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||₹ 90.40||₹ 90.40|
|Kolkata||₹ 90.62||₹ 90.62|
|Mumbai||₹ 96.83||₹ 96.83|
|Chennai||₹ 92.43||₹ 92.43|
|Gurgaon||₹ 88.13||₹ 88.00|
|Noida||₹ 88.79||₹ 88.69|
|Bangalore||₹ 93.43||₹ 93.43|
|Bhubaneswar||₹ 91.12||₹ 91.11|
|Chandigarh||₹ 86.99||₹ 86.99|
|Hyderabad||₹ 93.99||₹ 93.99|
|Jaipur||₹ 97.03||₹ 96.93|
|Lucknow||₹ 88.72||₹ 88.72|
|Patna||₹ 93.46||₹ 92.79|
|Trivandrum||₹ 92.28||₹ 92.12|
|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 stable in India despite being little changed in the overseas markets amidst a rampant rise in infection case.
The petrol rates in India stood at Rs 90.40 per litre in New Delhi, Rs 90.62 per litre in Kolkata, Rs 96.83 per litre in Mumbai and Rs 92.43 per litre in Chennai.
In the global scenario, Brent was seen at $66.73 per barrel, West Texas Intermediate (WTI) at $63.13 per barrel.
The mounting pandemic cases have kept the oil prices steady during Monday’s trade session as concerns sparked over the fuel demand. The surge in coronavirus cases in India and other countries across the globe has sparked demand concerns, weighing on the fuel prices.
India has reported a record rise in the newly infected cases lifting the overall tally of cases to just over 15 million making the nation, the second-worst hit next to the United States of America, which recorded over 31 million cases.
The death toll due to coronavirus in India also rose by a record 1,619 to around 180,000.
The existing situation has forced the country’s capital city – New Delhi to enter into a six-day lockdown on Monday. The capital city has joined other states across the nation as it has decided to impose stricter restrictions, curfews or lockdowns in their cities.
Apart from this, the weak dollar has also kept a tab on the growing crude rates. The U.S. dollar traded at a six-week low against a basket of rival currencies and even Treasury yields also hovered near five weeks low.19 April 2021
The petrol prices traded firm in India despite a drop in the global crude rates amidst fuel demand recovery. The petrol rates in India traded at Rs 90.40 per litre in New Delhi, Rs 90.62 per litre in Kolkata, Rs 96.83 per litre in Mumbai and Rs 92.43 per litre in Chennai.
In the international platform, Brent was seen at $66.77 per barrel, down by 0.25%; West Texas Intermediate (WTI) at $63.13 per barrel, down by 0.52%.
The oil prices declined marginally, yet it traded near $67 per barrel on Friday, as the fuel prices headed for a weekly gain amidst an improved demand outlook following signs of economic recovery in the U.S. and China.
The dragon country reported an 18.3% year on year jump in the gross domestic product during the first quarter of 2021. This week the robust U.S. retail sales data and fall in the unemployment claims signalled signs of revival of economies, bolstering fuel demand to go up.
Meanwhile, the new U.S. sanctions imposed by the Biden led administration on Russia over alleged election interference and hacking has also lent support for crude rates.
Adding further to the rally, the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) and its allies revised the fuel demand forecast for 2021.
The U.S. inventories witnessed a sharp fall by 5.9 million barrels, based on the data released by Energy Information Administration (EIA) on Wednesday.17 April 2021
The petrol prices are stable in India despite a marginal gain in the global crude rates during today’s trade session on-demand revival. The petrol rates in India traded at Rs 90.40 per litre in New Delhi, Rs 90.62 per litre in Kolkata, Rs 96.83 per litre in Mumbai and Rs 92.43 per litre in Chennai.
In the global platform, Brent was seen at $67.07 per barrel, up by 0.19%; West Texas Intermediate (WTI) at $63.59 per barrel, up by 0.20%.
The fuel prices grew little during today’s trade session as it was on course to record a weekly gain of over 6% following an improved fuel demand outlook and strong economic recoveries in China and America. But the rampant rise in pandemic cases has cast a shadow over growing oil prices.
Analyst note that strong economic recoveries across the globe and supply curbs by OPEC and its allies and cautious response to higher prices by the U.S. crude producers are supporting the oil markets.
They further add that at the moment, the fall in the unemployment claims, rise in the U.S. retail sales and signs of increased traffic on the road of the world’s biggest economy has buoyed the market.
The outbreak of the pandemic crisis diminished the fuel demand, weighing on its prices to drop. But the signs of revival of the global economy has indeed uplifted the oil markets, weighing on its rates to inch up.16 April 2021
The petrol prices were trimmed in India following trends from the overseas markets amidst upgraded forecast for crude demand. The petrol rates in India were recorded at Rs 90.40 per litre in New Delhi, Rs 90.62 per litre in Kolkata, Rs 96.83 per litre in Mumbai and Rs 92.43 per litre in Chennai.
In the overseas markets, Brent was spotted at $66.19 per barrel, down by 0.59%; West Texas Intermediate (WTI) at $62.70 per barrel, down by 0.71%.
The oil prices traded lower in the international markets though it managed to trade at a nearly one-month high after the crude futures jumped during the previous session. The International Energy Agency (IEA) and others have upgraded forecast for fuel demand, following the economic recovery of major nations from the ongoing pandemic crisis.
The U.S. crude inventories fell by 5.9 million barrels last week noted the Energy Information Administration (EIA). Analyst had expected a drop of 2.9 million barrels. Following the news of a sharp drop in crude stockpiles, the East Coast fuel stocks hit record low prices.
In its report, the EIA further noted that the gasoline supplies to the market during last week shot up to touch 8.9 million barrels per day (bpd), its highest since August 2020.
The global fuel demand and supply are set to be rebalanced during the second half of fiscal 2021, after a slump in the crude demand in 2020. The outbreak of the pandemic crisis led to a sharp fall in oil consumption.15 April 2021
The petrol prices in India remained unchanged despite a rally in the global crude rates amidst a drawdown in the U.S. oil stocks. The petrol rates in India were seen at Rs 90.56 per litre in New Delhi, Rs 90.77 per litre in Kolkata, Rs 96.98 per litre in Mumbai and Rs 92.71 per litre in Chennai.
In the international platform, Brent was seen at $64.74 per barrel, up by 1.68%; West Texas Intermediate (WTI) at $61.20 per barrel, up by 1.69%.
The crude rates managed to rise during today’s early trade session adding to overnight gains after the industry data revealed that the U.S. oil inventories slipped more than earlier forecast and the oil producers club raised its outlook for fuel demand.
The crude prices gained during the last week following growing optimism about the recovery in the global economy. The robust economic data from the U.S. and China has renewed hopes of a quick revival of the economy. But the stall in the vaccination drives worldwide and the mounting pandemic cases in India and Brazil has capped gains on fuel prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies have tweaked their earlier forecast on Tuesday for the global crude demand growth for fiscal 2021. Currently, the oil group is expecting the demand to rise by 5.95 million barrels per day (bpd), up by 70,000 bpd from its earlier forecast done during last month.14 April 2021
The petrol prices are unchanged in India for more than the past 10 days in a row despite a jump in the crude rates in the international platform. The petrol rates in India traded at Rs 90.56 per litre in New Delhi, Rs 90.77 per litre in Kolkata, Rs 96.98 per litre in Mumbai and Rs 92.58 per litre in Chennai.
In the international markets, Brent was seen at $63.83 per barrel, up by 1.40%; West Texas Intermediate (WTI) at $60.10 per barrel, up by 1.31%.
The crude prices edged up in a rangebound trade during Monday’s trade session on optimism about a rebound in the U.S. economy as vaccination drive accelerates. But the mounting pandemic cases in other parts of the globe have kept a tab on the fuel prices.
The oil prices have remained rangebound over the last three weeks. But the crude benchmark – Brent is trading between $60 and $65 per barrel and WTI is between $57 - $62.
Analysts note that the fuel prices are entering a consolidation phase after swinging wildly during the previous month.
The surprise rise in the pandemic cases in parts of the world and India has kept a tab on rallying fuel rates. India now accounts for one in every six daily infections globally as Asia is witnessing a surge in virus cases, leading to weak oil demand.12 April 2021
The petrol prices are stable in India despite the drop in the global crude rates as the supply outlook outweighs rising demand. The petrol rates in India traded at Rs 90.56 per litre in New Delhi, Rs 90.77 per litre in Kolkata, Rs 96.98 per litre in Mumbai and Rs 92.58 per litre in Chennai.
In the international platform, Brent was seen at $62.95 per barrel, down by 0.40%; West Texas Intermediate (WTI) at $59.32 per barrel, down by 0.47%.
Yesterday, the crude prices edged lower in rangebound trade on rising supplies from major producers as concerns grow over the future of fuel demand amidst mounting pandemic cases.
Both the U.S. contracts are on track to report a decline of 2% - 3% for this week, but it is still far from a low of hitting $60.47 a barrel, which it had touched before two weeks.
Recently the Organization of the Petroleum Exporting Countries (OPEC) and its member partners had decided to ease the output cuts starting from May through July. The increase will result in approximately 2 million barrels of crude getting added to the global crude supply.
On Friday, the energy services firm – Baker Hughes Co reported that the U.S. drillers have kept the number of oil rigs constant for this week, as analyst forecast more rigs were required to keep the production stable.10 April 2021
The petrol prices are unmoved in India following trends from the overseas markets as it remains a little unchanged as investors weigh on rising supplies. The petrol rates in India traded at Rs 90.56 per litre in New Delhi, Rs 90.77 per litre in Kolkata, Rs 96.98 per litre in Mumbai and Rs 92.58 per litre in Chennai.
In the international platform, Brent was seen at $63.10 per barrel; West Texas Intermediate (WTI) at $59.50 per barrel.
The oil prices were little changed on Friday supported by the weak dollar. Investors weighed on the rising supplies and the impact on the fuel demand amidst rallying pandemic cases.
A weak dollar makes crude cheaper for holders of other currencies, boosting the fuel prices to march up.
Both the U.S. crude contracts were on track as they posted a 2% - 3% decline this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to ease the output cuts starting from May.
Meanwhile, analysts expect that the global crude inventories will continue to drop as fuel demand accelerates during the second half of the year as the worldwide economic recovery gathers steam.
The reimposed lockdowns in some parts of the world despite vaccination rollout could alter the crude demand picture.9 April 2021
The petrol prices are unchanged in India despite a drop in the global crude rates amidst a surprise jump in the U.S. crude inventories. The petrol rates in India were recorded at Rs 90.56 per litre in New Delhi, Rs 90.77 per litre in Kolkata, Rs 96.98 per litre in Mumbai and Rs 92.58 per litre in Chennai.
In the global scenario, Brent was seen at $62.86 per barrel, down by 0.47%; West Texas Intermediate (WTI) at $59.32 per barrel, down by 0.75%.
On Thursday, the crude prices inched down after the official figures from the U.S. revealed a big jump in the gasoline stocks. The unexpected rise in inventories has weighed on the price to slump during today’s trade session.
The crude stocks in the United States declined higher than the analyst’s expectations, noted the Department of Energy. The crude inventories declined by 3.5 million barrels during last week to settle at nearly 502 million barrels. Whereas, the gasoline stocks shot up by 4 million barrels, as against the expectations of a fall, to just over 230 million barrels.
Traders note that the crude supply is rising across the globe as Russia’s output increasing from average March levels during the first few days of April.
Meanwhile, Iran may see some relief from sanctions lifted shortly and add to the global supplies as the U.S. and other world powers are holding talks on reviving a nuclear deal which almost stopped Iran’s fuel supplies from coming to markets.8 April 2021
The petrol prices are untouched in India despite a fall in the global crude rates despite stronger global economic growth. The petrol prices in India were recorded at Rs 90.56 per litre in New Delhi; Rs 90.77 per litre in Kolkata, Rs 96.98 per litre in Mumbai and Rs 92.58 per litre in Chennai.
In the global scenario, Brent was seen at $63.13 per barrel; West Texas Intermediate (WTI) at $59.72 per barrel.
During the earlier trade session, the fuel prices were trading in the positive territory uplifted by improving economic data. The International Monetary Fund (IMF) noted on Tuesday, that the unprecedented public spending to fight the pandemic crisis will push global growth to 6% during fiscal 2021, a rate not achieved since the 1970s.
But a possible rise in the U.S. fuel inventories and Iran talks has weighed on the oil prices.
The U.S. crude stocks fell by 2.6 million barrels for the week ending April 2, 2021, while the gasoline inventories jumped by 4.6 million barrels, as per the data from the American Petroleum Institute (API). Though, the official data is due to be released later today.
Meanwhile, Iran and world powers held constructive talks on Tuesday and agreed to form working groups to discuss the possibility of reviving the nuclear deal signed between the U.S. and Iran in 2015. The deal could lead Washington to lift the sanctions on Iran’s fuel supply and energy sector.7 April 2021