Diesel Price In Madhya Pradesh Today

Diesel price in Madhya Pradesh today is fixed by state-run oil marketing companies based the daily ‘Dynamic Fuel Pricing’ mechanism. Here, you can check the current diesel price in Madhya Pradesh, find today's diesel price as well as the quarterly price trend in Madhya Pradesh. New diesel prices in Madhya Pradesh are updated by oil firms daily at 6:00 am IST.

You can also find out how diesel prices in Madhya Pradesh are calculated and how prices are compared to other states. Additionally, find the current Madhya Pradesh diesel price and primary factors impacting diesel prices in India as well as the highest and lowest price recorded during a month.

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  • Today's Diesel Price ( 17 Oct 2019 )
    ₹ 72.68
    Current Diesel Price Per Liter
    Compare Diesel Price in Madhya Pradesh (Today & Yesterday)
    Today
    (17 Oct 2019)
    Yesterday
    (16 Oct 2019)
    Rate Change
    Diesel ( / litre) ₹ 72.68 ₹ 72.68 ₹ 0 ↑
    Diesel Price in Madhya Pradesh - Last 10 Days Data
    Date Diesel ( / litre)
    17 Oct 2019 ₹ 72.68
    16 Oct 2019 ₹ 72.68
    15 Oct 2019 ₹ 72.68
    14 Oct 2019 ₹ 72.73
    13 Oct 2019 ₹ 72.73
    12 Oct 2019 ₹ 72.73
    11 Oct 2019 ₹ 72.88
    10 Oct 2019 ₹ 73.04
    09 Oct 2019 ₹ 73.1
    08 Oct 2019 ₹ 73.1

    Diesel Rate Trend

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    Diesel Price in Madhya Pradesh

    Located in the heart of India, Madhya Pradesh is the second largest state in India. Diesel price in the state, which is a place for major cities such as Bhopal, Indore, Jabalpur, Ujjain, Gwalior, etc., is relatively high compared to other states because of various pricing components involved. In the month of April 2018, highest diesel price was recorded at Rs.80.18 while the lowest price was Rs.79.27.

    The fluctuation in diesel price is due to various national and international components that make-up diesel price. Having a basic idea about all such factors would help understand how diesel is priced in Madhya Pradesh and also in rest of the country.

    Listed below are the various elements involved in diesel pricing in India along with the factors that are contributing to fluctuating diesel prices.

    Components Involved in Diesel Pricing in Madhya Pradesh

    Diesel price in Madhya Pradesh, just like in any other Indian state, is made up of various domestic and international elements. All such elements are related to fuel extraction, refining, transportation and marketing and hence play a key role in bringing diesel from beneath the ground to the retail fuel stations.

    Crude oil exploration and extraction is typically done in other countries where fuel reserves are high. Though India also has some crude oil reserves, the production from all such reserves is not sufficient to cater the demand. Therefore, India imports over 70% of its crude oil requirements from other countries. Hence, the price at which the countries sell the crude oil to Indian oil companies becomes the major component of diesel price in Madhya Pradesh.

    The crude oil purchased by Indian companies is called Indian crude basket and the price of the basket varies with respect to international crude oil prices. Crude oil prices in the global market are dependent on various components including supply and demand, weather conditions, political stability, etc., in the oil producing nations. Whenever there is a sudden change in any of the factors listed about crude oil price will get affected and hence the price of Indian crude basket.

    Logistics charges also play a key role in diesel pricing in India. The fuel is transported from overseas location to Indian ports to oil refineries in the country and from there to respective retail diesel stations. Hence, all the charges involved in shipping the diesel through various means including ocean, rail or road thus factor in diesel pricing.

    Finally, the state and central government taxes, which form a major chunk in the diesel price, are another determining factors for diesel price in India. While the central government charges excise duty on diesel, the state governments charge value added tax (VAT) on every litre of diesel sold in their respective states.

    Currently, the central government charges an excise duty of Rs.15.33 per litre of diesel. The excise tax remains same across all the Indian states and so in Madhya Pradesh.

    Madhya Pradesh government collect VAT of 23.22% per litre of diesel which is second highest in the country. The reason why diesel rate in the state often touches Rs.80 is mainly because of high tax rates imposed on diesel. If there is a downward revision in the tax rates, the price of diesel in Madhya Pradesh may come down.

    Factors Affecting Diesel Price in Madhya Pradesh

    Once you understood the various elements that contribute to diesel pricing in India, it now becomes easy to understand the factors that affect the price on a daily basis.

    Of the various components involved in diesel pricing, international crude oil price and currency exchange rate are the two factors that affect the price on a daily basis. Let’s see how and why they show a constant impact.

    International crude oil price, as discussed earlier, is dependent on various other factors including demand and supply metrics, production output, weather conditions, political stability, etc., in the oil producing nations. Shortage in the supply of crude oil increases the price of crude oil whereas an increase in supply leads to decrease in the price. Further, the inventory maintained by Indian oil refining and marketing companies also influences the price of crude oil.

    Since India follows dynamic fuel pricing mechanism to calculate diesel price, the domestic base price of diesel will be aligned to international crude oil price on a daily basis. Thus even a slightest change in international crude oil price would impact the diesel price in India.

    Secondly, as Indian oil companies import crude oil quoted in US dollars, rupee to dollar exchange rate, which again changes dynamically, is another major factor that affects diesel rate in Madhya Pradesh on a daily basis.

    Besides the aforementioned factors, any change in transportation charges, diesel dealer’s commission, state and central government taxes, profit margins of oil marketing companies, would affect diesel price in Madhya Pradesh as and when they are revised.

    Daily Revision of Diesel Price in Madhya Pradesh

    Ever since the dynamic pricing model was implemented in India, diesel price in Madhya Pradesh and in rest of Indian states, are being updated on a daily basis. Dynamic pricing model is a popular pricing mechanism followed in most advanced countries to compute fuel prices. The pricing model considers the elements that dynamically change on a daily basis like the Indian crude basket price and currency exchange rate and computes the diesel price in India.

    By implementing dynamic fuel pricing, the government of India aims to pass even the slightest change in international oil prices to the end customer and the diesel dealers immediately. Further, the move brings more transparency in diesel pricing and is expected to reduce the impact of fluctuating oil prices on the working capital of dealers and companies.

    Also Check Diesel Price in NearBy Cities of Madhya Pradesh

    *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 Madhya Pradesh

    • Diesel Prices Reduced for the Second Consecutive Day

      State-controlled Oil Marketing Companies (OMCs) reduced diesel prices today for the second consecutive day across major metro cities, while petrol prices were kept unchanged. After the revision, diesel prices declined by 6 to 11 paise per litre. In Delhi, petrol is being sold at Rs.72.90 per litre, while diesel is being retailed at Rs.66.24 per litre, down by 10 paise compared to yesterday’s price of Rs.66.34 a litre. It may be noted that OMCs cut diesel prices by 11 to 16 paise yesterday but chose to keep petrol prices unchanged. Also, the fuel station price in Delhi are the cheapest among major metros and some state capitals due to lower sales tax. In Mumbai, petrol is available at Rs.78.52 per litre and diesel is available at Rs.69.43 per litre, down by 10 paise. In Kolkata, petrol costs Rs.75.12 per litre, no change compared to yesterday’s rate. Diesel in Kolkata costs Rs.68.31 per litre, down by 6 paise compared to yesterday’s price of Rs.70.07 a litre. In Chennai, petrol costs Rs.75.70 per litre, no revision compared to the previous day’s price, while diesel costs Rs.69.96 per litre, down by 11 paise as against yesterday’s price of Rs.70.07 a litre. In Gurugram and Noida, petrol is being sold at Rs.72.75 and Rs.72.23 per litre, respectively, while diesel is being sold at Rs.65.52 per litre, down by 9 paise, while in Noida, diesel costs Rs.65.34 per litre, down by 8 paise.

      Fuel prices are proportional to crude oil prices in the global market. On Friday, crude oil prices in the international market inclined as US oil producers in the Gulf of Mexico was down by more than half their production amid a tropical storm. International benchmark, Brent crude futures were trading at $66.81 per barrel, inclining by 29 cents or 0.4%, compared to their previous settlement.

      15 July 2019

    • Indian Rupee Down Due to Rise in Crude Oil Prices

      The Indian currency fell against the US dollar due to the rise in crude oil prices and persistent purchases of the US dollar by importers to meet month-end payment obligations. The rupee ended at 69.6900 against the US dollar at close on Monday. International benchmark, Brent crude oil prices on the Intercontinental Exchange inclined by over 2% overnight and stayed above $70 per barrel during the day amid supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) as well as due to the geopolitical tensions in West Asia. The incline in crude oil prices dented the sentiment of the Indian currency and influenced banks to cover their short bets on the US dollar.

      13 June 2019

    • Diesel Prices Witness a Hike of 15-16 paise per litre

      With the Lok Sabha elections coming to an end on Sunday, Oil Marketing Companies has started increasing the rates of diesel in the country. On Monday, the rates were hiked by 15-16 paise per litre following the daily revision. In the national capital of the country every litre of diesel was retailed for Rs.66.11 while in Mumbai, the financial capital a litre of diesel cost Rs.69.27. In Kolkata and Chennai, the rates charged for a litre of diesel were Rs.67.86 and Rs.69.88 respectively.

      The jump in the prices of diesel was accounted to a rise in the prices of crude oil in the international oil market after oil producing countries agreed to continue limiting supplies. In the international oil market crude prices surged by 1%. The futures of Brent crude oil witnessed a surge of 77 cents or 1.1% since the last close to be trading at $72.98 per barrel. It needs to be mentioned here that the rates of fuel in the country are dependent on international oil prices and the value of rupee against the US dollar as the country imports almost 80% of its total crude requirements.

      21 May 2019

    • Rise in Brent Crude Oil Prices Depreciates the Rupee

      The over 1.5% rise in the international benchmark Brent Crude oil futures and persistent purchases of the US dollar prompted the rupee to end lower against the dollar. The Indian currency closed at 70.79 a dollar as compared to 70.70 a dollar on Tuesday. During the intraday trading, the rupee moved between a high of 70.39 and low of 79.87. Since India imports more than 80% of crude, any incline in oil prices reduces the outlook on the country’s external balances, which in turn impacts the rupee. The Indian currency opened higher with a gap of 22 paise a dollar amid increased purchases of riskier assets on hopes that the latest Us-China tariff talks would improve the situation between the two nations. The US administration on Tuesday said that they could extend the 1 March 2019 deadline to agree on a trade deal with China. The Trump administration is looking to raise from the current 10% tariff on Chinese imports to 25% of the two nations fail to reach a consensus before the deadline. In the domestic market, India’s Consumer Index-based inflation declined to a 19-month low of 2.05% in January from 2.11% in December 2018 and as compared to the market expectation of 2.5% incline. These two factors prompted the rupee to appreciate to the day’s high of 70.39 a dollar.

      19 February 2019

    • Fuel rates produced a new rise, petrol price is over Rs.76 a litre in Mumbai

      Diesel and diesel rates continued to rise in Delhi on Thursday. Petrol rate in New Delhi increased 14 paise per litre to Rs.70.47 a litre. Diesel price is up 19 paise per litre to Rs.64.78 a litre. Petrol rates in Mumbai increased 14 paise per litre to Rs.76.11 a litre. A litre of diesel is retailing at a price of Rs.67.82 in the financial capital following a rise of 20 paise per litre. The price of petrol was Rs.70.33 a litre and the price of diesel was Rs.64.59 a litre respectively in the national capital. Diesel price fell by 13 paise per litre in Mumbai to Rs.67.62 a litre.

      18 January 2019

    • Another drop in the price of fuels

      The prices of fuel have dropped once more on Monday. So, in Delhi, after a drop of Rs.0.17 and Rs.0.15 in the prices of petrol and diesel respectively, the revised price of per litre of petrol is Rs.77.56 and that of diesel is Rs.72.31. Mumbai also witnessed a drop of Rs.0.17 in petrol and Rs.0.16 in diesel and the new prices for petrol and diesel are Rs.83.07 per litre and Rs.75.76 per litre respectively.

      After the relentless hike in the prices of fuel in the past few months, the consecutive drops have been a big relief for the masses. Earlier, to curb the skyrocketing prices, the central government had reduced the excise duty on per litre of fuel by Rs.1.50. The government also asked the state-owned oil marketing organisations to drop the prices of the fuels by Re.1 a litre.

      13 November 2018

    • Reasons for a Hike in Crude Oil Prices

      On Tuesday, the prices of crude oil have reached to a new high. Brent crude, which is the overseas standard for petroleum, was seen retailing $82.20 a barrel. It has been interpreted by the market analysts that the prediction of the restricted distribution of crude oil in the global market influenced the price of crude oil to move further. These are the important points to note on the hike in crude oil prices:

        • The United States of America has levied the sanctions on the import of crude oil from Iran. These sanctions shall be applicable from 4 November 2018.

        • Russia and the Organisation of the Petroleum Exporting Countries have been asked by the administration of the United States of America to accelerate crude oil in order to recover the anticipated decrease in the export from Iran.

        • Crude oil prices are anticipated to stay under pressure.

        • The investors in oil shall closely monitor the sanction of US crude information in the future.

        • Gaurav Katariya, who is the head of research at Arihant Capital Markets, said, “The recent stage of bull rally has turned to be unwary.

        • Abhishek Bansal, who is the chairman and founder of ABans Group of Companies, said, “The prices of Brent crude are comprehended to stay higher.”

        • It has been reported by Reuters that petroleum rates shall climb up to $100 per barrel by 2018.

        • The demand for petroleum is anticipated to grow up to 40 million barrels a day in the year 2040.

      1 October 2018

    • UP Leader and BSP President Mayawati Blames Congress for Fuel Price Hike

      Fuel prices have been on the rise for more than two week with the rising crude oil prices and the falling rupee adding to the commotion. The opposition have been at it, blaming the Narendra Modi led NDA government as the culprit behind the hike, however, there’s a twist in the tale.

      According to a report, the Bahujan Samajwadi Party President Mayawati has come out and blamed Congress for the recent fuel hikes seen in India.

      She further held both BJP and Congress responsible for the price hikes. However, a Congress worker was reported saying that such statements when the 2019 elections are nearing undermines the partnership most of the opposition parties are trying to build.

      A senior congress leader also said that Mayawati’s statements should be viewed through the prism of the upcoming Rajasthan Assembly Elections, where she is vying for more seats for her party. The leader further stated that all the intricacies of the grand alliance would be worked way ahead of all the state assembly elections and that one individual should not diss the party when something like this is in the works.

      17 September 2018

    • Petrol and Diesel Rates Hiked Again

      State-owned Oil Marketing Companies (OMCs) hiked petrol and diesel rates again on Thursday in the country. The rates of petrol and diesel touched a new record high on Thursday with Mumbai consumers paying the highest among the four major metro cities. Petrol costs Rs.86.91 per litre, while diesel costs Rs.75.96 a litre in Mumbai. In Delhi, petrol is available at Rs.79.51 per litre, while diesel is available at Rs.71.55 a litre. In Kolkata, the cost of petrol is Rs.82.41 per litre, while diesel costs Rs.74.40 a litre. Similarly, in Chennai petrol is available at Rs.82.60 and diesel costs Rs.75.61 a litre. Petrol and diesel rates are revised on a daily basis under the dynamic fuel pricing mechanism based on the global crude oil price and the exchange rate of the US dollar over rupee. New rates are effective from 6:00 am on Thursday.

      11 September 2018

    • Why Reserve Bank of India makes Money More Expensive

      The Reserve Bank of India, which is also called as the Central Bank of India, has increased the repo rate, which is the rate at which the RBl lends money to other banks, from 6.25% to 6.50%. The bank also has increased the reverse repo rate, which is the rate at which the bank borrows money from other banks, to 6.25%. The repo rate has been increased twice under the BJP Government.

      The income of agriculturists will increase because of good monsoon and a government-guaranteed rate for crops. Inflation will increase as a result. Both diesel and petrol prices are still higher and they can increase inflation. The Gross Domestic Product (GDP) has been expected to grow by 7.4% this year. It is an indication of a stronger economy.

      The Indian currency depreciated against the USD amid Asian currencies in the recent past. Higher interest rates will attract overseas capital and therefore, the INR will bounce back against the USD. Bank loans will become costlier for the common public. Since banking institutions are likely to hike the interest rates on deposits, the depositors will gain.

      6 August 2018

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