Diesel Price In Kolkata Today

Diesel Price Trend in Kolkata in July 2018

• India has implemented dynamic fuel pricing in June last year to align fuel consumers with real-time market conditions.
• As India buys petroleum from overseas markets, the crude oil rate and the performance of the INR/USD currency have to be pondered while resetting the rate of diesel every day.
• The opening date price is the price offered on the first day of July. It stood at Rs.69.93 at Indian Oil fuel centers in Kolkata, the capital city of West Bengal.
• Every day, the new price was announced by the state-run oil companies and private sector oil companies as well.
• Diesel prices were increased in the first two weeks and also were decreased in the last two weeks by OMCs.
• The commodity was revalued at Rs.71.06 per litre on 16 July 2018 in Kolkata. This was the highest fuel rate in the month.
• In July, fuel prices soared by just 0.97% as the exchange rate of the dollar accelerated against the rupee.
• The VAT is the reason behind the fuel price fluctuation in the Indian cities. It had no influence on fuel pricing this month.
• The excise duty, which is a common tax across the country, remained unrevised at Rs.15.33 per litre in July.

Diesel Price Trend in Kolkata in August 2018

• Diesel was revalued at Rs.70.73 per litre under dynamic fuel pricing on 1 August 2018 in Kolkata. The OMCs used the same mechanism in the entire month of August 2018.
• Because of a sturdy increase, the fuel price jumped to Rs.71.35 per litre on the last day of the first week.
• Irrespective of the changes in the global factors, diesel rates in Kolkata were constant at Rs.71.35 per litre for a period of 8-9 days.
• Fuel price on 16 August 2018 increased by 30 paise per litre. This was a massive hike provoked by a gain in the dollar’s exchange rate.
• In the last 15 days also, the prices of diesel in Kolkata neither increased nor decreased for some days.
• On 28, 29, 30 and 31 August 2018, fuel prices in the capital city of West Bengal accelerated by 15 paise a litre, 14 paise per litre, 18 paise per litre, and 28 paise per litre respectively.
• The difference between the closing date and opening date prices is Rs.1.37.
• Crude oil prices increased in August because of the production cut and other global factors. The INR’s exchange rate declined caused by marginally increased petroleum rates in August 2018.

Diesel Rate Trend in September 2018 in Kolkata

• In the initial days of the month, market analysts expected a further increase in diesel rates in Kolkata in September 2018.
• The Chief Minister of West Bengal reduced the sales tax in order to control the upward trend in fuel rates. Karnataka, Andhra Pradesh, and Rajasthan also declined the sales tax on diesel in the interest of fuel customers.
• The rate at which the USD gained against the INR was higher in September 2018 compared to the previous two months. The same goes with the prices of unrefined oil prices.
• Therefore, diesel price at the fuel stations of Indian Oil, BPCL and Hindustan Petroleum were augmented by 4.59% in September 2018.
• For the whole quarter, the highest and lowest fuel rates were booked at Rs.76.64 a litre and Rs.69.93 a litre.
• OMCs decrease fuel rates when the USD drops and the crude oil cost decreases. They increase petrol and diesel prices when the USD gains and the cost of unrefined oil increases.
• The same formula was used by the OMCs to restructure the price of diesel in July, August and September.

Note: Primarily, the pricing of crude oil is impacted by production cuts, changes in demand for the commodity, geopolitical tensions, etc. The exchange rate is determined considering factors such as the interest rates, fiscal deficit, imports, exports and so on.

Diesel Price Trend in Kolkata in April

• Under dynamic fuel pricing, diesel was offered at Rs.67.55 a litre on 3rd and 4th. Similarly, the fuel was sold at Rs.67.69 a litre on 10th and 13th. On 14th, diesel rate in Kolkata, the capital city of West Bengal, soared to Rs.67.7 a litre.
• Diesel rates in the city of Kolkata showed a mixed reaction during the third week of the month. Diesel was sold at Rs.68.63 a litre on 25th, 26th, 27th, 28th, 29th and 30th.
• The opening date price was recorded at Rs.67.27 a litre, which was also the lowest diesel rate for the month.
• Because of an upward trend this month, the highest fuel rate was recorded at Rs.68.66 a litre towards the end of the month.
• Taking into account the variations in the rate of crude oil and the exchange rate, diesel rates in the city of Kolkata have increased by 2.02% in the month of April.
• The cost of crude oil was increased in international markets considering the increased demand for unrefined oil.

Diesel Price Trend in Kolkata in May

• Like other metro cities, the price of diesel per litre was sold at Rs.68.63 a litre for the first 11 days of May caused by the stable crude oil market.
• On the other hand, state-run fuel companies such as Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have increased the rate of diesel during the last 20 days of the month.
• In this month, the crude oil rate per barrel has increased by $6. As a result, fuel rates were increased by 4.66%. The closing date price for the month stood at Rs.71.83 a litre. It was also the highest fuel rate for the month.
• In May, the growth rate was higher compared to the previous month. Other metro cities such as Delhi, Chennai and Mumbai have also reported the same result.
• Taxes are also a part of the retail selling price of diesel. The revision of taxes will have a direct impact on the pricing of diesel. In June also, excise duty was not changed by the Central Government.

Diesel Price Trend in Kolkata in June

• On 1st, diesel rate in Kolkata stood at Rs.71.78 a litre. The price was further increased to Rs.71.66 a litre on 2nd and 3rd.
• For the first seven days of the month, the average rate of diesel per litre was Rs.71.54. The average diesel rate per litre in Kolkata has decreased over the last three weeks.
• Unlike the first two months, in June, the fuel rate has fallen by 2.57% because of a downfall in the price of crude oil per barrel.
• The USD/INR exchange rate was considered to be relatively flexible. It had no impact on the revision of fuel rates in the city of Kolkata throughout the quarter.
• On 1 April 2018, diesel price in Kolkata was Rs.67.27 a litre. By the end of June 2018, the fuel price was increased to Rs.69.93 a litre. It means the fuel rate has increased by 3.95% between April 2018 and June 2018.
• For the whole quarter, the highest fuel rate was declared at Rs.71.78 a litre whereas the lowest fuel price stood at Rs.67.27 a litre.

Trend in Diesel Price in Kolkata in January 2018

• It has been a great month that produced an uninterrupted upsurge as far as the diesel price in Kolkata is concerned. The fuel price was steady not even for a single day.
• The fuel market opened with a price of Rs.62.42 a litre and was expected to travel upwards in sync with the growing crude oil costs and the falling value of the greenback against the local currency.
• As anticipated, the fuel reached the price range of Rs.62.97 a litre on 7 at an increasing rate of 0.88%, Rs.64.54 a litre on 16 at a growth rate of 2.49%, Rs.66.05 a litre on 26 at an increasing rate 2.32%, and Rs.66.67 a litre on 31 at a growth rate of 0.95%.
• This growing trend was triggered by an increase in the Indian Basket average rate of unrefined oil, which was $67.50 per barrel on 10, $66.69 per barrel on 19, and $68.11 per barrel on 26.
• Like Delhi, Chennai and Mumbai, the diesel price also in Kolkata breached its multi-year highs this month since the unrefined oil’s demand increased substantially.
• Kolkata reported a 6.80% gain in the Retail Selling Price of diesel, which majorly includes the taxes, the commission for fuel suppliers, the total amount of expenses spent by Indian OMCs, etc.

Trend in Diesel Rate in Kolkata in February 2018

• The fuel was purchased at Rs.66.76 a litre on 1 and 2, Rs.66.74 per litre on 3 and 4, and Rs.66.79 a litre on 5. On 6 and 7, the fuel was valued the highest at Indian Oil at Rs.66.87 per litre.
• It clearly symbolises an increasing trend not because of the announcement of the Union Budget for the FY 2018-2019 on 1 but because of the sustained demand for crude oil from emerging nations including India.
• After the first week, the crude oil market was sluggish and the commodity started gradually losing its price in overseas markets. The exchange rate also showed a mixed reaction.
• During the second, third and fourth weeks, the rates of Brent Crude Oil and WTI Crude Oil have fallen reasonably, which in turn reduced the crude oil price (Indian Basket) to $63.54 per barrel this month.
• Eventually, the diesel price depreciated 2.90% to Rs.64.82 a litre (closing price), the third highest price for the month.
• Other Indian metro cities also reported a declining trend but the margin of fall minutely varies from city to city. It was 3.05% and 2.32% in Delhi and Chennai respectively. Conversely, in Kolkata, it was 2.90%.

Trend in Diesel Prices in Kolkata in March 2018

• Due to uninterrupted refinery activities in OPEC nations and the constant demand for the commodity, both WTI and Brent Crude have gained the price at the beginning of the month.
• HPCL, Indian Oil and BPCL, the Indian Oil Marketing Companies (OMCs), never reduced the fuel rate. For a few days, the offer was stable.
• To make it clear, an offer of Rs.65.7 per litre was extended on 6 and 7 and Rs.65.59 a litre on 13 and 14 correspondingly. For the remaining days, the price was hiked by the OMCs under the dynamic fuel pricing methodology.
• In this quarter, no production cuts and bad weather conditions were reported by OPEC countries. No changes were made with regard to the domestic taxes in Hyderabad as well.
• A prime reason behind a 3.23% shortfall in the price is a 0.40% upsurge in the cost of crude oil this month.
• The highest price for the quarter was divulged at Rs.67.09 a litre on 31 whereas the lowest rate stood at Rs.62.42 a litre on 1 January.