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Petrol Price in India (21st June 2019)

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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 ₹ 69.93 ₹ 69.93
Kolkata ₹ 72.19 ₹ 72.19
Mumbai ₹ 75.63 ₹ 75.63
Chennai ₹ 72.64 ₹ 72.64
Gurgaon ₹ 70.28 ₹ 70.28
Noida ₹ 69.98 ₹ 69.90
Bangalore ₹ 72.29 ₹ 72.29
Bhubaneswar ₹ 69.00 ₹ 68.88
Chandigarh ₹ 66.13 ₹ 66.13
Hyderabad ₹ 74.32 ₹ 74.32
Jaipur ₹ 71.33 ₹ 71.33
Lucknow ₹ 66.78 ₹ 69.82
Patna ₹ 74.50 ₹ 74.38
Trivandrum ₹ 73.01 ₹ 72.89

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 Remains Same Amidst Appreciating Rupee

The petrol prices in India remained the same despite securing strong gains in the overseas markets amidst a drop in U.S.

crude inventories. The petrol rates in India were seen at Rs 69.93 per litre in New Delhi, Rs 72.19 per litre in Kolkata, Rs 75.63 per litre in Mumbai and at Rs 72.64 per litre in Chennai.

In the global markets, Brent was seen at $62.79 per barrel, up by 1.57% and WTI was at $54.81 per barrel, up by 1.56%.

The crude stocks in the U.S. have declined by 3.1 million barrels per day (bpd) after swelling to nearly two-year highs as against the analyst's expectations of 1.1 million barrels, the Energy Information Administration (EIA) stated. Added to this, the refined products also dipped due to the rise in crude and refining exports amidst fall in crude production.

The OPEC member countries who had decided to trim down their crude supply by 1.2 million barrels per day for a period of six months starting from January 1, 2019, has been extended till date. This has led to the tightening of crude supply pressurizing its prices to rally up. Finally, the OPEC members have agreed to meed on July 1, followed by a meeting with its non-OPEC allies on July 2.

In India, the rise in the value of domestic rupee against the U.S. currency has helped the petrol prices to stay firm irrespective of its movement in the international markets.

20 June 2019
Petrol Prices in India Stands Still

The petrol prices in India stood still despite extending gains in the overseas markets as the U.S. - China trade deal hope rises. The petrol rates in India were recorded at Rs 69.93 per litre in New Delhi, Rs 72.19 per litre in Kolkata, Rs 75.63 per litre in Mumbai and at Rs 72.64 per litre in Chennai.

In the overseas markets, Brent stood at $62.27 per barrel, up by 0.21% and West Texas Intermediate was at $54.26 per barrel, up by 0.28%.

The rekindled hopes of truce between the much-escalated trade tariff war between the U.S. and China has helped the crude prices to gain in the overseas markets. The leaders of both the countries are all set to meet in the upcoming G20 summit which will be held in Osaka, Japan during next week.

The recent tensions in the Middle East region over an attack on oil tanker has created fears of a confrontation between the Washington and Tehran. The U.S. President has blamed Iran for carrying out Thursday’s attack which has been firmly denied by the oil major. In response to this, the U.S. is deploying close to 1,000 troops in the Middle East Region for defensive purposes and cited concerns about a possible threat from Iran.

Meanwhile, the Indian rupee surged up against the dollar and was seen trading at 69.67 mark during today’s trade session. The rise in the value of rupee has helped to keep the petrol prices constant in India.

19 June 2019
Petrol Prices in India Stands Still Amidst Appreciating Rupee

The petrol prices in India stood still despite slipping in the overseas markets amidst the emergence of fragile economic data from China. The petrol rates in India were recorded at Rs 69.93 per litre in New Delhi, Rs 72.19 per litre in Kolkata, Rs 75.63 per litre in Mumbai and at Rs 72.64 per litre in Chennai.

In the overseas markets, the crude benchmark – Brent stood at $60.58 per barrel, down by 0.59% and West Texas Intermediate was at $51.67 per barrel, down by 0.50%.

The recent release of data from the National Bureau of Statistics showed the industrial output growth of the dragon country has slowed down for more than 17 – year low. During the month of May, it grew at 5.0% from an earlier year, below the analyst's expectations of 5.5% and below the April months mark of 5.4%.

The slowdown of the growth of the Chinese economy will, in turn, will dampen the demand for fuel and this led to the slump in crude prices in the overseas markets. The ongoing friction between the U.S. and China over the trade tariff war is also taking a toll on the economy of the dragon country.

Meanwhile, the Indian rupee traded higher by 10 paise at 69.80 against the U.S. currency during today’s trade session. The rise in the value of the domestic currency has helped to keep the petrol prices firm in India.

18 June 2019
Petrol Prices in India Stands Still Despite Rallying Up In Global Markets

The petrol prices in India stood still despite inching up in the overseas markets amidst tension in the Middle East over attack on tankers. The petrol rates in India were seen at Rs 69.93 per litre in New Delhi, Rs 72.19 per litre in Kolkata, Rs 75.63 per litre in Mumbai and at Rs 72.64 per litre in Chennai.

In the overseas markets, Brent has seen trading at $61.87 per barrel and West Texas Intermediate was at $52.36 per barrel.

The U.S. decision to impose sanctions on crude imports from Iran has tumbled the oil majors economy. This has led to the attack on two oil tankers near Iran and the Strait of Hormuz during last week, boosting the crude prices to move up in the international market.

The attack is the second one in a month and has occurred in a place which is very important for oil supplies escalating further tensions between the U.S. and Iran. Washington has blamed Iran for the attack which in turn has prompted for denial and criticism from Tehran.

Meanwhile, the U.S. Secretary of State Mike Pompeo stated that Washington will take all the necessary actions to guarantee safe navigation in the Middle East region. He also noted that the U.S. will continue to take actions that will deter Iran from engaging itself in this kind of behaviour.

17 June 2019
Petrol Prices in India Cut Despite Strong Gains in International Market

The petrol prices in India were cut despite strong gains in the international market amidst supply cuts by OPEC and its member countries. The petrol rates in India were recorded at Rs 69.99 per litre in New Delhi, Rs 72.25 per litre in Kolkata, Rs 75.69 per litre in Mumbai and at Rs 72.70 per litre in Chennai.

In the overseas markets, Brent was seen trading at $62.01 per barrel, up by 0.44% and West Texas Intermediate was seen at $52.51 per barrel, up by 1.14%.

The recent tensions in the Middle East have pressurized the crude prices to move up in the overseas markets. The crude prices gained more than 4% after the attacks on two oil tankers in the Gulf of Oman on Thursday. This comes up after the attack on oil tankers in the coast of the United Arab Emirates and oil pumping stations in Saudi Arabia which took place a month ago.

The decision by the U.S. President – Donald Trump, to impose sanctions on Iran’s crude oil exports has led to tensions in the Middle East region. The transportation of fuel supply is being disrupted with an intent to create a supply shortage in the overseas markets.

Meanwhile, the Indian rupee was seen trading at 69.88 during the previous day’s close against the U.S. dollar. The petrol prices in India is mainly determined based on the rupee-dollar currency exchange rate and crude prices in the international market.

15 June 2019
Petrol Prices in India Dips Slightly Despite Marginal Gains in Global Crude

The petrol prices in India dipped slightly despite securing marginal gains in the overseas markets amidst high inventories. The petrol rates in India stood at Rs 70.35 per litre in New Delhi, Rs 72.61 per litre in Kolkata, Rs 76.04 per litre in Mumbai and at Rs 73.08 per litre in Chennai.

In the overseas markets, Brent stood at $60.77 per barrel and West Texas Intermediate was at $51.52 per barrel.

The rise in the inventories in the global markets led to the fall in its prices for the second consecutive day in a row. As per the report from the U.S. Energy Information Administration (EIA), the crude stockpiles rallied up unexpectedly for a second week consecutively to touch 2.2 million barrels during last week after analysts had predicted a fall of 481,000 barrels.

Added to this, the ongoing tensions between the U.S. and China over trade tariff spat has dented the demand outlook for crude for fiscal 2019 badly. The EIA has trimmed its forecasts for fiscal 2019’s world oil demand growth.

Meanwhile, the Indian rupee value edged lower to touch 69.38 against the U.S. currency during today’s early trade session. The petrol prices in India is mainly decided based on international crude prices and the rupee-dollar exchange rate ratio.

13 June 2019
Petrol Prices in India Stays Firm Despite Huge Fall in Global Markets

The petrol prices in India stood still despite witnessing fall in the global markets amidst surprise rise in U.S. crude production. The petrol rates in India were trading at Rs 70.43 per litre in New Delhi, Rs 72.68 per litre in Kolkata, Rs 76.12 per litre in Mumbai and at Rs 73.18 per litre in Chennai.

In the overseas markets, Brent was seen at $61.02 per barrel, down by 2.04% and West Texas Intermediate was at $52.07 per barrel, down by 2.25%.

The rise in the U.S. crude output despite rising expectations of OPEC members supply cuts have led to the decline in crude prices by over 2 per cent during today’s trade session. As per the report from the U.S. Energy Information Administration (EIA), the energy firm has trimmed the outlook for fiscal 2019 with respect to the world oil demand and U.S. crude oil production.

The EIA has declined its fuel demand growth forecast by 160,000 barrels per day (bpd) to touch 1.22 million bpd and withdrew its earlier forecast of U.S. Crude Production to 12.32 million bpd which is 140,000 bpd less than the May forecast.

The surprise rise in the U.S. crude fuel output has put a cap on rising crude prices in the international market.

Meanwhile, the domestic Indian rupee was trading flat at 69.32 mark against the U.S. currency during today’s trade session ahead of the IIP numbers and inflation report which is scheduled to be released today.

12 June 2019
Petrol Prices in India Stands Still Despite Gains In Overseas Market

The petrol prices in India stood still despite witnessing gains in the overseas markets amidst growing concerns surrounding the slowdown of the global economy. The petrol rates in India were recorded at Rs 70.43 per litre in New Delhi, Rs 72.68 per litre in Kolkata, Rs 76.12 per litre in Mumbai and at Rs 73.23 per litre in Chennai.

In the overseas markets, Brent stood at $62.63 per barrel, up by 0.55% and West Texas Intermediate was at $53.74 per barrel, up by 0.90%.

The OPEC members decision to withhold supply of additional crude to the oil industry amidst broad economic slowdown has led to the fall in the growth of demand. The members of OPEC are most likely to continue to withhold supply of crude to the oil industry which has been followed since January 2019. The cut in the supply of crude by OPEC members has boosted its prices in the global markets amidst slowdown of the global economy to a great extent.

The Indian domestic rupee has appreciated against the U.S. dollar and was seen trading at 69.45 during today’s trade session. The rising rupee value against the dollar has helped to keep a tab on rising petrol prices in India.

11 June 2019
Petrol Prices in India Slips Marginally Amidst Appreciating Rupee

The petrol prices in India slipped marginally despite witnessing gains in the overseas markets amidst a drop in crude oil imports to China during May. The petrol rates in India were seen trading at Rs 70.43 per litre in New Delhi, Rs 72.68 per litre in Kolkata, Rs 76.12 per litre in Mumbai and at Rs 73.17 per litre in Chennai.

In the overseas markets, Brent was seen trading at $63.58 per barrel, up by 0.46% and West Texas Intermediate was at $54.29 per barrel, up by 0.56%.

The crude oil imports of China depreciated by 8% during May from an all-time peak which it had hit during April, as per the reports from customs data. The tightening of U.S. sanctions followed by a ban on crude exports from Iran has led to the decline of crude imports.

The dragon countries fuel import has dropped to 40.23 million tonnes during May from its earlier level of 43.73 million tonnes during April as per the data released by the General Administration of Customs Data.

The OPEC members decision to trim down the crude supply to the tune of 1.2 million barrels per day has also contributed to scaling up of crude prices in the international market amidst fears of the global economic slowdown.

Meanwhile, the Indian rupee appreciated against the dollar and stood at 69.38 during today’s trade session. The rise in the value of Indian rupee has helped for the fall in petrol prices in India.

10 June 2019
Petrol Prices in India Slips Marginally

The petrol prices in India slipped marginally despite edging up in the global markets amidst signs of OPEC members decided to extend crude supply cuts. The petrol rates in India stood at Rs 70.72 per litre in New Delhi, Rs 72.97 per litre in Kolkata, Rs 76.41 per litre in Mumbai and at Rs 73.47 per litre in Chennai.

In the overseas markets, Brent was seen trading at $63.29 per barrel, up by 2.63% and West Texas Intermediate was at $53.99 per barrel, up by 2.66%.

The trade tariff war between the U.S. and its neighbour Mexico over illegal immigration issue seems to be postponed over the next few days as reports emerge that Washington is likely to postpone trade tariffs on Mexico as talks between two countries continues.

The concerns surrounding the stalling of global economy amidst rallying crude supply of the U.S has helped the prices to move up in the oil industry.

The OPEC members are still withholding the supply of additional fuel to the markets, pressurizing the fuel prices to march up, with only its non-member partner – Russia which has differences with OPEC over what it constituted a fair price for oil. Russia’s President – Vladimir Putin stated that he would be taking a joint decision on the output at a policy meet which will take place in the coming weeks.

The domestic Indian currency appreciated against the dollar and stood at 69.39 mark during yesterday’s closing session. The rise in the value of domestic rupee has made the dollar-priced crude less costly and hence the petrol prices in India has inched down.

8 June 2019

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