Home  »  Petrol Price

Petrol Price in India (19th August 2018)

Select Your City

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 ₹ 77.40 ₹ 77.28
Kolkata ₹ 80.34 ₹ 80.22
Mumbai ₹ 84.82 ₹ 84.71
Chennai ₹ 80.40 ₹ 80.28
Gurgaon ₹ 77.91 ₹ 77.67
Noida ₹ 78.14 ₹ 78.04
Bangalore ₹ 79.91 ₹ 79.79
Bhubaneswar ₹ 76.29 ₹ 76.17
Chandigarh ₹ 74.53 ₹ 74.42
Hyderabad ₹ 82.06 ₹ 81.93
Jaipur ₹ 80.25 ₹ 80.37
Lucknow ₹ 77.97 ₹ 77.78
Patna ₹ 83.38 ₹ 83.25
Trivandrum ₹ 80.65 ₹ 80.52

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 Edges Up

The petrol prices in India edged up today again after a gap of one day. With this, the petrol rates in four metropolitan cities in the country stands at Rs 77.28 per litre in New Delhi, Rs 80.22 per litre in Kolkata, Rs 84.71 per litre in Mumbai and Rs 80.30 per litre in Chennai.

The rise in the crude oil prices in the international market led to the hike in the prices of petrol in the country. India depends on oil imports up to 80% to fulfil its domestic requirements.

The escalating trade tariff war between the U.S. and China has affected most of the developing countries across Asia as the strong dollar has weakened other local currencies across the globe thereby declining the purchasing power and demand for fuel.

The strong dollar raises the oil importing countries import bill apart from making the dollar-priced crude oil more expensive to purchase for holders of the other currencies. With the declining rupee against the dollar, the country’s crude oil import bill is likely to jump by $26 billion for the fiscal 2018-2019 as stated by an Indian government official.

The value of rupee has tumbled down to settle at 70.32 per U.S. Dollar recently which has lead to the rise in the retail selling price of petrol, diesel and cooking gas in the country.

18 August 2018
Petrol Prices in India Remains Constant

The petrol prices in India has remained constant today across all the fuel filling stations in the country. The petrol rates across the four metropolitan cities in India stood at Rs 77.20 per litre in New Delhi, at Rs 80.14 per litre in Kolkata, at Rs 84.63 per litre in Mumbai and at Rs 80.20 per litre in Chennai.

The fuel rates were not hiked in the country despite the rise in the crude oil prices in the international market. China has agreed to hold low level talks with the U.S. delegates in Washington this month. The talks is likely to ease out the existing tariff war which has escalated badly over the last few weeks.

The crude oil prices picked up in the global market today and Brent was at $71.75 per barrel, up by 0.45% and WTI Crude was at $65.68 per barrel, up by 0.34%.

The prices of petrol in India is mainly dependent on the global crude oil prices as the country imports most of the oil from abroad to meet its domestic requirements.

17 August 2018
Petrol Prices In India Surges Up Following Global Cues

The petrol prices in India were up again today after being stagnant for two days. The petrol rates in India across all the cities, state capitals and metropolitan cities were hiked and currently stands at Rs 77.20 per litre in New Delhi, Rs 80.14 per litre in Kolkata, Rs 84.63 per litre in Mumbai and at Rs 80.19 per litre in Chennai.

The country depends on foreign countries for the supply of crude oil which will be later converted to petrol and diesel by the Indian refinery companies. The oil industry in the global market is currently witnessing volatility owing to geopolitical tensions due to the U.S. sanctions on Iran.

Iran is one of the largest producer and exporter of oil in the world. Its biggest consumers include China, India, U.S. and other countries. The United States of America is desperate to reduce the export of Tehran’s oil supply to zero as a part of its sanctions.

The crude oil in the global markets was up today during today’s trading session with Brent at $71.13 per barrel, up by 0.52% and WTI at $65.11 per barrel, up by 0.15%.

16 August 2018
Petrol Prices in India Remains Constant

The petrol prices in India remained constant today as there was no hike in the fuel prices in the country despite the rise in the crude oil prices in the global market.

The petrol rates in India were recorded at Rs 77.14 per litre in New Delhi, Rs 80.10 per litre in Kolkata, Rs 84.58 per litre in Mumbai and Rs 80.14 per litre in Chennai. The cost of petrol in New Delhi is less in the country and it is highest in the city of Mumbai due to varied state based value-added tax levied on the fuel prices.

Globally, oil prices rose during today’s trading session, with Brent Crude at $73.47 per barrel, up by 1.18% and WTI at $68.03 per barrel, up by 1.24%.

Amid escalating tensions between the U.S. and Iran, the oil major has decided to cut the price of its crude for its Asian clients, who are its biggest clients as an attempt to hold on strongly to its largest market as the U.S. Sanctions kicks in.

According to the Reuters report, the National Iranian Oil Company has cut the oil prices in the range of $0.75-$0.90 per barrel for the Asian clients and by $0.50 per barrel for its western clients.

14 August 2018
Petrol Prices in India Remains Stagnant

The petrol prices in India has remained steady after an increase in its prices during the last few days owing to the ongoing geo-political tensions. The petrol rates across the four metropolitan cities in India stands at Rs 77.23 per litre in New Delhi, Rs 80.18 per litre in Kolkata, Rs 84.67 per litre in Mumbai and at Rs 80.23 per litre in Chennai.

The escalating tensions between the U.S. and Iran is likely to take a toll on the fuel prices across the globe. As the U.S. is trying with all its efforts to persuade Iran’s oil customers to reduce their crude imports by as much as 1 million bpd, which is equal to approximately half of average Iran’s oil export volume in the last one year.

Analysts say that choking of approximately 1 million bpd from the global market is likely to upsurge the prices of fuel in the global market. The oil prices are likely to hit an all-time high of $90 per barrel during the second quarter of 2019 if Iran’s supply of oil to other member countries is bought down to ‘zero’.

India depends on 80% of oil imports to fulfill its domestic requirements and it happens to be the second largest importer of crude oil from Tehran next to China. The country has reduced the volumes of supply of crude oil from Iran but will not completely cut off its oil imports from the oil major.

13 August 2018
Petrol Prices In India Revised Again For Second Consecutive Day

The petrol prices in India were up again today starting from 6 am in the morning across all the fuel filling stations. The petrol rates in India stands at Rs 77.23 per litre in New Delhi, up by 10 paise; Rs 80.18 per litre in Kolkata, up by 9 paise; Rs 84.67 per litre in Mumbai, up by 10 paise and Rs 80.23 per litre in Chennai, up by 9 paise.

The petrol prices in India depend on the global oil prices which are currently volatile in nature owing to the U.S. Sanctions on Iran, the oil major. The International Energy Agency stated in its report that the sanctions by the U.S. is likely to create a major challenge for oil supply across the globe despite easing out short-term supply tension.

India depends on oil supply up to the tune of 80% from abroad. The country has already started to look out for an alternative source for securing a continuous supply of fuel for a long period of time ahead of the return of the White House’s sanctions on Tehran’s oil exports.

The continuous hiking in the prices of petrol is likely to trigger inflation in the country affecting the economy of the country. In the global scenario, the crude oil prices rose up during the trading session, with WTI at $67.63 per barrel and Brent at $72.81 per barrel after declining in the last two days.

11 August 2018
Petrol Prices Hiked Again in India

The prices of petrol were hiked today by the oil marketing companies in India despite a fall in the oil prices in the global market.

The prices of fuel are revised regularly in India in sync with global crude oil rates and the changed prices comes into effect starting from 6 am in the morning across all the fuel stations. Apart from this, the petrol rates in India is determined by the rupee-dollar exchange rate, crude oil prices in the international market and so on.

Currently, the petrol prices per litre stands at Rs 77.13 in New Delhi, Rs 80.09 per litre in Kolkata, Rs 84.57 per litre in Mumbai and Rs 80.13 per litre in Chennai.

Rising fuel prices are going to burn a huge hole in the consumer's pockets and it is likely to trigger inflation rates in the country, which is projected to be around 4.51% during July 2018. In the global level, the crude oil prices declined raising concerns over the escalating trade war between the two largest economies in the world, which is likely to affect the economic growth and fuel demand across the globe.

The oil prices dipped in the global market and Brent was seen trading at $71.55 per barrel, down by 0.72% and WTI was at $66.44 per barrel, down by 0.55%.

10 August 2018
Petrol Prices in India Remains Stagnant

The prices of petrol in India remained stagnant in India amid a fall in the prices of crude oil in the global market. Currently, petrol rates in India stands at Rs 77.06 per litre in Delhi, Rs 84.50 per litre in Mumbai, Rs 80 per litre in Kolkata and Rs 80.05 per litre in Chennai.

The oil marketing companies in India are hiking the rates of petrol in India from the last few days owing to the ongoing trade tariff war between the U.S. and Iran wherein the U.S. administration led by President, Donald Trump, has ordered sanctions on Iran, the oil-producing country. India is one of the topmost oil importer from Iran apart from China. The country has surged the oil purchases from Iran starting from June to the tune of 30 percent.

The U.S. has issued an ultimatum to all the oil importing countries to stop importing oil from Iran by November 4, which has led most of the countries including India to look out for an alternative source for regular supply of crude oil. The biggest refiner of India, the Indian Oil Corp is reported to have purchased a total of 6 million barrels of U.S. Crude oil to be delivered between November 2018 – December 2019, as it has started to look out for replacement of the Iranian Oil Cargoes. This is the first time that an Indian refiner has approached a U.S. company for the purchase of crude oil.

The crude oil in the global market has dipped marginally and WTI Crude was seen trading at $66.67 per barrel, down by 0.40% and Brent was at $72.06, down by 0.30%.

9 August 2018
Petrol Prices Remains Steady in India

The prices of petrol remained steady in India today after an increase in the rates from the last couple of days. The prices of petrol in India is mainly determined by the prices of the crude oil in the international market as well as the currency exchange rate.

Currently, prices of petrol were recorded at Rs 77.06 per litre in New Delhi, at Rs 80 per litre in Kolkata, at Rs 84.50 per litre in Mumbai and at Rs 80.05 per litre in Chennai.

India is an importer of crude oil from oil-producing countries. It mainly depends on Iran for its crude oil supply. Iran is currently facing sanctions from the United States of America, which came into effect from 9:31 am (IST) on Tuesday.

The crude oil prices in the international market are inching towards $75 mark per barrel with WTI Crude trading at $69.24 per barrel, up by 0.10% and Brent Crude at $74.68 per barrel, up by 0.04%. Amidst an increase in the prices of the crude oil in the global market, analyst’s predict that the U.S. sanctions on Iran is likely to push the crude oil prices to touch $90 per barrel before the end of the year 2018.

 

8 August 2018
Petrol Prices Up In India

The petrol prices were hiked again in the country. The petrol rates currently are recorded at Rs 78.89 per litre in Kolkata, up by 12 paise; Rs 84.41 per litre in Mumbai, up by 12 paise; Rs 76.97 per litre in New Delhi, up by 12 paise and at Rs 79.96 per litre in Chennai, up by 13 paise.

The prices of petrol are increased on a daily basis in the last few days over the growing concerns regarding the supply of crude oil in India. The U.S. government led by Donald Trump withdrew itself from the U.S.-Iran Nuclear Deal and sent an ultimatum to all the oil importing countries to stop importing oil from Iran as a part of its sanctions which led to the rally in the fuel prices over the last couple of months. India mainly depends on Iran for the supply of oil.

To solve the existing situation, the OPEC member countries headed by Saudi Arabia stepped in to increase the oil production to meet the needs of the world starting from July. Despite the move, the fuel prices are not coming back to normalcy. Brent Crude was seen trading at $73.92 per barrel and $69.41 per barrel, up by 1.34%.

6 August 2018

Find IFSC

Get Latest News alerts from Goodreturns

Get Latest News alerts from Goodreturns

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more