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||₹ 71.39||₹ 71.25|
|Kolkata||₹ 73.46||₹ 73.32|
|Mumbai||₹ 77.00||₹ 76.86|
|Chennai||₹ 74.10||₹ 73.96|
|Gurgaon||₹ 71.59||₹ 71.32|
|Noida||₹ 71.22||₹ 70.92|
|Bangalore||₹ 73.72||₹ 73.57|
|Bhubaneswar||₹ 70.35||₹ 70.11|
|Chandigarh||₹ 67.48||₹ 67.34|
|Hyderabad||₹ 75.72||₹ 75.57|
|Jaipur||₹ 72.62||₹ 71.76|
|Lucknow||₹ 71.04||₹ 70.68|
|Patna||₹ 75.44||₹ 75.37|
|Trivandrum||₹ 74.68||₹ 74.45|
|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.
The petrol prices in India inched up following global cues wherein the crude prices gained more than 1% during today’s trade session amidst trade dispute.
The petrol rates in India were seen at Rs 71.39 per litre in New Delhi, Rs 73.46 per litre in Kolkata, Rs 77.00 per litre in Mumbai and at Rs 74.10 per litre in Chennai.
In the global 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 crude prices rose up by more than 1% during today’s trade session amidst supply cuts by OPEC added with tensions in the Middle East over the smooth supply of crude by oil majors. The OPEC members have led the supply cut since January 1, 2019, with the sole aim to boost the crude prices amidst oversupply of fuel in the oil industry.
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 petrol prices in India are mainly based on crude prices in the international markets. The rise in crude rates in the global market has led to an increase in petrol prices in the local markets in India.24 May 2019
The petrol prices in India inched up despite its fall in the global markets amidst a rise in US stockpiles. The petrol rates in India were recorded at Rs 71.25 per litre in New Delhi, Rs 73.32 per litre in Kolkata, Rs 76.86 per litre in Mumbai and at Rs 73.95 per litre in Chennai.
In the global 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 production of crude in the United States of America has surged up since last week and has hit a record high levels since July 2017 stated a report from the Energy Information Administration (EIA). The commercial production of U.S. crude is up by 4.7 million barrels for the week ending May 17 and has touched 476.8 million barrels, it's highest ever since July 2017 reveals data from EIA.
The increase in crude production has bought down its prices in the global market during today’s trade session.
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
The petrol prices in India stood flat amidst fall in crude prices in the international market amidst rising U.S. crude stockpiles. The petrol rates in India were seen at Rs 71.17 per litre in New Delhi, Rs 73.24 per litre in Kolkata, Rs 76.78 per litre in Mumbai and at Rs 73.87 per litre in Chennai.
In the global markets, 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 American Petroleum Institute stated that the U.S. crude stockpiles has rallied up by 2.4 million barrels during last week to touch 480.2 million barrels as against the analysts estimate of a decrease of 599,000 barrels.
The official data from the U.S. Energy Information Administration’s oil stockpiles is all set to be announced later today.
Saudi Arabia, the oil major has said that it stays committed to balanced and sustainable global oil market. This also helped the crude prices to inch down in the global markets.
In India, the fall in global crude prices has helped the prices of petrol in India to decline ahead of the announcement of parliamentary election results which is due tomorrow.22 May 2019
The petrol prices in India inched up following global cues amidst crude supply tightness in the oil industry. The petrol rates in India were seen at Rs 71.17 per litre in New Delhi, Rs 73.24 per litre in Kolkata, Rs 76.78 per litre in Mumbai and at Rs 73.87 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 rising tensions between the U.S. and Iran have led to the rise in crude prices in the global markets. The explosion of a rocket near to the U.S. Embassy in Baghdad yesterday made the U.S. President – Donald Trump to threaten Iran with great force if it attacked the U.S. interests in the Middle East. Washington suspects that a military organization which has link-ups with Iran was behind the attack.
The OPEC and its members, on the other hand, are willing to withhold the supply of fuel to the oil industry further to pressurize on its prices. The OPEC member nations decision to trim down the global supply of crude by 1.2 million barrels per day (bpd) starting from January 1, 2019, has already tightened the oil industry. Any further continuation of the same policy is likely to impact on global economic growth.21 May 2019
The petrol prices in India inched up amidst surge in crude prices in the global market amidst Saudi Arabia’s suggestion over keeping the supply cuts intact. The petrol rates in India were seen at Rs 71.12 per litre in New Delhi, Rs 73.19 per litre in Kolkata, Rs 76.73 per litre in Mumbai and at Rs 73.82 per litre in Chennai.
In the global markets, 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 which led the prices of the oil to jump up in the overseas markets amidst imposition of U.S. sanctions on Iran and Venezuela over crude exports.
The weekend meeting of the OPEC members and its non – OPEC partners have decided to drive down the inventories gently. He further added that Saudi Arabia will remain responsible for meeting the needs of the fragile market.
The OPEC members along with its non – OPEC member partner Russia has trimmed down the crude supply to the oil industry to the tune of 1.2 million barrels per day starting from January 1, 2019.
Meanwhile, the Indian rupee surged up against the U.S. dollar to hit 2 weeks high amidst the announcement of exit poll results in India. The rise in fuel value in the global markets has increased the petrol rates in India.20 May 2019
The petrol prices in India declined following global cues amidst tensions in the Middle East over the disruption of crude supply. The petrol rates in India were seen at Rs 71.03 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, Brent stood at $72.21 per barrel, down by 0.56% and West Texas Intermediate was at $62.76 per barrel, down by 0.17%.
The attack on Saudi Arabia’s two ships off Fujairah in UAE and the attack at Saudi Arabia’s oil production unit by two armed drones has sparked off tensions in the Middle East. Iran’s elite Revolutionary Guards are suspected to have carried out these attacks to avenge U.S. sanctions on Iran’s crude exports.
The decision by Donald Trump led the administration to impose sanctions on Tehran’s crude exports has put the country in severe financial distress. Iran mainly depends on the exports of fuel to earn revenue. On the other hand, the U.S. President has noted that he is not interested to wage a war against Iran and the same has been conveyed to top officials in the U.S. government.
The rise or fall in crude prices will have a simultaneous effect on the prices of fuel in India. The fall in crude rates in global markets has helped the petrol prices to cool off in India.18 May 2019
The petrol prices in India fell slightly despite recording gains in the global markets amidst tension in the Middle East region. The petrol rates in India were seen at Rs 71.10 per litre in New Delhi, Rs 73.17 per litre in Kolkata, Rs 76.71 per litre in Mumbai and at Rs 73.79 per litre in Chennai.
In the global markets, Brent was seen at $72.78 per barrel, up by 0.22% and West Texas Intermediate was seen at $63.16 per barrel, up by 0.46%.
A Saudi led military coalition in Yemen carried out several air strikes on Sanaa in response to drone attack on two of its pumping stations on Tuesday this week by Iran’s aligned movement, which mainly aimed to disrupt crude supply across the globe. The U.S., on the other hand, has evacuated all its staff from its embassy located in Baghdad as a preventive measure and its President – Donald Trump has deployed aircraft carrier group, B-52 bombers and Patriot missiles in the Middle East region.
Currently, there are a lot of supply risks as tensions are high in the Middle East region, any kind of mistake or a tactical error by Iran could ignite war in the region notes analysts. The U.S. President – Donald Trump has told his top advisors that he does not want to get involved in a war with Iran.
Meanwhile, in India, the rupee value dipped against the U.S. dollar ahead of the announcement of election results which is scheduled for next Thursday. The last phase of election will be held on Sunday and the poll-bound season in India has put a cap on petrol rates in the country irrespective of crude prices movement in the global scenario.17 May 2019
The petrol prices in India stood still despite edging up in the global markets amidst a rise in tensions in the Middle East oversupply of crude. The petrol rates in India were seen trading at Rs 71.18 per litre in New Delhi, Rs 73.25 per litre in Kolkata, Rs 76.79 per litre in Mumbai and at Rs 73.88 per litre in Chennai.
In the global markets, 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 fears over supply disruption of fuel due to tensions in the Middle East pushed the crude prices to move up in the international markets. Though the unexpected rise in the U.S. inventories cast a shadow over rising fuel prices in the oil industry. The recent attack on Saudi Arabia’s oil pipeline ships in the coast of United Arab Emirates Fujairah port has sparked off tensions in the oil industry with major oil importing nations fearing over the future of crude supply.
On Sunday, an attempt was made to sabotage Saudi Arabia’s four oil tankers in the Gulf region. Following this, another attack was made with armed drones which hit two of the Saudi Arabia’s oil pumping stations. The move has compounded concerns over the future of crude supply in the global markets.
The ongoing election season in India has helped the petrol prices to stay afloat.16 May 2019
The petrol prices in India stood flat despite a fall in crude prices in the global markets amidst a rise in crude stockpiles in the U.S. The petrol rates in India were recorded at Rs 71.18 per litre in New Delhi, Rs 73.25 per litre in Kolkata, Rs 76.79 per litre in Mumbai and at Rs 73.88 per litre in Chennai.
In the global markets, Brent stood at $71.02 per barrel, down by 0.31% and WTI was at $61.30 per barrel, down by 0.78%.
The crude production in the U.S. has increased as per the data released by the American Petroleum Institute. Crude inventories have increased by 8.6 million barrels during the week to touch 477.8 million. Analyst had earlier predicted that the crude output will fall by 800,000 barrels.
Despite this crude prices gained support after two armed drones attacked two of the Saudi Arabian oil pumping stations, speculating imminent threats from Iran. The tensions between the U.S. and Tehran following Washington’s decision to cut down Iran’s oil exports to zero has flared up tension in the Middle East nations. This comes two days after the sabotage of oil tankers near the United Arab Emirates. The United States of America, on the other hand, has said that it has braced in for the possible imminent threat to the U.S. forces in Iraq from Tehran’s backed forces.
The LokSabha Elections in the country has helped to keep the prices of petrol stable in most of the Indian cities.15 May 2019
The petrol prices in India declined despite registering gains in the global markets amidst the escalation of tension between the U.S. and China. The petrol rates in India were seen at Rs 71.18 per litre in New Delhi, Rs 73.25 per litre in Kolkata, Rs 76.79 per litre in Mumbai and at Rs 73.88 per litre in Chennai.
In the global scenario, Brent was seen 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 a trade war between the U.S. and China has led to the rise in crude prices in the global market as China has imposed tariffs on a range of U.S. based goods to the tune of $60 billion in a tit – for – tat attack on the United States of America. The dragon country has imposed tariffs on items including frozen vegetables and liquefied natural gas.
The imposition of U.S. sanctions on supply of crude from Iran and Venezuela has helped the crude prices in the overseas markets to shoot up. The OPEC members are yet to increase the supply of crude to the oil industry despite pressure from Trump’s administration. The OPEC member nations fear that sudden increase in the supply of crude is likely to send the prices down.
The petrol prices in India has remained more or less stable over the last month due to the ongoing election season. One may expect a rise in petrol rates post the announcement of election results.14 May 2019