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Petrol Price in India (23rd October 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 ₹ 81.44 ₹ 81.74
Kolkata ₹ 83.29 ₹ 83.69
Mumbai ₹ 86.91 ₹ 87.21
Chennai ₹ 84.64 ₹ 84.96
Gurgaon ₹ 79.94 ₹ 80.11
Noida ₹ 78.87 ₹ 79.19
Bangalore ₹ 82.08 ₹ 82.38
Bhubaneswar ₹ 80.27 ₹ 80.57
Chandigarh ₹ 76.90 ₹ 77.18
Hyderabad ₹ 86.34 ₹ 86.66
Jaipur ₹ 81.78 ₹ 82.37
Lucknow ₹ 78.89 ₹ 79.18
Patna ₹ 85.05 ₹ 85.35
Trivandrum ₹ 84.64 ₹ 84.91

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 Dips Amid Rise in Crude Prices

The petrol prices in India dipped amid a rise in crude prices in the global market. The petrol rates in India stood at Rs 81.44 per litre in New Delhi, Rs 83.29 per litre in Kolkata, Rs 86.91 per litre in Mumbai and at Rs 84.64 per litre in Chennai.

In the international market, crude prices inched up amid concerns over the sanctions on Iran is looming the oil industry. The U.S. sanctions on Iran related to petroleum products will come into effect from November 4. Apart from this, the worsening diplomatic crisis between the U.S. and Saudi Arabia over the disappearance and murder of Saudi Arabia based journalist Jamal Khashoggi has blown the situation out of proportion.

Most of the U.S. lawmakers are pushing in the idea to impose sanctions on the desert kingdom over the killing of Saudi journalist. The kingdom country has vowed to retaliate with bigger measures in case of sanctions and this has helped the crude prices to surge up. Brent is at $79.94 per barrel and WTI is at $69.41 per barrel.

Meanwhile, the Indian rupee strengthened against the dollar and was seen trading at 73.45 mark during today’s trade session.

22 October 2018
Petrol Prices in India Declines Owing To Curtailing Crude Rates

The prices of petrol in India were down amid a decline in crude prices owing to high US inventories. The petrol rates in India stood at Rs 81.99 per litre in New Delhi, Rs 87.46 per litre in Mumbai, Rs 83.83 per litre in Kolkata, Rs 85.22 per litre in Chennai.

In the global market, crude prices have declined over the last few days and Brent was seen trading at $79.78 per barrel and WTI was at $69.28 per barrel.

The oil major, Iran seems to be unfazed ahead of the U.S. sanctions on its petroleum products which will hit Tehran starting from November 4. An unprecedented volume of crude is set to arrive at China’s northeast Dalian port this month and also in the early month of November 2018 as per Iran’s shipping source.

The rise in U.S. inventories led to the decline of crude prices in the international market and hence petrol rates in India were cut. Apart from this, the Indian rupee also gained against the dollar during yesterday’s trade session and was seen trading at 73.48 mark.

20 October 2018
Petrol Prices In India Dips Amid Fall In Crude Prices

The petrol prices in India dropped down due to a slight decline in crude prices in the global market. The petrol rates in India were recorded at Rs 82.62 per litre in New Delhi, Rs 84.44 per litre in Kolkata, Rs 88.08 per litre in Mumbai and at Rs 85.88 per litre in Chennai.

The crude prices dipped below $70 mark per barrel for the first time in the last few months amid the rise in the U.S. crude stockpiles which increased triple times than expected by the analysts. The exports of crude also declined which in turn led the fall in crude prices. The WTI was seen trading at $69.79 per barrel and Brent at $80.08 per barrel.

The return of the U.S. sanctions on Iran has tightened the oil industry. The industry is witnessing turbulence as most of the oil importing countries are worried about the continuous supply of oil from Iran which is currently the third largest oil importer in the world.

The recent missing case of Saudi Arabia based journalist, Jamal Khashoggi has raised tension in Saudi Arabia as the U.S. suspect that he might have been killed at the behest of the Saudi rulers triggering geopolitical strain between the U.S. and Saudi Arabia.

Meanwhile, the rupee gained during today’s trade session marginally against the U.S. dollar and was seen trading at 73.68 mark.

18 October 2018
Petrol Prices in India Remains Still Amid Dip In Global Market

The prices of petrol remained still today following a dip in crude prices in the global market. The petrol prices in India were recorded at Rs 82.83 per litre in New Delhi, Rs 84.65 per litre in Kolkata, Rs 88.29 per litre in Mumbai and at Rs 86.10 per litre in Chennai.

The crude oil rates dipped in the international market after an industry data revealed the decline in the U.S. crude inventories and mounting tension over the disappearance of a Saudi Arabia based journalist. WTI was seen at $71.54 per barrel, down by 0.53% and Brent at $81.14 per barrel, down by 0.33%.

The U.S. crude oil inventories dipped by 2.13 million barrels over the last week and this led to the decline in crude prices in the global market. Apart from this, the disappearance of a Saudi Arabia based journalist from Turkey’s consulate triggered tension between the U.S. and Saudi Arabia.

The rallying crude prices in the global market has led to the increase in petrol rates in the country.

17 October 2018
Petrol Prices in India Rise Amid Decline In Iran’s Oil Exports

The petrol prices in India rose up amid a rise in crude prices in the global market as the U.S. sanctions on Iran will come into effect starting from next month. The petrol rates in India stood at Rs 82.83 per litre in New Delhi, Rs 84.76 per litre in Kolkata, Rs 88.29 per litre in Mumbai and at Rs 86.10 per litre in Chennai.

The global crude prices gained amid the data which revealed that Iran’s export for October has shrunk compared to the September’s oil exports. Tehran’s crude export for the month of October is at 1.33 million barrels per day (bpd) down from September’s oil export of 1.6 million bpd. There is a sharp decline in oil export from Tehran to the tune of 2.5 million bpd for October 2018.

WTI was seen trading at $71.61 per barrel and Brent at $80.65 per barrel.

The Indian rupee weakened by 9 paise to touch 73.92 mark against the dollar during today’s trade session amid increased demand for the U.S. dollar from banks and importers. The fall in the value of rupee has made dollar-priced crude expensive and hence petrol prices in India have gone up.

16 October 2018
Petrol Prices in India Remains Flat

The petrol prices in India stood still despite the rise in crude prices due to Saudi tensions. The petrol rates in India were recorded at Rs 82.72 per litre in New Delhi, Rs 84.54 per litre in Kolkata, Rs 88.18 per litre in Mumbai and at Rs 85.99 per litre in Chennai.

The global crude prices surged up amid rising Saudi tensions, with WTI at $71.76 per barrel and Brent at $81.23 per barrel. The disappearance of a famous Saudi journalist at the Saudi consulate in Istanbul led to the oil supply worries. The oil major has been under pressure since then.

U.S. President – Donald Trump threatened severe punishment if it is found that Jamal Khashoggi, a prominent Saudi journalist was killed in the consulate. In its defence, the Saudi denied charges and stated that it would retaliate to any action against it over the Khashoggi case.

Today, the Indian rupee gained against the strong dollar and was seen trading at 73.76 mark.

15 October 2018
Petrol Prices In India Hiked Up Again

The prices of petrol were up again in India owing to the rise in crude prices in the global market. The petrol rates in India stood at Rs 82.66 per litre in New Delhi, Rs 84.48 per litre in Kolkata, Rs 88.12 per litre in Mumbai and at Rs 85.92 per litre in Chennai.

In the global market, crude oil gained marginally with WTI at $71.34 per barrel, up by 0.52% and Brent at $80.43 per barrel, up by 0.21%. Global crude oil is surging on a regular basis ahead of the return of U.S. sanctions on Iran which has created volatility in the oil industry. The situation has created concerns over regular supply of crude to the oil importing countries across the globe.

The International Energy Agency (IEA) stated in its monthly report that the spare oil production capacity is down by 2 percent of the global demand and expected a further fall in the future. Apart from this the OPEC member countries which have stepped in to increase the oil output is hesitating to increase the oil production fearing a shortage of oil for the next fiscal. Apart from this, the IEA has also cut the forecast for global oil demand growth for current, as well as next fiscal, owing to an adequately supplied market.

In India, the rupee gained against the dollar by 55 paise to close at 73.57 mark during yesterday’s close. The rupee tumbled against the dollar after the crash of the Dow Jones and other stock markets across the globe to touch a lifetime low of 74.48 mark on Thursday.

13 October 2018
Petrol Prices in India Inches Up Following Global Cues

The petrol prices in India inched up amid a rise in crude prices in the global market. The petrol rates in India stood at Rs 82.48 per litre in New Delhi, Rs 84.31 per litre in Kolkata, Rs 87.94 per litre in Mumbai and at Rs 85.73 per litre in Chennai.

In the global scenario, crude prices rose by 1 percent owing to robust Chinese crude imports. WTI was up by 1.21% at $71.83 per barrel and Brent was seen trading at $81.30 per barrel, up by 1.30%.

The Chinese customs data revealed that crude oil imports have surged up in the month of September to hit the highest level since May. Added to this, the OPEC member countries has trimmed its global growth demand for oil for next fiscal year for a third straight month due to headwinds facing the broader economy arising out of trade disputes and volatility amongst emerging markets.

Meanwhile, the rupee gained moderately against the dollar during today’s early trade session and was seen trading at 73.70 mark ahead of the release of Consumer Price Index based (CPI) inflation and Index of Industrial Production data later today.

12 October 2018
Petrol Prices in India Surges Up Amid Fall in Rupee Value

The prices of petrol are up again in India despite downfall in crude prices in the global market. The petrol prices in India stood at Rs 82.36 per litre in New Delhi, Rs 84.19 per litre in Kolkata, Rs 87.82 per litre in Mumbai and at Rs 85.61 per litre in Chennai.

The crude prices sank in the international market amid an industry data which showed a rise in the U.S. crude inventories more than expected. WTI was down by 1.16% at $72.32 per barrel and Brent slid by 1.18% at $82.11 per barrel.

The U.S. crude stock edged up more than expected during last week. The gasoline inventories were up said a report from the American Petroleum Institute which was released on Wednesday.

The decline in the US markets led to the plunging of stocks in the Asian markets too and added to this the Indian rupee depreciated further to hit an all-time new low of 74.46 against the dollar. The fall in the rupee has made the dollar-priced crude costlier for purchase and thus the prices of petrol are up in India.

11 October 2018
Petrol Prices in India Remain Firm Despite Fall in Crude Prices

The prices of petrol remained firm amid fall in crude prices in the global market as the IMF cut the global growth outlook. The petrol prices in India stood at Rs 82.26 per litre in New Delhi, Rs 84.09 per litre in Kolkata, Rs 87.73 per litre in Mumbai and at Rs 85.50 per litre in Chennai.

In the global scenario, crude rates edged lower as the International Monetary Fund (IMF) cut its global growth forecast for fiscal 2018 and fiscal 2019 respectively owing to raising concerns over demand for oil products may slump in the near future. The WTI was seen trading at $74.90 per barrel and Brent was at $85.04 per barrel.

Apart from this, the IMF noted that the ongoing trade tariff war added with rising import tariffs are taking a toll on commerce and most of the developing economies are struggling with tightened financial conditions and capital inflows.

In India, the rupee continued to slump and today it was seen trading at 74.15 against the strong dollar. The fall in the rupee makes the dollar-priced crude costlier. The rallying crude prices have already ballooned the current account deficit of India to touch a whopping $187.8 billion for fiscal 2018.

10 October 2018

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