Diesel Price In Nellore Today

Daily Diesel Rates
Date Diesel ( / liter)
15 Dec 2018 ₹ 69.88
14 Dec 2018 ₹ 69.88
13 Dec 2018 ₹ 69.98
12 Dec 2018 ₹ 69.98
11 Dec 2018 ₹ 69.98
10 Dec 2018 ₹ 70.19
09 Dec 2018 ₹ 70.96
08 Dec 2018 ₹ 70.96
07 Dec 2018 ₹ 70.96
06 Dec 2018 ₹ 71.38

Diesel Price in Nellore

Today, the diesel price in Nellore stands at Rs.70.03 a litre. The fuel traded at an average price of Rs.70.30 a litre in March 2018. It is inclusive of the central government’s tax. In Andhra Pradesh, the state-level Value-added Tax is levied at 30.86%. It works out to be Rs.16.08 a litre. The excise duty is levied at Rs.15.33 a litre. Both petrol and diesel rates in Nellore have increased dramatically over the past one year due to the rate of unrefined oil, which has gone up to $65 from $63. The commission charged by dealers on diesel per litre recently increased to Rs.2.51 a litre. Between June 2017 and March 2018, the diesel price in Nellore has gone up by Rs.2-3 a litre.

Introduction to Dynamic Fuel Pricing

Dynamic fuel pricing is defined as a fuel revision practice that will take into consideration the closing price of the dollar’s value against the indigenous currency and the cost of crude oil. It was launched in India in 2017. Since the last 9 months, fuel retailers, including Hindustan Petroleum Corp, Bharat Petroleum Corp and Indian Oil Corp in Nellore are updating the fuel rates each day. More than 96% of diesel centers in the city are owned by these companies. Before June last year, the oil companies were using the fortnightly average.

Also Know: Petrol Price In Nellore

Diesel consumers from the city of Nellore are expected to check fuel rates while buying since they are changing each day. The practice suggests that price of a commodity will be kept lithesome. The price of a commodity fluctuates on the basis of the locality of outlets. The current diesel rate in Nellore remains unchanged at all diesel stations in the city. The daily revision methodology eliminates the biggest change in prices, which should be effected at the fortnight’s end. It connects diesel buyers to overseas marketplaces.

Today, dynamic fuel pricing is a transnational practice. Both fuel consumers and oil marketing corporations shall benefit from the move. It leaves positive notes to OMCS that could easily probe earnings and expenses. Therefore, the speculations in quarterly or monthly reports may be eliminated. Normally, OMCs will manage a vast hedge fund in order to engross the variations in crude oil rates. They can improve their net revenues by 5-7% since the expenditures of a hedge fund shall slide.

Mobile Applications to Trace Today’s Diesel Price in Nellore

  • Fuel@IOC: It is the name of the recently launched mobile application by Indian Oil Company, which is one of the biggest oil selling companies in the country. The mobile application is widely in use. Android and Apple users can download this application.
  • SmartDrive: SmartDrive has been launched by Bharat Petroleum Corporation Limited to help fuel users obtain daily fuel prices in Nellore. If you would like to trace the previous transactions, consider downloading this application.
  • My HPCL: If you are a user of IOS and Windows, consider downloading this app, which has been designed by Hindustan Petroleum. It is useful for multiple purposes.

Diesel Price in Nellore, how is that assessed?

  • Let ’s presume that Hindustan Petroleum Company imports diesel from an oil corporation in Saudi Arabia. This price that is incurred by Hindustan Petroleum will be referred to as Free Onboard Price. It is abbreviated as FOB.
  • Now, the commodity is transported to India. The price that is paid to transport diesel from an exporting company to India is called Ocean Freight. We will arrive at freight and cost price by adding FOB to Ocean Freight.
  • When the imported diesel is received at Indian ports, import duties are levied. Import duties has three aspects: insurance expenses, ocean losses and port duties.
  • Further, the taxes are added. The Central Government levies the excise duty whereas the State Government of Andhra Pradesh levies the local tax at 30.86%.
  • Finally, each cost element is added to arrive at the diesel price in Nellore.

Elements affecting Diesel Price in Nellore

The following elements affect the diesel rate in Nellore:

  • Crude Oil Cost: The market price of crude oil in international markets greatly impacts the fuel rate in the city. It depends on many factors such as production cuts, the variations in the demand for unrefined oil, the global politics, etc.
  • Demand: If crude oil gains demand internationally, the fuel price in Nellore will increase and vice versa.
  • Tax burden: The local and central taxes have a major role to play. The prices of fuels must be adjusted in accordance the taxes, which will be imposed by the local government and the central government.
  • The disparity in supply and demand: As a general rule, you can expect a price hike when the demand for diesel gains in overseas markets. On the other hand, a price drop may be expected when the demand for diesel falls in international markets.

GST’s effect on Diesel Prices in Nellore

What is GST? Basically, the Goods and Services Tax (GST) is defined as a Value-added Tax levied on services and commodities, which are meant for indigenous usage. Buyers will pay the GST. Finally, the GST is paid to the government by merchandisers. In other words, the GST is referred to as a multi-phase levy, which shall be accumulated at each stage of the distribution and fabrication process.

Present Scenario

The GST is not applicable to diesel and petrol till date. In India, the GST is charged at the minimum rate of 5% and the maximum rate of 28%. It is a common platform for merchandisers and customers. The launch of the GST practice has made the taxation process simpler. The current diesel rate in Nellore shall fall by at least Rs.10-15 a litre if the GST Council intends to bring diesel under the present tax mechanism. Dharmendra Pradhan, Oil Minister, recently tweeted  “I have urged the Central Government and the Council Members to include both diesel and petrol under the ambit of GST.” In fact, the public at large is interested. The Council Members have to respond. If they accept the proposal, the necessary changes have to be made in the existing tax norms.

Also Check Diesel Price in NearBy Cities of Nellore

Diesel Price in Guntur Diesel Price in Kurnool Diesel Price in Kakinada Diesel Price in Hyderabad

*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 Nellore Today

  • Reduction in Diesel Prices Wipes Off All Hikes

    Fuel prices were cut today by state-run oil companies on Wednesday. Petrol price declined below Rs.74 per litre mark today as the six-week-long price cut has wiped off all of the price hikes in petrol and diesel prices earlier this year. With today’s reduction, petrol costs Rs.73.57 per litre in Delhi, a cut of 50 paise, while the diesel price stands at Rs.68.89 per litre, a reduction of 40 paise. In the last six-weeks, petrol prices have reduced by Rs.9.26 per litre and diesel by Rs.7.20 per litre. In Mumbai, petrol is being sold at Rs.79.12 per litre and diesel at Rs.71.71 a litre. Petrol prices in India had touched record highs early October when a litre was sold at Rs.84 in Delhi on 4 October and Rs.91.34 in Mumbai. The global crude oil price had touched a four-year high of $80 per barrel back in October which prompted the significant rise in oil prices in the international market, while the rupee had dropped to its record low of Rs.72 over the U.S. dollar. Crude oil prices have reduced to around $60 per barrel now which has led to the softening of fuel prices in the country.

    30 November 2018

  • The Stock Prices of Indian Oil, Bharat Petroleum and Hindustan Petrol increased by 7-19%

    The stock prices of the three state-run oil marketing companies: Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL and Bharat Petroleum Corporation Limited (BPCL); have increased by 7-19% in sync with a downfall in overseas crude oil prices on the Nifty50. The share price of HPCL increased by 19% compared to the earlier trading session whereas the share price of BPCL increased by 7.4% compared to the previous trading session. The share price of IOCL was also up by 8% compared to the earlier trading session.

    The price of unrefined oil or crude oil, a material required to fabricate diesel and petrol, directly affects the pricing of the fuel prices and the stock prices of oil marketing companies such as BPCL, HPCL and IOCL. Brent crude futures decreased by 1.94% at $81.48 per barrel by 15:07 hours Indian Standard Time and closed by 2.2% lower on 10 October 2018. US West Texas Intermediate (WTI) crude futures also declined by 1.89% (at$71.79 per barrel) and also fell by 2.4% in the earlier trading session.

    15 October 2018

  • Rupee Recovers Slightly Against the Dollar; Current Account Deficit Rises

    On the 18th of September, the Indian rupee closed a Rs.0.61 higher than the previous session as it recovered slightly against the US dollar. The Tuesday, i.e, the 17th saw rupee hit an all-time low of Rs.72.98 against the dollar as crude oil prices rose and trade war seemed to intensify. However, as the RBI began to orchestrate a dollar sale through various state-run banks, the rupee bounced back up.

    Opening at Rs.72.71 on the Wednesday, the rupee closed at Rs.72.37 after the record closing low hit the previous day.

    Neeraj Dewan, Director at Quantum Securities, said that rising global markets and a slightly steadying crude oil price has helped the Indian rupee recover from the fall. He further stated that the rupee might recover a lot more if there are no further domestic news flows and if global markets remain stable.

    All the rise, however, has caused the current account deficit (CAD) to rise to $15.8 billion, which is about 2.4% of the country’s Gross Domestic Product (GDP). The rising oil prices and the falling rupee had led to an increase in the CAD, and reports stated that this could go down once the rupee stabilises against the dollar.

    24 September 2018

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