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Petrol Price in India (26th August 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 ₹ 71.99 ₹ 71.92
Kolkata ₹ 74.69 ₹ 74.62
Mumbai ₹ 77.65 ₹ 77.58
Chennai ₹ 74.78 ₹ 74.70
Gurgaon ₹ 71.84 ₹ 71.87
Noida ₹ 73.97 ₹ 73.82
Bangalore ₹ 74.42 ₹ 74.35
Bhubaneswar ₹ 71.20 ₹ 70.83
Chandigarh ₹ 68.06 ₹ 68.00
Hyderabad ₹ 76.50 ₹ 76.43
Jaipur ₹ 76.37 ₹ 76.40
Lucknow ₹ 73.83 ₹ 73.71
Patna ₹ 75.87 ₹ 75.69
Trivandrum ₹ 75.53 ₹ 75.38

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 Inches Up Amidst Depreciating Rupee

The petrol prices in India inched up despite fall in global crude prices in the overseas markets as trade tariff war turns uglier after China retaliated by imposing tariffs on U.S.

crude oil imports for the first time. The petrol rates in India were seen trading at Rs 71.92 per litre in New Delhi, Rs 74.62 per litre in Kolkata, Rs 77.58 per litre in Mumbai and at Rs 74.70 per litre in Chennai.

In the overseas markets, the Brent was seen trading at $58.80 per barrel, down by 1.18% and WTI was at $54.17 per barrel, down by 2.13%.

The tit – for – a tat trade war has sent the crude prices down in the range between 4% - two weeks low as signs of a slowdown of global oil demand grows further. The U.S. President retaliated with 5% extra tariffs which will come into effect starting from September 1. The existing 25% tariffs on $250 billion worth of Chinese products will go up to 30% with effect from October 1 and the tariffs on the remaining Chinese goods worth $300 billion will be 15% up from the previous 10% with effect from September 1.

Analyst’s note that the trade war is nowhere going to end soon at the moment. The ugly trade war has already roiled the financial markets and has created recession fears amongst the investor's community.

The rupee value was seen trading at 71.80 versus the U.S. dollar. The weakening of the rupee value to 72 has led to a slight increase in petrol prices in India.

24 August 2019
Petrol Prices in India Remains Firm Despite Slight Gains In Global Crude

The petrol prices in India remained firm despite crude edging up in global markets ahead of U.S. Fed Chief’s Jackson Hole meeting. The petrol rates in India were seen trading at Rs 71.84 per litre in New Delhi, Rs 74.54 per litre in Kolkata, Rs 77.50 per litre in Mumbai and at Rs 74.62 per litre in Chennai.

In the global markets, Brent was seen trading at $60.16 per barrel, up by 0.40% and WTI was at $55.48 per barrel, up by 0.23%.

The slow demand for crude, tighter supply of fuel and Federal Reserve’s monetary policy move will be the main detriments of the crude prices in the coming days. Investors eyes are all set on today’s Jackson Hole meeting, which will be addressed by the U.S. Federal Reserve’s Chief Jerome Powell, as he is likely to give further clues on U.S. monetary policy of whether the Fed will trim down interest rates further or not to boost the U.S. economy.

The ugly trade tariff war between the U.S. and China has forced the OPEC members and International Energy Agency to trim down the growth forecast for crude for nearly two straight months.

Meanwhile, the rupee value slipped to 72 mark for the first time in 2019 against the U.S. currency due to sell-off in the domestic stock markets amidst weakness in Chinese Yuan which slumped to a fresh 11 year new low. 

23 August 2019
Petrol Rates in India Stands Still Despite Rise in Global Crude Rates

The petrol prices in India stood still despite edging up in the international markets amidst fall in the U.S. crude inventories. The petrol rates in India were seen trading at Rs 71.84 per litre in New Delhi, Rs 74.54 per litre in Kolkata, Rs 77.50 per litre in Mumbai and at Rs 74.62 per litre in Chennai.

In the overseas markets, Brent was seen trading at $60.16 per barrel and WTI was at $60.16 per barrel.

The drastic fall in U.S. crude inventories led to the rising concerns over the sinking global economy. In its statement, the Energy Information Administration noted that the U.S. crude inventories fell more than expected during last week as refineries increased production but gasoline and distillate stockpiles showed bigger than expected builds.

The U.S. crude inventories, USOILC=ECI declined by 2.7 million barrels during the week to August 16 as against the analyst expectations of a fall of 1.9 million barrels. Traders are currently worried about the prospects of global crude demand amidst escalating tensions between the U.S. and China.

The rupee value edged lower to settle at 71.65 against the U.S. dollar after opening flat at 71.55 during today’s trade session.

22 August 2019
Petrol Rates in India Stand Still Amidst Global Recession Fears

The petrol prices in India stood still despite securing gains in the global markets as amidst larger than expected drop in U.S. crude inventories. The petrol rates in India were seen at Rs 71.84 per litre in New Delhi, Rs 74.54 per litre in Kolkata, Rs 77.50 per litre in Mumbai and at Rs 74.62 per litre in Chennai.

In the global markets, Brent was seen trading at $60.39 per barrel, up by 0.60% and WTI was at $56.35 per barrel, up by 0.39%.

As per the data from the American Petroleum Institute (API), the U.S. crude oil stocks declined by 3.5 million barrels for the week ending August 16 as against the analyst’s expectations of a fall of 1.9 million barrels. With this all eyes are now set on the inventory numbers from the government’s Energy Information Administration (EIA) which is due today at 10:30 am EDT.

The huge fall in the crude stockpiles has boosted the Brent crude oil futures as it rose above the $60 per barrel for the first time in a week today amidst ongoing worries of a possible global recession capped gains.

The flaring tensions in the Middle East region remained on focus as the U.S. Secretary of State – Mike Pompeo stated that the U.S. will take every action it can to prevent Iran’s oil tanker in the Mediterranean Sea from delivering crude to Syria in line with the U.S. sanctions.

21 August 2019
Petrol Prices in India Stands Still

The petrol prices in India stood still despite fall in global crude prices amidst rallying of equity markets and easing tensions between the U.S.-Sino over trade tariff spat. The petrol rates in India were seen at Rs 71.84 per litre in New Delhi, Rs 74.54 per litre in Kolkata, Rs 77.50 per litre in Mumbai and at Rs 74.62 per litre in Chennai.

In the overseas markets, Brent was trading at $59.84 per barrel and WTI was at $56.22 per barrel.

In a move that softened its stand against China the U.S. said it will extend a reprieve which will permit the Huawei’s Technologies to purchase components from U.S. companies. The representatives of both the countries are all set to meet during September 2019 to resolve the trade tariff talks which has led to the slowing growth of the global economy apart from supporting oil prices in the global platform.

Analyst’s noted that a rally in the equity market across the globe owing to growing expectations that global economies will take action to counter slow growth has also boosted the crude prices which usually follows stocks.

Meanwhile, the Indian rupee opened lower at 71.51 as against the U.S. dollar, down by 8 paise versus the previous close of 71.43.

20 August 2019
Petrol Prices in India Declines Despite Rise in Global Crude Prices

The petrol prices in India declined despite a rise in crude prices in the overseas markets amidst attack on a Saudi oil facility by Yemeni separatists. The petrol rates in India were seen trading at Rs 71.84 per litre in New Delhi, Rs 74.54 per litre in Kolkata, Rs 77.50 per litre in Mumbai and at Rs 74.62 per litre in Chennai.

In the overseas markets, the drone attack on the Saudi oil field led to the rise in crude prices, with Brent at $59.24 per barrel, up by 1.02% and WTI was at $55.29 per barrel, up by 0.88%.

A drone attack on Saudi Arabia’s oil factory by Yemen’s Houthi group has led to the tensions in the Middle East region but the state-run Saudi Aramco maintained that the oil production remained intact and was not affected.

The likely settlement of the U.S. - China trade tariff war has eased investors concerns over slow down of global economic growth. The economic adviser of White House, Larry Kudlow stated that deputies from both the countries would speak within the next 10 days and could further advance towards ending the long-time trade tariff battle between the two countries if those talks work out.

Meanwhile, the Indian rupee opened a tad lower at 71.17 as against the U.S. currency during today’s trade session.

19 August 2019
Petrol Prices in India Stands Still

The petrol prices in India stood still despite edging up in the global markets amidst slow down of the global economy. The petrol rates in India were seen trading at Rs 71.99 per litre in New Delhi, Rs 74.69 per litre in Kolkata, Rs 77.65 per litre in Mumbai and at Rs 74.78 per litre in Chennai.

In the global markets, Brent was trading at $58.64 per barrel, up by 0.70% and West Texas Intermediate (WTI) was trading at $54.87 per barrel, up by 0.73%.

The OPEC members have delivered a downbeat oil market for the rest of fiscal 2019 on Friday owing to slow growth of the global economy and it further highlighted the challenges in fiscal 2020. In its monthly report, the OPEC has cut its outlook for global oil demand growth during 2019 by 40,000 barrels per day (bpd) to settle at 1.10 million bpd and indicated that the market will be in slight surplus in fiscal 2020.

The escalating tensions between the U.S. and China over the trade dispute and the Brexit issue could press the case for OPEC and its members to maintain a policy to trim down the crude supply to support its prices.

Meanwhile, the rupee recovered marginally from its early lows as it closed at 71.14 against the U.S. dollar, up by 13 paise during yesterday’s close owing to a firm local equities and foreign capital outflows.

17 August 2019
Petrol Prices in India Remains Stagnant Amidst Falling Rupee Value

The petrol prices in India remained stagnant despite rising in global markets as fears of recession eases out. The petrol rates in India were recorded at Rs 71.99 per litre in New Delhi, Rs 74.69 per litre in Kolkata, Rs 77.65 per litre in Mumbai and at Rs 74.78 per litre in Chennai.

In the overseas markets, the crude benchmark – Brent was seen trading at $59.03 per barrel, up by 1.37% and West Texas Intermediate (WTI) was at $55.33 per barrel, up by 1.58%.

The retail sales of crude shot up by 0.7% in July in the United States of America as consumers bought a range of goods despite fall in motor vehicles purchases. This data was released a day after a key part of the U.S. Treasury yield curve inverted for the first time since the financial crisis which shook the market way back in 2008, prompting a sell-off in stocks and crude oil.

Investors are concerned about the tumbling economy as fears of a global recession is picking up gradually. A recent data from China’s industrial output showed a surprise fall for the first time since last 17 years as a direct outcome of a trade tariff war with the U.S. The fall in the exports in Germany has sent its economy into reverse during the second quarter of 2019.

Meanwhile, the rupee value depreciated against the U.S. dollar to settle at 71.25 during today’s trade session.

16 August 2019
Petrol Prices in India Stands Still Despite Fall in Global Crude Prices

The petrol prices in India stood still despite witnessing a fall in the global markets amidst surprise rise in the U.S. crude inventories. The petrol rates in India were seen trading at Rs 71.99 per litre in New Delhi, Rs 74.69 per litre in Kolkata, Rs 77.65 per litre in Mumbai and at Rs 74.78 per litre in Chennai.

In the global platform, the crude benchmark – Brent was seen trading at $60.80 per barrel, down by 0.82% and West Texas Intermediate (WTI) was at $56.46 per barrel, down by 1.12%.

In a surprise move, the data from the American Petroleum Institute (API) showed a rise in crude stock inventories during last week, which in turn helped the crude prices to cool off in the global markets. The crude inventories have increased by 3.7 million barrels to touch 443 million as against the analyst's expectations of a decline of 2.8 million barrels.

The weak economic data from the China which included a surprise fall in the industrial output growth to more than a 17 year low, indicating a widened economic cracks amidst intensifying trade war with the U.S. Analyst’s note that the deteriorating Chinese industrial output and consumer spending suggests that the fundamental picture is not great and the demand for crude may be under pressure.

Meanwhile, the rupee value slumped against the U.S. dollar to hit a six month low at 71.40 during today’s trade session. The plunge of the stock markets across the globe and the crash of Argentinian Peso has forced the investors to flock to safe havens.

14 August 2019
Petrol Prices in India Stands Still Despite Fall in Global Crude Rates

The petrol prices in India stood still despite fall in crude prices in the global markets as demand concerns outweigh efforts to curb supply. The petrol rates in India were seen trading at Rs 71.99 per litre in New Delhi, Rs 74.69 per litre in Kolkata, Rs 77.65 per litre in Mumbai and at Rs 74.78 per litre in Chennai.

In the overseas markets, Brent stood at $58.43 per barrel, down by 0.24% and West Texas Intermediate (WTI) was at $54.81 per barrel, down by 0.22%.

The weak demand forecasts followed by rising expectations that major oil producers will increase the fuel prices have limited the crude oil output. The oil major – Saudi Arabia said last week that it plans to keep its crude oil exports below 7 million barrels per day in August and September 2019 to drain global oil inventories.

Analyst’s note that the country is planning to support the crude prices ahead of its plans to float Saudi Aramco, which is touted as the world’s largest Initial Public Offering (IPO).

The OPEC and its member partners have trimmed down crude supply by 1.2 million barrels per day (bpd) beginning from January 1, 2019, to support its prices.

Meanwhile, the Indian domestic rupee opened at day’s low and stood at 71.14 against the U.S. dollar, down by 36 paise from the previous close.

13 August 2019

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