• Diesel Price In India Today

    Diesel Price In Indian Cities
    City Diesel ( / liter)
    AGRA ₹ 68.13
    AHMEDABAD ₹ 73.3
    ALIGARH ₹ 68.38
    ALLAHABAD ₹ 68.49
    AMBALA ₹ 68.89
    AMRAVATI ₹ 74.02
    AURANGABAD ₹ 73.83
    BANGALORE ₹ 69.55
    BAREILLY ₹ 68.51
    BELGAUM ₹ 69.6
    BHOPAL ₹ 71.97
    CHANDIGARH ₹ 66.4
    CHENNAI ₹ 72.18
    COIMBATORE ₹ 72.53
    CUTTACK ₹ 73.48
    DEHRADUN ₹ 68.71
    DELHI ₹ 68.38
    DINDIGUL ₹ 73
    ERODE ₹ 72.6
    FARIDABAD ₹ 69.51
    GHAZIABAD ₹ 68.45
    GULBARGA ₹ 69.55
    GUNTUR ₹ 75.61
    GURGAON ₹ 69.28
    GUWAHATI ₹ 71.38
    HYDERABAD ₹ 74.32
    INDORE ₹ 72.03
    JABALPUR ₹ 72.08
    JAIPUR ₹ 72.81
    JALGAON ₹ 72.57
    JAMMU ₹ 69.54
    JAMNAGAR ₹ 73.24
    JAMSHEDPUR ₹ 72.14
    JODHPUR ₹ 72.74
    KAKINADA ₹ 75.74
    KANNUR ₹ 73.21
    KANPUR ₹ 68.25
    KARNAL ₹ 69.05
    KARUR ₹ 72.54
    KOLHAPUR ₹ 71.91
    KOLKATA ₹ 70.92
    KOTA ₹ 72.46
    KOZHIKODE ₹ 73.26
    KURNOOL ₹ 75.82
    LUCKNOW ₹ 68.53
    LUDHIANA ₹ 68.5
    MADURAI ₹ 72.79
    MALAPPURAM ₹ 73.53
    MANGALORE ₹ 68.95
    MEERUT ₹ 68.26
    MUMBAI ₹ 72.8
    MYSORE ₹ 69.28
    NAGERCOIL ₹ 73
    NAGPUR ₹ 71.62
    NANDED ₹ 73.13
    NASIK ₹ 72.02
    NELLORE ₹ 75.81
    NOIDA ₹ 68.57
    PATNA ₹ 73.06
    PONDICHERRY ₹ 70.64
    PUNE ₹ 71.51
    RAIPUR ₹ 73.82
    RAJKOT ₹ 73.18
    RANCHI ₹ 72.25
    RATLAM ₹ 71.94
    SALEM ₹ 72.88
    SANGLI ₹ 71.66
    SHIMLA ₹ 68.01
    SHIMOGA ₹ 70.1
    SOLAPUR ₹ 73.38
    SRINAGAR ₹ 71.76
    SURAT ₹ 73.26
    THANE ₹ 72.88
    THANJAVUR ₹ 72.84
    THRISSUR ₹ 73.41
    TIRUNELVELI ₹ 72.54
    UDAIPUR ₹ 73.34
    UDUPI ₹ 69.13
    VADODARA ₹ 73.04
    VARANASI ₹ 68.59
    VELLORE ₹ 73.2
    WARANGAL ₹ 73.96

    Diesel Price in India

    Diesel is one of the widely used fuel oils in India. Popular for its efficiency and mileage, the petroleum distillate is used to power motor vehicles and equipment installed with diesel engines or compression-ignition engines.

    Just like its counterpart petrol, diesel powers many cars, buses, trucks, trains and other commercial equipment such as drilling machines, power generators and other pumping units.

    Coming with a lesser price tag than petrol, diesel is one of the most preferred fuel across India. Transport sector is the prime consumer of diesel making it an essential commodity that could directly or indirectly affect the day-to-day life of every Indian citizen.

    The price of diesel is hence an important component that people across the country would look out for. If you are one among those, below is an effort to keep you updated about the diesel prices in most major cities along with some information about what could possibly affect the prices.

    We also try covering the most important updates about diesel and its prices to help you find anything and everything related to diesel under one roof.

    Deregulation of Diesel Prices in India

    In October 2014, diesel prices in India were deregulated, linking them directly to the international market rates. Prior to deregulation, diesel rates were regulated by the government.

    The deregulation makes the diesel prices market determined without any government intervention. That means any fluctuation in the global crude oil prices will directly affect the retail diesel prices.

    The deregulation helps the government to spend less on subsidies in an attempt to bridge the gap between global and domestic market prices.

    It also promotes healthy competition among the oil companies, which will eventually benefit end users who can enjoy competitive prices and better service delivery.

    Daily Revision of Diesel Prices or Dynamic Fuel Pricing

    Following the diesel price deregulation was the introduction of daily revision of diesel prices or the dynamic fuel pricing model.

    Came into effect on 16 June 2017, the dynamic fuel pricing model revises both petrol and diesel prices on a daily basis based on the previous day’s international crude oil price and currency conversion rates.

    Prior to dynamic pricing, the revision used to happen fortnightly, i.e., on the 1st and 16th of every month based on the average international crude oil price in the preceding fortnight.

    By adopting dynamic pricing India joined other developed countries like the US and Australia, where the pricing model is already in use.

    The daily revised diesel prices will be updated by the fuel stations at 6 a.m. every day.

    The move is to ensure that even the smallest benefit from the change in the international oil prices is passed to the dealers as well as to the end consumers on a daily basis. It will also bring transparency in fuel pricing and will minimise the impact on the dealers who often deal with fluctuating fuel prices.

    Quarterly Diesel Price Trend In India Between January 2018 And March 2018

      January February March
    Opening date price Rs.59.76 per litre Rs.64.09 per litre Rs.62.30 per litre
    Closing date price Rs.64 per litre Rs.62.13 per litre Rs.64.40 per litre
    Highest price Rs.64 per litre recorded on 31st Rs.64.20 per litre recorded on 6 & 7 Rs.64.40 per litre recorded on 31st
    Lowest price Rs.59.76 per litre recorded on 2nd Rs.62.12 per litre recorded on 25 Rs.62.30 per litre recorded on 1st
    Trend Upward Downward Upward
    %Change +6.72% -3.15% +3.34%

    Diesel Price Trend In India In January 2018

    • Diesel price in India on 1st of January 2018 stood at Rs.59.76 per litre, which was the lowest price of diesel for the month.
    • While the cost of diesel continued to remain steady in the first week, it increased slightly in the second week of the month by nearly a Rupee.
    • In the third week of January 2018, the price of diesel increased to Rs.61.74 per litre 15th. The rise in price was attributed to the hike in the global crude oil prices by nearly 1.76%.
    • In relation to the increase in prices of WTI Crude and Brent Crude, the price of diesel continued to spiral to its highest at Rs.64 per litre on the closing day of the month.
    • Overall, the diesel price for the month reflected an upward trend at 6.72% owing to a higher global price of crude oil and a slight decrease in the USD/ INR exchange rate.

    Diesel Price Trend In February 2018

    • The cost to buy a litre of diesel in India on 1st of February stood at Rs.64.09, an increase of 9 paise over the previous day.
    • While the price of diesel continued to rally at a steady pace, it was at its highest at Rs.64.20 per litre on 6th and 7th of the month. The slight increase in the diesel cost was directly in proportion to the increased demand for the crude oil in global markets.
    • Towards the second and third week of the month, diesel prices fell significantly recording their lowest of Rs.62.12 per litre on 27th of the month.
    • The reduction in the price of diesel was attributed to the increase in INR value over the USD in the last couple of days of the month. Additionally, the Indian Basket rate fell from $65.12 per barrel on 26th to $63.99 per barrel on the last day of the month, which impacted the rise in cost of diesel.
    • On the closing day of the month, diesel price stood at Rs.62.13 per litre.
    • The prices of diesel for the month of February 2018 witnessed a downward trend at 3.15%. The downward trend in the prices of diesel was impacted by the fall in the international crude oil prices.

    Diesel Price Trend In March 2018

    • On 1st of March 2018, the price of diesel stood at Rs.62.30 per litre. Despite an increase over the previous day, this was the lowest price of diesel for the month.
    • During the first week, the cost of diesel continued to remain stable, but with a short spike in cost on the 6th and the 7th of the month, nearly 70 paise over the opening price for the month.
    • From the second week, diesel prices continued to decrease before it began to increase in the third and fourth week of the month.
    • The increase in the cost to buy diesel was attributed to the hike in crude oil prices, which stood at $62.04 per barrel on the 14th and gradually increased to $66.80 per barrel on the 26th.
    • With the excise duty and Value Added Tax (VAT) rates remaining unchanged by the Central and State Government respectively, the price of diesel continued to cost in sync with the change in the price of the crude oil.
    • Diesel price on the closing day of the month stood at Rs.64.40 per litre, which was the highest in the first quarter of the calendar year.
    • The diesel price in March 2018 reflected an upward trend of 3.34%, mainly indicated by the increase in global crude oil prices per barrel.

    How to Find Diesel Price Every Day?

    With the daily revision of fuel prices in place, you may have to pay different price every time you fill your vehicle. While the prices in the automated fuel stations will be changed centrally, the non-automated pumps have to change them manually.

    The non-automated fuel stations and consumers can access the updated daily price through various means such as –

    • Mobile app – By downloading apps of state-owned oil manufacturing companies (OMCs), one can fetch daily updated prices of both diesel and petrol at all cities in India. Fuel@IOC is the mobile app of Indian Oil Corporation (IOC), SmartDrive is for Bharat Petroleum (BP), and for Hindustan Petroleum (HP) it is MYHPCL.
    • SMS service – Consumers can send a text message in a specific format with the dealer code to get the daily diesel price at specific fuel stations
      • For IOC dealer diesel price, sms RSP< SPACE >dealer code to 9224992249
      • For BP, RSP< SPACE > dealer code to 9223112222
      • For HP, HPPRICEdealer code to 9222201122

    The dealer code is usually displayed at the fuel stations, in the absence of which consumers can ask for the same at the station or get it from the respective OMC website.

    • OMC’s WebsitesCustomers can also visit the official websites of respective OMCs to find the diesel price.

    Various Components That Add up to Diesel Price in India

    Though diesel is widely used across the country, very few customers actually know that the price of the diesel when purchased in crude form is less than half the price of what they typically pay at the fuel station?

    Yes, when Indian oil manufacturing companies (OMCs) import crude oil (raw material for petrol/diesel) from other countries, they pay a nominal price per litre. Many a times it is less than Rs.25 per litre. Then what is adding up to make it thrice the original price.

    Well, there are more than a couple of components that add up to the actual fuel price making it heavier on Indian pockets.

    The components that contribute to the retail selling price of diesel include –

    • Cost of crude oil + cost and freight (C&F) charges
    • Refinery transfer price (RTP)
    • Price charged to dealers
    • Central and state taxes
    • Dealer commission + other charges
    • Cost of crude oil + cost and freight (C&F) charges
    • India is the third largest oil consumer in the world. According to Petroleum Planning and Analysis Cell (PPAC), the country’s fuel consumption grew to 194.2 million tonne (Mt) in 2016-17. Of the total, diesel consumption accounts to 74.6Mt, making it the most consumed fuel.

      Despite being one of the major oil consuming nations, India produces only 25% of its total crude oil requirements. As a result, the country has been increasingly depending on crude oil imports which meet nearly 76% of its requirement.

      Most of the oil is imported from OPEC nations including Saudi Arabia, United Arab Emirates, Nigeria, Iraq, Iran, Kuwait, Angola, Malaysia, Indonesia, and off-late from the United States.

      The journey of diesel, thus, begins with the purchase of crude oil from other countries which usually sell the oil in barrels for US dollars.

      Indian OMCs pay the crude oil price plus the cost and freight charges to the foreign oil companies, which forms the base rate of the oil.

    • Refinery Transfer Price (RTP)
    • The purchased crude oil is then sent to the refineries for further processing to extract petrol and diesel. The OMCs pay a certain amount of fee to the refineries for every litre of petrol/diesel processed. The fee is called refinery transfer fee (RTP).

    • Price charged to dealers
    • The OMC then sells the refined diesel to local dealers, which are usually fuel station owners, by adding some profit margin to the actual cost. From then the dealers become owners of the fuel.

    • Central and state taxes
    • The dealer then adds two different taxes - the Central Excise Duty levied by the Central Government and the Value Added Tax (VAT) imposed by the state government. While the excise duty remains fixed across India, VAT is something which varies from state to state. The variation in fuel price from state to state is mainly because of this component.

    • Dealer Commission + other charges
    • The final step is to add dealer’s commission and the air ambience charges to get the final retail selling price of diesel. The variation of diesel price from fuel station to station is mainly due to variation in dealer’s commission and other transportation charges involved.

    Price Break up of Diesel

    The data is as on 24 Sep 2017 in Delhi at IOCL retail pump outlet

    Components of Diesel Price Break-up Unit
    Cost & Freight (C&F) Price $/bbl 68.92
    Average Exchange Rate Rs/$ 64.09
    Trade Parity Landed Cost Based on Daily Pricing Methodology (Price paid OMCs to refineries) Rs/Lt 28.16
    Marketing Cost, Margin, Freight and Other Charges Rs/Lt 2.06
    Price Charged to Dealers Rs/Lt 30.22
    Excise Duty Rs/Lt 17.33
    Dealer Commission Rs/Lt 2.50
    VAT applicable for Delhi @ 16.75% + Rs. 0.25/Lt pollution cess Rs/Lt 8.67
    Retail Selling Price at Delhi Rs/Lt 58.72

    Let’s put everything in numbers:

    On 24 Sep 2017, price of diesel in the international market is $68.92 per barrel (one barrel=159 litres).

    The average exchange rate on the day is Rs.64.09 per dollar, which brings the cost price of one litre diesel to Rs. 27.78. As per the daily pricing methodology, the OMCs pay Rs. 28.16 per litre to refineries.

    After adding their profit margin, marketing cost, freight and other charges OMCs sell it to dealers for Rs. 30.22 per litre.

    The fuel station dealers then add excise duty of Rs. 17.33 per litre, commission of Rs. 2.50 per litre, VAT and pollution cess of Rs. 8.67 per litre and sell it to the customers at Rs. 58.72.

    Also Know: Petrol Price In India

    Factors Affecting Diesel Prices in India

    Major factors that affect diesel price include – international crude oil price, exchange rate and taxes.

    • International crude oil price: The primary factor that affects the diesel price is the crude oil price in the international market. The crude oil prices are typically determined by various factors including worldwide demand and supply, global economic conditions, seasonal and climatic changes, political instability in oil producing countries. Let’s look at them in detail -
    • Increased demand: The same demand and supply phenomenon applies even for the diesel price. The higher the demand when the supply is short, the higher the price of diesel. Similarly, high supply and less demand will lead to reduction in prices.
    • Seasonal and climatic changes: Whenever there is a change in season, oil refineries tend to conduct maintenance activities which may partially affect the production activities leading to lesser supply and higher price.

    Severe weather changes or natural calamities such as cyclones and hurricanes may also affect both drilling and production activities leading to oil shortage. Sometimes transportation facilities are also affected resulting in less refined gasoline.

    • Devaluation of US dollar: As crude oil is traded in US dollars and the dollar being the most stable currency, directly affects the global oil prices. Whenever dollar gains strength, there would be a drop in the value of oil and other dollar denominated commodities and vice versa.
    • Political instability: Any geo-political tension that affects the oil production throughout the world or in the oil producing countries will show direct impact on the fuel prices. The recent tensions between the US and North Korea has significant impact on the dollar which in turn resulted in fluctuating fuel prices.
    • Exchange rate: The crude oil is typically bought in US dollar, therefore, any change in India’s exchange rate and the US dollar will affect the buying cost of crude oil hence would impact the selling price in India.
    • Central and state taxes: Whenever there is a change in state and central tax on fuels it would be reflected in the retail selling price of diesel. As different states have different VAT rate, the rate of diesel varies from state to state.

    Trend of Diesel Price in India for past Six Months

    As mentioned earlier, diesel price revision which used to happen fortnightly is now happening on a daily basis. As discussing about every day price only makes it lengthy, let us see the trend of diesel prices before and after dynamic fuel pricing is in place –

    • Trend of Diesel Prices post Dynamic Fuel Pricing
    • Aimed to bring more transparency in fuel pricing and to benefit end consumer with even the slightest change in the oil price, the dynamic fuel pricing is still a matter of controversy.

      Soon after the daily price revision system was introduced from mid-June, there was an immediate decline in diesel price. From Rs. 54.49 per litre on 16 June it continued to drop for 15 continuous days till it reached Rs. 53.33 on 1 July in Delhi. Since then, the price of diesel has been on rise, with the OMCs increasing it in small doses every day, except a few smaller cuts here and there. The price of diesel has risen by Rs. 5.39 per litre to Rs. 58.72 as of 24 September.

      The increasing crude oil price is one major factor that contributed to the diesel price hike during the period. The price of one barrel of crude oil has seen an 18% increase from $58.06 on 01 July to $68.92 on 24 September. Hence the corresponding diesel price increase of over 10.10% in Indian market.

    • Trend of Diesel Prices before Dynamic Fuel Pricing (March to June)
    • The last revision during the fortnight pricing happened on 15 June, when the price of diesel was cut by Rs. 1.24 per litre making it Rs. 54.49 per litre in Delhi.

      On 1 June, the price of diesel was increased by Rs. 0.89 per litre to Rs. 55.94.

      The month of May has seen two revisions including a marginal 44 paisa hike per litre of diesel on 1 May to Rs. 57.35 followed by a rate cut of Rs. 2.10/litre on 15 May.

      On 16 April, diesel was at Rs. 55.61 per litre, Rs 1.04 increase from the previous revision and the revision towards the month end increased its price further by Rs. 2.94.

      In the month of March, the price of diesel was cut by Rs 2.91 per litre bringing its cost to Rs. 55.61.

      The change in the prices were majorly attributed to the global crude oil prices and the exchange rate.

    GST and Diesel Price

    There has been an ongoing discussion on bringing the fuel prices under the goods and services tax (GST), which subdues all indirect taxes levied by the state and central governments.

    Some experts opine that bringing them under the new tax regime would lead to a reduction in prices as the majority of fuel price is constituted of central and tax rates.

    • Taxes constitute more than 40% of the diesel price
    • As on 24 September 2017, diesel costs Rs. 58.72 per litre, of which Rs 26 goes to central and state government in form of excise duty and VAT. Which means taxes constitute 40% of the selling price of diesel making them another deciding factor after global crude oil price.

    • 386% tax hike in three years
    • Between July 2014 and January 2016, the price of the crude oil in the international market slashed more than 70% from $106 per barrel to $26. With India importing more than 70% of its petroleum requirements, any change in the global crude oil prices should bring change to the selling price of diesel.

      Despite 70% change in the global prices, the selling price of the diesel remained almost unaffected due to the incumbent government’s tax hike in a move to meet its revenue and fiscal deficit targets.

      On 1 April 2014, the central excise duty on diesel was Rs 3.56 per litre, which in three years was increased by a whopping 386% to Rs. 17.33 per litre (as of 25 September 2017). Further, the state governments also revised VAT on diesel at various occasions.

      The combined effect of central and state government taxes led to the continuous increase in diesel prices even when the crude oil has become cheaper by little less than half.

    • Bringing diesel under GST – The impact
    • Petroleum products such as petrol, diesel, jet fuel and natural gas have been kept outside the purview of GST. If they are brought under GST, the prices may become substantially cheaper.

      Currently, GST is applied in four tax brackets – 5%, 12%, 18% and 28%. Even after taxing petrol/diesel under the highest tax bracket that is 28%, the prices would come down at least by 22%. However, in a few cities where taxes are little lesser, the prices may go up.

    Also check Today's Diesel Price in the most popular Indian cities

    Diesel Price in Delhi Diesel Price in Kolkata Diesel Price in Pune Diesel Price in Mumbai Diesel Price in Bangalore
    Diesel Price in Coimbatore Diesel Price in Chennai Diesel Price in Hyderabad Diesel Price in Ahmedabad Diesel Price in Kerala

    *Disclaimer: BankBazaar makes no guarantee or warranty on the accuracy of the data provided on this page, the prevailing prices are susceptible to change and provided on an as-is basis. We accept no liability for any loss arising from the use of the data contained on this website.

    News About Diesel Price in India Google Play

    • Diesel Prices likely to See an Increase in the Range of Rs.3.5 to Rs.4

      With the state-owned oil companies incurring huge losses due to the freeze in oil prices for 19 days in the country, diesel prices are likely to see an increase in the range of Rs.3.5 to Rs. 4 as per brokerage firms. This can turn out to be true as oil companies like IOC, HPCL, and BPCL had already started hiking the prices after the hiatus ended on Monday. Following the hiatus, diesel prices have already seen a hike of 86 paise till date with every litre costing Rs.66.79 in the national capital. It needs to be mentioned that the estimated increase is needed to ensure that the oil companies earn the normative gross marketing margins of Rs.2.7 per litre. As per ICICI Securities, owing to no price hike after April 24 auto fuel net marketing margins were weak at Rs.0.31 per litre. During the period of the freeze, the benchmark international diesel prices climbed to 88.93 dollars per barrel from the existing 84.68 dollars.

      23 May 2018

    • Diesel Prices Remain Unchanged in the Country

      Diesel prices which are at an all time high in the country remained so after state-owned oil companies kept the prices of diesel unchanged. The decision to keep the prices unchanged was made even though global crude oil prices surged on Tuesday. It needs to be mentioned that Brent crude oil futures were at 71.69 dollars per barrel while U.S West Texas Intermediate (WTI) crude futures were placed at 66.54 dollars a barrel. Even though diesel prices were kept unchanged, consumers had to pay Rs.65.18 for every litre of diesel in New Delhi while in other metros like Kolkata, Mumbai and Chennai are prices were Rs.67.88, Rs.69.41 and Rs.68.76 respectively. In non-metro cities, the prices of every litre of diesel were as follows: Rs.69.94 in Bhubaneswar, Rs.63.28 in Chandigarh, Rs.69.50 in Jaipur, Rs.69.81 in Patna, Rs.68.49 in Srinagar etc.

      17 April 2018

    • Diesel Prices Bounced Back to all-time Highs

      Diesel rates have bounced back to their all-time highs at Rs.64.69 per litre in the city of Delhi. Today, OMCs increased the fuel price by 18 paise a litre according to official sources. This was accredited to a rise in crude oil costs. Market observers have stated that fuel customers may envision a steady increase in diesel prices over the next few days.

      It was determined by the Ministry for Oil to decline the tax on diesel to lessen the fuel rate for consumers. Arun Jaitley made no noticeable difference as far as the central tax is concerned. He introduced a new tax of Rs.8 per litre on the fuel by reducing the present tax by Rs.6 per litre and the central tax by Rs.2 per litre.

      It is the state-level levy that makes the diesel price to vary from one place to another. The Central Government had proposed all the Indian states to slash the VAT after declaring a Rs.2 cut in the excise in the month of October previous year. The VAT was not lowered in India except a few states.

      2 April 2018

    • Diesel Prices up by 23-24 paise in the country

      Diesel prices in the country were raised by 23-24 paise on Friday. With Friday’s increase diesel prices in the country were raised by a cumulative 33-35 paisa per litre in the last two days. Following Friday’s hike, diesel rates of every litre of petrol in the some of the top cities of the country were as follows - Rs.62.48 in Delhi, Rs.66.54 in Mumbai, Rs. 65.87 in Chennai and Rs. 65.17 in Kolkata. The revised prices of diesel were informed by the country’s largest fuel retailer i.e Indian Oil Corporation. It needs to be mentioned that the prices of diesel have been hiked in the range of Rs. 2.84 -Rs. 3.27 per litre in 2018. In other developments, the prices of Liquified Petrolem Gas (LPG) was brought down in all the metros of the country effective March 1.

      2 March 2018

    • Diesel Prices reduced further in prime towns of the country

      The diesel price fell for seven days in a row in the second week of February 2018. On Thursday, the diesel price was lower than 91-97 paise per litre compared to the price of the previous day. On 15 February 2017, at 06:00 a.m., diesel was priced at Rs.67.43 per litre in Mumbai, Rs.67.43 per litre in Mumbai, Rs.63.32 per litre in the national capital and Rs.65.98 per litre by Indian Oil Company.

      On 14 February 2018, the price of diesel was Rs.63.5 per litre in Delhi and fell to Rs.63.32 per litre today on 15 February 2018. In Kolkata, on 14 February 2018, the fuel retailed at Rs.66.17 per litre and on 15 February 2018 it fell to Rs.65.98 per litre. Similarly, in Chennai, the diesel rate was Rs.66.96 per litre on 14 February 2017 and was Rs.66.77 per litre on 15 February 2018.

      15 February 2018

    • Central Levies are likely to cut in the Union Budget 2018-2019

      Diesel rates continue to rise in Delhi and breached their 3-year highs at 63.20 a litre, stimulating the oil ministry to pursue a decline in central levies. The fuel was traded at Rs.67.30 a litre in Mumbai where the fuel is heavily taxed. As per Oil Marketing Companies (OMCs), since the middle of December, the price of diesel accelerated to Rs.4.86 a litre. Till date, diesel is taxed at Rs.15.33 a litre. To curb the mounting rates of diesel, oil ministry intends to decline the central levies.

      Brent Crude Oil was sold, today, at $69.41 a barrel whereas the rate of US Texas Intermediate Crude per barrel was $63.99 a barrel. The BJP-led NDA government cut the central taxes on diesel nine times since 2014. On 3 October 2018, it was declined by Rs.2 a litre on diesel. Owing to the excise duty reduction, on 4 October 2017, the diesel rate in Delhi fell to Rs.56.89 a litre. The government lost Rs.26, 000 crore owing to this recent cut in central levies in yearly revenues.

      24 January 2018

    • Petrol Prices to upsurge on a daily basis

      Petrol is becoming an expensive fuel day-by-day owing to the dynamic fuel pricing methodology. Every day petrol prices are growing since the two price determinants are highly mutable in nature. The prices have increased every day last year. Daily price variations may be abnormal, but fortnightly or monthly petrol rate variations make a big difference. So far this year, the petrol price grew by Rs.2 a litre. The Government of Madhya Pradesh on Thursday reported a decree offering 1% subsidy on the price of petrol since it outlooks that day.

      As per the Pump Dealers’ association in the Indian state of Madhya Pradesh, on the opening day of 2018, the petrol price was Rs.74.90 a litre. On 2 January 2018, it scrambled to Rs.74.94 a litre whereas on 3 January 2018 the fuel traded at Rs.74.99 a litre. The fuel price crossed the mark of Rs.75.00 a litre on 4 January 2018. Besides, it extended to hike marginally over the next subsequent days. Ajay Singh, President of Madhya Pradesh Petrol Pump Dealers’ Association, revealed that “I am quite confident that the Central Government yet curbs the fuel pricing methodology of OMCs.

      23 January 2018

    • Diesel Prices in India Increase as Transactional Market Constricts

      The dynamic fuel pricing system is in place in India since July 2017. The system revises the diesel price in consideration with the currency conversion rate of the USD against the INR and transnational crude oil rates. With the system in place, oil marketing companies have been instantly transmitting the fluctuations in the price influencers. On 17 January 2018, the diesel price has been hiked by 9 paise a litre in the four Indian metro cities. The diesel rate was Rs.61.88 per litre in Delhi, the national capital.

      Recently, global crude oil prices increased and as a result, auto fuel rates increased dramatically. Brent Crude Oil transacted at $70.37 a barrel on Monday and this is the maximum since the transnational observed its breakdown in 2014. The basket of Indian unrefined oil accelerated from $52.49 a barrel to $62 per barrel between April 2017 and December 2017. It was increased by 18%.

      18 January 2018

    • Iran Turbulence, Trump Tweets Push Crude Oil Past $68; What does it mean for India

      Crude oil rates are on the boil again. In Mashhad and various other areas in Iran, the scattering demonstration made capitalist nervous. Qualms have intensified that the management of Trump, President of the United States of America (USA), shall not verify nuclear contract with Ian, obstructing provisions from the third-biggest crude producer from the OPEC. As far as India is concerned, it may seem a falling current account deficit. Whenever crude oil rates push import bills higher, India, one of the largest crude oil importers, takes a hit. As fuel rates are not regulated any more, oil marketing companies revise petrol prices (petrol rates) in consideration with the exchange rate and overseas crude oil rates. Diesel and petrol have a collective weight of 2.3% in the CPI basket and therefore, any hike in crude oil rates heightens the concerns of inflation. According to a recent report by foreign brokerage UBS, a 10% increase in crude oil rates can increase Consumer Price Index (CPI) by 25 basis points if the oil marketing companies (OMCs) were to pass the complete increase to end consumers. A $10 per barrel increase in overseas crude oil rates increase the deficit of current account by $8 billion.

      7 January 2018

    • Why Oil Marketing Companies Lakh Fuel in Recent Times

      The rates of crude oil were the highest in the previous 30 months on Tuesday. Equities of oil marketing companies – Hindustan Petroleum, Indian Oil and Bharat Petroleum- responded by diminishing 2.2-4% while the benchmark Sensex shed 0.7%. The prices of Brent Crude Oil have increased 17% as the Central Government reduced the central excise duty on petrol and diesel. At Delhi, the capital city of India, the retail rates of diesel and petrol increased at a slower pace of 2.5% and 1% respectively.

      The exchange rate of the INR/USD over this period has not moved radically. Marketing margins on diesel and petrol have diminished to Rs.1 per litre from Rs.3 per litre during the second quarter of the present fiscal year 2018 as per the analysts from Kotak Institutional Equities in a note on 06 December. As per Ritesh Gupta, Ambit Capital Private Limited, this will create an impression that OMCs are yet managed by the government.

      12 December 2017

    Diesel Price In Metro Cities
    Diesel Price In Other Capitals
    Diesel Price In Other Major Cities
    Diesel Price In States
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.