Diesel Price in Kanpur
This page is for you if are you willing to be aware of the latest diesel related trends in Kanpur. The information has been sourced from various reliable sources to build this page. Let’s first understand what the Union Budget 2018-2019 has to say about fuel rates. The Central Government was keen on reducing constantly growing diesel prices. It proposed to decay the central levy of Rs.2 per litre, impose an additional levy of Rs.8 per litre and deteriorate the existing custom levies of Rs.6 per litre on diesel. Eventually, the diesel prices in Kanpur continued to retail at the earlier rate.
|Also Know: Diesel Price in Uttar Pradesh|
Diesel retailed at an average price of Rs.59.40 per litre in Kanpur in January 2018. This price consists of levies, crude oil costs and OMC overheads and is comprehended to grow marginally. As on 3 February 2018, diesel is taxed at Rs.15.33 per litre by the Central Government and at 20.19% by the State Government of Uttar Pradesh. Taxes are subject to vary from time to time. The overall expenses incurred by OMCs are estimated to be more than Rs.10 per litre and are included in the Retail Selling Price of diesel in the city of Kanpur.
Quarterly Diesel Price Trend in Kanpur between July and September 2018
|Opening date price||Rs.67.34 per litre||Rs.67.84 per litre (As on 2 August )||Rs.70.14 per litre|
|Closing date price||Rs.67.73 per litre||Rs.70.14 per litre||Rs.74.41 per litre|
|Highest price||Rs.68.34 per litre||Rs.70.14 per litre||Rs.74.41 per litre|
|Lowest price||Rs.67.34 per litre||Rs.67.84 per litre||Rs.70.14 per litre|
Diesel Price Trend in Kanpur in July
- For all the 31 days of the month, diesel rates in Kanpur, which is a notable city in Uttar Pradesh, were reset based on the external influencers like overseas petroleum rates and the dollar-rupee conversion ratio.
- In lieu of the fortnightly-based revision, the oil entities updated fuel rates each day. The newly set price was declared at 06:00 AM across all the diesel stations in the city of Kanpur.
- Like other cities in Uttar Pradesh, diesel price in Kanpur also remained consistent between 1 July 2018 and 4 July 2018.
- We may witness diesel prices moving upwards and downwards this month. The fuel was offered at a rate of Rs.68.34 per litre on the 16th.
- Compared to the opening date price, the closing date price was just up by 39 paise per litre. In other words, diesel rates in Kanpur produced a growing trend at 0.57%.
- At Rs.67.34 per litre, the lowest rate was documented on the first day of the month. On the other hand, the highest fuel rate was documented at Rs.68.34 per litre.
- It can be said that there were no big lapses in the revision of fuel rates throughout the month of July 2018. It was due to the miniscule variations in the daily price of crude oil a barrel and the daily exchange rate.
Diesel Rate Trend in Kanpur in August
- As of 2 August 2018, the price of diesel was fixed at Rs.67.84 per litre. The price further soared by 9 paise per litre on the third of August.
- The public fuel corporations such as Indian Oil Corporation Limited, abbreviated as IOCL, Bharat Petroleum Corporation Limited, abbreviated as BPCL and Hindustan Petroleum Corporation Limited, abbreviated as HPCL, retained the price of Rs.68.41 in the complete second week
- Until the 15th of August, the highest fuel rate was noted at Rs.68.41 per litre. In the second half of the month also, fuel rates in Kanpur were also observed consistent at Rs.68.77 per litre and Rs.69.03 per litre respectively.
- It should be noted that the retail selling price of the fuel in the city was not decreased by the state-run oil corporations (public oil companies).
- For several days of August, the fuel was marketed at the similar price. It could be due to the pricing strategies of the oil companies.
- The prime currency, which is also called the greenback, gained against the local currency, which is the Indian rupee.
- But, the deviations in the exchange ratio was not reflected on the pricing of diesel daily basis.
Diesel Price Trend in September in Kanpur
- Just like July and August, dynamic fuel pricing was considered for the pricing of diesel this month as well.
- What happens under dynamic fuel pricing is that the previous day’s price of overseas oil per barrel and the USD/INR exchange rate shall be considered to offer the price.
- In the first week, diesel rate in Kanpur was increased by 94 paise a litre. It was a noticeable rise instigated by the overseas influencers mentioned earlier.
- In September 2018, the fuel traded at a price over Rs.70 per litre and the highest price of diesel stood at Rs.74.41 per litre.
- For five days, the fuel was purchased at a price range of Rs.73.86 per litre and for the last three days, it was marketed at a rate of Rs.74.41 per litre.
- The price, which was offered on the 30th September, was considered to be the closing date price not only for the month of September but also for the entire quarter.
- Over a span of 90 days, diesel rate in Kanpur was accelerated by over Rs.7 per litre only because of the depreciated INR. The impact of the crude oil rate per barrel was not noticeable.
- It must be noted here that the nationwide bandh had no influence on the price revision for both diesel and petrol in Kanpur and other parts of the country.
Why is Diesel expensive today?
- OPEC and other oil-producing countries announced a production cut for some period of time. As a result, crude oil is becoming expensive day-by-day.
- Diesel retailers increased their commission by Rs.1 per litre over the last 10-12 months.
- States have not declined the VAT on diesel though they were asked to do so.
Quarterly Diesel Price Trend in Kanpur Between April and June 2018
|Opening date price||Rs.64.69 a litre (As on 2nd)||Rs.66.04 a litre (As on 14th)||Rs.69.12 a litre|
|Closing date price||Rs.65.82 a litre (As on 24th)||Rs.69.17 a litre||Rs.67.29 a litre (As on 26th)|
|Highest price||Rs.65.82 a litre recorded on 24th||Rs.69.23 a litre recorded on 29th||Rs.69.12 a litre recorded on 1st|
|Lowest price||Rs.64.69 a litre recorded on 2nd||Rs.66.04 a litre recorded on 14th and 18th||Rs.67.29 a litre recorded on 26th|
Diesel Price Trend in Kanpur in April 2018
- On 2nd, diesel was sold in Kanpur at Rs.64.69 a litre, this was also the lowest price of the month.
- Diesel prices in India are fixed by State-owned oil companies such as Bharat Petroleum, Indian Oil and Hindustan Petroleum.
- Fuel prices are fixed based on the ‘Dynamic Fuel Pricing’ mechanism under which oil companies include the international crude oil rate and the currency exchange value of the US dollar over rupee.
- Diesel prices in Kanpur during the first and second remained stable as crude oil prices in the global market remained steady.
- By mid-April, diesel prices rose by 43 paise per litre compared to the opening price of the month. The rise in fuel prices was in tandem with the slight increase in oil prices.
- Diesel prices continued to incline over the next few weeks as the fuel posted its highest price on 24th at Rs.65.82 per litre.
- Diesel prices trend in Kanpur during the month reflected an upward trend of 1.75% largely because of the marginal increase in oil prices in the international market.
Diesel Price Trend in Kanpur in May 2018
- Diesel prices in Kanpur weren’t revised by oil companies until the 11th of the month as crude oil prices remained steady over the first week.
- On the 14th of the month, diesel was sold at Rs.66.04 a litre, which is also the lowest price of the month. This was also the price on the 18th of the month.
- In the second week, diesel prices started to incline sharply with speculations that there could be a shortage in supply of crude oil in the market.
- The US administration decided to pull out of the nuclear deal with Iran which caused markets to price in the reason that Iranian crude exports might fall. Iran supplies around 4% of global oil supplies or nearly 2.4 million barrels per day.
- With a possible drop in the supply of crude oil in the market, rates of crude oil increased which led to diesel prices to rise significantly over the second and third week.
- On 29th, diesel price rose to post the all-time high cost of Rs.69.23 a litre, this was also the highest price of the month in Kanpur.
- By the end of the month, diesel prices in Kanpur grew considerably by 4.74% mainly due to the significant increase in the oil price.
Diesel Price Trend in Kanpur in June 2018
- Crude oil prices continued to be on the incline and caused fuel prices to touch an all-time high across the globe.
- On the 1st of the month, the diesel price in Kanpur stood at Rs.69.12 per litre, which is also the highest price of the month.
- The members of the Organisation of Petroleum Exporting Countries (OPEC) and its key ally Russia scheduled to meet on the 22nd to find ways to tackle the rise in oil prices.
- Over the course of the first and second week, diesel prices in Kanpur fell marginally as crude oil prices declined slightly.
- The OPEC and Russia agreed to increase the production of oil to offset the high oil price in the global market.
- By the third week, diesel prices across the country declined. In Kanpur, diesel price fell to post the lowest price on the 26th at Rs.67.29 a litre.
- Overall, the diesel price trend during the month fell by 2.64% influenced by the decline in the global crude oil prices in the markets.
How are Diesel Prices in Kanpur reviewed today?
Today’s diesel price in Kanpur is Rs.64.22 per litre at Indian Oil Corporation. Yesterday, it was Rs.64.15 per litre. Why are they varying daily? It is due to dynamic fuel pricing methodology. This has been a newly introduced fuel pricing module, which shall be used by all publicly-held oil marketing entities to give a price for the fuel regularly. The exchange rate and crude oil costs are taken into account to revise. This way dynamic fuel pricing module aligns fuel customers to the market performance.
Now the question is, how is the revision done? It could be done mechanically by mechanised diesel outlets and manually by non-mechanised diesel bunks. Only 10% of Indian diesel pumps are said to have adopted the latest technology for fuel pricing. Dynamic fuel pricing has been extremely advantageous for mechanised diesel pumps, which can reduce operational expenses and save time. The diesel rate is slated to revise at 6:00 a.m. everyday.
How can I get the Diesel Price in Kanpur today?
Fuel consumers can trace the latest fuel rates using both offline and online means. How? Download the mobile apps in your mobile phones to get daily updates. Or else, refer to the website of either HPCL or BPCL or IOL. OMCs upload the updated price onto their websites periodically. Another way is to make an SMS request or speak to the customer care representatives of the OMCs. Despite which method you use, be sure get the current diesel rate in Kanpur before you buy.
How is the Diesel Price computed in Kanpur?
- The cost of crude oil per litre is currently estimated to be Rs.26.41.
- The total amount of overheads incurred by oil marketing companies is estimated to be Rs.10.37 per litre.
- The central tax on diesel is currently Rs.15.33 per litre.
- The commission charged by dealers is Rs.2.51 per litre.
- The VAT imposed on diesel per litre is estimated to be Rs.10.37 per litre.
All the aforesaid cost elements are added to arrive at the Retail Selling Price of diesel in Kanpur, which is estimated to be Rs.59.50 per litre approximately.
Which are the expenses incurred by Oil Marketing Companies?
Entry levies, the refinery transfer price (RTP), freight and carriage are the major overheads incurred by oil marketing companies. The Refinery Transfer Price is the price charged by refineries to turn unrefined oil into usable fuel, which is diesel.
Factors affecting the Diesel Rate in Kanpur?
We can expect the diesel price in Kanpur to rise if the INR falls against the USD, the crude oil price goes up and taxes increase. On the other hand, the fuel rate is expected to fall when the INR appreciates against the USD, the cost of unrefined oil falls and taxes decrease. The exchange rate has a huge role to play and is sensitive to global elements. The Reserve Bank of India (RBI) determines the exchange rate on the basis of interest rates, public debts, imports and exports. A barrel of Brent Crude Oil currently costs $65 or Rs.4,200 INR to date. Experts comprehend this cost to accelerate by 15-18% over the next two quarters.
GST vs Diesel Prices in Kanpur
The Goods and Services Tax (GST) is a complete platform to levy taxes on services and commodities, which are transacted within the country. The GST subsumes all indirect taxes, which were levied earlier. With the GST system in place, the taxation system has been seamless. The GST is now levied at 28%, 18%, 12% and 5% presently. But, diesel is exempted from the purview of the present tax system.
*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.