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Petrol Price in India (22nd April 2018)

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 ₹ 74.21 ₹ 74.08
Kolkata ₹ 76.91 ₹ 76.78
Mumbai ₹ 82.06 ₹ 81.93
Chennai ₹ 76.99 ₹ 76.85
Faridabad ₹ 74.97 ₹ 74.84
Gurgaon ₹ 74.73 ₹ 74.60
Noida ₹ 75.54 ₹ 75.44
Ghaziabad ₹ 75.43 ₹ 75.33
Agartala ₹ 70.01 ₹ 69.89
Aizawl ₹ 70.15 ₹ 70.02
Ambala ₹ 74.34 ₹ 74.21
Bangalore ₹ 75.39 ₹ 75.25
Bhopal ₹ 79.75 ₹ 79.62
Bhubaneswar ₹ 73.05 ₹ 72.92
Chandigarh ₹ 71.37 ₹ 71.24
Dehradun ₹ 76 ₹ 75.90
Gandhinagar ₹ 73.53 ₹ 73.40
Gangtok ₹ 77.20 ₹ 77.05
Guwahati ₹ 76.30 ₹ 76.16
Hyderabad ₹ 78.59 ₹ 78.45
Imphal ₹ 72.33 ₹ 72.20
Itanagar ₹ 70.21 ₹ 70.09
Jaipur ₹ 76.89 ₹ 76.76
Jammu ₹ 75.99 ₹ 75.87
Jalandhar ₹ 79.40 ₹ 79.27
Kohima ₹ 72.68 ₹ 72.56
Lucknow ₹ 75.50 ₹ 75.40
Panjim ₹ 68.36 ₹ 68.24
Patna ₹ 79.72 ₹ 79.59
Pondicherry ₹ 73.01 ₹ 72.89
Port Blair ₹ 64.04 ₹ 63.93
Raipur ₹ 74.65 ₹ 74.52
Ranchi ₹ 74.66 ₹ 74.56
Shillong ₹ 73.63 ₹ 73.50
Shimla ₹ 74.35 ₹ 74.22
Srinagar ₹ 78.59 ₹ 78.47
Trivandrum ₹ 78.17 ₹ 78.04
Silvassa ₹ 72.17 ₹ 72.04
Daman ₹ 72.10 ₹ 71.98

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.

 

Latest Updates on Petrol Price

Petrol prices stay steady

Modern day living is pretty much unimaginable without the role of petrol. The transportation of goods and commodities as well as that of human beings is greatly dependent on petrol. Hence a slight change in the price of petrol affects the cost of many other things. Due to this reason, the retail price of petrol (that is the price that is charged in petrol pumps) changed every day and, as of now, it is one of those few quantities that is not under the influence of GST. 


The petrol price trend in the country was up for a major change on 16th June 2017 when it was decided that the prices are revised on a daily basis (unlike in the past when the same was revised twice a month). A number of factors like rate of currency conversion and global crude oil rates influence this. 


This system is applicable in 58,000 petrol bunks across the country as it lets one pay a market dependent amount for the petrol that they are going to use. This trend has seen the citizens of the country make a lot of monetary gain. As of March 2018, Mumbai is the city where petrol is the most expensive whereas Goa is where it is at its cheapest. In the last few weeks the Indian market has seen a steady decline in the petrol rates. Since the beginning of the month of March, we have seen a 25p reduction. This is a welcome sign considering that the last six months saw the rise of petrol price rise by Rs 2 to Rs 3 in almost all Indian cities. We hope that this trend continues and the nation’s economy continues to progress by leaps and bounds.

22 March 2018
Petrol rates in India dip

Petrol prices in India fell in line with global markets, where we saw some dip in Brent Crude prices. Almost all of the cities saw some decline in rates, as most of the cities derive their rates from global crude prices. For the last few weeks there has been pressure on Brent Crude prices, on excess supplies, which is telling on global prices. 

It has been good news for Indian consumers who have been seeing constant decline in rates for the last few weeks. While the last 15 days have seen around 25 paise decline, the last six months or so, we have seen rates of petrol in Indian cities gain by almost Rs 2 to Rs 3. 

In India, petrol rates largely differ on account of the state levies, which is why there have been different rates for different cities. Some of the cheapest cities for petrol include the cities in Goa, while in Mumbai petrol is rather costly. 

20 March 2018
Petrol prices see nine straight day of declines

Petrol prices in India saw nine straight day of declines as crude oil prices fell. In the global markets Brent Crude fell from $68 to $65, as the surge on acccount of economic pospects diminished. 

In the city of Mumbai, petrol price which was quoted at Rs 80.39 for a litre, dropped by almost Re 1 at Rs 79.38. This is bringing some respite to citizens, though it must be admitted that the government was expected to cut the excise to reduce the prices, but that never happened. 

The gains in crude my not be sustained as fresh supplies are expected to re enter the market. This may leave markets in an overbought condition leading to some softening of prices. 

In any case one is already witnessing a very sharp rally in crude prices and the present drop in prices is a huge relief for the consumer. It is likely that petrol prices in the country will hover in the range of Rs 78 to Rs 79 as fresh supplies add to pressure on prices. 

26 February 2018

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