Diesel Prices in Noida
How frequently do you check the diesel price in Noida? What is the current trend in diesel prices in Noida? What are the recent changes with respect to fuel pricing? Why is the fuel priced differently within Indian states? These are a few important questions most commonly asked by fuel consumers. Let’s discuss these points in detail.
|Also Know: Diesel Price in Delhi|
In Noida, a systematically planned city in Uttar Pradesh, the consumption of diesel has been mounting. Unlike petrol, diesel is used not only for transportation but also for manufacturing activities. The fuel plays a significant role as far as the financial health of any state. The current fiscal year has seen many changes, which should be brought to the attention of consumers. The major change is the introduction of the dynamic fuel pricing mechanism, which came into effect in June 2017.
What is Dynamic Fuel Pricing? How does it Affect Diesel Prices in Noida?
Dynamic Fuel Pricing mechanism is a mechanism that revises fuel prices on a daily basis in sync with unrefined or crude oil rates and the currency exchange rate. The price revision is done at 6:00 a.m. every day. Hence, it is extremely important to check the diesel price before you fuel your vehicles. In Noida, all diesel stations have been following this new fuel pricing mechanism since 16 June 2017. Be advised to make a note of the latest price.
Benefits of Dynamic Fuel Pricing
Dynamic fuel pricing mechanism was adopted in India after conducting a 40-day pilot in five Indian cities. The system brings transparency in fuel pricing as governments cannot influence oil marketing companies (OMCs). The fluctuations in crude oil prices and the INR/USD exchange rate could be easily transmitted to end consumers. Dealers can better manage their stocks and working capital. Consumers are aligned to market dynamics.
Diesel Price in Noida
Since the implementation of the daily revision or dynamic fuel pricing, diesel prices in all parts of the country have been growing marginally. In the second half of June, they have slashed. The following table summarises the movements in diesel prices in Noida:
|Opening date price||Rs.55.64||Rs.55.07||Rs.56.49||Rs.58.45||Rs.59.99|
|Closing date price||Rs.55.20||Rs.56.43||Rs.58.39||Rs.59.94||Rs.58.95|
Between June 2017 and October 2017, the highest fuel price was Rs.60.18 per litre on 3 October 2017 and the lowest price was Rs.55.07 per litre on 1 July 2017. As the excise duty was reduced in October 2017, diesel prices in Noida have slashed by 1.76%. In September, fuel prices in the city were up by 2.49% and in August by 3.25%. In July 2017, they were up by 2.41%. Fuel prices are expected to move in a growing trend for the next one or two months.
Fuel Price Comparison
Diesel price varies within Indian cities due to the local tax. In New Delhi, the fuel price is low compared to other cities. On the other hand, the fuel price is more in Mumbai. The local tax is subject to change. In October 2017, Maharashtra, Uttar Pradesh, Madhya Pradesh and Gujarat have reduced the local tax imposed on diesel. According to the data released by Petroleum Planning and Analysis Cell, the local tax imposed on diesel in Uttar Pradesh was 20.19%. In Maharashtra, it was 25.38%. In New Delhi, it was 17.38%.
Quarterly Diesel Price Trend in Noida Between January and March 2019
|Opening date price||Rs.62.42/litre||Rs.64.88/litre||Rs.66.11/litre|
|Closing date price||Rs.65.01/litre||Rs.65.99/litre||Rs.65.41/litre|
|Highest price||Rs.65.18/litre recorded on 25th, 26th, 27th and 28th||Rs.65.99/litre recorded on 28th||Rs.66.56/litre recorded on 5th, 6th and 7th|
|Lowest Price||Rs.61.96/litre recorded on 7th, 8th and 9th||Rs.64.71/litre recorded on 5th and 6th||Rs.65.41/litre recorded on 29th, 30th and 31st|
Quarterly Diesel Price Trend in Noida Between October and December 2018
|Opening date price||Rs.75.40 a litre||Rs.71.95 a litre||Rs.66.32 a litre|
|Closing date price||Rs.71.95 a litre||Rs.66.66 a litre||Rs.62.42 a litre|
|Highest price||Rs.75.74 a litre booked on the 4 October 2018||Rs.71.95 a litre booked on the 1 November 2018||Rs.66.32 a litre booked on the 1 December 2018|
|Lowest Price||Rs.71.14 a litre booked on the 5 October 2018||Rs.66.66 a litre booked on the 30 November 2018||Rs.62.42 a litre booked on the 31 December 2018|
Diesel Price Trend in Noida Between October and December 2018
- In Noida and other cities in the country, diesel and petrol prices are revised daily under the ‘Dynamic Fuel Pricing’ mechanism which considers the 14-day average price of crude oil coupled with the rupee-dollar exchange value.
- Diesel was priced Rs.75.40 per litre in Noida on 1 October based on the pricing mechanism, revised by State-run oil companies of the country.
- With crude oil prices touching record highs, diesel prices in Noida rose to the highest price on 4 October when a litre of the fuel was sold at Rs.75.74.
- The central tax of excise duty on fuel was cut by the Union government by Rs.1.50 per litre and asked oil companies to reduce further Rs.1 per litre as fuel subsidy.
- Prices immediately declined to record the lowest price of the month on 5 October when it was available at Rs.71.14 per litre.
- By the end of the month, diesel prices declined by 4.58% as against the opening price of the month as crude oil prices slightly fell.
- On 1 November, the diesel rate in Noida stood at Rs.71.95 per litre, which was also the highest rate recorded during the month.
- The rise in crude oil prices was influenced by the geopolitical tensions between the US and China over trade war as well as between the US and Iran after the former pulled out the nuclear deal.
- Diesel prices fell by the end of the month in accordance with the drop in crude oil prices in the international market.
- Overall, the diesel price trend in Noida in November declined by 7.36% due to the significant decline in oil prices.
- On 1 December, diesel was priced Rs.66.32 per litre in Noida – the highest price registered during the month.
- While oil rates were around $80 per barrel early October, it decreased significantly to around $56 per barrel on the back of the decline in geopolitical tensions.
- Prices of diesel declined by the end of the month to record a 5.89% fall in diesel prices in the month in the city attributed to the sharp decline in oil prices in the global market.
Quarterly Diesel Price Trend in Noida between July and September 2018
|Opening date price||Rs.67.57 per litre||Rs.68.16 per litre||Rs.70.47 per litre|
|Closing date price||Rs.68.03 per litre||Rs.70.47 per litre||Rs.74.74 per litre|
|Highest price||Rs.68.65 per litre||Rs.70.47 per litre||Rs.74.74 per litre|
|Lowest price||Rs.67.57 per litre||Rs.68.16 per litre||Rs.70.47 per litre|
Diesel Price Trend in Noida in July
- The exchange rate and the price of crude oil form a base for fixing the price for diesel irrespective of a town or a state.
- On the first day of the month, the fuel price was retailed at a price of Rs.67.57 per litre. The same price was offered on the second, third and fourth days of the month.
- The fuel price kept soaring in the first fifteen days of the month and therefore, the highest fuel price was offered on the sixtieth day of the month.
- For all the 31 days of the month, the pricing of diesel was done based on these two important factors.
- The upward trend was observed at 0.68% in July in Noida. The rate of growth was below 1% in other regions of the state of Uttar Pradesh.
- The monthly trend is computed considering the difference between the price offered on the 1st of July and the 31st of July. It cannot be precisely predicted since both indigenous and international factors will impact fuel pricing.
Diesel Rate Trend in Noida in August
- The price offered on the first day of the month was up by 13 paise per litre. It also increased on the second day of the month by 9 paise per litre.
- Oil marketing companies did not change the fuel price in Noida in the second week of August as the fuel companies have not transferred the benefits to end customers.
- As of the 16th August, the price stood at Rs.69.02 in Noida. The price remained unchanged on the 17th, 18th and 19th at Rs.69.10 per litre.
- On the 24th, 25th and 26th of August, the consumers bought diesel at a price of Rs.69.43 per litre respectively.
- In this month, diesel rate in the city of Noida increased by over Rs.2 per litre. It is a noticeable difference.
- The upward trend was triggered only by the weakened rupee and the increased crude oil cost a barrel.
- The highest fuel price was observed at Rs.70.47 per litre whereas the lowest fuel price was observed at Rs.68.16 a litre.
- In the first two months, the price has gone up by over Rs.3 per litre under the mechanism of dynamic fuel pricing.
Diesel Price Trend in Noida in September
- The fuel was offered at a price of Rs.70.47 per litre on the first and second days of the month. In the week 1, the fuel was sold at an average price of Rs.71.42 per litre in Noida.
- In the week 2, the average fuel rate increased to Rs.73 per litre. Similarly, in the third week, the average fuel price further soared to Rs.74 per litre. In the last week, the fuel was sold at an average price of Rs.74.42 per litre.
- The average fuel price for the whole month stood at Rs.73.33 per litre. The growth rate for the entire quarter stood at 10.61%.
- The sales tax was levied at 16.99% on diesel per litre throughout the quarter. On the other hand, the excise duty on a litre of diesel stood at Rs.15.33.
- The Bharat Bandh was called in the first week of September to fight against the BJP Government that kept increasing the excise duty.
- But, the State Government of Uttar Pradesh has reduced the sales tax on diesel to provide some relaxation for fuel consumers.
How is the Diesel Costs Computed?
It is essential to understand the stakeholders in the oil and natural gas industry. Oil marketing companies (OMCs), dealers and refineries are three important stakeholders. Oil marketing companies will buy crude oil from abroad oil companies by paying the price in dollars. Crude oil is traded in global markets. Refineries are the parties that convert crude oil rates into diesel. Finally, we have dealers who supply the fuel to end consumers. Therefore, the retail selling price of diesel consists of all expenses.
Retail selling price of diesel in Noida = cost of crude oil + taxes + OMC expenses + dealer commission + pollution cess + profit margin of OMCs
As on 13 November 2017, the cost of CTI Crude Oil per barrel was $57.03. 1 barrel is equal to 159 litres. Crude oil rates also include freight charges.
Taxes are of two categories: the central excise duty and the state VAT. The excise duty remains the same throughout the country. It was recently reduced to Rs.15.33 per litre from Rs.17.33 per litre on diesel. The state tax on diesel was 20.19% on 04 October 2017.
The costs incurred by oil marketing companies include refinery transfer price, entry taxes, operational expenses, marketing costs and other overheads.
Dealer commission varies from one city to another. The diesel stations, which are closer to supply centers, are likely to charge less commission.
Quarterly Diesel Price Trend in Noida Between April and June 2018
|Opening date price||Rs.64.83 per litre||Rs.66.08 per litre||Rs.69.44 per litre|
|Closing date price||Rs.66.08 per litre||Rs.69.49 per litre||Rs.67.57 per litre|
|Highest price||Rs.66.12 per litre recorded on 24th||Rs.69.55 per litre recorded on 29th||Rs.69.44 per litre recorded on 1st|
|Lowest price||Rs.64.83 per litre recorded on 1st||Rs.66.08 per litre recorded from 1st to 11th||Rs.67.57 per litre recorded from 27th to 30th|
Diesel Price Trend in Noida in April 2018
- Diesel was available at Rs.64.83 per litre on the 1st of the month in Noida - the lowest price for the month.
- Diesel prices in Noida, like other cities, are revised on a daily basis by State-run oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum.
- Oil companies fix diesel prices based on the global crude oil rate and the currency exchange value of the US dollar and rupee.
- During the first and second week, diesel prices in Noida inclined marginally owing to the slight increase in oil prices in the international market.
- By the middle of the month, diesel prices in Noida had increased by 44 paise per litre on account of the rise in crude oil rates.
- The prices of diesel continued to incline in tandem with the oil prices which rose to post the highest price of Rs.66.12 a litre on the 24th.
- Overall, diesel prices grew by 1.93% over the month attributed to the marginal rise in crude oil prices.
Diesel Price Trend in Noida in May 2018
- Oil companies kept diesel prices in Noida unchanged until 11th of the month - at Rs.66.08 a litre, which is also the lowest for the month.
- Post the 11th, diesel prices were increased to Rs.66.36 a litre - an increase of 28 paise - in tandem with the rise in crude oil rate.
- By the end of the third week, prices had increased by Rs.1.97 per litre as crude oil prices inclined sharply due to geopolitical tensions.
- During the fourth week, diesel prices in Noida had touched an all-time high of Rs.69.55 a litre on the 29th of the month.
- The rise in crude oil prices is attributed to fears of sanctions on Iran by the US after the latter pulled out of the nuclear deal between the two countries.
- By the end of the month, diesel prices in Noida for the month had grown significantly by 5.16% largely due to the impact of high crude oil rates in the international market.
Diesel Price Trend in Noida in June 2018
- The diesel price on 1 June 2018 in Noida stood at Rs.69.44 a litre as compared to the previous day’s rate of Rs.69.49, a reduction of 5 paise.
- With fuel prices touching an all-time high in most countries, the members of the Organisation of Petroleum Exporting Countries (OPEC) and its key ally Russia decided to meet on the 22nd to find ways to tackle the high crude oil price.
- The opening date price of diesel for this month is also the highest indicating that the fuel price fell over the month.
- By mid-June 2018, diesel prices had fallen by Rs.1.40 per litre as fears over possible sanctions on Iran by the US administration fell.
- On 22nd, the OPEC and Russia agreed to increase the output of oil to cater to the rising demand for oil across the globe.
- Diesel posted its lowest cost at Rs.67.57 a litre on the 27th owing to the sharp decline in the global crude oil rate. This price continued until the end of the month.
- Overall, the diesel price trend in Noida in June reflected a downward trend of 2.70% largely due to the decline in crude oil prices.
Quarterly Diesel Price Trend In Noida Between January And March 2018
|Opening date price||Rs.60.65 per litre||Rs.64.41 per litre||Rs.62.88 per litre|
|Closing date price||Rs.64.33 per litre||Rs.62.73 per litre||Rs.64.68 per litre|
|Highest price||Rs.64.33 per litre on 31st||Rs.64.50 per litre on 6th and 7th||Rs.64.68 per litre on 31st|
|Lowest price||Rs.60.65 per litre on 1st||Rs.62.72 per litre on 25th||Rs.62.88 per litre on 1st|
Diesel Price Trend In Noida In January 2018
- On 1st January the diesel price stood at Rs.60.65 per litre in Noida. Like several cities in India, Noida recorded its lowest diesel price for the month on this day.
- By the end of the first week, the price for a litre of diesel went up by 52 paise in Noida attributed to the increase in the global crude oil price.
- During the second and third week, fuel prices continued to rise witnessed by the rising crude oil price. The USD depreciated over the INR, which contributed to the increase in the diesel price in the city.
- By the end of the third week, the diesel price increased by Rs.2.68 compared to the opening day price.
- Diesel price continued to rise in the fourth week recording its highest at Rs.62.13 per litre on 31st January, an increase of Rs.3.68 compared to the price of diesel on the first day of the month.
- Overall, the diesel price in Noida reflected an upward trend at 6.06% mainly attributed to the increase in crude oil prices in the global market as well as due to the depreciation of the dollar.
Diesel Price In Trend In Noida In February 2018
- A litre of diesel in Noida on 1st February retailed at Rs.64.41, a slight increase over the previous day’s price.
- With the global crude oil continuing to rise, the diesel price continued to increase recording its highest for the month at Rs.64.50 per litre on 6th and 7th February.
- During the second and the third week, the price for a litre of diesel finally relented and began to fall. The decline was in tandem with the fall in the price of unrefined or crude oil in the global market.
- By the end of the third week, diesel rate fell by Rs.1.31 per litre largely impacted by the decline in the crude oil prices. Also, a depreciated dollar led to the decrease in the diesel price.
- A barrel of crude oil in the international market stood at $63.33 on 16th and it declined to $62.37 on 21st directly impacting the diesel price in Noida.
- With the crude oil price depreciating, the diesel price recorded its lowest at Rs.62.72 per litre on 25th.
- The diesel price in Noida witnessed a downward trend at 2.60% during the month of February influenced largely by the fall in crude oil prices as well as due to the USD losing value over the INR.
Diesel Price Trend In Noida In March 2018
- The diesel price on 1st March in Noida stood at Rs.62.88 per litre. While it rose over the previous day’s price, this was the lowest diesel price for the month in the city.
- By the end of the first week, the diesel price rose by 60 paise compared to the opening day’s price. The increase in the price for a litre of diesel was in tandem with the price of crude oil in the global market.
- During the second and the third weeks, diesel prices continued to remain stable witnessing a slight decrease.
- However, the third week saw an increase in the diesel price as the unrefined oil price began to rise. The crude oil prices rose by 7.67% thereby increasing fuel prices.
- In the backdrop of the rising crude oil prices, diesel price in Noida for the month recorded its highest at Rs.64.68 per litre in 31st March.
- In March 2018, diesel prices in Noida recorded an upward trend at 2.86% largely due to the rise in the global crude oil prices.
Factors Affecting Diesel Prices in Noida
The exchange rate, crude oil prices and taxes are the major factors affecting Diesel Prices in Noida. The Retail Selling Price, also called the final price, increases if:
- The INR weakens against the USD
- Global crude oil rates increase
- The local tax increases
- The excise duty increases
Conversely, the final selling price decreases if:
- The INR gains against the USD
- The local tax decreases
- Global oil prices decrease
- The excise duty decreases
The exchange rate in India is fixed by the Reserve Bank of India, which is also renowned as the Central Bank of India. The rate is determined on the basis of the rate of inflation, interest rates, interest parity rates, imports and exports and the overall public debt. Crude oil prices are reliant on seasonal fluctuations, weather conditions, global reserves and surpluses and the demand for oil.
Impact of GST on Diesel Rates in Noida
The Goods and Services Tax (GST) has no impact on diesel prices in Noida since diesel has not been brought under the purview of GST, which is currently imposed at four rates: 5%, 12%, 18% and 28%. The lowest rate is 5% and the highest rate is 28%. The implementation of GST on diesel will affect the revenue source for the government. In a broad picture, the entire oil and natural gas industry does not fall under the scope of GST. The implementation will double the compliance cost for stakeholders.
|Also Check: Diesel Price in Uttar Pradesh|
Also Check Diesel Price in NearBy Cities of Noida
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|Diesel Price In Ghaziabad||Diesel Price In Varanasi|
|Diesel Price In Aligarh||Diesel Price In Delhi|
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