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.
|City||Today Price||Yesterday's Price|
|New Delhi||₹ 81.70||₹ 81.59|
|Kolkata||₹ 83.26||₹ 83.15|
|Mumbai||₹ 88.40||₹ 88.29|
|Chennai||₹ 84.74||₹ 84.78|
|Gurgaon||₹ 79.94||₹ 79.65|
|Noida||₹ 82.27||₹ 82.02|
|Bangalore||₹ 84.43||₹ 84.31|
|Bhubaneswar||₹ 82.31||₹ 82.02|
|Chandigarh||₹ 78.66||₹ 78.56|
|Hyderabad||₹ 84.98||₹ 84.86|
|Jaipur||₹ 89.09||₹ 88.88|
|Lucknow||₹ 82.04||₹ 81.96|
|Patna||₹ 84.31||₹ 84.48|
|Trivandrum||₹ 83.70||₹ 83.32|
|State List for Petrol Rates in India|
|Andaman & Nicobar||Andhra Pradesh||Arunachal Pradesh|
|Chhatisgarh||Dadra Nagarhaveli||Daman & Diu|
|Haryana||Himachal Pradesh||Jammu & Kashmir|
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
The petrol prices inched up in India after trading flat on yesterday despite a drop in the global crude rates as signs of abundant supply emerges.
The petrol rates in India stood at Rs 81.70 per litre in New Delhi, Rs 83.26 per litre in Kolkata, Rs 88.40 per litre in Mumbai and Rs 84.74 per litre in Chennai.
In the global scenario, Brent stood at $47.92 per barrel, down by 1.42%; West Texas Intermediate (WTI) at $45.11 per barrel, down by 1.31%.
After touching seven months high, the crude rates slipped today following signs of growing supply glue leading to halting in the rally of fuel prices. The progress in the development of the vaccine to cure the pandemic had boosted the oil prices to gain with Brent touching nearly $50 per barrel.
So far, three pharma companies have declared positive clinical trial results of their vaccine aimed to prevent virus infection.
The mounting pandemic cases have led to the imposition of new lockdowns, rising number of rigs employed in America and ramp-up in output production in Libya has diminished the oil rates during today’s trade session.
The U.S. crude inventories declined by 754,000 barrels last week as against the Reuters analyst estimate of a rise of 127,000 barrel. The stockpiles in Cushing, Oklahoma, dipped by 1.7 million barrels.
Over the last two weeks, America has recorded a whopping 2.3 million new cases. The country is the largest consumer of oil globally, the rise in the infection levels may prompt for renewed restrictions, impacting on the fuel demand to decline in the coming days.26 November 2020
The petrol prices stood flat in India after a rally for five consecutive days despite the rise in the global crude fuel driven by vaccine hopes. The petrol rates in India traded at Rs 81.59 per litre in New Delhi, Rs 83.15 per litre in Kolkata, Rs 88.29 per litre in Mumbai and Rs 84.78 per litre in Chennai.
In the international markets, Brent stood at $48.08 per barrel, up by 0.46%; West Texas Intermediate (WTI) at $45.09 per barrel, up by 0.40%.
The fuel prices rose for the fourth straight session today and extended its rally as hopes over coronavirus vaccine drew the oil prices to gain despite reports over a rise in the U.S. crude inventories during last week.
The latest data from the American Petroleum Institute (API) noted that the U.S. crude stockpiles expanded by 3.8 million barrels last week till November 20, to touch 490 million barrels. Though, official data from the U.S. government will be out later today.
Joining the list of pharma companies like Pfizer and Moderna, AstraZeneca on Monday announced that its vaccine to cure the coronavirus was 70% effective during clinical trials and could by up to 90% effective. The positive news about vaccine development has driven the equity markets to rally strongly over the last couple of days.
The transition of the U.S. President-Elect, Joe Biden to the White House has also improved the global outlook.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to continue with the production cuts into 2021. The final decision will be arrived at after completing the technical talks between the member nations scheduled on November 30.25 November 2020
The petrol prices in India jumped following cues from the international markets amidst hopes of vaccine development. The petrol rates in India recorded at Rs 81.59 per litre in New Delhi, Rs 83.15 per litre in Kolkata, Rs 88.29 per litre in Mumbai and Rs 84.64 per litre in Chennai.
In the global scenario, Brent was seen trading at $46.54 per barrel, up by 1.04%; West Texas Intermediate (WTI) at $43.56 per barrel, up by 1.16%.
The oil prices continued its rally and inched closer towards $47 per barrel following news about third promising coronavirus vaccine. The news about the effectiveness of the vaccine to prevent the virus infection has spurred hopes of a quick revival of the economic growth and fuel demand in fiscal 2021.
Yesterday, British based pharma company – AstraZeneca reported that its vaccine was 70% effective during the clinical trial results and could be up to 90% effective. This will be the third consecutive positive trial results from pharma company after Pfizer and Moderna recently announced effectiveness about their vaccine.
Both the U.S. crude benchmarks gained strength over the last few days.
Apart from this, the surge in equities markets and Monday's move by the U.S. President – Donald Trump to proceed with the transition to the newly elected President – Joe Biden’s administration supported the rally of crude rates.
The reports about the decline in the U.S. crude stockpiles also uplifted the fuel prices. Though, the official data on the U.S. crude inventories for last week is yet to be released by the American Petroleum Institute later today.24 November 2020
The petrol prices were hiked in India again following cues from the global markets amidst a recovery in fuel demand following successful coronavirus vaccine trial results. The petrol rates in India traded at Rs 81.53 per litre in New Delhi, Rs 83.10 per litre in Kolkata, Rs 88.23 per litre in Mumbai and Rs 84.59 per litre in Chennai.
In the global scenario, Brent recorded at $45.44 per barrel, up by 1.07%; West Texas Intermediate (WTI) at $42.78 per barrel, up by 0.85%.
The crude rates gained over 1% during today’s trade session continuing its last week rally as traders eyed revival of oil demand following positive clinical trial results of the coronavirus vaccine.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to extend the output supply deal to restrain production in the coming days.
The news on first inoculations of the vaccine could start in a day or two after securing approval from the regulatory bodies in America has given a boost to the oil prices to jump during today’s trade session.
Meanwhile, British pharma company – AstraZeneca announced that its vaccine developed in association with the University of Oxford could be around 90% effective under one dosing regimen.
The positive news around the development of a vaccine to prevent the virus has helped investors to invest in riskier assets over the last two weeks, supporting a rally of equities markets globally.
On the supply front, the OPEC and its allies are set to meet on November 30 and December 1 and are looking out at options to extend the supply deal on output cuts by at least three months beginning from January 2021.23 November 2020
The petrol prices hiked in India after a long gap following cues from the global markets amidst rising optimism over vaccine hopes. The petrol rates in India traded at Rs 81.23 per litre in New Delhi, Rs 82.79 per litre in Kolkata, Rs 87.92 per litre in Mumbai and Rs 84.45 per litre in Chennai.
In the global scenario, Brent traded at $44.25 per barrel, up by 0.11%; West Texas Intermediate (WTI) at $41.52 per barrel.
The crude prices firmed today and are on track to witness third consecutive weekly gain owing to success in the coronavirus vaccine trials. But renewed lockdown measures clamped in several countries worldwide to limit the spread of the infections has capped the oil price gains.
During the week, the prospects of a possible delay in supply cuts by OPEC and its allies and positive news around the vaccine has bolstered the oil markets.
Both the U.S. crude benchmarks scaled up strongly by over 4% this week.
As per the reports, the Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to delay their planned production increase which was supposed to come into force beginning from January 1, 2021.
Earlier the oil producers club had forecasted improvement in the fuel demand. But the surge in cases in Europe and the U.S. has forced OPEC to delay or halt their plan.
The group will meet on November 30 and December 1 to decide on the future of global crude supply.20 November 2020
The petrol prices are unmoved in India as the global crude rates declined as the rising cases of the pandemic has outweighed optimism surround vaccine development. The petrol rates in India traded at Rs 84.14 per litre in Chennai, Rs 82.59 per litre in Kolkata, Rs 81.06 per litre in New Delhi and Rs 87.74 per litre in Mumbai.
In the overseas markets, Brent stood at $43.94 per barrel, down by 0.90%; West Texas Intermediate (WTI) at $41.24 per barrel, down by 1.39%.
The crude futures declined during today’s trade session owing to surge in the infections, tighter economic restrictions across the globe weighed on the fuel prices to dip as it impacted on the stock markets.
Both the U.S. crude benchmarks slipped today and a rising dollar value made oil more expensive for holders of other countries currencies.
Meanwhile, the U.S. crude stockpiles expanded by 768,000 barrels during last week as against the analyst expectations of a rise of 1.7 million barrels. The decline in the U.S. crude inventories capped on the falling fuel prices.
The death toll in the U.S. due to the coronavirus surpassed a new grim milestone of 250,000 yesterday, leading to shut down of public schools in New York City.
Japan, Russia, India is also witnessing a surge in the pandemic cases over the last couple of days. Worries continue to galore around the economic damage done by the pandemic crisis as it overshadows the news from Pfizer and Moderna, about vaccine developed to prevent the infection during the clinical trial results.19 November 2020
The petrol prices are consistent in India despite witnessing sharp gains in crude rates in the international markets amidst delay in OPEC+ members to increase supply. The petrol rates in India spotted at Rs 84.14 per litre in Chennai, Rs 87.74 per litre in Mumbai, Rs 82.59 per litre in Kolkata and Rs 81.06 per litre in New Delhi.
In the global scenario, Brent was recorded trading at $44.69 per barrel, up by 2.15%; West Texas Intermediate (WTI) at $42.30 per barrel, up by 2.10%.
The crude prices gained in the international markets as hopes that the oil producers club will delay its planned increase in supply output from January 2021 owing to weak fuel demand. Both the U.S. Crude benchmarks gained today.
In a move to tackle the muted oil demand owing to surge in the pandemic cases, Saudi Arabia has called up all the other oil-producing members and told them to be flexible in responding to oil market requirements.
Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies held a meeting but made no formal announcements ahead of its full ministerial meeting scheduled to be held on November 30 and December 1, 2020, to discuss the future of crude supply to the markets.
Meanwhile, the surprise rise in the U.S. crude stock inventories has capped on the further gain of the oil prices. As per the data from the American Petroleum Institute (API), the stockpiles gained by 4.2 million barrels as against the analyst expectations of a build of 1.7 million barrels.18 November 2020
The petrol prices traded stagnant in India despite gaining marginally in the overseas markets amidst hopes of supply curbs by the OPEC and its allies. The petrol rates in India stood at Rs 87.74 per litre in Mumbai, Rs 82.59 per litre in Kolkata, Rs 81.06 per litre in New Delhi and Rs 84.27 per litre in Chennai.
In the global scenario, Brent was trading at $43.75 per barrel; West Texas Intermediate (WTI) at $41.24 per barrel.
The growing expectations of a possible supply cuts curbs by the Organization of the Petroleum Exporting Countries (OPEC) and its member partners in the coming days helped the fuel prices to inch up marginally in the overseas markets.
The OPEC and its member partners set to meet on November 30 and December 1, 2020, on the ministerial committee meeting as they are likely to change the quota for the future supply of oil beginning from the next year 2021.
The recent imposition of lockdown measures in Europe had diminished fuel demand. The second wave of the pandemic is likely to pave way tightening the fuel supply policy beginning from next year.
In the last six days, both the U.S. crude benchmarks – Brent and WTI gained over 10% after Pfizer noted that its coronavirus vaccine is more than 90% effective to cure the infection. The oil prices received further boost after Moderna another pharma company announced that its vaccine is 94.5% effective.
17 November 2020
The petrol prices are stagnant in India despite witnessing a slip in the global crude rates amidst a surge in the coronavirus cases. The petrol rates in India traded at Rs 81.06 per litre in New Delhi, Rs 82.59 per litre in Kolkata, Rs 87.74 per litre in Mumbai and Rs 84.14 per litre in Chennai.
In the global markets, Brent stood at $42.78 per barrel, down by 1.72%; West Texas Intermediate (WTI) at $40.12 per barrel, down by 2.43%.
The crude prices continued to slip pressured by rising output from Libya and worries surround surge in the pandemic cases as it may halt the recovery of the oil demand and global economy.
But the hopes of the vaccine had kept the crude futures on track as it recorded a second consecutive weekly gain.
Libya had shut down the oil production since January 2020 due to an internal conflict has ramped up its output which touched 1.2 million barrels per day (bpd) as per the data from Libyan oil. Previously, the country had pumped out 1.0 million bpd on November 7, 2020.
The increase in oil production in America has added a bearish sentiment in the oil industry. The U.S. oil rigs expanded from 10 to 236 this week as per the data from the Baker Hughes data, the highest count since May.
The unexpected rise in the U.S. crude stock inventories as it marched up by 4.3 million barrels last week as against the analyst expectations of a fall of 913,000 barrels also weighed on the fuel prices to inch down.14 November 2020
The petrol prices are stable in India despite drop-in global crude rates amidst a surge in pandemic cases. The petrol rates in India traded at Rs 82.59 per litre in Kolkata, Rs 81.06 per litre in New Delhi, Rs 84.23 per litre in Chennai and Rs 87.74 per litre in Mumbai.
In the international scenario, Brent stood at $42.91 per barrel, down by 1.42%; West Texas Intermediate (WTI) at $40.39 per barrel, down by 1.78%.
The crude prices declined today, pressured by mounting infections across the globe. The rise in the cases will diminish the fuel demand, weighing on its rates. But the hopes over the recent news about vaccine development has kept the oil market on track to witness its second consecutive weekly gain.
Both the crude benchmarks rose to gain around 9% for the week.
The surprise rise in the U.S. crude benchmark also led to the dip in the fuel prices in the overseas markets as the stockpiles expanded by 4.3 million barrels last week as against analyst expectations of a drop of 913,000 barrels.
The rampant rise in the virus-related infections in the U.S. and across the world has hit record levels. The situation has forced the local authorities to impose travel restrictions and roll out lockdown norms to hamper the spread of the epidemic.
This global health crisis has roiled the oil markets with prices dropping to near-zero levels in April 2020 owing to weak fuel demand.13 November 2020