Diesel Price In Maharashtra Today

Daily Diesel Rates
Date Diesel ( / liter)
15 Dec 2018 ₹ 67.55
14 Dec 2018 ₹ 67.55
13 Dec 2018 ₹ 67.64
12 Dec 2018 ₹ 67.64
11 Dec 2018 ₹ 67.64
10 Dec 2018 ₹ 67.86
09 Dec 2018 ₹ 68.64
08 Dec 2018 ₹ 68.64
07 Dec 2018 ₹ 68.64
06 Dec 2018 ₹ 69.07

Diesel Price in Maharashtra

Maharashtra is the third largest state (in terms of area) and the second most populous state in India.

It is also the wealthiest state in  the country with its economy majorly driven by industrial output. The state contributes about one fourth of India’s industrial output and more than 23% of the GDP.

Maharashtra has a huge multi-modal transportation system. The road transportation in the state is operated by the Maharashtra State Road Transport Corporation (MSRTC), which provides economical public road transport service. The state-run buses called State Transport (ST) are the preferred mode of transport for most of the people residing in various cities and districts in the state. Private transport in the state is composed of taxis, auto rickshaws and private vehicles.

Also Check: Diesel Price in Mumbai

With more population depending on road transportation and people in major cities such as Mumbai, Pune, Nagpur using private vehicles for their day-to-day use, the demand for diesel in Maharashtra is likely to be high.

Discussed below are the various factors that affect diesel rate in the state, the taxes levied by state and central governments on diesel, the daily revision of diesel prices in Maharashtra and other interesting facts about the fuel.

Factors Affecting Diesel Rate in Maharashtra

Diesel price in Maharashtra, just like in other Indian states, fluctuates on a daily basis. There are many components that factor into diesel pricing in India. While few of them affect diesel cost on a daily basis, others affect it once in a while.

Factors that affect diesel price on a daily basis are the international crude oil prices and the US dollar to Indian rupee currency exchange rate.

India imports 70% of its oil requirements from other countries. Hence, diesel prices in India are directly linked to the global crude oil prices. As the crude oil prices are volatile in nature and change every day, diesel prices in India are updated accordingly.

The second factor that impacts diesel price on daily basis is the currency exchange rate. As crude oil trade usually happens in US dollars, the daily fluctuating dollar value impacts diesel price.

Besides the daily impacting components, there are these other components such as the state and central government taxes, marketing costs, transportation costs, dealer’s margins and commission and other operating costs that are factored into diesel pricing.

Among others, state level taxes affect the diesel price in Maharashtra. All the 29 states in India levy value added tax (VAT) on diesel. The tax rate varies from each states as the respective governments are free to decide the taxes. Hence, the tax levied by Maharashtra government makes the diesel price in the state different from other states.

Similar to state government, the central government also levies tax on diesel, called excise duty. The excise duty on diesel remains same across the states. Any revision in the tax would affect the diesel prices in all the states. The recent cut in the excise duty on petrol and diesel in October 2017, is one such move that affected the diesel prices in all the Indian states.

Other factors that marginally impact the diesel price include the profit margins, commission and other operating charges. Though these charges are relatively low, any revision in these may also impact the diesel price.

Quarterly Diesel Price Trend in Maharashtra between July and September 2018

July August September
Opening date price Rs.71.49 a litre Rs.72.00 a litre Rs.74.76 a litre
Closing date price Rs.72.04 a litre Rs.74.59 a litre Rs.79.40 a litre
Highest price Rs.72.80 a litre recorded on the 14th Rs.74.59 a litre recorded on the 31st Rs.79.40 a litre recorded on the 30th
Lowest Price Rs.71.49 a litre recorded on the 1st Rs.72.00 a litre recorded on the 1st Rs.74.76 a litre recorded on the 1st
Trend Upward Upward Upward
% Change +0.77% +3.60% +6.21%

Diesel Price Trend in Maharashtra in July 2018

  • Under the dynamic fuel pricing mechanism, State-owned oil companies revise diesel prices on a daily basis.
  • The retail price of diesel in Maharashtra and other states are based on the global crude oil price and the exchange rate of the Indian currency over the U.S. dollar.
  • Diesel and petrol prices are the highest in Mumbai due to higher local sales tax or VAT among all four major metro cities in the country.
  • On the basis of daily revision, the diesel price in Mumbai, the capital city of Maharashtra, on the 1st of July it stood at Rs.71.49 per litre. This was also the lowest price recorded during the month.
  • Prices continued to soar in the first and second weeks in Maharashtra to touch the highest rate for the month at Rs.72.80 per litre on the 14th.
  • The increase in diesel prices was felt across the country even as the crude oil rate moved upwards due to geopolitical tensions between the U.S. and Iran even as the former pulled out of the nuclear deal between the two nations.
  • Despite the decline in diesel prices towards the end of the month, the price never came below the opening price of the month.
  • On the last day of the month, the diesel price in Maharashtra stood at Rs.72.04 per litre, an increase of 55 paise as against the opening price.
  • The diesel price trend in Maharashtra in July grew by 0.77% attributed to the increase in oil prices in the global market.

Diesel Price Trend in Maharashtra in August 2018

  • Continuing the daily revision in diesel prices, State-run oil companies revised the diesel price in Maharashtra on the 1st of August. A litre of diesel was sold at Rs.72.00 in Mumbai, this was also the lowest price registered during the month.
  • The increase in diesel prices continued during the course of the first and second week of the month in the back of an incline in crude oil rates.
  • Due to geopolitical tensions between the U.S. and Iran, after the former pulled out of the nuclear deal between the two nations, there were apprehensions of a possible shortage in oil supply leading to the rise in oil prices in the global market.
  • Several states including Rajasthan, West Bengal and Andhra Pradesh cut state-levied taxes on petrol and diesel; however, there was no respite for consumers in Maharashtra.
  • By the end of the month, the diesel price in Maharashtra stood at Rs.74.59 per litre, which is also the highest rate recorded during the month.
  • Overall, the diesel price trend in Maharashtra during August inclined sharply by 3.60% influenced by the significant rise in oil prices in the international market.

Diesel Price Trend in Maharashtra in September 2018

  • On the 1st of September, a litre of diesel was sold at Rs.74.76 per litre in Maharashtra, this was also the lowest diesel price recorded during the month.
  • Diesel prices in Maharashtra during the first and second week continued to incline with no signs of a reduction.
  • Apart from the rising oil prices in the global market, the rupee fell to its lowest when it breached the Rs.72 mark against the US dollar.
  • Influenced by the significant rise in crude oil prices and the sharp fall in the exchange rate of the rupee, diesel prices began touching record levels in the month.
  • Prices were hiked relentlessly over the course of the month and by the end of the month, a litre of diesel was sold at Rs.79.40 in Maharashtra. This was also the highest diesel prices registered in the month.
  • The global crude oil price rose to a four-year high trading at $80 per barrel in the international market influenced by geopolitical tensions.
  • During the month of September, the diesel price trend was upward with an incline of 6.21%, impacted primarily by the steep increase in oil rates coupled with the record decline in the exchange rate of rupee over the U.S. dollar.

Quarterly Diesel Price Trend in Maharashtra Between April and June 2018

April May June
Opening date price Rs.68.77 a litre Rs.70.20 a litre Rs.73.71 a litre
Closing date price Rs.70.20 a litre Rs.73.76 a litre Rs.71.49 a litre
Highest price Rs.70.24 a litre registered on 24th Rs.73.83 a litre registered on 29th Rs.73.71 a litre registered on 1st
Lowest price Rs.68.77 a litre registered on 1st Rs.70.20 a litre registered on 1st, 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th and 11th Rs.71.49 a litre registered on 29th and 30th
Trend Upward Upward Downward
%Change +2.08% +5.07% -3.02%

Diesel Price Trend in Maharashtra in April 2018

  • The diesel price on 1 April 2018 in Mumbai, the capital of Maharashtra, stood at Rs.68.77 per litre - the lowest price for the month.
  • During the first week, diesel prices in Maharashtra remained steady with a slight decrease in the price owing to the marginal decline in crude oil rates.
  • State-owned oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise diesel prices under the ‘Dynamic Fuel Pricing’ mechanism.
  • Under this pricing method, fuel companies include the preceding day’s crude oil price and the currency exchange value of the US dollar to arrive at the Retail Selling Price (RSP) of diesel.
  • However, diesel prices inclined during the second and third week as the global crude oil price increased marginally.
  • With crude oil rates rising, diesel prices increased to post its highest price of the month at Rs.70.24 per litre recorded on 24 April 2018.
  • Overall, the diesel price trend in Maharashtra reflected an upward trend of 2.08% influenced by the rise in the global crude oil price.

Diesel Price Trend in Maharashtra in May 2018

  • On 1 May 2018, the diesel price in Maharashtra stood the same as the previous day recorded at Rs.70.20 per litre. This price continued till the 11 May 2018, which was also the lowest price of the month
  • Post 11 May 2018, fuel companies raised the diesel price in tandem with the rise in crude oil rate.
  • Fuel companies include the excise duty levied by the Centre and the Value Added Tax imposed by the respective State to the final selling price of diesel. Both the rates remained untouched, hence, the incline in diesel prices is solely attributed to the increase in crude oil rates.
  • Other domestic factors such as fuel company’s operational costs and commission to dealers were untouched as well.
  • By the end of the month, diesel prices touched a new high to stand at Rs.73.83 per litre in the State largely due to the significant rise in crude oil rates.
  • The considerable rise in crude oil rates is largely due to geopolitical tensions of a potential trade war between the US and China.
  • The diesel price trend in May in Maharashtra reflected an upward trend of 5.07% largely due to the incline in oil prices in the global market.

Diesel Price Trend in Maharashtra in June 2018

  • With the decline in geopolitical tensions between the US and China, crude oil rates began to decline and on 1 June 2018, the diesel price in Maharashtra stood at Rs.73.71 per litre - the highest diesel price for the month.
  • Despite a decline in crude oil rates, the prices were significantly higher compared to the previous year. The Organisation of Petroleum Exporting Countries (OPEC) and its key ally Russia decided to meet on 22 June 2018 to address concerns over higher fuel prices across the globe.
  • By 20 June 2018, diesel prices fell by Rs.1.58 per litre in tandem with the oil price.
  • The OPEC and Russia agreed to increase production of crude oil to reduce the impact of higher fuel prices.
  • By the end of June, diesel prices in Maharashtra decreased to record its lowest rate for the month at Rs.71.49 per litre on 29 and 30 June 2018.
  • Overall, the diesel price trend in Maharashtra in June 2018 reflected a downward trend of 3.02% as OPEC and Russia agreed to increase the output which led to the fall in crude oil rates.

Trend in Diesel Price in Maharashtra between January and March 2018

January February March
Opening date price Rs.63.43 per litre Rs.68.25 per litre Rs.66.35 per litre
Closing date price Rs.68.15 per litre Rs.66.17 per litre Rs.68.58 per litre
Highest price Rs.68.15 per litre registered on 31st Rs.68.37 per litre booked on 6 and 7 Rs.68.58 per litre booked on 31st
Lowest price Rs.63.43 per litre registered on 1st Rs.66.17 per litre booked on 1 Rs.66.35 per litre booked on 1st
Trend Upward Downward Upward
% Deviation +7.44% -3.04% +3.36%
Diesel Price Trend in Maharashtra

Trend in Diesel Price in Maharashtra in January 2018

  • At BPCL, HPCL and IOCL, the fuel was valued at Rs.63.43 per litre in Mumbai, the capital city of Maharashtra, and Rs.62.35 per litre in Pune, the second largest city in Maharashtra on 1st.
  • A price difference of Rs.1.08 per litre is observed between these two cities because of the Value-added Tax, which was charged at 24.86% in Mumbai and 21.97% in Pune.
  • In January, the fuel price was neither constant nor decreased. As per dynamic fuel pricing, it continually accrued the price until the last day of the month. It is pretty interesting to notice.
  • On 15th, the diesel rate in Mumbai soared 3.64% to Rs.65.74 a litre. Conversely, it increased 3.73% to Rs.64.68 per litre on the same date. This upsurge was promoted by a steep increase in crude oil rates in overseas markets.
  • The overall growth rates were 7.44% and 7.50% in the capital city and Pune respectively in this month. This move was caused by a denigrated dollar and also the increased price of unrefined oil.
  • All the three fuel entities reported the highest rate to be Rs.68.15 per litre on 31st and the lowest rate to be Rs.63.43 per litre on 1 in Mumbai.
  • Likewise, in Pune, the lowest price was noted at Rs.62.35 per litre on 1st and the highest price at Rs.67.03 per litre on 31st.

Trend in Diesel Rate in Maharashtra in February 2018

  • Under the dynamic fuel pricing framework, the fuel was valued at Rs.68.25 per litre and Rs.67.15 per litre in Mumbai and Pune respectively on 1st. The revision of the fuel rate was not affected by the Central Government’s budget.
  • On a weekly basis, crude oil costs have fallen significantly. Due to which, the weekly revisions have reported a stable downfall in the diesel price.
  • For instance, at the end of the week 2, the fuel rates were down 1.91% to Rs.67.6 per litre; 1.87% to Rs.66.33 per litre at the end of the week 3, and 0.24% to Rs.66.17 per litre at the end of the week 4 in Mumbai.
  • Similarly, in Pune, the diesel rates have fallen 1.11% to Rs.66.51 per litre at the end of the week 2, 1.86% to Rs.65.27 per litre at the end of the week 3; and 0.24% to Rs.65.11 per litre at the end of the last week.
  • In the capital city, at HPCL, Indian Oil and BPCL, the highest rate was logged at Rs.68.37 per litre on 31st. Conversely, the lowest price offer was booked at Rs.68.25 per litre on 1st.
  • A 3.4 downfall was noted in Mumbai whereas in Pune it was 3.03%. No other factors should be blamed for the downfall in diesel price except the changes in the price of unrefined oil.

Trend in Diesel Price in Maharashtra in March 2018

  • In sync with the INR/USD exchange rate and the rate of crude oil (Indian Basket), the opening date price was declared at Rs.66.35 per litre in Mumbai.
  • The USD was depreciated to Rs.64.89 against the local currency on 7th and Rs.64.85 on 14th. Unrefined oil also gained a reasonable amount of demand during the first and second weeks.
  • Therefore, diesel slowly recovered its price to Rs.67.10 per litre during the first week, Rs.66.89 per litre on 14th, Rs.67.01 per litre on 22nd, and Rs.68.58 per litre on 31st in the city of Mumbai.
  • In Pune also, the fuel price jumped to Rs.65.95 per litre, Rs.65.84 per litre, Rs.65.79 per litre and Rs.66.79 per litre on 7th, 14th, 21st and 28th.
  • According to official sources, the fuel rates have increased by 3.36% in Pune and Mumbai this month. For the whole quarter, at Rs.68.58 per litre, the highest price was observed in March and the lowest rate at Rs.66.43 per litre in January.
  • Both the VAT and the excise duty were retained unaffected between January 2018 and March 2018.

State Taxes and Diesel Price in Maharashtra

As discussed earlier, state taxes form a major portion of diesel price in Maharashtra. Currently, the state government levies 28.41% VAT on a litre of diesel in Mumbai, Navi Mumbai, and Thane and in rest of the state it charges 25.38%.

How often Diesel Price are Revised in Maharashtra

Diesel prices in Maharashtra, similar to rest of the states, are being revised on a daily basis. The daily revision of diesel prices was introduced in June 2017 to bring transparency in the fuel pricing in India.

Also called dynamic fuel pricing, the method aligns the diesel prices in the country to the international crude prices and currency exchange rate. As both the components change on a daily basis, diesel pricing will be revised every day. The new pricing passes even the slightest change in the international crude prices and the currency rates to the end customer immediately. The resultant price change will be in manageable currency limits unlike the previous fortnightly revision which used to give high price shocks to the customers.

Ever since dynamic fuel pricing was implemented all the petrol pumps across the state have been updating the diesel prices every day by 6 a.m. While the automated fuel stations are controlled centrally and are receiving an auto update of revised diesel price, the non-automated petrol pumps are doing it manually.

Customers can find the revised diesel prices on the respective websites of the oil companies. For petrol pump specific rate, they have to send an SMS with dealer code to a designated number. Dealer codes are available at the petrol pumps.

Effect of GST on Maharashtra Diesel Price

GST or the goods and services tax was introduced in India in July 2017 to make the taxew uniform across all the Indian states. Following the implementation of the GST regime, the prices of many of the products and services got affected both positively and negatively. However, the price diesel remain unchanged as diesel along with other fuels is currently kept outside GST. Meaning, the commodities are still being taxed as per the old tax regime, where state and central government levy various taxes.

Therefore, the effect of GST on the diesel price in Maharashtra and elsewhere in India is zero.

If at all it is brought under GST, diesel price would see a significant change in Maharashtra as the highest tax rate under GST is 28%, which is way lesser than the total taxes currently being charged on diesel.

Diesel Rate versus Petrol Rate in Maharashtra

Diesel in Maharashtra is cheaper than petrol because of the tax component involved in the pricing. Just like in any other Indian state, the state and central taxes levied on diesel are lesser than that of petrol, hence once could find the difference in the retail selling price of both of commodities.

The Maharashtra government currently charges 47.94% VAT on a litre of petrol in Mumbai, Thane and Navi Mumbai and in rest of the state it charges 46.81%. The VAT on diesel is 28.41% in the three cities, while it is 25.38% in the rest of the state. The huge difference in the tax rate results in the price difference of petrol and diesel.

Also Check Diesel Price in NearBy Cities of Maharashtra

Diesel Price In Mumbai Diesel Price In Pune Diesel Price In Nagpur
Diesel Price In Kolhapur Diesel Price In Aurangabad Diesel Price In Thane
Diesel Price In Nashik Diesel Price In Solapur Diesel Price In Amravati

*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 Maharashtra

  • Diesel Prices Continued to Slash on Sunday, 9 December 2018

    Fuel prices continued to slash on Sunday, 9 December 2018. While diesel rates across major cities in India were declined by 22 paise per litre, petrol rates were down by 15-20 paise per litre respectively. The revised diesel price per litre stood at Rs.65.09 in the capital city of India, Delhi. In Mumbai, the financial capital of India, the rate of diesel fell to Rs.68.10 per litre from Rs.68.32 per litre respectively on Sunday.

    Similarly, diesel prices dropped to Rs.66.82 a litre in Kolkata, the capital city of West Bengal and Rs.68.70 a litre in Chennai, the capital city of Tamil Nadu. The prices of crude oil, also called unrefined oil, have fallen by 30% since the first week of October. The prices of Brent crude oil futures dropped lower than $60 a barrel on Friday, 7 December 2018 early in Asian trade.

    10 December 2018

  • Petrol and Diesel Rates Cut for the Fourth Consecutive Day

    Petrol and diesel rates were cut for the fourth consecutive day by State-owned oil companies across four major metro cities in the country. The cut in fuel prices comes amidst softening of the global crude oil prices offering some relief to consumers after relentless hikes in the last two months. While petrol prices were cut by 25 paise per litre, diesel prices were down by 17 paise per litre as per the rate notification of State-run oil companies. With the revision, petrol costs Rs.81.74 per litre in Delhi, while diesel is available at Rs.75.19 a litre. In Mumbai, petrol is being sold at Rs.87.21 a litre, while diesel costs Rs.78.82. In four days, the price of petrol has been cut by Rs.1.09 a litre, while diesel saw a decrease of 50 paise. The decline in fuel prices is attributed to the softening of crude oil prices in the global market, which is trading at the lowest level in a month on a better-than-expected increase in Amercian stockpiles. Benchmark Brent Crude is trading at $79.78 per barrel. It had touched a four-high of $86.74 a barrel earlier this month which prompted fuel prices to touch new highs in the country.

    22 October 2018

  • Crude Oil Imports into India Likely to be Cut as Forecasts Hit $100 per Barrel.

    Crude oil prices have been rising for the last few weeks as demand has been rising while supply lines are dwindling to its lowest levels. As per reports, the crude output from Venezuela has reached one of its lowest levels, which has been a major reason for the surge in crude prices. Another reason is the United States sanction on OPEC member Iran, which is affecting oil prices.

    At present, crude prices are hovering around the $70 per barrel mark with several analysts predicting prices to go up to $100 per barrel or more once the sanctions on Iran takes place in full force in late October.

    This is concerning news for India, which imports over 80% of its crude oil into the country, with the majority coming from Iran. Indian fuel prices have already breached the Rs.90 mark in most cities and the sanctions are likely to affect fuel prices further in the country.

    Chairman of the Indian Oil Corporation spoke about a meeting a few weeks ago and said that the country is likely to cut crude imports sooner rather than later so that it doesn’t have to pay the rising crude prices. He further said that the government is looking at various options to solve the issue and is also considering using oil from inventories.

    Many are terming this move risky as refiners will have to import oil on a later date and there is no way around that. Analysts have said that if they shy away from imports now, they may have to pay more later. The entire ordeal has turned into a headache for the NDA government, which is expecting to come into power the next year as well, as the Lok Sabha elections are just over 6 months away.

    1 October 2018

  • The State Government of Karnataka cuts Diesel and Petrol Prices by Rs.2 per litre

    Chief Minister of Karnataka, H D Kumaraswamy, on Monday, 17 September 2018, declared that his government is going to decrease diesel and petrol prices by Rs.2 per litre. The Karnataka Government decided to reduce fuel prices in response to the Bharat Bandh called by the Congress Party and 21 local parties on 10 September 2018. Petrol rates breached the Rs.90 mark in 11 cities in the state of Maharashtra, which has the highest fuel prices. Sales taxes levied by Andaman and Nicobar are the lowest and therefore, fuel rates are the lowest.

    The Chief Minister of Karnataka in Kalburgi said, “Fuel prices are increasing every day and the people of Karnataka felt that the Government of Karnataka can consider reducing the sales tax. I would like to announce that our government decided to cut the prices of diesel and petrol by Rs.2 per litre. With this initiative, we can give some relief to the people of the state. The Government of Rajasthan had announced a tax reduction on diesel and petrol and the State Government of Andhra Pradesh had also announced a cut in taxes.”

    19 September 2018

  • Petrol, Diesel Prices Rising by the Day at all-time High Levels

    On Friday, the 7th of September, fuel prices hit the highest levels ever recorded in the country and continued on the every day all-time high trend seen over the last few days.

    In Mumbai, petrol was priced at Rs.87.39 per litre while diesel was priced at Rs.76.51 per litre, the highest ever in India and the highest of all major metro and non-metro cities in the country. In the national capital, Delhi, Petrol was priced at Rs.79.99 per litre, while diesel was priced at Rs.72.07, both at their highest levels in the city with no end seen for a fall or halt in prices.

    Chennai saw petrol sell at Rs.83.14 per litre while diesel was selling at Rs.76.18 per litre. In West Bengal’s capital, Kolkata, petrol sold at Rs.82.88 per litre, while diesel retailed at Rs.74.92 per litre.

    This comes after the Oil Manufacturing companies decided to hike prices ahead of a rising crude oil price globally, amidst a decreasing supply. India, being an importer of crude oil is having to pay more for the oil as the rupee has fallen to an all-time low level.

    11 September 2018

  • A new Emerging Market for United States America (USA) Crude Oil Exports

    On 19 June 2018, in the Gulf of Mexico, the VLCC Tianjin left the Corpus Christi lightering zone with 2.1 million barrels of Midland WTI and US WTI unrefined oil on board. At Reliance’s Jamnagar refinery in India, the VLCC unloaded its cargo, niggling in prior to the completion of the month of July in order to remark a month of transfers of US barrels to the country.

    Irrespective of this breakthrough, China extends to retain the layer as one of the leading Asian places for United States (US) crude. The scenario may change with the increasing probability of forthcoming taxes. According to a projection, in the month of August, India will import as much as US crude since the appetite for light sweet US crude upsurges in India.

    As far as India is concerned, aspects seem definitely more blushing. In the month of August, according to a projection made by ClipperData, the receipt of US crude in India must be very close to the present pace of 250,000 bpd in China. Since United States barrels seem for a fresh home in Asia, India is considered to be an ideal place.

    6 August 2018

  • Petrol and Diesel Prices Hiked for the Fifth Consecutive Day

    Petrol and diesel prices were hiked for the fifth consecutive day in all four metros on Monday. As per India’s leading oil company Indian Oil, petrol is being sold at Rs.76.36 per litre in New Delhi, while in Mumbai, Kolkata and Chennai, petrol is being sold at Rs.83.75, Rs.79.25 and Rs.79.03 respectively. Likewise, diesel prices were hiked with the fuel being sold at Rs.68.07 per litre in New Delhi, Rs.72.23 in Mumbai, Rs.70.62 in Kolkata, Rs.71.85 in Chennai. The new rates are effective from 6:00 a.m. on 9 July 2018. Petrol and diesel prices are revised daily under the ‘Dynamic Fuel Pricing’ mechanism by State-run oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum. While fuel prices declined after it touched a record high on 29 May 2018, it has started to incline again as tensions over US sanctions on Iran after the former pulled out of the nuclear deal between the two nations.

    11 July 2018

  • Diesel Prices Remain Steady for the Second Consecutive Day

    Diesel prices remained steady for the second straight day. Diesel is sold at Rs.67.38 per litre in Delhi, Rs.69.93 in Kolkata, Rs.71.52 in Mumbai and Rs.71.12 a litre in Chennai. The diesel price will be effective from 6 a.m. today. Fuel prices were last revised on 26 June 2018, when diesel prices were reduced in the range of 10 to 12 paise per litre. Diesel and petrol prices have been on a downward trajectory since 30 May 2018. As of now, diesel prices have been cut by Rs.1.93 a litre since 29 May when the fuel price touched an all-time high of Rs.69.31 per litre. Global crude oil prices have moderately reduced thereby reducing the cost of diesel and petrol in the market. Diesel prices are revised on a daily basis under the ‘Dynamic Fuel Pricing’ mechanism.

    28 June 2018

  • Finance Minister Urges the People in India to Pay Tax Arrears

    The Indian Finance Minister has advised the people of India to pay their tax promptly so that the government has less dependence on fuels. He said that the salaried professionals have to improve the record of their tax payments. He has appealed opinion makers and the leaders of political parties not to project the class of non-oil tax. For taxation, if taxpayers start paying taxes promptly, the government’s dependency on crude oil products will be lessened.

    The tax Gross Domestic Product ratio under the BJP Government has increased from 10% to 11.5%. Almost 50% of Gross Domestic Product shall account for an increase in non-oil ratio. Since the year 2007-2008, the highest level of non-oil taxes to Gross Domestic Product. In 2007-2008, our revenues were boosted by a floating overseas atmosphere. As far as financial farsightedness, we have created a very strong repute. Indiscipline financial behaviors may force the government to borrow more. This results into an increased financing costs.

    20 June 2018

  • Diesel Prices Reduced For The 7th Consecutive Day

    Diesel prices fell today for the 7th consecutive day as Indian Oil, country’s largest retailer, reduced diesel prices by 11 paise per litre in the National Capital of Delhi. Diesel now costs Rs.68.88 per litre in Delhi, Rs.73.33 per litre in Mumbai. Diesel prices have fallen by about 45 paise per litre in the last seven days across different cities. Prices of diesel may vary from state-to-state based on the Value Added Tax (VAT) or local sales tax. Diesel prices have declined in tandem with the fall in the global crude oil price and strengthening of the US dollar. In the 16 consecutive inclines since 14 May 2018, diesel prices was raised by Rs.3.38 per litre attributed to the rise in prices of crude oil and the appreciation of the dollar over other emerging currencies.

    5 June 2018

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