• Diesel Price In Mumbai Today

    Daily Diesel Rates
    Date Diesel ( / liter)
    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
    05 Dec 2018 ₹ 69.53
    04 Dec 2018 ₹ 69.53

    Diesel Price in Mumbai

    Diesel is an important fuel for the development of an economy. It offers a huge array of efficiency, performance, and security features. The fuel also has a greater energy compactness compared to other fuels. Diesel is used everywhere, right from transportation, construction, and industrial production. Needless to say, Mumbai, the capital city of Maharashtra, is the largest consumer of diesel with a big number of diesel-run vehicles. The industrial production and construction sectors are growing briskly and, as a result, diesel is in high demand in the city.

    A retail or an institutional diesel consumer somebody like you from Mumbai would want to know the mechanism used to fix the price of diesel, the price breakup of diesel, and the forces impacting the price of diesel. What do you think about the Goods and Services Tax (GST)? Whether or not the GST affects diesel rates. Besides, there are many news around diesel this fiscal year. Have you observed? The following sections will discuss each of these aspects in detail:

    Also Check: Diesel Price in Naded

    Trend in Diesel Price in Mumbai

    Diesel rates in Mumbai were moving in an upward direction since 16 June 2017 until 3 October 2017. The current rate is Rs.60.55. It fell by Rs.2.27 since the central government cut the excise duty by Rs.2 on diesel. Let’s analyse prices month by month:

    Rates have grown by 2.96% in September. The highest rate was Rs.62.58 whereas the lowest Rs.60.68. In August, the lowest price was Rs.59.04 whereas the highest Rs.60.96. Prices have increased by 2.57% for the entire month. On the opening day of July, diesel was priced at Rs.58.53 and at Rs.59.08 on the closing day. Rates were up by Rs.0.76 for the complete month.

    Also Know: Petrol Price In Mumbai

    Diesel Rates in Mumbai and other Prime Towns

    After cutting the central excise duty, diesel has become cheaper across all metro cities of India. Needless to say, diesel and petrol rates in the capital city of Maharashtra are comparatively more. Prices are expected to be stable over the next month.

    Diesel Price Trend in Mumbai between July and September 2018

    July August September
    Opening date price Rs.71.49 per litre Rs.72.15 per litre Rs.74.76 per litre
    Closing date price Rs.72.04 per litre Rs.74.59 per litre Rs.79.40 per litre
    Highest price Rs.72.69 per litre Rs.74.59 per litre Rs.79.40 per litre
    Lowest price Rs.71.49 per litre Rs.72.15 per litre Rs.74.76 per litre
    Trend Upward Upward Upward
    % Change +0.76% +3.38% +6.20%

    Diesel Price Trend in July 2018 in Mumbai

    • The trend in diesel price is based on the price revision that will happen regularly. The prime determinants of diesel and petrol rates in Mumbai, the capital city of Maharashtra, include oil prices and the FX rate.
    • Both factors are equally influential. The higher the price of petroleum rate, the higher the fuel price and vice versa. The falling rupee will impact the fuel price to go up whereas the strengthening rupee shall affect the price to fall.
    • In June 2018, the cost of petroleum was $73.83 per barrel (average price) and has fallen to $73.47 per barrel in July 2018.
    • The USD’s exchange rate against the domestic currency has increased to 68.52. At the beginning of the month, it was 68.47. Because of the weakened rupee, the oil marketing enterprises hiked the fuel rate by 0.76%.
    • Sometimes, the government may increase or decrease the excise duty according to circumstances. OMCs, which revise fuel prices, will ponder the value-added tax and sales tax for fuel pricing.
    • The highest diesel rate for the month was Rs.72.69 per litre whereas the lowest diesel price was Rs.71.49 per litre.

    Diesel Rate Trend in August 2018 in Mumbai

    • In the first and last weeks of August, the price was increased marginally whereas in the second and fourth weeks, it was stable.
    • On 1 August 2018, OMCs sold diesel at a price of Rs.72.15 per litre and on 7 August 2018, the price increased by 60 paise per litre.
    • OMCs retailed diesel at a price of Rs.72.76 per litre in the week 2 and Rs.73.14 per litre in the week 3.
    • Likewise, diesel continued to retail at a price of Rs.73.49 on 24, 25 and 26 August 2018 in the city of Mumbai. In the last three days, oil companies increased the fuel price by 50 paise per litre.
    • Once again, the weakened rupee has caused a growth rate of 3.38% in Mumbai in August 2018. The cost of crude oil also fell.
    • The highest rate fell on the last day of the month because of the stability in the prices of diesel. Similarly, the lowest price was noticed on 1 August 2018.

    Diesel Price Trend in September 2018 in Mumbai

    • The price paid by a fuel consumer includes the sales tax, which is levied by the State Government of Maharashtra, and the excise duty, which is levied by the Central Government.
    • If the Centre cuts the excise duty, the RSP has to be decreased. When the government increases the excise duty, the RSP has to be increased.
    • Over the last three months, the excise duty on a litre of diesel was constant. The sales tax was also constant.
    • The trend was completely decided on the basis of the transactional influencers: 1) crude oil rates and 2) the currency conversion ratio.
    • According to Petroleum Planning Analysis Cell, in September 2018, unrefined oil rates decreased by more than $5 per barrel.
    • The pace at which the INR devalued versus the USA’s currency is higher this month compared to July and August. Thus, diesel price in Mumbai has accelerated by 6.20%.

    Additional Information: The fuel sector in India is led by Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited. There are a few private players as well. Diesel price in Mumbai between July 2018 and September 2018 is a combined report produced using the reliable sources. There is no precise way to forecast the trend. Crude oil price is linked with several global aspects and even the FX rate is influenced by global economics.

    Quarterly Diesel Price Trend in Mumbai 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 Rs.71.49 a litre registered on 29th
    Trend Upward Upward Downward
    %Deviation +2.07% +5.07% -3.01%
    Diesel Price Trend in Mumbai

    Diesel Price Trend in Mumbai in April 2018

    • The price of diesel per litre shall be revised based on dynamic fuel pricing by Indian oil marketing companies such as Bharat Petroleum, Hindustan Petroleum and Indian Oil.
    • Dynamic fuel pricing was introduced to revise the price of diesel on a daily basis. It has been in place since June 2017.
    • On 1st, diesel price in Mumbai stood at Rs.68.77 a litre. Under dynamic fuel pricing, fuel companies have marketed the fuel at an average price of Rs.68.97 a litre during the first week of April.
    • Gradually, the fuel rate has increased to Rs.69.23 a litre on 14th. By the end of the third week, the fuel price was further soared to Rs.69.70 a litre in Mumbai, the capital city of Maharashtra.
    • Since the price of crude oil has increased, diesel rates in the metro city of Mumbai have increased to Rs.69.91 a litre on 22nd, Rs.70.05 a litre on 23rd, and Rs.70.24 a litre on 24th respectively.
    • The fuel was sold at Rs.70.20 a litre on 25th, 26th, 27th, 28th, 29th and 30th triggered by the unchanged overseas factors.

    Diesel Price Trend in Mumbai in May 2018

    • The closing date price for the previous month turned out to be the opening date price for this month. At all the fuel stations, diesel price per litre remained unchanged at Rs.70.20 a litre on 1st, 2nd, 3rd, 4th, 5th, 6th,7th,8th, 9th,10th and 11th.
    • Fuel companies also take into account excise duty and Value-added Tax while determining the fuel rate. Neither excise duty nor Value-added Tax was revised in April and May.
    • So, it can be interpreted that an upsurge of 5.07% in diesel prices was triggered only by the increased crude oil expenses.
    • Since oil marketing companies borrow unrefined oil from oil-exporting countries such as OPEC, the currency conversion rate will impact the crude oil rate. The Indian currency has fallen minutely against the USD this month.
    • But, the revision of diesel rates in the capital city of Maharashtra was not affected by the exchange rate in this month.
    • Other domestic forces such as the OMC expenses, the commission for dealers, pollution cess and the profit margin of the OMCs were not changed.
    • In Mumbai, the highest diesel rate for the month stood at Rs.73.83 a litre on 29th whereas the lowest diesel price stood at Rs.70.20 a litre.

    Diesel Price Trend in Mumbai in June 2018

    • June 2018 began with a downward trend in tandem with international influencers. The opening date price for this month was down by 5 paise per litre. By the completion of the first week, the fuel rate was slashed to Rs.73.21 a litre.
    • The fuel rate was further reduced to Rs.72.24 a litre on 14th and Rs.72.02 a litre on 21st because of the sluggish unrefined oil market but not because of other factors such as excise duty and Value-added Tax (VAT).
    • At Indian Oil Corporation Limited, the lowest and highest diesel rates in the city of Mumbai stood at Rs.71.49 a litre and Rs.73.71 a litre respectively.
    • In this month, all the state-run fuel companies such as Bharat Petroleum, Hindustan Petroleum and Indian Oil have decreased diesel rates by 3.01% as the oil-exporting countries have reduced the crude oil price per barrel.
    • Between April 2018 and June 2018, diesel price per litre in Mumbai has increased to Rs.71.49 a litre from Rs.68.77 a litre.

    Trend in Diesel Price in Mumbai 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 booked on 31st Rs.68.37 per litre booked on 6th and 7th Rs.68.58 per litre booked on 31st  
    Lowest price Rs.63.43 per litre booked on 1st   Rs.66.17 per litre booked on 28th Rs.66.35 per litre booked on 1st
    Trend Upward Downward Upward
    % Deviation +7.44% -3.44% +3.36%
    Diesel Price Trend in Mumbai

    Trend in Diesel Price in Mumbai in January 2018

    • The base currency was down 0.24% to Rs.63.69 on 1, 0.35% to Rs.63.47 on 2nd, 0.04% to Rs.63.44 on 3rd, 0.05% to Rs.63.41 on 4th, and 0.1% to Rs.63.35 on 5th. A steady fall in the exchange rate affected the fuel price to increase.
    • So, the price as of the opening date soared to Rs.63.43 per litre. The growth rate for the first week stood at 1.02%.
    • In Mumbai, 24.86% Value-added Tax (VAT) and the excise duty of Rs.15.33 a litre were levied until the last day. They had no impact on the variations in the diesel price in the city.
    • The fuel rate increased to Rs.65.74 a litre on 15th because of a 1.76% hike in the crude oil’s cost, Rs.66.91 a litre on 21st, and Rs.67.99 per litre on 28th in sync with the movements in the cost of WTI Crude and Brent Crude.
    • At 7.44%, a growing trend was announced at Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited for the whole month.
    • In Mumbai, the multi-year high was breached at Rs.68.15 a litre on 31st. A new high price was also offered in Delhi, Kolkata and Chennai.

    Trend in Diesel Rate in Mumbai in February 2018

    • Irrespective of the declaration of the Union Budget, on 1st, the new price was offered under the daily revision system at Rs.68.25 per litre, which was up 10 paise per litre.
    • It is the steady demand for unrefined oil that caused a 0.17% rise in the fuel price on 7th. The OMCs booked the highest price at Rs.68.37 per litre within the first 6-7 days.
    • After 8th, the offer started reducing. The downward trend was observed until the third week, which concluded with an offer of Rs.66.32 per litre.
    • Once again, on 21st, diesel accumulated its value by 1 paisa. The fuel price travelled downwards until the end of the month.
    • On 22nd, the offer was down 1 paisa to Rs.66.32 per litre, 9 paise to Rs.66.23 per litre on 23rd, 5 paise to Rs.66.18 per litre on 24th, and 2 paise to Rs.66.16 per litre on 25th.
    • This steady fall was instigated by the cost of crude oil. A 5.53% globule in the Indian Basket average crude oil was reported by HPCL, BPCL and Indian Oil in February.

    Trend in Diesel Price in Mumbai in March 2018

    • Like the first two months, the VAT and the central tax were retained unaffected by the State Government of Maharashtra and the Central Government of India.
    • Alternatively, a 3.36% increase was not caused by the domestic factors. The overseas factors such as the crude oil market and the Foreign Exchange market (FX market) had a reasonable impact on the diesel prices in Mumbai
    • In the first week, the USD/INR fell to Rs.64.89 and Rs.64.85 in the second week. Therefore, the fuel companies hiked the fuel rate to Rs.67.10 per litre on 7th, Rs.67.15 a litre on 23rd, Rs.67.91 per litre on 28th , and Rs.68.58 per litre on 31st.
    • For the month, the lowest and highest prices were declared at Rs.66.35 a litre and Rs.68.58 per litre respectively.
    • On the other hand, the lowest price for the quarter stood at Rs.64.43 per litre and the highest price for the quarter stood at Rs.68.59 per litre.
    • This quarter the diesel rate in Mumbai was up 8.11% since crude oil in global markets gained its price reasonably.

    Note: India considers the aggregated price of WTI and Brent in order to revise the existing fuel rates. Over the last 10 months, the WTI and Brent prices have gone up 10-15%. Therefore, both the diesel and petrol prices accelerated considerably.

    What is the Mechanism for Revising Diesel Price in Mumbai?

    The fortnightly-based revision has now been replaced by the daily revision since 16th June 2017. All diesel outlets in the city will update fuel prices on a day-to-day basis. Diesel is priced based on two important considerations: 1) the performance of crude oil in overseas markets and 2) the performance of the Indian currency against the currency of the United States of America.

    Neither the central government nor the state government has no scope to influence the pricing of diesel under the new system. Fuel consumers shall now pay the rates, which are determined by two factors mentioned in the previous section. The move is beneficial for consumers and dealers as well. In fact, the daily revision is being practiced by two major economies of the world: 1) the United States of America and 2) Australia.

    Also Check: Diesel Price in Maharashtra

    The move not only entrusts transparency in fuel pricing but also fosters the best stock management practices. Since all oil marketing companies are practicing the daily revision, they have framed a few customer-friendly recipes to track the recent updates. For instance, customers can send a text message or dial the customer care number requesting for current rates.

    How are Diesel Prices in Mumbai Calculated?

    The cost of a litre of diesel in Mumbai is assessed by adding the cost price of crude oil (including freight charges), the cost of converting raw oil into diesel (called as the refinery transfer price), the element of tax imposed on diesel by the state and the central, the commission paid to dealers for supplying diesel from refinery centres, and pollution cess. These are various elements of the price structure of the fuel.

    The average price of oil is projected to be $52 for the current fiscal year. Projections are made by the United States (US) Energy Information Administration on a monthly basis. Diesel, as mentioned in the earlier section, is a widely used commodity and taxed by the state and the central. The tax component is subject to fluctuate. Currently, the government of Maharashtra levies 21% VAT on diesel.

    Refinery transfer price (RTP) is the cost incurred by oil marketing companies (OMCs) to convert unrefined oil into diesel. Oil marketing companies add their profit margin on the buying cost of crude oil and the cost of refineries. The commission, which is charged by dealers, is fixed per litre. It may change within the Mumbai city.

    Forces Affecting Diesel Price in Mumbai

    The retail selling price (RSP) of diesel in Mumbai, like any other cities in India, is impacted primarily by the cost price of crude oil, the exchange rate, and the tax component. On the other hand, the purchasing price of unrefined oil is affected by seasonal variations, weather reports, global demands, global political moves, overseas surpluses and supplies, and the currency conversion ratio.

    The Cost of Diesel will increase if:

    • The cost of crude oil increases.
    • The Indian currency deteriorates against the base currency (USD).
    • The central or the state increase the tax component on diesel.

    On the other hand, the Cost of Diesel will decrease if:

    • The cost of crude oil reduces.
    • The Indian currency bounces back against the base currency (USD).
    • The tax component is decreased by the state and the central.

    How does the GST Impact Diesel Price in Mumbai?

    Goods and Services Tax (GST) now replaces all indirect tax forms. All taxpayers are brought under the common taxation platform. GST is the biggest reform in the history of Indian tax system since Independence. The GST regime does not influence all petroleum products and the entire oil and natural gas industry since they have kept outside the purview of GST. The execution of GST on petroleum products makes them cheaper for consumers. The compliance cost incurred by all industry stakeholders will increase by 200%.

    Petrol Cost vs. Diesel Costs in Mumbai

    As on 10 October 2017 (the current rate of diesel), diesel was priced at Rs.60.55 a litre whereas petrol at Rs.77.58. The net difference as on the latest date was Rs.17.03 in the city.

    Also Check Diesel Price in NearBy Cities of Mumbai

    *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 Mumbai Today

    • Dealers Move to Court to Fight the Opening of More Fuel Pumps

      The government announced last week that it is going to open over 55,600-odd petrol pumps all around the country but has now met with massive backlash from dealers. Just 72 hours after the announcement the All India Petrol Dealers Association (AIPDA), the apex body is set to challenge the move in court.

      Ajay Bansal, the head of AIPDA, has said that the move is against what the government had initially. He said that the government had initially spoken about closing all fuel pumps and make way for an alternative fuel by 2025. However, it is now asking to open more than 55,000 fuel pumps in the country.

      There are as many as 60,000 petrol pumps in the country which are owned by public companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum and there are only 6,000 or so private players in the market in the form of Shell, Reliance, and Essar Gas, which are all minor players in the market. The band of the three publicly owned companies 120 - 130 lilo litre of fuel with over 4% being the average increase each year.

      3 December 2018

    • Diesel Price Cuts by 30 Paise a Litre Whereas Petrol Price Reduces by 41 paise a litre

      Petrol prices have been cut by 41 paise per litre and 30 paise per litre respectively today prompted by a drop in overseas crude oil prices. No fuel rates have been increased over the last one month by the public oil sector enterprises. Today, the price of petrol stands at Rs.75.97 a litre in Delhi, the national capital of India; Rs.81.50 a litre in Mumbai, the capital city of Maharashtra; Rs.76.57 a litre in Bangalore, the capital city of Karnataka, Rs.78.88 a litre in the capital city of Tamil Nadu, Chennai, Rs.77.93 a litre in Kolkata, the capital city of West Bengal; and Rs.80.55 a litre in the capital city of Andhra Pradesh, Hyderabad.

      Today, diesel has been priced at Rs.70.97 a litre in Delhi, Rs.74.34 a litre in Mumbai, Rs.71.35 a litre in Bangalore, Rs.77.22 a litre in Hyderabad, Rs.72.83 a litre in Kolkata and Rs.74.99 a litre in Chennai respectively. The revision of diesel prices has been interlinked with overseas oil rates as more than 80% of crude oil is imported from the overseas market. An appreciating dollar makes diesel and petrol prices cheaper.

      23 November 2018

    • India’s Crude Oil Imports from Iran Witnessing a Sharp Rise in 2018-19

      As per an analysis by Reuters, the oil imports of India from Iran might be higher than what it was in the previous year. This is particularly noteworthy after the imposition of sanctions by the US. This has, in turn, forced the government to control the purchases in the upcoming months.

      There was a 34% increase, a total of 603,000 bpd or 17.7 million tonnes, in the oil imports from Iran in April to October compared to the corresponding figures of the previous year. The sharp increase has been attributed to the front-loading of purchases by the refiners of the country before the renewed US sanctions on Tehran.

      According to analysts, the total crude import of the country from Iran in the current fiscal year would be over 452,000 bpd (22.6 million tonnes), the figure for the previous fiscal year. However, as compared to the figure of September, there’s has been a slight decrease of 11.6% in the imports in the month of October.

      India is one of the six countries to be granted exemptions by the US in buying oil from Iran, but with certain conditions. The imports of Iranian oil was massive during the first half of this fiscal year due to the discount on the prices offered by Iran.

      7 November 2018

    • Diesel Prices on a Downward Spiral, Sees Reduction for the 13th Consecutive Day

      Diesel prices have been dropping for the last 13 successive days, which has led to tensions easing against the Modi-led central government. In Delhi, diesel prices went down to Rs.73.85 per litre - or a Rs.0.07 per litre drop while in Mumbai diesel prices dropped to Rs.77.32 per litre - or a Rs.0.08 per litre drop.

      Chennai and Kolkata saw diesel trade at Rs.78 per litre and Rs.75.63 per litre respectively. The notification of the latest price drops were issued by the state-owned oil companies. The latest prices are a massive drop from the highest ever rates seen on the 4th of October, when diesel rates in Delhi had reached close to Rs.80 per litre. There was significant outrage as well, against the central government from the opposition and the general population, which led to the government cutting taxes on fuel by up to Rs.2.50 per litre.

      The rise in fuel prices were due to a rise in crude prices which have began to drop over the last two weeks after oil prices have eased ahead of rising inventories in some of the leading oil exporting nations.

      31 October 2018

    • Petrol Prices Cross the Rs.88 Mark in Mumbai

      Petrol prices in the country were hiked by Rs.0.22 on Tuesday. Following the hike in the prices, every litre of petrol in Mumbai, the financial capital of the country crossed the Rs.88 mark. As of Tuesday, the rates of petrol in Delhi, Mumbai, Kolkata, and Chennai was Rs.82.23, Rs.88.29, Rs.84.76, and Rs.86.10 respectively.

      It needs to be mentioned that petrol prices have gone up by Rs.1.44 since the central government cut the excise duty on petrol and diesel by Rs.1.50 per litre on October 4. Apart from cutting the excise duty rates, the government had asked public sector oil companies to subsidise the fuel by another Re.1. On the global front, crude oil prices rose as of Tuesday. December delivery for Brent crude rose 27 cents to $81.05 per barrel while US West Texas Intermediate crude was up by 12 cents to $71.90 per barrel.

      16 October 2018

    • Every litre of Diesel Costs Rs.74.24 in New Delhi

      The price of diesel continued to witness hikes in the country. On Thursday, every litre of diesel was sold for Rs.74.24 in the national capital. While in the other metro cities of the country like Mumbai, Chennai, and Kolkata, consumers had to pay Rs.78.82, Rs.78.49, and Rs.76.09 respectively. In the last few weeks, the rates of petrol and diesel have seen a steep rise which the government has accounted to factors like global crude oil prices and the fall of rupee against the dollar. The Opposition, on the other hand, has blamed it on the government as it has failed to keep a check on the alarming rates and for not cutting the excise duty rates. It needs to be mentioned here that owing to rising fuel prices, states like Delhi, Haryana, Uttar Pradesh, Punjab, Himachal Pradesh and Union Territory Chandigarh on Tuesday agreed to fix uniform tax rates on petroleum products.

      1 October 2018

    • Petrol and Diesel Rates Incline Again, Threaten to Cross 90 Rupees in Mumbai

      Fuel rates continue to incline in the country, with petrol touching Rs.82.06 per litre in Delhi, up by 15 paise per litre over the previous day. In Mumbai, petrol is being sold at Rs.89.44 a litre, up by 15 paise per litre. Diesel prices have gone up 6 paise a litre in Delhi with the fuel being sold at Rs.73.78 per litre, while in Mumbai it costs Rs.78.33 a litre. In Kolkata, a litre of petrol is available at Rs.83.91 and diesel costs Rs.75.53 a litre. In Chennai, petrol costs Rs.85.31 per litre, while diesel is available at Rs.78 a litre. Since the start of the year, petrol prices have risen by 15.4% from Rs.69.97 a litre on 1 January 2018 to Rs.82.06 today in Delhi. Diesel has gone by 22% from Rs.59.70 per litre to Rs.73.78 a litre today. Fuel rates are revised daily by State-run Oil Marketing Companies by including the global crude oil rate and the exchange value of the rupee over the US dollar. Fuel rates have been on the incline due to the rise in crude oil price and the drop in the exchange rate of the rupee.

      19 September 2018

    • West Bengal Chief Minister Mamata Banerjee Announces Petrol, Diesel Rate Cuts

      Fuel prices in the country have been on the rise for the last two weeks or so and has caused mayhem on the streets and in the parliament as they keep climbing.

      In a twist, West Bengal Chief Minister Mamata Banerjee opted to heed to motorists’ woes and decided to reduced the petrol and diesel rates in her state.

      Effective from 12 AM of Tuesday, petrol and diesel prices were cut by Rs.1 per litre across the state. The bandh and the subsequent protests seen last week was also behind the decrease in rates.

      While this happened, the opposition have lambasted Mamata Banerjee’s move to cut the rates with many even claiming that the price decline is nothing short of a gimmick. In the long run, it won’t have any impact, instead it will have negative consequences and increase the state’s debt various opposition party members said.

      Fuel prices have been rising due to the OPEC crisis and the falling rupee, which have both had an impact on how consumer fuel is priced in the country. Rates aren’t likely to see any changes in the upcoming days in other cities, however.

      17 September 2018

    • Check out Diesel Prices Today

      Today, diesel rates increased by 23 paise a litre to Rs.77.32 in Mumbai, the capital city of Maharashtra. A litre of diesel has been priced at Rs.76.98 in Chennai, the capital city of Tamil Nadu; Rs.75.68 in Kolkata, the capital city of West Bengal and Rs.75.18 in Bangalore, the capital city of Karnataka. Fuel prices have steadily been increasing over the last few weeks by the state-run oil marketing companies such as Bharat Petroleum, Hindustan Petroleum and Indian Oil.

      Excise duty, which is imposed on diesel and petrol, has been increased by the Central Government many times. As of early September 2018, excise duty on a litre of diesel was Rs.15.33 whereas excise duty on a litre of petrol was Rs.19.48. The Congress Party leaders criticised the BJP Government for not decreasing fuel prices. It has declared a Bharat Bandh today against the government with the support of 21 parties. The Congress Party is demanding to reduce petrol and diesel prices and include these two fuels under the mechanism of Goods and Services Tax (GST). It is expecting the INR to strengthen against the USD, the currency of the United States of America.

      11 September 2018

    • Diesel Prices Today

      Fuel retailers kept the diesel rate unchanged for the second day in a row across the metro cities in India such as Mumbai, Chennai, Kolkata and Delhi. On Thursday, 9/8/2018, a litre of diesel was priced at Rs.68.50 in Delhi, the national capital; Rs.71.31 in Kolkata, the capital city of West Bengal; Rs.72.72 in Mumbai, the capital city of Maharashtra; and Rs.72.35 in Chennai, the capital city of Tamil Nadu.

      On Wednesday, Brent crude futures were up by 0.4% to $72.58 per barrel following a fall of 3% on Wednesday. US West Texas Intermediate crude futures were up by 0.2% to $67.05 per barrel after falling 3.22% the earlier session. On Tuesday, the United States of America (USA) re-levied sanctions on a few industries against Iran, which is the third-largest manufacturer in the Organisation of the Petroleum Exporting Countries (OPEC).

      The rehabilitated sanctions will not directly target Iranian crude oil until November, even though the President of the United States of America, Donald Trump, said “We want as many as countries to stop the import of crude oil prices.

      13 August 2018

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