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  • Diesel Price In India Today

    Diesel Price In Indian Cities
    City Diesel ( / liter)
    AGRA ₹ 68.22
    AHMEDABAD ₹ 73.4
    ALIGARH ₹ 68.47
    ALLAHABAD ₹ 68.58
    AMBALA ₹ 68.98
    AMRAVATI ₹ 73.87
    AURANGABAD ₹ 73.93
    BANGALORE ₹ 69.46
    BAREILLY ₹ 68.6
    BELGAUM ₹ 69.51
    BHOPAL ₹ 72.06
    BHUBANESHWAR ₹ 73.39
    CHANDIGARH ₹ 66.49
    CHENNAI ₹ 72.28
    COIMBATORE ₹ 72.63
    CUTTACK ₹ 73.57
    DEHRADUN ₹ 68.8
    DELHI ₹ 68.47
    DINDIGUL ₹ 73.09
    ERODE ₹ 72.7
    FARIDABAD ₹ 69.6
    GHAZIABAD ₹ 68.54
    GULBARGA ₹ 69.45
    GUNTUR ₹ 75.71
    GURGAON ₹ 69.37
    GUWAHATI ₹ 71.48
    HYDERABAD ₹ 74.42
    INDORE ₹ 72.13
    JABALPUR ₹ 72.18
    JAIPUR ₹ 72.91
    JALGAON ₹ 72.42
    JAMMU ₹ 69.63
    JAMNAGAR ₹ 73.34
    JAMSHEDPUR ₹ 72.25
    JODHPUR ₹ 72.84
    KAKINADA ₹ 75.83
    KANNUR ₹ 72.3
    KANPUR ₹ 68.34
    KARNAL ₹ 69.14
    KARUR ₹ 72.63
    KOLHAPUR ₹ 71.76
    KOLKATA ₹ 71.01
    KOTA ₹ 72.55
    KOZHIKODE ₹ 72.35
    KURNOOL ₹ 75.92
    LUCKNOW ₹ 68.62
    LUDHIANA ₹ 68.59
    MADURAI ₹ 72.89
    MALAPPURAM ₹ 72.62
    MANGALORE ₹ 68.86
    MEERUT ₹ 68.35
    MUMBAI ₹ 72.65
    MYSORE ₹ 69.18
    NAGERCOIL ₹ 73.1
    NAGPUR ₹ 71.47
    NANDED ₹ 72.98
    NASIK ₹ 71.87
    NELLORE ₹ 75.91
    NOIDA ₹ 68.66
    PATNA ₹ 73.15
    PONDICHERRY ₹ 70.73
    PUNE ₹ 71.36
    RAIPUR ₹ 73.91
    RAJKOT ₹ 73.28
    RANCHI ₹ 72.28
    RATLAM ₹ 72.03
    SALEM ₹ 72.98
    SANGLI ₹ 71.51
    SHIMLA ₹ 68.1
    SHIMOGA ₹ 70
    SOLAPUR ₹ 73.23
    SRINAGAR ₹ 71.85
    SURAT ₹ 73.35
    THANE ₹ 72.72
    THANJAVUR ₹ 72.94
    THIRUVANANTHAPURAM ₹ 73.28
    THRISSUR ₹ 72.5
    TIRUCHIRAPALLI ₹ 72.77
    TIRUNELVELI ₹ 72.64
    UDAIPUR ₹ 73.43
    UDUPI ₹ 69.04
    VADODARA ₹ 73.14
    VARANASI ₹ 68.68
    VELLORE ₹ 73.29
    VISAKHAPATNAM ₹ 74.86
    WARANGAL ₹ 74.06

    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

    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.

    Frequently Asked Questions on Diesel Price

    1. Why is diesel cheaper than petrol?
    2. Though both diesel and petrol are derivatives of the same crude oil, the price of both the commodities vary in India. This is mainly because of the state and central taxes being levied differently for both the products. Even the dealer’s commission varies on both the commodities.

      While the central excise duty on diesel in Rs. 15.33 per litre (as of 04 October 2017), it is Rs. 19.48 per litre on petrol. Similarly, the state levied VAT in Delhi is Rs. 8.67 per litre on diesel, whereas on petrol it is Rs. 14.96 per litre. Further, there is Rs. 1.07 per litre difference on the dealer’s commission for both the fuels, making a litre of diesel Rs. 11.67 cheaper than a litre of petrol.

    3. What is diesel price made of?
    4. In addition to the basic price of the diesel, other components that would make up diesel price are the central and state government taxes, OMCs and dealer’s profit margins and transportation charges.

    5. Why is diesel price different in different states of India?
    6. While the central excise duty remains same across all the Indian states, the VAT is something that differs from state to state. For example, with Delhi government charging 16.75% VAT, the price of a litre of diesel in Delhi is Rs. 58.68, whereas with 24% VAT in Mumbai, it costs little higher at Rs. 62.33 per litre in the financial centre.

    7. Why does diesel price vary from one pump to other?
    8. It’s mainly because of the cost of transportation and cost of running the fuel station involved. If the petrol pump is located close to the supply plant, the cost of transportation is less and hence the pump charges a lesser rate than other pumps which are located far from the supply plant. Also the maintenance cost of the pump including the salaries, rent and utilities would affect the pricing of the diesel at each petrol pump.

      Also there is a price variation from one company pump to another, that is HP charges a different rate than its competitors IOCL and BP and vice versa.

    9. Who control diesel prices in India?
    10. The government of India used to regulate diesel prices till October 2014. From 19 October, diesel prices are linked directly to the international crude prices, hence they are being decided by the respective OMCs.

      Each OMC prices diesel differently based on the transportation and other charges included, it is then up to the dealer to add other costs involved to run the pump as well as to supply the fuel, which finally adds up to the selling price of diesel.

    11. Who are the major players in petroleum and diesel industry?
    12. Three oil marketing companies (OMCs) including Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) control more than 90% petrol pumps in India. Majority of the shares in the three companies are owned by the government of India.

      The other private players who occupy a marginal market share include Shell, Reliance and Essar.

    13. What is fuel surcharge?
    14. Each time a credit/debit card is swiped, a certain percentage of the transaction will go to the card issuing company as transaction fees. The fee is typically 2-3% of what the consumer pays and is usually absorbed by the merchant or the store where the purchase is made.

      When it comes to petrol transactions, the fee should be ideally borne by the petrol pump dealers. However, as fuel businesses operate with little profit margins, the transaction fee is being passed to the consumers. Hence, the fee charged in addition to the actual fuel charge is called the fuel surcharge.

      Whenever you swipe a card to purchase fuel, you will be charged with a fuel surcharge, along with the service tax levied on the surcharge.

    15. What is fuel surcharge waiver on debit cards?
    16. In a move to promote digital payments post demonetisation, the government waived the fuel surcharge asking banks to stop levying surcharge on fuel transactions made through debit cards. The charge will neither be borne by the pump dealers but will be recovered by the card issuing banks from the OMCs, as per the Reserve Bank of India’s directive.

    17. What is fuel surcharge waiver on credit cards?
    18. As credit cards still attract fuel surcharge, many banks have been offering cards with fuel surcharge waiver benefit. Customers using the card can avail either a complete fuel surcharge waiver, or a waiver within a certain limit per transaction or with a cap per month, depending upon the type of card and the issuing bank.

      One thing to note here is you will still be charged with service tax levied on surcharge.

      For instance, if you purchase Rs.1000 worth petrol using your credit card, you have to pay:

      Rs. 1000+ fuel surcharge (2.5%) + tax on surcharge

      = Rs. 1000 + Rs. 25 + Rs. 3.63 = Rs.1028.63

      When your surcharge is waived, you have to pay the bill amount plus the tax, which is

      = Rs. 1000 + Rs. 3.63 = Rs. 1003.63

      *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.

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    News About Diesel Price in India Google Play

    • Crude Oil Prices to increase

      A major draw of 6.796 million barrels of United States unrefined oil stocks has been reported by the American Petroleum Institute (API) for the first week. Analysts had expected that the first of July 2018 will see a relatively larger draw of 4.489 million barrels. A major draw of 4.5 million barrels of unrefined oil was reported by the American Petroleum Institute (API) last week.

      13 July 2018

    • Bank of America Merrill Lynch says that Crude Oil May be Priced Beyond $90 per Barrel because of Iran Sanctions

      Hootan Yazhari, head of frontier markets equity research at Bank of America Merrill Lynch said “By the completion of the second quarter of 2018, the prices of crude oil will soar to $90 according to our estimations. It was demanded by the United States of America that all nations stop importing crude oil from Iran from the month of November on Tuesday. Overseas benchmark Brent crude was traded at $78.18 per barrel whereas the price of US West Texas Intermediate (WTI) remained unaffected at $72.72 per barrel.

      On Tuesday, 28 June 2018, market analysts have told CNBC that the crude oil prices may reach to $90 per barrel triggered by a continued bid from the President of the USA to interrupt the petroleum exports from Iran. During the early deals in the afternoon on Thursday, crude futures were observed flying very near to their previous highs. Hootan Yazhari further added that the US President is endeavoring in order to separate Iran. The President is also trying to keep the US associates from the crude oil imports from Iran.

      2 July 2018

    • Government to Consider Various Options to Lessen Fuel Rates

      According to official sources, the government was evaluating many options to reduce the impact on growing petrol and diesel prices, including the reduction in taxes and prevarication of bets, which would have encompassed the probability of rates falling below or above a particular level. Officials functioning on the proposal said that the government shall announce its decision at a right time as the proposal has been discarded. After the assembly elections in Karnataka in May 2018, both petrol and diesel rates have soared and reached record high prices. The government was criticised for not combating the growing crude oil rates.

      The proposal of the government was to remit a premium in order to mitigate the effect below or above a particular level. Officials have opposed the proposal of hedging risks associated with international crude oil rates. They have further explained that projecting the price of crude oil is a complicated task with the Indian fuel corporation not having adequate expertise. The government will take a wise decision with respect to the reduction of central levies on fuels.

      25 June 2018

    • Diesel Rates Kept Unchanged for the Second Consecutive Day

      Diesel rates were kept unchanged for the second consecutive day on Tuesday, while petrol prices were reduced marginally. According to India’s largest fuel retailer Indian Oil, diesel prices were at Rs.67.78 a litre in Delhi, Rs.72.13 in Mumbai, Rs.70.33 in Kolkata and Rs.71.54 a litre in Chennai. Diesel prices reached an all-time high of Rs.69.31 a litre in Delhi on 29 May 2018, prices have been cut by Rs.1.5 a litre since then compared to the increase of nearly Rs.3 a litre in each of the metros. The reduction in diesel prices comes amid the reduction in the global crude oil prices and the US dollar depreciating over the Indian rupee. The international benchmark for oil rates, Brent Crude was down by 0.4% standing at $78.05 per barrel.

      19 June 2018

    • Diesel Prices Remain Unchanged For the 2nd Consecutive Day

      Diesel prices remained unchanged for the second straight day after falling for a fortnight. The last time the diesel price was cut was on 12 June 2018 when it was reduced by 10 paise. As per a review of price notifications issued by state-owned oil companies, diesel rates have remained unchanged since the last price cut. The diesel price in Delhi today stands at Rs.67.85 per litre. Compared to other metros and most state capitals, Delhi has the lowest fuel prices due to its lower Value Added Tax (VAT). After reaching to an all-time high of Rs.69.31 a litre on 29 May 2018, prices of the fuel have been reduced on 14 instances after the global crude oil prices fell and the Indian rupee gained over the US dollar.

      14 June 2018

    • A person writes a cheque of 9 paise to the Prime Minister’s Relief Fund

      A resident of Telangana has written a cheque of 9 paise to the Relief Fund of the Prime Minister of India. He is disappointed since the petrol rates were cut by just 9 paise per litre recently in his state. Then, he submitted the cheque to the officials in his place said “I am disappointed with a meagre fall in petrol prices recently and have decided to donate the money I saved to the Relief Fund of the Prime Minister of India.” He further stated “The government can utilise my donation for a good reason. On 30 May, the rate of petrol was down by just 1 paisa per litre.

      8 June 2018

    • A Slight Decrease in Diesel Rates Bring no Happiness Amid Fuel Consumers

      Fuel customers have not been happy with a slight fall in diesel prices. Diesel rates were reported to be down by just by 5 paise per litre. The rate of diesel has been reviewed to Rs.69.20 per litre. In Kolkata, Mumbai and Chennai, revised diesel prices were Rs.71.75 per litre, 73.67 per litre, and Rs.73.06 per litre respectively. On Thursday, diesel was sold at Rs.69.25 per litre, Rs.71.80 per litre, Rs.73.73 per litre and Rs.73.12 per litre respectively in the national capital, Kolkata, Mumbai and Chennai. The quantum of reduction in diesel rates was 1 paisa per litre on Wednesday.

      1 June 2018

    • Country Desires to have a Long-run Perspective on the Revision of Fuel Prices

      In Delhi, on Wednesday, Dharmendra Pradhan, said ‘’The country is planning to take a long-term view of the prices of diesel. It is an initiative taken to keep the fuel consumers unaffected from the ups and downs in global markets.’’ In metro cities such as Mumbai, Kolkata and Chennai, the price of diesel has crossed its earlier highs. In Delhi, the capital city of India, the cost of a litre of diesel is Rs.68.34 per litre. Ravi Shankar said ‘’It is ideal to have a long-term view to tackle the ups and downs in global markets.’’ It has been criticised by the leaders of the opposition party for not lessening diesel prices.

      24 May 2018

    • 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 Price In Metro Cities
    Diesel Price In Other Capitals
    Diesel Price In Other Major Cities
    Diesel Price In States
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