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||₹ 101.84||₹ 101.84|
|Kolkata||₹ 102.08||₹ 102.08|
|Mumbai||₹ 107.83||₹ 107.83|
|Chennai||₹ 102.49||₹ 102.49|
|Gurgaon||₹ 99.18||₹ 99.38|
|Noida||₹ 99.02||₹ 99.00|
|Bangalore||₹ 105.25||₹ 105.25|
|Bhubaneswar||₹ 102.98||₹ 102.71|
|Chandigarh||₹ 97.93||₹ 97.93|
|Hyderabad||₹ 105.83||₹ 105.83|
|Jaipur||₹ 108.71||₹ 108.65|
|Lucknow||₹ 98.91||₹ 98.79|
|Patna||₹ 104.25||₹ 104.47|
|Trivandrum||₹ 103.82||₹ 103.82|
|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 are hiked in India despite a drop in the global crude rates as lack of OPEC + unity hangs over the market.
The petrol rates in India traded at Rs 99.86 per litre in New Delhi, Rs 99.84 per litre in Kolkata, Rs 105.92 per litre in Mumbai and Rs 100.75 per litre in Chennai.
In the international markets, Brent was seen at $76.39 per barrel; West Texas Intermediate (WTI) at $75.35 per barrel.
The crude prices declined on Monday as investors and traders wait for the outcome of the crucial talks between the members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies amidst disagreement within the group as it could lead to major producers increasing more volumes to acquire market share.
On Friday, the members of OPEC voted to increase production by about 2 million barrels per day (bpd) from August through December 2021 and to extend the remaining output cuts to the end of 2022. But the decision received objections from the United Arab Emirates (UAE), resulting in the prevention of an agreement.
It was a rare public disagreement between the members of the oil producers club, as national interests were increasingly diverging, impacting the OPEC + policy as oil users want more oil as their economies revive from the coronavirus pandemic.
OPEC and its allies played a greater role in controlling the fuel supply to the markets since the outbreak of the pandemic crisis to support the oil prices. The crude prices had tumbled to touch zero and traded in negative numbers during April 2020.5 July 2021
The petrol prices are hiked in India despite a fall in the global crude rates amidst extension of supply talks by the OPEC + members. The petrol rates in India traded at Rs 99.16 per litre in New Delhi, Rs 99.04 per litre in Kolkata, Rs 105.24 per litre in Mumbai and Rs 100.27 per litre in Chennai.
On the international platform, Brent was seen at $75.55 per barrel, down by 0.38%; West Texas Intermediate (WTI) at $74.74 per barrel, down by 0.65%.
The crude prices slipped lower today as the OPEC + members extended the output policy meeting. Sources close to the meeting reveal that the United Arab Emirates had balked at plans to return 2 million barrels per day (bpd) to the market during the second half of 2021.
Both the U.S. crude benchmarks contracts recorded gains on Thursday on unexpectedly cautious plans made by the Organization of the Petroleum Exporting Countries (OPEC). The proposal was supported by Saudi Arabia and Russia, noted sources.
The oil prices retreated though after the plan received some resistance from the UAE and OPEC + which postponed a ministerial meeting.
WTI is on track as it posted a 1.4% hike during the week as the U.S. crude market expected to tighten as refinery runs picked up to meet recovering gasoline demand.
Brent on the other hand, slipped down by 0.7% during the week. The drop was in reflection over growing concerns about the fuel demand in parts of Asia which is witnessing rising cases of highly contagious coronavirus delta variants.2 July 2021
The petrol prices are untouched in India despite a rally in the global crude rates as U.S. crude benchmarks touch $75 a barrel. The petrol rates in India stood at Rs 98.81 per litre in New Delhi, Rs 98.64 per litre in Kolkata, Rs 104.90 per litre in Mumbai and Rs 99.80 per litre in Chennai.
On the international platform, Brent was seen at $76.52 per barrel, up by 2.55%; West Texas Intermediate (WTI) at $75.76 per barrel, up by 3.12%.
Both the crude benchmarks have managed to touch $75 a barrel during today’s trade session, marking its highest since fiscal 2018. The oil prices are nearly three-year-high ahead of a decision from the oil producers club on the production policy for the second half of 2021.
Since the beginning of fiscal 2021, the West Texas Intermediate (WTI) has managed to climb up over 50% at around $48.5 per barrel. The improved fuel demand has bolstered the fuel prices to march up in the overseas markets.
Yet, the growing number of cases of newly found delta covariants across many parts of the globe has sent shock waves across the oil industry. The reopening of the economies, movement of people, goods, transportation, air travel has also weighed on the fuel prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will be meeting today to decide the future of the global crude supply. Last year, the oil producers club came to the rescue of the oil prices as they tumbled to zero levels following an outbreak of the pandemic crisis.1 July 2021
The petrol prices are stable in India despite being steady in the overseas markets amidst a dip in the U.S. crude stockpiles. The petrol rates in India traded at Rs 98.81 per litre in New Delhi, Rs 98.64 per litre in Kolkata, Rs 104.90 per litre in Mumbai and Rs 99.80 per litre in Chennai.
In the international forum, Brent traded at $75.36 per barrel; West Texas Intermediate (WTI) at $73.96 per barrel.
The oil prices traded flat on Wednesday as they headed for monthly and quarterly gains after data suggested the shrinking of U.S. crude stockpiles.
Both the U.S. crude contracts are just below the highs they had reached last in fiscal 2018 and are set to record their seventh monthly rise in the past eight months.
The outbreak and rampant spreading of the highly contagious Delta covariant across many parts of the globe has prompted new lockdowns. The situation has weighed on the fuel demand revival.
The U.S. crude stockpiles were down by 8.2 million barrels as per the data released by the American Petroleum Institute. Yet, the government data is due to be released later today.
Hopes for the revival of fuel demand received a boost from Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) noted that the demand is expected to increase by 6 million barrels per day (bpd) in 2021, with 5 million bpd coming in the second half of the year.30 June 2021
The petrol prices extended rally in India despite a fall in the global crude prices amidst a surge in the newly infected cases. The petrol rates in India stood at Rs 98.81 per litre in New Delhi, Rs 98.64 per litre in Kolkata, Rs104.90 per litre in Mumbai and Rs 99.82 per litre in Chennai.
On the global platform, Brent was spotted at $74.96 per barrel, up by 0.37%; West Texas Intermediate (WTI) at $73.20 per barrel, up by 0.40%.
The crude prices declined for a second straight day on Tuesday on growing worries over a slow down in the oil demand amidst a surge in the outbreaks of the newly contagious coronavirus variant Delta. The situation has sparked new mobility restrictions across the globe, weighing on the fuel prices to slide.
The new flare-up in the infection cases of the Delta variant comes ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies set to meet on July 1 to discuss easing the supply curbs.
Earlier, the oil producers club had forecasted that the oil demand will improve in the fourth quarter of 2021. They noted that the crude demand will fall short of its demand by 2.2 million barrels per day (bpd), giving members of OPEC some room to pump out more oil to the markets.
The rampant outbreak of the new co-variant of the coronavirus has led to the imposition of new restrictions on unvaccinated Britons. Around 80% of Australian’s are facing tighter curbs across the nation.29 June 2021
The petrol prices are stable in India despite a fall in the global crude rates after hitting their highest since 2018. The petrol rates in India traded at Rs 98.46 per litre in New Delhi, Rs 98.30 per litre in Kolkata, Rs 104.56 per litre in Mumbai and Rs 99.49 per litre in Chennai.
On the international platform, Brent was trading at $76.01 per barrel, down by 0.22%; West Texas Intermediate (WTI) at $73.97 per barrel, up by 0.11%.
The crude prices hit highs and recoiled from their highest prices last seen in October 2018 today as investors eyed the outcome of the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC)+ members as Washington and Tehran wrangled over the revival of the nuclear deal. The situation has delayed a rise in the exports of Iran’ fuel supply.
The fuel prices managed to rise for the fifth week as improved fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while crude supplies worldwide stayed snug following maintained production cuts by the OPEC and its allies.
The oil producers club is returning around 2.1 million barrels per day (bpd) to the markets starting from May through July as a part of their earlier plan to gradually ease last year’s deeper output cuts.
The OPEC + members will meet on July 1 and could further ease supply cuts in August as oil prices rally on demand revival.
An analyst from ING and ANZ expects the OPEC + members to increase crude production by about 500,000 bpd during August, which is likely to uplift the oil prices.28 June 2021
The petrol prices are hiked again in India following trends from the overseas markets on strong demand. The petrol rates in India recorded at Rs 98.11 per litre in New Delhi, Rs 97.97 per litre in Kolkata, Rs 104.22 per litre in Mumbai and Rs 99.19 per litre in Chennai.
On the international platform, Brent was seen at $76.18 per barrel, up by 0.82%; West Texas Intermediate (WTI) at $74.05 per barrel, up by 1.02%.
The crude prices inched up on Friday as they were on track to witness a record fifth straight weekly gain on expectations of fuel demand growth which is likely to outstrip supply.
On Thursday, both the U.S. crude benchmark contracts settled at their highest level since October 2018.
The improved fuel demand and the continued drop in the global fuel inventories have bolstered the oil prices to shoot up over the last few days, notes an analyst from UBS. They further added that a likely slump in the oil inventories to keep the crude prices moving higher during the third quarter of 2021.
Meanwhile, all eyes will now be on the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) + allies are due to meet on July 1 to discuss the further easing of output cuts starting from August.
On the demand side, the oil producers club will have to consider the improved fuel demand in Europe, the United States of America and China following huge vaccination rollouts and reopening economic activities.26 June 2021
The petrol prices were stable in India despite a drop in crude rates in the global markets. The petrol rates in India stood at Rs 97.76 per litre in New Delhi, Rs 97.63 per litre in Kolkata, Rs 103.89 per litre in Mumbai and Rs 98.88 per litre in Chennai.
In the international forum, Brent was seen at $75.44 per barrel, down by 0.16%; West Texas Intermediate (WTI) at $73.13 per barrel, down by 0.23%.
The crude prices slipped during Friday’s trade session, yet they were on track for the fifth consecutive week in a row on expectations of demand growth which will outstrip supply.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will be treading cautiously over returning more crude supply to the markets beginning from August 2021.
Both the U.S. crude benchmark contracts have settled at their highest levels since October 2018 during yesterday’s trade session.
Analyst from UBS reveals that the fuel prices were supported strongly over the last few weeks as the growing oil demand and drop in the global oil inventories have helped the prices to march up.
Apart from this, the approval of the U.S. infrastructure bill also bolstered optimism over the fuel demand outlook, notes analysts.
The upcoming meeting of the members of the oil producers club will be on the focus of investors, as the members are likely to discuss further easing of the output cuts from August.25 June 2021
The petrol prices are hiked in India despite a fall in the global crude rates despite oil hovering at nearly three-year highs on hopes of recovery signs. The petrol rates in India traded at Rs 97.76 per litre in New Delhi, Rs 97.63 per litre in Kolkata, Rs 103.89 per litre in Mumbai and Rs 98.88 per litre in Chennai.
In the international scenario, Brent stood at $74.72 per barrel, down by 0.63%; West Texas Intermediate (WTI) at $72.58 per barrel, down by 0.68%.
The fuel prices declined modestly during today’s trade session, yet it held close to its highest in the past three years as it was supported by a huge slump in the U.S. crude stockpiles and accelerating economic activity in Germany.
Both the U.S. crude benchmarks had touched their highest since October 2018 on Wednesday’s trade session before slightly sliding down.
The U.S. crude inventories witnessed a surprise slump by 7.2 million barrels for the week ending June 18, as per the reports from the American Petroleum Institute (API).
The sharp fall in the U.S. inventories and uncertainty over the future of the nuclear deal of Tehran has boosted the oil price to scale up during the recent trade sessions.
Data from Germany showed a gradual revival of the fuel demand. The data further revealed the largest upward leap in retail conditions since German reunification happened three decades ago.
The U.S. Crude inventories fell to their lowest level across the Atlantic since March 2020, as per the official data. The U.S. gasoline stocks also recorded a surprise decline.24 June 2021
The petrol prices are stable in India despite crude rates surging up in the international markets following a huge drawdown in the U.S. oil stocks. The petrol rates in India recorded at Rs 97.50 per litre in New Delhi, Rs 97.38 per litre in Kolkata, Rs 103.63 per litre in Mumbai and Rs 98.65 per litre in Chennai.
In the international forum, Brent was seen at $75.35 per barrel, up by 0.72%; West Texas Intermediate (WTI) at $73.28 per barrel, up by 0.59%.
The oil prices in the global markets rose after industry data revealed that the U.S. crude stockpiles declined more than expected, reinforcing views of a tightening fuel supply-demand balance as road and air travel is picking up in North America and Europe.
The American Petroleum Institute (API) industry group reported that the crude stocks declined by 7.2 million barrels for the week ending on June 18, as per two market sources.
The fall is much bigger than the drawdown of analyst’s expectations of 3.9 million barrels.
The markets are waiting for the official word from the U.S. Energy Information Administration as it is due to be released later today to confirm the drawdown.
A note from ING Economics says, that this will be the fifth straight week of declines, showing that the U.S. market is tightening.
Meanwhile, markets' eyes are focused on the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to know the future course of action as they gauge the fuel demand recovery.