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Petrol Price in India (19th December 2018)

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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 ₹ 70.63 ₹ 70.53
Kolkata ₹ 72.71 ₹ 72.62
Mumbai ₹ 76.25 ₹ 76.15
Chennai ₹ 73.29 ₹ 73.19
Gurgaon ₹ 71.48 ₹ 71.21
Noida ₹ 70.56 ₹ 70.22
Bangalore ₹ 71.20 ₹ 71.10
Bhubaneswar ₹ 69.61 ₹ 69.52
Chandigarh ₹ 66.77 ₹ 66.68
Hyderabad ₹ 74.91 ₹ 74.80
Jaipur ₹ 70.94 ₹ 71.35
Lucknow ₹ 70.33 ₹ 70.25
Patna ₹ 74.71 ₹ 74.72
Trivandrum ₹ 73.71 ₹ 73.45

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. 

Latest Updates on Petrol Price

Petrol Prices in India Rises Sharply

The petrol prices in India surged up slightly despite fall in crude rates in the global market owing to supply glut. The petrol rates in India stood at Rs 70.63 per litre in New Delhi, Rs 72.71 per litre in Kolkata, Rs 76.25 per litre in Mumbai and at Rs 73.30 per litre in Chennai.

In the global scenario, the crude is abundantly available as the United States of America is producing a record shale output and this has created concerns related to oversupply of crude which in turn will dip the crude prices. The Brent, which is a benchmark for crude is at $58.62 per barrel, down by 1.66% and WTI, was seen trading at $49.32 per barrel, down by 1.75%.

The U.S. is currently producing more oil in order to provide sufficient supply of crude to the oil industry and accordingly the U.S. storage hub of Cushing which is the delivery point for West Texas Intermediate is producing more crude and currently it is up by more than 1 million barrels between December 11 – December 14.

The Indian rupee gained against the dollar during today’s trade session and was seen trading at 71.19 mark. The fall in global crude prices helped the domestic Indian rupee to march up.

18 December 2018
Petrol Prices in India Rises Up Following Global Cues

The petrol prices in India were up following cues from the global market which surged up after declining over the last few days owing to surplus crude supply. The petrol rates in India stood at Rs 70.53 per litre in New Delhi, Rs 72.62 per litre in Kolkata, Rs 76.15 per litre in Mumbai and at Rs 73.19 per litre in Chennai.

The crude prices in the global market rose up during today’s trade session despite depreciating by 2 percent during the previous session as it is currently under pressure owing to weak growth and concerns over the abundant supply. Brent was seen trading at $60.28 per barrel and WTI was at $51.32 per barrel.

Analysts believe that the continuous production of crude will help to weigh down on its prices amid a cut in crude supply by the OPEC member countries starting from January 2019.

The weak growth in most of the economies including China and Europe added with the dampened demand for crude has slowed down the global economic growth to a major extent.

17 December 2018
Petrol Prices in India Climbs Up

The petrol prices in India were up amid fall in global crude prices following the rise in crude supply. The petrol rates in India stood at Rs 70.34 per litre in New Delhi, Rs 72.43 per litre in Kolkata, Rs 75.96 per litre in Mumbai and at Rs 72.99 per litre in Chennai.

The crude prices dipped slightly in the global market and Brent was seen trading at $60.28 per barrel, down by 1.90% and WTI was at $51.20 per barrel, down by 2.62%.

The rise in crude production by Venezuela is likely to slow a free fall in Venezuela’s output which witnessed a drop in the production output to the lowest level since the last 70 years.

Meanwhile, the fall in the Indian rupee against the dollar has made the dollar priced crude expensive and today rupee was seen at 71.92 mark.

15 December 2018
Petrol Prices in India Remains Steady Despite Dip in Global Markets

The petrol prices in India stood still despite slipping slightly in the global scenario. The petrol rates in India were recorded at Rs 70.29 per litre in New Delhi, Rs 72.38 per litre in Kolkata, Rs 75.91 per litre in Mumbai and at Rs 72.94 per litre in Chennai.

The prices of crude eased today after edging over 2 percent during yesterday’s session. Analysts predict that the market is likely to tighten further during the second quarter of 2019 as the OPEC member countries along with its non – OPEC member has decided to cut down crude supply starting from January 2019. The oil major – Saudi Arabia is all set to trim down 10.2 million barrels per day (bpd) of crude supply to the oil market.

The crude oil benchmark – Brent was seen trading at $61.07 per barrel, down by 0.62% and WTI by $52.35 per barrel, down by 0.44%.

Meanwhile, the Indian rupee gained during today’s session against the U.S. dollar and was seen at 71.80 mark. The rupee gained after the government of India appointed Shaktikanta Das as the RBI Governor after the shocking exit of Urijit Patel before the completion of his tenure. The new governor is likely to tackle the issues promptly and swiftly which is currently haunting the banking sector in India.

14 December 2018
Petrol Rates in India Stands Still Amid Uncertain Situation in Market

The petrol prices in India stood still despite gaining marginally in the international market ahead of the supply cut starting from January 2019. The petrol rates in India were recorded at Rs 70.20 per litre in New Delhi, Rs 73.28 per litre in Kolkata, Rs 75.80 per litre in Mumbai and at Rs 72.82 per litre in Chennai.

In the global scenario, the crude prices rose up as the OPEC member countries along with the non – OPEC member partner decided to trim down the crude supply with effect from January 2019. The fall in the crude supply has helped its prices to surge up in the international market.

Brent was seen trading at $60.97 per barrel, up by 1.28% and WTI was at $52.31 per barrel, up by 1.28%.

In India, the domestic rupee tumbled again against the dollar during today’s trade session and was seen at 72.04 mark. The RBI Chief’s sudden exit followed by yesterday’s poll results weakened the rupee further during today’s trading session. The weak rupee makes dollar-priced crude costlier.

12 December 2018
Petrol Prices in India Trimmed Amid Fall in Global Crude Rates

The petrol prices in India dipped further amid fall in global crude prices and further depreciation of Indian rupee due to the sudden exit of RBI Chief. The petrol rates in India stood at Rs 70.20 per litre in New Delhi, Rs 72.28 per litre in Kolkata, Rs 75.80 per litre in Mumbai and at Rs 72.82 per litre in Chennai.

In the global market, the crude prices dipped due to the weak market as the OPEC member countries have decided to cut the supply of crude to the market by 1.2 million barrels per day (bpd) starting from January 2019. Brent was seen trading at $59.89 per barrel and WTI was at $50.98 per barrel.

The likely cut in the oil supply to the industry has raised concerns over the future prices of crude in the oil industry.

In India, the sudden exit of the RBI Governor – Urjit Patel, has led to the fall in the rupee value against the dollar and was seen trading at 71.98 mark. The fall in the rupee against the dollar makes the crude purchase costlier for India and this will eventually impact the current account deficit of India.

11 December 2018
Petrol Prices in India Cut Despite Trimming Down of Crude Supply

The prices of petrol in India were cut despite the rise in crude prices following cut in oil output by OPEC member countries. The petrol rates in India were seen at Rs 70.31 per litre in New Delhi, Rs 72.37 per litre in Kolkata, Rs 75.90 per litre in Mumbai and at Rs 75.92 per litre in Chennai.

The crude prices in the international market are picking up on a regular basis after the OPEC member countries decided to cut down on the crude production and supply to the market after witnessing surplus supply. WTI was seen at $52.49 per barrel and Brent was seen at $61.98 per barrel.

The cut in global crude supply is likely to come into effect from January and accordingly, Russia is likely to trim down 1.2 million barrels per day (bpd), OPEC member countries will cut 8,00,000 bpd and other countries who are not affiliated with the group will trim 4,00,000 bpd of crude.

The Indian domestic rupee dipped by further 52 paise to settle at 71.32 per dollar against the previous close of 70.80 mark. The rise in the global crude prices added with the rise in current account deficit led to the fall in the rupee value against the dollar.

10 December 2018
Petrol Prices in India Cut Despite Surging Up In the Global Market

The petrol prices were cut in India despite the rise in crude prices in the global scenario owing to a steep cut in oil supply by OPEC member countries which is likely to come into effect shortly. The petrol rates in India were recorded at Rs 70.70 per litre in New Delhi, Rs 72.75 per litre in Kolkata, Rs 76.28 per litre in Mumbai and at Rs 73.34 per litre in Chennai.

The crude benchmark, Brent which earlier was on the declining mode rose up by more than 2% during today’s trade session after the OPEC member countries agreed to cut the crude supply owing to surplus availability of fuel in the market. The Brent crude was seen trading at $61.67 per barrel, up by 2.68% and WTI was at $52.61 per barrel, up by 2.18%.

The two day OPEC meet which centred around trimming the crude supply has finally concluded on a positive note to slash oil output by more than what the market had expected despite continuous pressure from the U.S. President, Donald Trump who is pushing for keeping crude prices low by pumping more crude to the market. Accordingly, the crude producers will cut down an output of 0.8 million barrels per day (bpd) starting from January 2019.

The Indian rupee depreciated further against the U.S. dollar and was seen trading at 71.38 mark. The fall in rupee value will make crude purchases costly as crude is measured in terms of dollars.

8 December 2018
Petrol Rates in India Drops Amid Dip in Global Crude Prices

The petrol prices in India declined amid the fall in global crude prices amid OPEC’s delayed decision related to the trimming of the crude supply. The petrol rates in India were at Rs 70.92 per litre in New Delhi, Rs 72.97 per litre in Kolkata, Rs 76.50 per litre in Mumbai and at Rs 73.57 per litre in Chennai.

Yesterday’s OPEC meet did not decide on the decision related to the trimming of crude supply and has instead decided to take up the matter during today’s meet. Russia remains the sticking point noted one of the analysts who are familiar with the matter. Most of the experts believe that the supply reduction decision will likely to be arrived at today. This led to the fall in global crude prices during today’s trade session.

Brent was seen trading at $59.41 per barrel, down by 1.08% and WTI was at $50.94 per barrel, down by 1.07%.

The Indian rupee opened 34 paise up to touch 70.56 mark against the U.S. dollar during today’s trade session.

7 December 2018
Petrol Prices in India Fall Again Following Global Cues

The petrol prices in India fell today following global cues wherein the crude prices sank further ahead of the upcoming OPEC member countries meet. The petrol rates in India were recorded at Rs 71.32 per litre in New Delhi, Rs 73.36 per litre in Kolkata, Rs 76.90 per litre in Mumbai and at Rs 73.99 per litre in Chennai.

The plunge in the stock markets led to the fall in the global crude prices amid the likely cut in the global crude oil supply in the coming days. Analysts expect that the OPEC countries and its non OPEC partner – Russia is likely to cut between 1 million – 1.4 million barrels per day (bpd) of crude supply to the oil industry to support the rise in crude prices and also to counter surplus supply of crude.

Today, Brent was seen trading at $61.04 per barrel and WTI was at $52.45 per barrel.

The fall in the global markets has also affected the stock markets in India, both Sensex and Nifty slipped by few points during today’s trade session. The RBI’s move to keep the repo rate unchanged led to the further depreciation of Indian rupee against the U.S. dollar and was seen trading at 71.04 mark during today’s trade session.

6 December 2018

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