Petrol prices in have been turning more volatile, as prices of crude oil have been showing a firm trend. It is important to check todays petrol price in ₹ (1st January 1970), especially if you are going for a long drive. Remember, petrol and diesel prices are revised daily, so you can lose much, if you are travelling on a long distance. The rupee has also moved lower against the dollar, which has made petrol prices in more expensive than before. It is hoped that the government can reduce excise duties, so as to enable rates to become more cheaper in the coming days.
|Highest rate in May||Rs.77.62 on May 1st|
|Lowest Rate in May||Rs.59.57 on May 16th|
|Over all performance||Rising|
|Highest rate in February||Rs.76.53 on February 23rd|
|Lowest Rate in February||Rs.68.13 on February 23rd|
|Over all performance||Falling|
|Highest rate in January||Rs.78.49 on January 16th|
|Lowest Rate in January||Rs.60.07 on January 1st|
|Over all performance||Rising|
|Highest rate in September||Rs.71.18 on September 15th|
|Lowest Rate in September||Rs.55.70 on September 1st|
|Over all performance||Falling|
|Highest rate in April||Rs.67.96 on April 5th|
|Lowest Rate in April||Rs.52.78 on April 16th|
|Over all performance||Falling|
|Highest rate in May||Rs.68.93 on May 17th|
|Lowest Rate in May||Rs.52.72 on|
|Over all performance||Rising|
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.
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.
The petrol prices in India inched up following global trends amidst rising Middle East tensions.
The petrol rates in India were recorded at Rs 73.06 per litre in New Delhi, Rs 75.77 per litre in Kolkata, Rs 78.73 per litre in Mumbai and Rs 75.93 per litre in Chennai.
In the overseas markets, Brent was seen trading at $63.66 per barrel, up by 0.52% and WTI was at $58.67 per barrel, up by 0.82%.
The Saudi led coalition has launched a military operation in the North of Yemen’s port city of Hodeidah, raising fresh tensions in the Middle East region. The military action comes in at a time when the U.S., European nations and the Middle East are working to build a coalition to deter Tehran’s threat in the region.
Last week’s attack on two of Saudi Arabia’s oil facility has wiped out half of the crude production which accounts for 5% of global supply. Saudi’s Energy Minister has pledged to restore the lost production capacity by the end of September. The oil major is making serious efforts to bring back the lost production capacity back to normalcy within a short period, which has helped the crude prices to cool down at the moment.
Meanwhile, the rupee value continued to surge up against the dollar during today’s trade session and was seen trading at 70.87.20 September 2019
The petrol prices in India were hiked despite settling of global crude prices as Saudi Arabia reassures on output. The petrol rates in India were seen trading at Rs 72.71 per litre in New Delhi, Rs 75.43 per litre in Kolkata, Rs 78.39 per litre in Mumbai and Rs 75.56 per litre in Chennai.
In the overseas markets, Brent was trading at $62.73 per barrel and West Texas Intermediate (WTI) was at $58.20 per barrel.
Saudi Arabia’s pledge to restore the full capacity of crude production by September end has helped its prices to ease off after the drone and missile attack on its Aramco’s facilities has knocked out half of the crude output. In a statement, Saudi Arabia’s Energy Minister has announced that the oil company has managed to restore supplies to customers at similar levels earlier to the attack by drawing from its crude inventories.
The Kingdom country has targeted Iran as the unquestionable sponsor of attacks at its units amidst a bitter regional rivalry between Iran and Saudi Arabia. The U.S. President – Donald Trump has said that there were many options short of war with Iran at the moment and further added that he has ordered the U.S. Treasury to substantially raise sanctions on Iran.
Meanwhile, the rupee value opened lower at 71.35 per dollar, down by 0.16% against the previous close of 71.24.19 September 2019
The petrol prices in India were hiked despite easing of global crude prices after Saudi Arabia announced to restore oil output completely by September end. The petrol rates in India were recorded at Rs 72.42 per litre in New Delhi, Rs 75.14 per litre in Kolkata, Rs 78.10 per litre in Mumbai and Rs 75.26 per litre in Chennai.
In the global markets, Brent was seen trading at $63.50 per barrel, down by 0.09% and WTI was at $59.03 per barrel, down by 0.52%.
In a statement, Saudi Arabia’s Energy Minister – Prince Abdulaziz bin Salman said that the kingdom will restore its lost oil capacity by the end of September and also noted that the average fuel production in September and October will be 9.89 million barrels per day (bpd). He also stated that the country will ensure full oil supply commitments to its customers this month.
The deadly attack on Saudi Arabia’s Aramco oil facility led to the shut down of 5.7 million barrels per day which accounts to half of the oil major’s production or 5 per cent of the global output.
Meanwhile, the Indian rupee marched up against the U.S. dollar to touch 71.78, up by 18 paise amidst easing crude oil prices.18 September 2019
The petrol prices in India inched up despite marginal fall in global crude prices amidst the recent attack on Saudi Arabia’s oil facilities. The petrol rates in India were seen trading at Rs 72.17 per litre in New Delhi, Rs 74.89 per litre in Kolkata, Rs 77.85 per litre in Mumbai and Rs 74.99 per litre in Chennai.
In the overseas markets, the crude benchmark – Brent was seen trading at $67.04 per barrel, down by 0.95% and WTI was at $62.04 per barrel, down by 1.37%.
The Saturday’s unexpected attack on Saudi Arabia’s Aramco oil facilities at two locations has disrupted the global crude production by over 5%. With this, the tensions in the Middle East region has escalated to the highest level for the first time since the Gulf crisis in 1990-1991 when Iraq invaded Kuwait.
As most of the preliminary investigations point out the role of Iran behind the attack, Tehran’s Foreign Ministry spokesperson – Abbas Mousavi has called the allegations ‘unacceptable and entirely baseless’.
The U.S. President – Donald Trump has authorized for the release of crude oil from strategic petroleum reserve post the attack to overcome shortages if any. He further added that oil would be released if needed to keep the markets well supplied with crude.
Meanwhile, the rupee value depreciated further against the U.S. dollar following the Saudi attack which has spurred the demand for haven assets.17 September 2019
The petrol prices in India stood still despite rallying up in global markets amidst attack on the Saudi Arabian oil facilities on Saturday. The petrol rates in India were seen trading at Rs 72.03 per litre in New Delhi, Rs 74.76 per litre in Kolkata, Rs 77.71 per litre in Mumbai and Rs 74.85 per litre in Chennai.
In the overseas markets, Brent was seen trading at $66.58 per barrel, up by 10.56% and West Texas Intermediate (WTI) was at $59.99 per barrel, up by 9.37%.
Saudi Arabia happens to be the biggest crude exporter in the globe. The recent attack on Saudi Aramco’s oil facilities located at Abqaiq and Khurais has led to the decline in fuel output by 5.7 million barrels per day (bpd). So far Saudi Aramco has not given any specific timeline for resumption of full crude production.
In a move to support the smooth supply of crude, the U.S. President – Donald Trump has announced the release of fuel from the U.S. Strategic Petroleum Reserve (SPR) if required in quantity to be determined due to the attack.
Meanwhile, the domestic Indian rupee fell sharply against the U.S. dollar owing to surge in crude prices. The rupee was seen trading at 71.42 against the dollar as compared to the previous close of 70.92.16 September 2019
The petrol prices in India inched up again despite the fall in global crude prices on global demand worries. The petrol rates in India were seen trading at Rs 71.89 per litre in New Delhi, Rs 74.62 per litre in Kolkata, Rs 77.57 per litre in Mumbai and Rs 74.70 per litre in Chennai.
In the overseas market, Brent stood at $60.28 per barrel, down by 0.17% and West Texas Intermediate (WTI) was at $55.03 per barrel, down by 0.11%.
The easing of tensions between the U.S. and China over the trade dispute has helped the Asian markets to advance during today’s trade session. Both the countries have shown signs of easing tough stance on each other which dragged the global economy towards recession.
In a move to resolve the conflict China has withdrawn tariffs on a list of 16 U.S. based goods and in turn, the United States of America has delayed the imposition of tariffs on $250 billion worth of Chinese imported goods to October 15 from the earlier slated date of October 1, 2019.
Meanwhile, the analyst noted the rise in the Indian rupee for the seventh straight day against the U.S. dollar making it best weekly gains for the financial year. The rupee was trading at 70.87 a dollar as compared to the previous close of 71.13.13 September 2019
The petrol prices in India inched up following global cues as OPEC trims down 2020 fuel demand forecast. The petrol rates in India were seen trading at Rs 71.82 per litre in New Delhi, Rs 74.55 per litre in Kolkata, Rs 77.50 per litre in Mumbai and Rs 74.63 per litre in Chennai.
In the global scenario, the Brent crude was seen trading at $61.13 per barrel, up by 0.53% and WTI was at $56.09 per barrel, up by 0.61%.
In a monthly report, the Organization of Petroleum Exporting Countries (OPEC) stated that the fuel demand will expand by 1.08 million barrels per day (bpd) in fiscal 2020, shorter by 60,000 bpd as per the previous estimate and pointed out that the market will be in surplus. The slowdown of the global economy is attributed to the decline in oil demand.
The group further highlighted the need for ongoing efforts to prevent a new glut of crude. In the report, the OPEC has lowered the growth forecast for the global economy to 3.1% from its earlier stance of 3.2% during 2020 and said that the next year’s rise in crude demand will be outpaced by strong growth in supply from competing producers including the U.S.
The domestic Indian rupee rose up by 37 paise as against the U.S. dollar today owing to gains in domestic equities markets and fresh inflow of foreign funds which strengthened the Indian rupee.12 September 2019
The petrol prices in India stood still despite rising of crude prices in the global markets amidst fall in the U.S. crude stockpiles last week by more than twice the analyst's expectations. The petrol rates in India were recorded at Rs 71.76 per litre in New Delhi, Rs 74.49 per litre in Kolkata, Rs 77.45 per litre in Mumbai and Rs 74.56 per litre in Chennai.
In the global markets, Brent was seen trading at $62.74 per barrel, up by 0.58% and WTI was at $57.76 per barrel, up by 0.63%.
The crude prices had slipped marginally yesterday owing to speculations over the likely return of the sanctions-hit Tehran’s crude back to the market following the U.S. President’s decision to fire National Security Adviser – John Bolton, noted an analyst.
But the late data from the American Petroleum Institute (API) revealed that the U.S. crude oil and gasoline stocks declined last week more than the analyst's expectations, pressurizing the fuel prices to march up during today’s trade session. The API numbers revealed that the U.S. crude inventories were down by 7.2 million barrels during the week ending September 6 to touch 421.90 million as against the Reuters analysts expectations of a fall of 2.7 million barrels.
Meanwhile, the rupee value opened lower at 71.84 against the U.S. dollar as against the previous close of 71.70.11 September 2019
The petrol prices in India inched up following global cues amidst rising hopes of likely move by OPEC to cut production output to support prices. The petrol rates in India were seen trading at Rs 71.76 per litre in New Delhi, Rs 74.49 per litre in Kolkata, Rs 77.45 per litre in Mumbai and Rs 74.56 per litre in Chennai.
In the overseas markets, Brent was seen trading at $62.83 per barrel, up by 0.38% and WTI was at $58.10 per barrel, up by 0.43%.
The surprise replacement of Saudi Arabia’s Energy Minister on Sunday led to the rise in crude prices in the international markets. Khalid al-Falih has been replaced by Prince Abdulaziz bin Salman, the son of Saudi Arabia’s Kind and half-brother of crown price. The move helped the U.S. oil to gain over 2 per cent during yesterday’s trade session.
The upcoming meeting of OPEC and its member partners is scheduled this week in Abu Dhabi and the members are likely to agree to extend the production cuts to support global prices.
The OPEC members have so far been successful in cutting down oil supply to the tune of 1.2 million barrels per day (bpd) since the beginning of January 2019.
Meanwhile, the Indian rupee closed slightly up at 71.71 against the U.S. dollar during yesterday’s trade session.10 September 2019
The petrol prices in India stood still despite inching up of global crude as the U.S. announced its decision to continue to impose sanctions on countries which will purchase Iran’s oil. The petrol rates in India were seen trading at Rs 71.71 per litre in New Delhi, Rs 74.44 per litre in Kolkata, Rs 77.40 per litre in Mumbai and Rs 74.51 per litre in Chennai.
In the overseas markets, Brent rose up to touch $62.12 per barrel, up by 0.94% and West Texas Intermediate (WTI) was at $57.14 per barrel, up by 1.10%.
The U.S. official announced that the country will continue to impose sanctions on those who will purchase crude from Iran and no waiver will be re-issued. Tehran’s crude exports have slumped by more than 80% due to the re-imposition of the U.S. sanctions on crude exports. The U.S. withdrew itself from the U.S. - Iran Nuclear Deal last year, after entering into a deal with oil major during 2015.
The U.S. Treasury Under Secretary for Terrorism and Financial Intelligence – Sigal Mandelker said that Iran’s oil sales have taken a serious nose dive due to the pressure from the U.S.
Meanwhile, the Indian rupee appreciated marginally by 14 paise to touch 71.58 against the U.S. currency amidst likely interest rate cut by the U.S. Fed.9 September 2019