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Diesel Price in India (25th May 2019)

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In India with effective from June 15, 2017, Diesel prices are to be revised daily. Earlier, Diesel prices used to change every two weeks. Day by day Diesel costs revision is an excellent move to take for various reasons. The first and the most significant about the change in Diesel price is that it enables you to effectively understand the alterations in day by day diesel price in India. At the point when Diesel price is modified or changed every two weeks, there will be a big difference in the price, which puts the big burden on the customer.

Today's Diesel Price in Indian Metro Cities & State Capitals

City Today Price Yesterday's Price
New Delhi ₹ 66.57 ₹ 66.45
Kolkata ₹ 68.33 ₹ 68.21
Mumbai ₹ 69.75 ₹ 69.63
Chennai ₹ 70.43 ₹ 70.24
Gurgaon ₹ 65.73 ₹ 65.63
Noida ₹ 65.50 ₹ 65.69
Bangalore ₹ 68.74 ₹ 68.61
Bhubaneswar ₹ 71.24 ₹ 71.21
Chandigarh ₹ 63.37 ₹ 63.26
Hyderabad ₹ 72.40 ₹ 72.27
Jaipur ₹ 69.17 ₹ 69.35
Lucknow ₹ 65.46 ₹ 65.53
Patna ₹ 69.88 ₹ 69.65
Trivandrum ₹ 71.33 ₹ 71.44

Factors affecting the price of Diesel in India

The oil marketing firms in India recently introduced the daily revision of diesel prices in India.

With the introduction of this rule in India, the price of diesel varies across India; there is a daily revision of retail fuel price in India.

The following are the major factors that affect the price of diesel in India

Cost of Crude Oil – The cost of crude oil is one of the major components which determines the diesel price across the globe. Worldwide demand and supply and economic conditions of crude oil determine the diesel prices. Low production rate, increase in international demand, and any political unrest in the crude oil producing countries of the world seriously affects diesel price.

Demand and Supply of Diesel Fuel – The fleet vehicles in the country mostly depends upon petrol. If the supply of petrol reduces as a result of refinery problem or lagging imports, diesel stocks may decline. If the transportation for the supply of diesel from one place to another place cannot support the flow of supplies, then the prices of diesel remain comparatively high. This affects the prices of diesel in India, which mainly depends on the export of diesel from foreign countries.

Tax Rates – The tax rates of diesel depends on the local government policies on imposing taxes on fuels. As and when the government of India raises the tax on fuels the oil companies will also increase the price of diesel in India to recover losses and to maintain the marginal profits in its oil business.

Rupee – The rupee-dollar exchange rate also acts as a factor which influences the diesel price in the country. Indian oil companies pay to the oil imported from other countries in terms of US dollars, but they incur expenses in terms of rupee. When the rupee value strengthens against the dollar and the price of the crude oil is declining, then the oil companies tend to gain and vice-versa.

Logistics – Logistics also acts as a factor which affects the pricing of the diesel in India. Diesel transported to longer distances to cities or regions farther from depots will be priced higher than the places nearer to the storage area of the oil companies. The difference may be huge between cities which are far from each other this is the reason behind the difference in prices of diesel in different cities across the country. For example, petrol price in Chennai is Rs. 66.84 per litre for January 24, 2018, and the same diesel price is Rs. 66.04 per litre in Kolkata.

Latest Updates on Diesel Price

Diesel Rates in India Hiked Again

The diesel prices in India were hiked following global cues amidst a drop in crude supply by OPEC members in the global platform.

The diesel rates in India were seen at Rs 66.45 per litre in New Delhi, Rs 68.21 per litre in Kolkata, Rs 69.63 per litre in Mumbai and at Rs 70.24 per litre in Chennai.

In the international markets, Brent was seen trading at $67.17 per barrel, up by 1.01% and West Texas Intermediate was at $58.43 per barrel, up by 0.90%.

The OPEC members have led the supply cut off crude supply since the beginning of this year by trimming down the crude supply to the tune of 1.2 million barrels per day (bpd) which has tightened the market leading to the rallying of crude prices. The crude prices have gained more than 30% till date during fiscal 2019 alone.

During today’s trade session the crude prices rose up by more than 1% in the overseas markets amidst tensions in the Middle East over smooth supply of crude by oil majors.

As per the emerging reports from ANZ, the U.S. sanctions on Iran and Venezuela’s oil industry will further reduce the crude exports from OPEC + members because both the countries are members of the Organization of the Petroleum Exporting Countries.

The diesel prices in India is determined based on crude rates in the global markets and currency exchange ratio.

24 May 2019
Diesel Prices in India Inches Up Marginally

The diesel prices in India inched up marginally despite fall in crude prices in the global market amidst a rise in the U.S. crude inventories. The diesel rates in India were seen at Rs 66.29 per litre in New Delhi, Rs 68.05 per litre in Kolkata, Rs 69.46 per litre in Mumbai and at Rs 70.07 per litre in Chennai.

In the international markets, Brent stood at $70.37 per barrel, down by 0.87% and WTI was at $60.91 per barrel, down by 0.83%.

The crude prices in the global market continued its previous day's trends and slipped down amidst rise in U.S. crude inventories. The crude futures has witnessed a fall by close to 2 per cent in the previous day.

A report from the Energy Information Administration (EIA) states that U.S. crude oil inventories have rallied up and has hit a new record level of 476.8 million barrels, their highest since July 2017.

Added to this, the weak demand for crude from most of the oil importing nations due to the escalation of tensions between the U.S. and Iran has also contributed towards the fall in their prices in the global markets.

The OPEC members decision to withhold the supply of fuel to the oil industry despite completion of six months starting from January 1, 2019, had created a sense of concerns amongst oil importing nations. As of now, the OPEC + members have cut down crude supply by 1.2 million barrels per day and are still continuing with the same until the next review meet which is scheduled for July 3 – 4.

23 May 2019
Diesel Prices in India Stands Still

The diesel prices in India stood still despite its fall in the global markets amidst assurance by Saudi Arabia for maintaining a balanced and sustainable oil market. The diesel rates in India were recorded at Rs 66.20 per litre in New Delhi, Rs 67.96 per litre in Kolkata, Rs 69.36 per litre in Mumbai and at Rs 69.97 per litre in Chennai.

In the global scenario, Brent was seen trading at $71.68 per barrel, down by 0.69% and West Texas Intermediate was at $62.46 per barrel, down by 1.06%.

The rising U.S. stockpiles have helped the crude prices in the international market to shrink as even Saudi Arabia announced its decision to remain committed towards a balanced and sustainable oil market.

The OPEC member nations decision to cut down oil supply to the tune of 1.2 million barrels per day has led to the rallying crude rates in the oil industry since the beginning of January 2019.

The reports from the American Petroleum Institute states that the stockpiles have surged up by 2.4 million barrels during last week to touch a whopping 480.2 million barrels as against the analyst estimate of a loss of 599,000 barrels.

The official data from the U.S. Energy Information Administration’s oil stockpiles are yet to be released and is due later today.

Meanwhile, the election results in India which are due to be announced tomorrow has helped the diesel prices to remain unmoved in the country irrespective of its move in the global platform.

22 May 2019
Diesel Prices in India Marches Up As OPEC Continues To Withhold Output

The diesel prices in India were hiked following trends from the global markets amidst tension in the Middle East region over crude supply. The diesel rates in India stood at Rs 66.20 per litre in New Delhi, Rs 67.96 per litre in Kolkata, Rs 69.36 per litre in Mumbai and at Rs 69.97 per litre in Chennai.

In the overseas markets, Brent was seen trading at $72.24 per barrel, up by 0.38% and West Texas Intermediate was at $63.56 per barrel, up by 0.55%.

The escalation of tensions between the U.S. and Iran has driven the fuel prices to rise in the global markets. The rocket explosion near the U.S. embassy in Baghdad, yesterday has enraged the U.S. President who threatened Iran with great force if its interests are attacked in the Middle East region. Washington suspects that an organization which has tie-ups with Iran’s military was responsible for the attack.

The imposition of a ban on crude exports from Tehran has raised tensions between the U.S. and Iran.

On the other hand, the OPEC + members have decided to withhold additional supply of crude to the oil industry thus making crude prices to soar up during today’s trade session. The OPEC members had decided to trim down crude supply by 1.2 million barrels per day (bpd) starting from January 1, 2019, till completion of a 6 month period.

The upcoming meeting of OPEC nations which was scheduled for June 25 -26 to discuss the policies has been postponed to July 3 – 4.

21 May 2019
Diesel Prices in India Gains Following Cues From Global Markets

The diesel prices in India gained following global trends amidst OPEC members decision to remain firm on crude supply to the oil industry. The diesel rates in India were recorded at Rs 66.11 per litre in New Delhi, Rs 67.86 per litre in Kolkata, Rs 69.27 per litre in Mumbai and at Rs 69.88 per litre in Chennai.

In the international market, Brent was seen trading at $73.14 per barrel, up by 1.29% and West Texas Intermediate was seen at $63.68 per barrel, up by 1.21%.

The Saudi Energy Minister Khalid al-Falih stated that the OPEC members have reached a consensus to continue with the limited supply of crude to the oil industry. The oil prices jumped up in the global markets by over 1 per cent during today’s trade session following the remarks of the Saudi Minister.

He further added that his country would remain responsive to the needs of what he stated as a fragile market.

The OPEC and its members decision to cut down crude supply by 1.2 billion barrels per day starting from January 1, 2019, with an aim to support prices amidst oversupply of crude to the oil industry has helped the crude prices to rally up in the oil industry and so far crude rates has gained close to 30% in fiscal 2019 alone.

The plunge in crude prices in global markets has led to the rise in diesel prices in India amidst appreciating rupee.

20 May 2019
Diesel Prices Declines in India Following Global Trends

The diesel prices in India stood still despite its fall in the global markets amidst tensions in the Middle East region over crude supply disruptions. The diesel rates in India were recorded at Rs 65.96 per litre in New Delhi, Rs 67.71 per litre in Kolkata, Rs 69.11 per litre in Mumbai and at Rs 69.72 per litre in Chennai.

In the overseas markets, Brent was seen trading at $72.21 per barrel, down by 0.56% and West Texas Intermediate was at $62.76 per barrel, down by 0.17%.

The United States of America’s decision to impose sanctions on Iran’s crude exports has pressurized the crude prices to surge up in the overseas markets. To avenge the U.S. decision, the Iran’s elite Revolutionary Guards are suspected to have carried out attacks on Saudi Arabia’s oil tankers and at two of its oil production units during the week which led to the escalation of tension in the Middle East region.

In response to this, Saudi Arabia’s military coalition had carried out a series of airstrikes on the Houti held capital Sanna during this week. The U.S. has also deployed its aircraft carrier group, Patriot missile and B-52 bomber to the Middle East region to tackle any kind of threat from Iran over crude supply.

The OPEC members are all set to meet over the weekend to decide if they have to continue with the same amount of crude supply to the oil industry or they will have to extend it amidst fall in fuel supply from Tehran. One has to wait and watch as to what moves the OPEC is likely to take to understand the future of crude supply in the coming days.

18 May 2019
Diesel Prices Inches Up In India Following Global Trends

The diesel prices in India have moved up following global cues amidst rising tensions in the Middle East region over secure crude supply. The diesel rates in India stood at Rs 65.96 per litre in New Delhi, Rs 67.71 per litre in Kolkata, Rs 69.11 per litre in Mumbai and at Rs 69.72 per litre in Chennai.

In the overseas markets, the crude benchmark Brent was recorded at $72.78 per barrel, up by 0.22% and West Texas Intermediate was seen at $63.16 per barrel, up by 0.46%.

The escalating tension amongst the Middle East countries over the disruption of the supply of crude oil has pressurized the prices to move up in the oil industry and is all set for weekly gains.

Yesterday, Saudi Arabia led military coalition in Yemen has carried out a series of air strikes in Houti held capital region Sanaa after Iranian aligned movement claimed responsibility for carrying out armed drone strikes on Saudi Arabia’s oil pumping station earlier during this week. In another incident, two of the Saudi’s tankers were targeted in an apparent bid to sabotage attack off the coast of UAE on Sunday.

The United States of America, on the other hand, has evacuated its embassy staff from Baghdad as a precautionary measure and has further deployed an aircraft carrier group, B-52 bomber and Patriot missile to the Middle East to tackle any kind of attack on crude supply. It’s President – Donald Trump has clearly stated to his top officials, that he does not want to involve his country in a war with Iran.

One has to wait and watch if the OPEC members who are all set to meet during the weekend will increase their output to cool down its prices which have secured strong gains by over 30% so far during this year.

17 May 2019
Diesel Prices Inches up in India Following Global Cues

The diesel prices in India inched up following global cues amidst a rise in tensions over crude supply in the Middle East region. The diesel rates in India were recorded at Rs 65.91 per litre in New Delhi, Rs 67.66 per litre in Kolkata, Rs 69.05 per litre in Mumbai and at Rs 69.66 per litre in Chennai.

In the overseas markets, the crude benchmark – Brent stood at $72.04 per barrel, up by 0.38% and West Texas Intermediate was seen at $62.36 per barrel, up by 0.55%.

The recent attacks on Saudi Arabia’s oil pipeline and ships of the United Arab Emirates Fujairah port have fueled concerns over the future of crude supply amongst the oil importing nations. On Sunday, an attempt was made to sabotage Saudi Arabia’s four oil tankers in the Gulf region. Following this, another attack was made on Tuesday, with armed drones which hit two of the Saudi Arabia’s oil pumping stations.

The rising tensions in the Middle East have led to the surge in crude prices in the international market for third consecutive day.

As a precautionary measure, the United States of America has evacuated all its staff members from its embassy in Baghdad on Wednesday, as it sees an imminent threat from Iran at the moment.

16 May 2019
Diesel Prices in India Stays Steady

The diesel prices in India remained firm despite a fall in crude prices in the international markets amidst a rise in crude output in the United States of America. The diesel rates in India were seen trading at Rs 65.86 per litre in New Delhi, Rs 67.61 per litre in Kolkata, Rs 69.00 per litre in Mumbai and at Rs 69.62 per litre in Chennai.

In the global markets, Brent was seen trading at $71.02 per barrel, down by 0.31% and WTI was at $61.30 per barrel, down by 0.78%.
The increase in crude output production in the U.S. has helped the crude prices to slip marginally in the international markets. The data from the American Petroleum Institute states that crude inventories have increased by 8.6 million barrels during the week to touch a record 477.8 million as against the analyst's expectation of a decline of 800,000 barrels.

The official numbers from the U.S. Energy Department’s Energy Information Administration will be released later today.

On the other hand, Saudi Arabia announced that armed drones have struck two of its oil pumping stations, two days after the sabotage of oil tankers near the coast of United Arab Emirates. The tension between the U.S. and Iran over Tehran’s crude exports is the main reason behind the act. Washington’s decision to trim down crude exports from Tehran to zero has led to the attacks on Saudi Arabia’s oil tankers.

Sensing possible imminent threat from Iran to its forces, the U.S. military has braced itself as it sees a possible threat to its armed forces which is currently stationed in Iraq.

Meanwhile, in India, the ongoing assembly elections have kept the diesel prices firm.

15 May 2019
Diesel Prices in India Declines Again

The diesel rates in India fell despite edging up in the global markets amidst the escalation of trade tensions between the U.S. and China. The diesel prices in India were recorded at Rs 65.86 per litre in New Delhi, Rs 67.61 per litre in Kolkata, Rs 69.00 per litre in Mumbai and at Rs 69.61 per litre in Chennai.

In the overseas markets, the crude benchmark Brent was seen trading at $70.59 per barrel, up by 0.51% and WTI was seen at $61.26 per barrel, up by 0.36%.

The escalation of the trade dispute between the U.S. and China has kept the prices under check. Analysts say that the trade war between the two major economies has continued to cast a pall on the market. The oil industry is facing tightness owing to fall in the supply of crude due to trade war added with U.S. sanctions on Iran and Venezuela.

The dragon country, on the other hand, has ignored the further warning from the U.S. President and has imposed higher tariffs on U.S. goods which also includes Liquefied Natural Gas and Frozen Vegetables. The tit – for – tat trade war between the Sino and U.S. nations have left the investor community in the lurch.

The ongoing poll season in India has kept the diesel prices in India under check irrespective of its move in the global markets. Analysts note that the prices of diesel may march up after the declaration of poll results.

14 May 2019

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