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||₹ 72.03||₹ 72.03|
|Kolkata||₹ 74.76||₹ 74.76|
|Mumbai||₹ 77.71||₹ 77.71|
|Chennai||₹ 74.85||₹ 74.85|
|Gurgaon||₹ 71.88||₹ 72.00|
|Noida||₹ 73.92||₹ 73.85|
|Bangalore||₹ 74.49||₹ 74.49|
|Bhubaneswar||₹ 70.96||₹ 71.46|
|Chandigarh||₹ 68.12||₹ 68.12|
|Hyderabad||₹ 76.57||₹ 76.57|
|Jaipur||₹ 76.37||₹ 75.89|
|Lucknow||₹ 73.92||₹ 73.83|
|Patna||₹ 75.74||₹ 76.04|
|Trivandrum||₹ 75.41||₹ 75.60|
|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.
The petrol prices in India stood still despite rallying up in global markets amidst attack on the Saudi Arabian oil facilities on Saturday.
The petrol rates in India were seen trading at Rs 72.03 per litre in New Delhi, Rs 74.76 per litre in Kolkata, Rs 77.71 per litre in Mumbai and Rs 74.85 per litre in Chennai.
In the overseas markets, Brent was seen trading at $66.58 per barrel, up by 10.56% and West Texas Intermediate (WTI) was at $59.99 per barrel, up by 9.37%.
Saudi Arabia happens to be the biggest crude exporter in the globe. The recent attack on Saudi Aramco’s oil facilities located at Abqaiq and Khurais has led to the decline in fuel output by 5.7 million barrels per day (bpd). So far Saudi Aramco has not given any specific timeline for resumption of full crude production.
In a move to support the smooth supply of crude, the U.S. President – Donald Trump has announced the release of fuel from the U.S. Strategic Petroleum Reserve (SPR) if required in quantity to be determined due to the attack.
Meanwhile, the domestic Indian rupee fell sharply against the U.S. dollar owing to surge in crude prices. The rupee was seen trading at 71.42 against the dollar as compared to the previous close of 70.92.16 September 2019
The petrol prices in India inched up again despite the fall in global crude prices on global demand worries. The petrol rates in India were seen trading at Rs 71.89 per litre in New Delhi, Rs 74.62 per litre in Kolkata, Rs 77.57 per litre in Mumbai and Rs 74.70 per litre in Chennai.
In the overseas market, Brent stood at $60.28 per barrel, down by 0.17% and West Texas Intermediate (WTI) was at $55.03 per barrel, down by 0.11%.
The easing of tensions between the U.S. and China over the trade dispute has helped the Asian markets to advance during today’s trade session. Both the countries have shown signs of easing tough stance on each other which dragged the global economy towards recession.
In a move to resolve the conflict China has withdrawn tariffs on a list of 16 U.S. based goods and in turn, the United States of America has delayed the imposition of tariffs on $250 billion worth of Chinese imported goods to October 15 from the earlier slated date of October 1, 2019.
Meanwhile, the analyst noted the rise in the Indian rupee for the seventh straight day against the U.S. dollar making it best weekly gains for the financial year. The rupee was trading at 70.87 a dollar as compared to the previous close of 71.13.13 September 2019
The petrol prices in India inched up following global cues as OPEC trims down 2020 fuel demand forecast. The petrol rates in India were seen trading at Rs 71.82 per litre in New Delhi, Rs 74.55 per litre in Kolkata, Rs 77.50 per litre in Mumbai and Rs 74.63 per litre in Chennai.
In the global scenario, the Brent crude was seen trading at $61.13 per barrel, up by 0.53% and WTI was at $56.09 per barrel, up by 0.61%.
In a monthly report, the Organization of Petroleum Exporting Countries (OPEC) stated that the fuel demand will expand by 1.08 million barrels per day (bpd) in fiscal 2020, shorter by 60,000 bpd as per the previous estimate and pointed out that the market will be in surplus. The slowdown of the global economy is attributed to the decline in oil demand.
The group further highlighted the need for ongoing efforts to prevent a new glut of crude. In the report, the OPEC has lowered the growth forecast for the global economy to 3.1% from its earlier stance of 3.2% during 2020 and said that the next year’s rise in crude demand will be outpaced by strong growth in supply from competing producers including the U.S.
The domestic Indian rupee rose up by 37 paise as against the U.S. dollar today owing to gains in domestic equities markets and fresh inflow of foreign funds which strengthened the Indian rupee.12 September 2019
The petrol prices in India stood still despite rising of crude prices in the global markets amidst fall in the U.S. crude stockpiles last week by more than twice the analyst's expectations. The petrol rates in India were recorded at Rs 71.76 per litre in New Delhi, Rs 74.49 per litre in Kolkata, Rs 77.45 per litre in Mumbai and Rs 74.56 per litre in Chennai.
In the global markets, Brent was seen trading at $62.74 per barrel, up by 0.58% and WTI was at $57.76 per barrel, up by 0.63%.
The crude prices had slipped marginally yesterday owing to speculations over the likely return of the sanctions-hit Tehran’s crude back to the market following the U.S. President’s decision to fire National Security Adviser – John Bolton, noted an analyst.
But the late data from the American Petroleum Institute (API) revealed that the U.S. crude oil and gasoline stocks declined last week more than the analyst's expectations, pressurizing the fuel prices to march up during today’s trade session. The API numbers revealed that the U.S. crude inventories were down by 7.2 million barrels during the week ending September 6 to touch 421.90 million as against the Reuters analysts expectations of a fall of 2.7 million barrels.
Meanwhile, the rupee value opened lower at 71.84 against the U.S. dollar as against the previous close of 71.70.11 September 2019
The petrol prices in India inched up following global cues amidst rising hopes of likely move by OPEC to cut production output to support prices. The petrol rates in India were seen trading at Rs 71.76 per litre in New Delhi, Rs 74.49 per litre in Kolkata, Rs 77.45 per litre in Mumbai and Rs 74.56 per litre in Chennai.
In the overseas markets, Brent was seen trading at $62.83 per barrel, up by 0.38% and WTI was at $58.10 per barrel, up by 0.43%.
The surprise replacement of Saudi Arabia’s Energy Minister on Sunday led to the rise in crude prices in the international markets. Khalid al-Falih has been replaced by Prince Abdulaziz bin Salman, the son of Saudi Arabia’s Kind and half-brother of crown price. The move helped the U.S. oil to gain over 2 per cent during yesterday’s trade session.
The upcoming meeting of OPEC and its member partners is scheduled this week in Abu Dhabi and the members are likely to agree to extend the production cuts to support global prices.
The OPEC members have so far been successful in cutting down oil supply to the tune of 1.2 million barrels per day (bpd) since the beginning of January 2019.
Meanwhile, the Indian rupee closed slightly up at 71.71 against the U.S. dollar during yesterday’s trade session.10 September 2019
The petrol prices in India stood still despite inching up of global crude as the U.S. announced its decision to continue to impose sanctions on countries which will purchase Iran’s oil. The petrol rates in India were seen trading at Rs 71.71 per litre in New Delhi, Rs 74.44 per litre in Kolkata, Rs 77.40 per litre in Mumbai and Rs 74.51 per litre in Chennai.
In the overseas markets, Brent rose up to touch $62.12 per barrel, up by 0.94% and West Texas Intermediate (WTI) was at $57.14 per barrel, up by 1.10%.
The U.S. official announced that the country will continue to impose sanctions on those who will purchase crude from Iran and no waiver will be re-issued. Tehran’s crude exports have slumped by more than 80% due to the re-imposition of the U.S. sanctions on crude exports. The U.S. withdrew itself from the U.S. - Iran Nuclear Deal last year, after entering into a deal with oil major during 2015.
The U.S. Treasury Under Secretary for Terrorism and Financial Intelligence – Sigal Mandelker said that Iran’s oil sales have taken a serious nose dive due to the pressure from the U.S.
Meanwhile, the Indian rupee appreciated marginally by 14 paise to touch 71.58 against the U.S. currency amidst likely interest rate cut by the U.S. Fed.9 September 2019
The petrol prices in India slipped despite crude edging up by marginally in the global markets as the Fed says it will act to sustain the U.S. growth. The petrol rates in India were seen trading at Rs 71.77 per litre in New Delhi, Rs 74.50 per litre in Kolkata, Rs 77.46 per litre in Mumbai and Rs 74.57 per litre in Chennai.
In the overseas markets, Brent was seen trading at $61.54 per barrel, up by 0.97% and WTI was at $56.52 per barrel, up by 0.39%.
The U.S. Federal Reserve Chief – Jerome Powell was speaking at the University of Zurich yesterday and he stated that the Fed must use tools to support the economy and they will continue to do it. The statement signalled further interest rate cuts in the coming days, supporting the oil prices to move up in global markets.
The Fed trimmed down interest rates for the first time since a decade back during July to support the U.S. economy which is waging an embattled trade tariff spat with China, resulting in the melting down of the global economy.
Meanwhile, the rupee value continued to gain against the U.S. currency and stood at 71.65 as against the previous record of 71.68.7 September 2019
The petrol prices in India depreciated despite crude securing gains in global markets amidst hopes on ending of the trade dispute between the U.S. and China. The petrol rates in India were seen trading at Rs 71.86 per litre in New Delhi, Rs 74.58 per litre in Kolkata, Rs 77.54 per litre in Mumbai and at Rs 74.84 per litre in Chennai.
In the global markets, Brent was seen trading at $60.95 per barrel, up by 0.41% and WTI was at $56.30 per barrel, up by 0.07%.
The two major economies have agreed to hold high-level talks next month, to resolve the impending trade tariff war which has shackled the economies of most of the countries across the globe, giving in a breather for investors.
On Thursday, both the U.S. and China have agreed to hold high-level talks during early October in Washington. Investors hope that this time both the nations will amicably resolve the crisis which has created global recession fears.
The decline in the U.S. crude inventories has also helped the crude rates to move up in the global markets. As per the reports from Energy Information Administration (EIA), the U.S. crude and product inventories have fallen last week with this the crude stock inventories are down by third consecutive week.
Meanwhile, the rupee value rose up by 17 paise to trade at 71.68 during today’s trade session.6 September 2019
The petrol prices in India were trimmed following global cues were in the crude prices dipped owing to surprise build in U.S. inventories. The petrol rates in India were recorded at Rs 71.95 per litre in New Delhi, Rs 74.66 per litre in Kolkata, Rs 77.62 per litre in Mumbai and at Rs 74.75 per litre in Chennai.
In the global markets, Brent was seen trading at $60.75 per barrel, up by 0.08% and WTI was at $56.27 per barrel, up by 0.02%.
The surprise rise in the U.S. Crude production during last week as against the analyst’s expectations has helped the fuel prices to cool off in the global scenario. As per the report from the American Petroleum Institute, the U.S. Crude stocks inched up, while the gasoline inventories declined and distillate stocks drew. The crude inventories are up by 401,000 barrels during the week ending August 30 as against the analyst’s expectations of a fall of 2.5 million barrels.
The skepticism surrounding the trade tariff war between the U.S. and China has hit the economies worldwide apart from denting the oil demand growth for the rest of fiscal 2019.
Meanwhile, the domestic Indian rupee marched up against the U.S. dollar by 28 paise to settle at 71.84 during today’s trade session.5 September 2019
The petrol prices in India stood still despite edging up marginally in the global markets amidst growing concerns that the weak global economy could depress demand factor. The petrol rates in India were seen trading at Rs 72.01 per litre in New Delhi, Rs 74.71 per litre in Kolkata, Rs 77.67 per litre in Mumbai and at Rs 74.80 per litre in Chennai.
In the overseas markets, Brent was seen trading at $58.47 per barrel, up by 0.36% and WTI was at $54.19 per barrel, up by 0.46%.
The decline in the U.S. manufacturing activity has led to the fall in fuel prices to nearly a month’s low for the first time in the last three years and reports also emerged that the Eurozone manufacturing activity has also contracted for the seventh month during August creating recession fears amongst investors.
A private survey in China revealed that the country’s service sector expanded at the fastest pace in three months in August owing to the rise in orders leading to the biggest increase in hiring in over a year.
The trade spat with China has left the economy in uncertainty despite being the second-largest importer and consumer of fuel in the world.
The rupee value opened mildly higher at 72.19 as against the previous mark of 72.40.4 September 2019