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Petrol Price in India (19th February 2019)

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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 ₹ 71 ₹ 70.91
Kolkata ₹ 73.23 ₹ 73.01
Mumbai ₹ 76.64 ₹ 76.54
Chennai ₹ 73.72 ₹ 73.61
Gurgaon ₹ 71.37 ₹ 71.39
Noida ₹ 70.63 ₹ 70.95
Bangalore ₹ 73.36 ₹ 73.25
Bhubaneswar ₹ 70.01 ₹ 69.91
Chandigarh ₹ 67.15 ₹ 67.06
Hyderabad ₹ 75.34 ₹ 75.23
Jaipur ₹ 73.68 ₹ 72.23
Lucknow ₹ 70.61 ₹ 70.60
Patna ₹ 75.08 ₹ 74.99
Trivandrum ₹ 74.39 ₹ 74.18

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 Hiked Owing To Rise In Global Crude Rates

The petrol prices in India were hiked amid a rise in global crude prices due to supply cuts amid caution around global economic growth.

The petrol rates in India were recorded at Rs 71 per litre in New Delhi, Rs 73.11 per litre in Kolkata, Rs 76.64 per litre in Mumbai and at Rs 73.72 per litre in Chennai.

In the global markets, the crude benchmark Brent stood at $66.46 per barrel and WTI was at $56.33 per barrel.

Traders noted that the growing concerns surrounding global economic growth has led to a slight downward correction of crude requirements. In one of its notes, the American Bank – Bank of America Merrill Lynch states that the dispute between the U.S. and China has bruised the economic growth globally.

Currently, traders are awaiting to witness the outcome of the Sino – U.S. trade talks which is happening in Washington.

The rise in global crude rates has led to the rise in fuel prices in India as well. Meanwhile, the rupee was seen trading at 71.54 against the U.S. dollar during today’s trade session.

19 February 2019
Petrol Prices in India Inches Up Amid Rallying Crude Rates

The petrol prices in India inched up following the global rise in crude rates amid supply cuts in the international market. The petrol rates in India were seen at Rs 70.91 per litre in New Delhi, Rs 73.01 per litre in Kolkata, Rs 76.54 per litre in Mumbai and at Rs 73.61 per litre in Chennai.

In the global scenario, Brent was seen at $66.23 per barrel and WTI is at $56.37 per barrel.

An analyst noted that so far in the year 2019 alone, the crude prices have rallied up by 25 percent and the current trend is likely to continue further in the coming days. The trimming of crude supply by the OPEC member countries has helped the crude prices to surge up which had earlier dipped majorly owing to its abundant supply in the oil industry.

During today’s early trade session, the Indian domestic rupee slipped slightly by 7 paise and settled at 71.23 against the U.S. dollar. The fall in the rupee value will make the dollar valued crude more pricey for purchase.

18 February 2019
Petrol Prices in India Increases Following Rallying Global Crude Prices

The petrol prices in India increased due to a rise in global crude rates owing to tightening supplies. The petrol rates in India were seen at Rs 70.60 per litre in New Delhi, Rs 72.71 per litre in Kolkata, Rs 76.23 per litre in Mumbai and at Rs 73.28 per litre in Chennai.

The crude rates in the global markets inched up following cut in its supply and hence WTI was at $55.98 per barrel, up by 2.17% and Brent was at $66.25 per barrel, up by 2.60%.

The progressing trade talks between the U.S. and China has helped the crude demand to edge up in the oil industry after its steep decline following the slowness of global economic growth.

The OPEC partner – Saudi Arabia has stated its intention to further trim down crude supply by half a million barrels per day (bpd) during the month of March. The fall in its supply has led to the rise in crude prices by close to 2 percent during yesterday’s trade session.

Meanwhile, in India, the Indian currency – Rupee was seen trading at 71.34 mark against the U.S. currency.

16 February 2019
Petrol Prices in India Increases Amid Rise In Global Crude Rates

The petrol prices in India increased amid a rise in global crude rates amid a dip in the U.S. retail spending for the first time since last 9 years. The petrol rates in India were recorded at Rs 70.46 per litre in New Delhi, Rs 72.57 per litre in Kolkata, Rs 76.10 per litre in Mumbai and at Rs 73.14 per litre in Chennai.

In the global markets, the Brent was seen trading at $64.85 per barrel, up by 0.43% and WTI was seen trading at $54.58 per barrel, up by 0.31%.

The decline in the U.S. economy owing to the rise in the unemployment rates added with the recovery of Wall Street stocks led to the rise in global crude prices. The crude rates edged up by 20 percent this fiscal, mainly due to the cut in supply by Organization of Petroleum Exporting Countries (OPEC) to avoid supply glut.

Meanwhile, the rupee dipped further against the U.S. dollar during today’s early trade session and was seen trading at 71.40 mark.

15 February 2019
Petrol Prices in India Gains Amid Rise in Crude Prices

The prices of petrol in India rose up following cues of the global market wherein the crude prices shot up amid likely resolution of Sino-American trade talks. The petrol rates in India were recorded at Rs 70.39 per litre in New Delhi, Rs 72.50 per litre in Kolkata, Rs 76.03 per litre in Mumbai and at Rs 73.06 per litre in Chennai.

The crude prices in the international market stood shot up with WTI at $54.38 per barrel and Brent was at $64.32 per barrel.

The trade tariff war between U.S. and China, which had escalated to peak during fiscal 2018, is likely to be settled amicably between the world’s largest economies and this has helped the crude prices to rally up.

Meanwhile, the U.S. crude oil output remained at its peak at a record 11.9 million barrels per day (bpd).

The International Energy Agency in its report has stated that the global crude demand for current fiscal will grow by 1.4 million bpd whereas for non-OPEC supply will rise by 1.8 million bpd.

Meanwhile, the Indian rupee declined against the U.S. currency and was seen trading at 70.89 mark during today’s early session.

14 February 2019
Petrol Prices in India Stands Still Despite Major Crude Gains In Global Market

The prices of petrol in India stood still despite strong gains in crude prices in the international market amid weakening demand for crude in the global market. The petrol rates in India were recorded at Rs 70.33 per litre in New Delhi, Rs 72.44 per litre in Kolkata, Rs 75.97 per litre in Mumbai and at Rs 73 per litre in Chennai.

In the global scenario, the West Texas Intermediate (WTI) was seen trading at $53.62 per barrel and Brent stood at $63.03 per barrel.

The recent sanctions on Venezuela’s oil firm by the United States of America added to the trimming of crude supply by OPEC member countries has led to the rallying of crude prices in the global market which otherwise had fallen below $60 per barrel.

Now Venezuela has tried to find out alternative customers and is trying to export crude to Asian countries. But most of the countries are shying away from securing crude from PDVSA which is currently facing sanctions from the U.S. as most of the Asian countries are wary to face wrath from the United States of America.

Analysts are predicting that currently, the global oil markets have remained well supplied despite the crisis in Venezuela and trimming of crude supply by OPEC member countries.

Meanwhile, the Indian domestic rupee continued to gain against the U.S. currency and stood at 70.58 mark against the dollar. The rise in the value of rupee against the U.S. dollar is a positive sign for India’s economy.

13 February 2019
Petrol Prices in India Stands Still Despite Global Crude Gains

The petrol prices in India stood still despite gains in the global market amid a cut in crude supply by OPEC member countries. The petrol rates in India were seen at Rs 70.33 per litre in New Delhi, Rs 72.44 per litre in Kolkata, Rs 75.97 per litre in Mumbai and at Rs 73 per litre in Chennai.

In the global scenario, the crude benchmark – Brent was seen trading at $61.83 per barrel and West Texas Intermediate stood at $52.67 per barrel.

The recent U.S. sanctions on Venezuela’s oil firm has halted its crude exports to the United States and this has led to the rise in global crude rates added to the trimming of fuel supply by the OPEC led member countries.

In India, the rupee value edged up against the U.S. currency and was seen trading at 70.78 mark, during today’s trade session. The rise in the rupee value has helped the fuel prices to remain stagnant in India.

12 February 2019
Petrol Prices in India Rises Slightly Amid Appreciating Rupee

The petrol prices in India rose up despite being steady in the global scenario amid supply restraint by OPEC member countries. The petrol rates in India were recorded at Rs 70.33 per litre in New Delhi, Rs 72.44 per litre in Kolkata, Rs 75.97 per litre in Mumbai and at Rs 73 per litre in Chennai.

In the global scenario, the Brent was seen trading at $61.97 per barrel and WTI was at $52.33 per barrel.

The slow progress in the talks between the U.S. and China trade talks has raised concerns about the fuel demand in the coming days. In the United States of America, the energy firms have increased the total number of rigs operating for the second time in a time span of three weeks. It is unsure if the oil market is ready to absorb the supply of crude amid a dip in demand for crude.

The OPEC member countries along with its non-partner member Russia has cut down the crude supply to market with an intention to support crude prices and to prevent supply glut in the oil industry.

The Indian rupee rose up against the U.S. currency and was seen trading at 71.31 mark, up by 14 paise. The rise in the rupee value will make the dollar-priced crude less expensive for purchase.

11 February 2019
Petrol Prices in India Dips Amid Decline in Global Crude Rates

The prices of petrol declined in India amid a dip in oil prices in the global scenario owing to gripping global economic concerns. The petrol rates in India were seen at Rs 70.38 per litre in New Delhi, Rs 72.49 per litre in Kolkata, Rs 76.02 per litre in Mumbai and at Rs 73.05 per litre in Chennai.

In the global scenario, Brent was seen trading at $61.70 per barrel and WTI was at $52.34 per barrel.

The looming concerns over economic slowdown are likely to hit oil demand in the coming days amid worries surrounding trade tariff war between the U.S. and China. The surge in the U.S. crude oil production level to meet the growing global demands has worried the markets as they are unsure if the demand is sufficient to absorb the rising crude output production in the U.S.

The world is witnessing both highs and lows of economic growth of the major economic countries, while the U.S. reported robust job data and on the other hand, China reported lowest annual economic growth for the first time since the 1990s. The trade tariff war which escalated between the Sino-U.S. has injured the dragon countries economy badly.

Meanwhile, the rupee value rallied up against the U.S. dollar and was seen trading at 71.31 mark during today’s trade session. The rise in the rupee value against the U.S. currency will make the dollar-priced crude less expensive for purchase.

8 February 2019
Petrol Prices in India Remains Steady Despite Fall in Global Market

The petrol prices in India stood still amid a dip in global crude rates owing to rising crude supply by the U.S. The petrol rates in India were seen at Rs 70.44 per litre in New Delhi, Rs 72.55 per litre in Kolkata, Rs 76.08 per litre in Mumbai and at Rs 73.11 per litre in Chennai.

The crude benchmark – Brent was seen trading at $62.53 per barrel and WTI was seen at $53.81 per barrel.

A report from Energy Information Administration revealed that the U.S. crude oil inventories surged up by 1.3 million barrels to touch 447.21 million barrels, for the week ending February 1.

The slowdown of the global economy is likely to weigh on the rise of fuel demand in the coming months. The Chinese economy has declined for the first time since the 1990s and Germany’s industrial output showed a decline in December, fourth monthly consecutive fall in a row.

The domestic Indian rupee depreciated during early trade session and was seen trading at 71.41 mark against the U.S. dollar.

7 February 2019

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