & Kashmir ₹ 95.43 ₹ 95.43
Jharkhand ₹ 97.81 ₹ 97.81
Karnataka ₹ 99.84 ₹ 99.84
Kerala ₹ 107.35 ₹ 107.35
Ladakh ₹ 102.36 ₹ 102.36
Lakshadweep ₹ 100.75 ₹ 100.75
Madhya Pradesh ₹ 106.47 ₹ 106.47
Maharashtra ₹ 104.21 ₹ 104.21
Manipur ₹ 99.17 ₹ 99.21
Meghalaya ₹ 96.26 ₹ 96.26
Mizoram ₹ 93.70 ₹ 93.70
Nagaland ₹ 97.35 ₹ 97.35
Odisha ₹ 101.05 ₹ 101.05
Pondicherry ₹ 94.21 ₹ 94.27
Punjab ₹ 96.56 ₹ 96.41
Rajasthan ₹ 104.88 ₹ 105.71
Sikkim ₹ 100.70 ₹ 100.70
Tamil Nadu ₹ 100.85 ₹ 100.75
Telangana ₹ 107.41 ₹ 107.41
Tripura ₹ 97.47 ₹ 97.47
Uttar Pradesh ₹ 94.56 ₹ 94.65
Uttarakhand ₹ 93.38 ₹ 93.13
West Bengal ₹ 103.94 ₹ 103.94

In 2023, India consumed around 220 Million Metric Tonnes of crude-oil or petrol products. Petrol rates in India is one of the significant factors that directly or indirectly impact a huge level of population, regardless of them not acknowledging the fact. India's fuel consumption is on a rise consistently and in May 2023 reached an all time high as per reports by the end of the year. This festive season in India, passenger vehicle sales sky-rocketed breaching the million mark and despite increase of 85% in the used car segment.

As per the data, more than 80% of Indians have opted for petrol vehicles, which indicates the strong demand and consumption for the country ahead. Maximum number of purchases were made by individuals below of the age of 35, which ensured that almost Rs. 4.7 crore was disbursed daily during the year for vehicle loans by just one major car selling platform in India. The increasing funding and convenient option of EMI payments predict a surge in fuel-based vehicle purchases despite availability of EV. The availability of other options have failed to impact petrol consumption and petrol prices in India hold a firm grip.

Factors Impacting Petrol Prices in India

The critical nature of petrol for a developing economy like India would hold on to the have an upward trend for consumption as well as imports. If the imports for crude oil increases, so would be the end-user petrol rate in India.

However, major investments are made for refining sector and exploration, which would stabilise for internal supply rather than global. Following factors generally impact the petrol prices in India:

Domestic Usage of Petrol

The total consumption for petrol increases every year with increasing vehicle sales, as a basic economic indication, the higher the demand, the cost would also increase according to it. The scarcity and controlled availability of petrol would increase the cost, fuelled with inflation and other aspects. If there is a disruption in supply, petrol prices are impacted adversely, while on the other hand if supply increases by internal production, prices would be stable.

Revenue Collection For Government

The tax collected through numerous levies and charges imposed on both businesses and consumers in fuel sector is the largest source of income for Indian government treasury. When the central ministry decides to increase the revenue generation from petrol prices in India, The domestic rates within the country would be also impacted as per those decisions.

Government Regulations

In India, government have strong intervention in fuel prices pertaining to the essential nature of the product and its vivid variations used in countless sectors. Moreover, if the ruling government decides for an expectation of higher votes in the coming election, petrol prices in India would be pull down in favour of the consumers. In contrast, if the central government decides to get more revenue for treasury earnings, a slight hike in petrol rates in India is expected.

Global Aspects

Internationally petrol holds significance for many developed and developing economies, which also fluctuates strongly as per the geopolitical relations between the importing and exporting countries. However, if there are any war escalations between countries that fall in the trading route of India, also have a directional push for petrol prices in India. The recent war in 2023 by Russia increased the demand for oil globally and the countries that barred Russian oil witnessed huge spike in rates.

Petrol rates in India were unaffected since Indian government allowed trading Russian crude oil.

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.

What is the Chemical Formula of Petrol?

Petrol, fuel, is a liquid combination derived from a petroleum source. The liquid mixture consists of predominantly aliphatic hydrocarbons. This liquid is enhanced by the addition of aromatic hydrocarbons like benzene and toluene. The addition of aromatic hydrocarbons will increase the octane ratings.

The octane ratings refer to the measure of the fuel’s ability to resist knock, which happens when an engine’s cylinder ignites prematurely.

Hence petrol has a basic chemical formula due to the presence of a mixture of several compounds which are blended as per the requirements.

The Chemical Formula of Petrol is CnH2n+2.

How is Crude converted into finished products?

Crude oil or crude is often a dark, sticky liquid which cannot be used as it is without changing it.

Usually, crude oil is a mixture of different chemicals known as hydrocarbons. Hence, the first and foremost part of refining crude oil is the heating process. The crude oil will be heated until it boils. The boiling liquid will be separated into different liquids and gases in distillation columns. After this process, the liquids will be used to make paraffin, petrol, diesel fuel and so on.

The boiling process will turn the oil into a mixture of gases in the column. The gases flow up the column – the hottest will remain at the bottom and the cooler one at the top. These gases will cool down as they go up the column until they condense to turn back into liquid form again. Now, the separated liquids and gases will be cleaned and subjected to further processing, to make many other sub-products.

Petrol Demand in Rural India this Year

The demand for petrol in rural India has been continuously rising due to the increasing use of petrol-based machinery in various sectors. This is particularly noticeable in agriculture, where there has been a significant transition from manual labor to mechanized operations. As the reliance on machinery powered by petrol has become a necessity for farmers to optimize productivity, the demand for petrol has consequently surged.

With the ongoing economic development in rural areas, the adoption of mechanized techniques has become crucial to boost agricultural outputs. The shift towards petrol-based machinery has proven to be more efficient and time-saving, leading to increased agricultural production and improved livelihoods for rural communities. However, this shift has also led to a higher demand for petrol, as the usage of machinery continues to expand and diversify in various sectors, contributing to the overall development of rural India's economy.

Another factor contributing to the increased demand for petrol in rural India is the improved road connectivity that has been witnessed in recent times.

The rural areas have witnessed substantial growth in their road infrastructure, which has led to a significant increase in the number of vehicles, including both two-wheelers and four-wheelers. Since these vehicles predominantly rely on petrol as their fuel source, it has consequently led to a notable surge in the consumption of petrol in these regions.

The improved road connectivity has resulted in greater accessibility and connectivity for the rural population. As a result, more people now rely on personal vehicles for transportation, leading to a proliferation of petrol-powered vehicles. This rise in mobility has not only increased the demand for petrol but has also resulted in a higher consumption rate of this fuel in rural India. Hence, the growth in road infrastructure plays a crucial role in the surging petrol demand in rural areas.

Being a developing economy, India is the third largest consumer of crude oil globally and about 96% of the consumption is imported. The volume of petrol products consumed in India for 2023 stood at 164 million metric tonnes. Almost all the petrol produced and circulated in the country is poured in the transport sector alone. The high dependency of fuel and crude oil for petrol production makes international fuel prices impact the local petrol prices in India today.

On average in India, the two-wheeler segment contributes more than 60% in the total demand, followed by cars and three-wheeler. Since the petrol rates in India today are deregulated, a sudden hike in the rates would have serious implications for disposable income of common men. States with exceeding number of two-wheeler than cars generally have higher consumption and depending on these factors, India petrol rates vary from as per the state regulation and taxes collected.

What Aspects Are Affecting Today Petrol Prices In India?

The strong connectivity and inter-dependency for trades in the modern world today have lead to numerous factors have either a positive or negative impact on petrol prices in India today.

As far the basic economics is concerned, whenever there is an increase in demand locally, the prices are evident to get impacted as the supply would remain the same against it. In contrast when there is an increase in supply due to multiple reasons, petrol rates in India today might fall slightly.

Since the consumption of petroleum products is high in India and the necessity for the fuel has direct implications on savings of the middle class population, the government intervenes multiple times to ensure there is stability in petrol prices in India today. If the government enters in a trade agreement with crude oil or petrol exporting country for reduced customs and other levies, then there is a fortunate decrease in India petrol rates today.

On the other hand, if there are geopolitical tensions in global powers or conflicts escalate in crude oil exporting countries, then there are chances of international demand to hike amidst uncertainties and the collective procurement of crude oil can uplift the per barrel prices for it. Hence, these changes at global levels can push for petrol rates in India to have a mirroring effect if the volatility in prices is high.

Another significant aspect that can either hike or pull down India petrol rates today is government regulations. The revenue generated from fuel tax collection is one of the highest in India, which gets impacted from the fuel rates across the country. If the government of India feels there is a requirement to increase the treasury revenue, a slight increase in custom charges and levies over petroleum products can attract exponential tax collection. Hence, if recently there is a tax rate increases in fuel, a hike is expected for petrol rates in India today.

When financial markets around the globe are lurking around with uncertain sentiments posted by economic turmoil, stagflation or recession, investors would exit their holdings and flock over alternative instruments for their investments including crude oil, commodities and safe-haven metals.

If investors predict there is a growth in crude consumption ahead, collective buying positions of the traders can force the prices globally to sky-rocket. Ultimately the rise at international levels can facilitate for local petrol prices in India to follow the trend accordingly.

Petrol Prices Across the Region

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.

For instance, compared to India, petrol prices in countries like Pakistan and Bangladesh are lower. This is partly because these countries have different taxation policies on petroleum products. In contrast, countries like Nepal and Bhutan witness petrol prices that are somewhat comparable or even higher than in India, due to their landlocked geography which affects transportation costs and their dependence on India for petroleum imports.

The following table outlines the petrol prices in India and its neighboring countries, offering a clear comparison:

Country Petrol Price (per litre, in local currency) India Approx. 100-105 INR Pakistan Approx. 150 PKR Bangladesh Approx. 89 BDT Nepal Approx. 110 NPR Bhutan Approx. 65 BTN

It's important to note that the petrol prices are subject to fluctuate based on global oil price changes, domestic policy adjustments, and currency valuation shifts. These factors collectively make petrol pricing a dynamic component of the region's economies.

Economic and Policy Implications

The higher petrol prices in India not only reflect the country's tax policy but also highlight the broader economic challenges of managing inflation and promoting sustainable growth. The government has often defended high fuel taxes as a necessary measure to finance public spending without exacerbating fiscal deficits. However, critics argue that this places an undue burden on consumers and impacts the cost of living and doing business in India.

In contrast, neighboring countries with lower petrol prices face their own set of challenges.

For example, lower tax revenues from petrol can limit government spending on essential services and infrastructure development. Thus, each country's approach to petrol pricing reveals a balancing act between generating revenue, controlling inflation, and ensuring economic stability.

Ultimately, the variation in petrol prices across India and its neighbors underscores the complexities of economic policy-making in a region characterized by diverse economic landscapes. As global oil prices continue to exhibit volatility, the impact on regional petrol prices and, by extension, on the economies and consumers of these countries will be closely watched by policymakers and analysts alike.

Latest Updates on Petrol Price

India Slashes Petrol Prices On 15th March 2024 Ahead Of The General Elections Scheduled This Year.

Today India Petrol rate have been fortunately decreased by Rs. 2/- per litre. India Petrol rates today have fallen the lowest in the NCR. Delhi petrol price today is at Rs. 94.72/-, and Kolkata petrol rate today falls to Rs. 103.94/- per litre respectively. On the other hand. Petrol price in Mumbai today have fallen to Rs. 104.21/- per litre while today's Chennai petrol rate is at Rs. 101.18/- per litre.

As per the recent news reports, Prime minister Narendra Modi have pushed for decreasing fuel cost in India only a few days before the election season. The global energy market remains in turmoil currently, while the Indian government decides to slash fuel prices by Rs. 2/- per litre. However, it is well-known by the general population that the move is made to attract voters ahead of the general elections scheduled this year. Indians can expect the same price range or below at least till May or June, before it takes a reversal for expected exponential hikes.

Internationally the crude oil have sharply risen in past three days, climbing from $ 3.6/- or 4.7%. The dollar-backed commodity markets are moving in a mixed manner today, despite unfavorable capital markets and 10-year treasury bonds in green.

US dollar index have surged significantly since yesterday's session, climbing by 0.5% and posing a threat for crude oil trades ahead. However, oil investors globally would hold their attention towards next week's FOMC minutes to have a directional push on crude oil demand.

The MCX Crude Oil Futures maturing next month on Friday are trading around Rs 6,719/-, a fall of 0.34% or Rs 23/- since yesterday's closing.

15 March 2024
India Petrol Prices O n 27th February 2024 Remain Stable Due To Government Support

Today the petrol rates in India per litre is varied for different cities, depending the local demand-supply scenario domestically. Delhi petrol rates today are Rs. 96.72/-, while petrol prices in Kolkata have remained stable at Rs. 106.03/-. Mumbai petrol prices are currently at Rs. 106.31/-, and petrol rates in Chennai today are Rs. 102.74/ per litre. The major cities of the country would face higher prices due to the exponential demand in urban areas.

Being a developing country, India imports a huge amount of crude oil from international markets to sustain the domestic need. The dependency on global prices, make India petrol rates highly influential with any major or minor disruption in supply chain. However, a push by the Indian governments towards EV would lead fuel consumption to fall at domestic levels.

Internationally the commodity market segment are moving in positive notes on Tuesday's Asian session, supported by the plunging US dollar index and bonds yields of major economies. Apart from the unchanged interest rates, the US GDP growth rate this week would have a directional push for international crude demand, ultimately having a slight impact on local India petrol prices.

The MCX Crude Oil Futures on Tuesday are floating around Rs 166.8/-, which is 0.54% or Rs 0.9/- lower than previous day's closing.

27 February 2024

Petrol Prices In Delhi Today On 27th February 2024 Sees No Change

Delhi gold rates today are staying the same as previous day at Rs. 96.72/- per lire. The prices have stayed stagnant for domestic residents due to the government regulations. Amongst the major cities, Delhi petrol prices today are some Rs. 9 to Rs. 10 lower than the average petrol prices in India currently.

The largest city of India, Delhi has immense presence of commercial and economic activities in the region. High consumption especially by the middle-income groups in the capital city, pushes for consistent demand for refined fuel ahead. Delhi gold rates are stable currently, pertaining to the government intervention and India's retail crude oil policies

Internationally the commodity segments along with safe-haven metals are moving with optimistic approach as uncertain sentiments lurk around capital markets. Natural gas prices today are stable climbing above the previous support levels on technical charts, which indicates local India gold rates to be stable ahead. Investors would align their focus over tomorrow's US quarterly GDP data to push the crude oil demand this week.

The US Spot Gold rates on Tuesday are trading around $ 77.45/- per barrel while Brent crude prices are at $ 82.34/- per barrel on Tuesday today.

27 February 2024
Petrol Prices In Delhi Stays The Same As Previous Day Amidst Increasing Global Prices

The petrol prices are balanced in Delhi despite witnessing a hikein the crude rates internationally. Today Delhi petrol rate is Rs. 96.72/-, which is comparably lower than other major cities of the country.

The demand for Delhi petrol is strong ahead due to the presence of large working and business class population, which highly prefer two-wheelers for commuting office locations. Delhi is among the highest vehicle owning cities of India, which would push for petrol rate today in Delhi to be regulated by government for the public consumption. Prices are expected to remain calm ahead considering the arrival of India's general elections this year.

Global demand for crude oil has jumped strongly this week as the Red Sea crisis has affected two US and one UK cargo ship, resulting in oil supply disruption in most parts of Europe. The US dollar index has also tumbled, supporting fund inflows towards commodity segments and safe-haven metals today. Oil investors would hold their fresh impetus for this week's FOMC minutes to have a directional force towards Brent crude prices internationally.

The WTI crude index in today's Asian session is trading around $ 77.10/- per barrel, a hike of 0.08% or $ 0.6/- since yesterday's closing.

21 February 2024

India Petrol Rate Today Remains Unchanged Despite Global Uncertainty In Crude Oil Market

Today petrol prices in India have stayed the same as previous day. Delhi petrol prices today are at Rs. 96.72/- per litre, while petrol rate in Kolkata is 106.03/- for one litre, a difference of almost Rs. 10/- from the NCR. Mumbai Petrol price today is at Rs. 106.3/- and Petrol rate in Chennai today is Rs. 102.74/- per litre respectively.

Internationally the commodity markets are favored with strong fund inflows witnessed in Natural Gas segment, a rise of more than 7% since yesterday. WTI, the major Oil index today is trading around $ 76.48/- per barrel, a fall of $ 0.6/- or 0.8%. Similarly, the benchmark Brent crude is visibly trading at $ 81.74/- per barrel, tumbling $ 0.58/- or 0.54% since Tuesday's closing.

The demand for crude oil has increased rapidly this week as the Red Sea crisis have pushed for uncertain supply disruption for larger part of European markets. Global power arming against Iran and Houthi Rebels would escalate unstability for international oil demand. The uncertain situation have lead to investors flock away from capital markets. However, the US FOMC minutes scheduled this week is expected for unchanged interest rates, posing a threat for commodity market segment.

The MCX Crude Oil Futures In India are currently trading around Rs 144/- per barrel, a fall of 18.09% or Rs 31.8/- since Tuesday's closing.

21 February 2024
Petrol Prices Balanced in India

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

In the international markets, the crude benchmark – Brent was seen at $85.54 per barrel, down by 1.24% and West Texas Intermediate (WTI) at $79.15 per barrel, down by 1.24%.

On Tuesday, both the crude benchmarks recorded a drop after the U.S. government said it will release crude from its Strategic Petroleum Reserve. The move by America has lifted some supply constraints faced by the oil markets.

Earlier in the session, both the crude benchmarks had declined by over $2 per barrel but it pared some losses after the data showed that the U.S. Consumer Price Index (CPI) accelerated at its slowest annual pace since late fiscal 2021. The situation has raised the likelihood of a less aggressive stance from the Fed in the coming months.

Analysts note that the financial markets are still taking time to digest the outcome of the CPI data. The rate hike expectations have moved up and down and the volatile movement has influenced asset classes like crude.

14 February 2023

Petrol Prices Unchanged in India

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

In the international markets, the crude benchmark – 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.

The Fed has lately eased the interest rates amidst declining inflation rates.

The resumption of Azerbaijani oil exports at Turkey’s Ceyhan amidst the devastating earthquake which completely shook Turkey has relieved supply concerns.

Turkey and Syria witnessed strong earthquakes last week, leading to the damage of oil terminals. Ceyhan, Turkey’s city is the storage and loading point for pipelines which carry oil from Azerbaijan and Iraq.

13 February 2023
Petrol Prices Consistent in India

The petrol prices are consistent in India despite a rise in the crude rates in the international markets on Russia’s plan to trim output. The petrol rates in India were recorded at Rs 96.72 per litre in New Delhi; Rs 106.31 per litre in Mumbai; Rs 106.03 per litre in Kolkata and Rs 102.63 per litre in Chennai.

In the international markets, Brent stood at $86.39 per barrel, up by 2.24% and West Texas Intermediate (WTI) at $79.72 per barrel, up by 2.13%.

The crude prices gained over 2% during today’s trade session as Russia plans to cut down its fuel production next month after the West imposed price caps on the country’s crude and fuel.

The fuel prices gained recorded over 8% weekly gains. The ongoing tensions between Moscow and Ukraine have pressurized many western nations to impose a ban on the import of Russia’s crude oil. Hence Russia is planning to cut down crude output beginning in March 2023.

Both the crude benchmarks have witnessed growth during the week.

Russia’s Deputy Prime Minister – Alexander Novak said that the country plans to cut down its crude oil production in March by 500,000 barrels per day (bpd). This will account for around 5% of the output.

The shortage of supply in the oil markets has bolstered fuel prices to shoot up in the global markets.

The western nations are trying their best to choke off Moscow’s oil revenues in response to its ongoing war with its neighbour Ukraine. The trim in the output from Russia indicates that the European Union’s decision on a price cap ban on Russia’s oil products will have some impact on the markets.

11 February 2023
Petrol Prices are Stable in India

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

In the international markets, the crude benchmark – Brent was seen at $86.30 per barrel, up by 2.17 per cent and West Texas Intermediate (WTI) at $79.69 per barrel, up by 2.09 per cent.

The oil prices managed to jump over 2 per cent on Friday’s trade session following Russia’s plans to trim down oil production beginning next month. Moscow has announced its plans to reduce oil production after the West imposed price caps on the country’s oil and oil-related products.

Russia’s Deputy Prime Minister – Alexander Novak said that the country plans to cut down its oil production in March 2023 by 500,000 barrels per day, accounting for around 5 per cent of the output.

Analysts note that the Russian economy is fraying in the face of the Western nations-imposed sanctions.

The G-7 nations have agreed to ban the use of the Western-supplied maritime insurance for seaborne Russian oil priced over $60 per barrel starting from December 5, as a part of the Western sanctions on Moscow amidst its ongoing war with Ukraine.

 

10 February 2023
Petrol Prices Unchanged in India

The petrol prices are unchanged in India despite witnessing a marginal gain in the crude rates in the overseas markets. The petrol rates in India were seen at Rs 102.63 per litre in Chennai; Rs 106.03 per litre in Kolkata; Rs 96.72 per litre in New Delhi and Rs 106.31 per litre in Mumbai.

In the international markets, the crude benchmark – Brent was seen at $80.46 per barrel, up by 0.65% and West Texas Intermediate (WTI) at $73.73 per barrel, up by 0.46%.

The prices of crude gained in the overseas markets after witnessing a fall of around 8 per cent during last week as concerns of slower growth in major economies have limited fuel consumption outweighing the signs of a demand recovery in China, the top fuel importer in the globe.

The stronger-than-expected U.S. jobs report has raised concerns that the Fed will keep hiking interest rates, bolstering the dollar value to surge. Usually, the stronger greenback will reduce the demand for dollar-denominated crude from buyers, who pay using other currencies.

The strong U.S. jobs report has raised concern that the Fed will continue to hike interest rates, bolstering the dollar value. The stronger greenback will typically diminish the demand for the U.S.

dollar-denominated crude from buyers who are paying with other currencies.

Meanwhile, recession fears has dominated the markets last week, as International Energy Agency (IEA) Executive Director Fatih Birol has highlighted China’s recovery will remain the key driver for crude prices.

6 February 2023

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