Diesel Prices in Odisha
Odisha is the eleventh largest state in India by population. Bhubaneswar is the capital city of Odisha. Cuttack and Raurkela are other two prime cities in Odisha with a huge number of industrial units. As far as the consumption of diesel is concerned, Odisha is one the biggest diesel consumers in India. Diesel is not a domestic commodity. It is derived from crude oil, which is imported by Indian oil marketing on a contractual basis. Therefore, the diesel price varies based on crude oil prices and the INR/USD exchange rate. After the daily revision on 8 November 2017, the diesel price was Rs.62.47 per litre.
Diesel Price in Bhubaneswar, Cuttack and Rourkela (Diesel Price per litre)
In Bhubaneswar, the diesel price has moved in an upward trend in the first week of November 2017. On 1 October 2017, the fuel rate was Rs.63.18 that reduced to Rs.61.18 on 04 October 2017. We can spot a decreasing trend in October 2017. The fuel was sold at the highest rate of Rs.63.42 and at the lowest price of Rs.60.97 in October 2017. On the opening day of September 2017, in Bhubaneswar, diesel was priced at Rs.61.25 that further rose to Rs.63.12 on the closing day of the month. It means that the fuel price was down by 2.12%.
The current diesel rate in Cuttack has been moving in an upward trend in November 2017. If we look at monthly rates, fuel prices were not consistent in the city. On 1 October 2017, the fuel price was Rs.63.43 and was Rs.61.49 on 1 September 2017. On 1 July 2017, the fuel was priced less. In Rourkela, the fuel rate has moved in a rising trend in the first week of November 2017. Diesel was priced at Rs.64.85 on 1 October 2017. On 1 September 2017, the price was Rs.54.61. We can spot a slight variation in the current diesel price in all parts of the state because of dealer commission.
State-wise Levies on Diesel
Diesel is taxed differently in different states. According to the data published by Petroleum Planning and Analysis Cell on 04 October 2017, in Odisha, the state VAT levied on diesel was 26%. In Maharashtra, the local tax was 28.41%, and in Tamil Nadu, it was 25%. In Uttar Pradesh, the local tax was 20.19%. In West Bengal, it was 18.47%. In October 2017, Maharashtra and Gujarat have diminished the local tax to reduce the fuel price.
Quarterly Diesel Price Trend in Odisha between July 2018 and September 2018
|Opening date price||Rs.72.22 per litre||Rs.72.63 per litre||Rs.75.37 a litre|
|Closing date price||Rs.72.77 per litre||Rs.75.37 per litre||Rs.79.95 a litre|
|Highest price||Rs.73.86 per litre documented on the 15th||Rs.75.37 per litre documented on the 31st||Rs.79.95 a litre documented on 28th, 29th and the 30th|
|Lowest price||Rs.72.22 per litre documented on the 1st||Rs.72.63 per litre documented on the 1st||Rs.75.37 a litre documented on the 1st|
Diesel Price Trend in Odisha in July 2018
- Similar to other states, diesel prices in Odisha is revised daily by State-owned oil companies under the dynamic fuel pricing mechanism.
- Oil companies include the global crude oil price and the rupee-dollar exchange rate to arrive at the retail price of diesel in Odisha.
- In accordance with the daily revision, the diesel price in Bhubaneshwar, the capital city of Odisha, on the 1st of July stood at Rs.72.22 per litre, also, the lowest diesel price recorded during the month.
- Diesel prices moved upwards over the course of first and second weeks in the back of a marginal increase in crude oil prices in the global market.
- The highest diesel prices in July was recorded on the 15th when a litre of the fuel was sold at Rs.73.86.
- Diesel prices in the next couple of weeks declined; however, it was never below the opening price of the month.
- On the 31st, the closing price for the month stood at Rs.72.77 per litre, an incline of 55 paise per litre when compared to the opening price.
- Diesel prices in July in Odisha grew by 0.76% primarily due to the slight increase in the global crude oil price.
Diesel Price Trend in Odisha in August 2018
- On the 1st of August, the diesel price in Odisha stood at Rs.72.63 per litre, a reduction of 13 paise over the previous day. This was also the lowest price recorded during the course of the month.
- Prices continued to incline in the first and second weeks in the back of a sharp rise in oil prices in the global market.
- Due to geopolitical tensions between the U.S. and Iran, after the U.S. pulled out of the nuclear deal with Iran, the crude oil price rose sharply in the global market.
- With a shortage in supply of oil, fuel prices across the country inclined over the course of the second and third weeks.
- By the end of the month, the diesel price in Odisha moved upwards to touch the highest rate for the month when a litre was sold at Rs.75.37 on the 31st.
- Diesel prices in Odisha in August rose by 3.77%, mainly due to the rise in crude oil prices in the global market.
Diesel Price Trend in Odisha in September 2018
- The diesel price in Odisha on the 1st of September stood at Rs.75.37 per litre. The lowest price registered during the month.
- In accordance with the dynamic fuel pricing mechanism, diesel prices were revised over the course of the first and second weeks.
- The global crude oil price rose to touch a four-year high of $80 per barrel prompting fuel prices to incline across the globe.
- Additionally, the rupee depreciated to a record low of Rs.72 over the U.S. dollar which influenced diesel prices to touch record levels in the last two weeks of the month.
- The rise in crude oil prices was in the back of geopolitical tensions between the U.S. and Iran which led to a shortage in supply of oil in the global market.
- By the end of the month, diesel prices in Odisha were on record levels and touched the highest rate for the month at Rs.79.95 per litre recorded on the 28th, 29th and the 30th.
- The diesel price trend in Odisha in September was upward with an incline of 6.08% due to the significant rise in crude oil prices and the sharp depreciation of the Indian currency over the dollar.
Quarterly Diesel Price trend in Odisha between April and June 2018
|Opening date price||Rs.69.28 a litre||Rs.70.75 a litre||Rs.74.22 a litre|
|Closing date price||Rs.70.75 a litre||Rs.74.28 a litre||Rs.72.22 a litre|
|Highest rate||Rs.70.78 a litre recorded on the 24th||Rs.74.34 a litre recorded on the 29th||Rs.74.22 a litre recorded on the 1st|
|Lowest rate||Rs.69.28 a litre recorded on the 1st||Rs.70.75 a litre recorded on the 1st||Rs.72.22 a litre recorded on the 1st|
Diesel Price Trend in Odisha in April 2018
- The opening date price is the price offered on the first day of each month. It was Rs.69.28 a litre in the capital city of Odisha, Bhubaneswar. In other prime cities of Odisha such as Cuttack, Puri and Rourkela, the opening date price was slightly different.
- Fuel prices will be impacted by both domestic and international aspects. Domestic influencers include excise duty and Value-added Tax whereas international aspects include crude oil expenses and the currency translation ratio.
- Excise duty was levied at Rs.15.33 a litre whereas the Value-added Tax charged by the State Government of Odisha stood at 24.97% in April 2018.
- Diesel prices in Odisha were revised under the system of dynamic fuel pricing throughout the month of April 2018. As on 5/7/2018, the fuel price in Odisha stood at Rs.69.61 a litre. It was increased to Rs.69.75 a litre on the 14th and Rs.70.24 a litre on the 21st.
- In this month, the average crude oil per barrel was reasonably up. As a result, diesel prices in all parts of the state were up by 2.12%.
- At Indian Oil fuel stations in Bhubaneswar, the highest diesel rate for the month stood at Rs.70.78 a litre and the lowest diesel price for the month stood at Rs.69.28 a litre.
Diesel Price Trend in Odisha in May 2018
- Under dynamic fuel pricing, the fuel was priced at Rs.70.75 a litre on the 1st in Bhubaneswar.
- Diesel rates across the state were steady until the 11th of May 2018 because of the sluggish unrefined oil market and the Karnataka State Assembly Election.
- After the second week, fuel rates were unstoppable. On the 21st, diesel rate per litre stood at Rs.72.73 in the city. The fuel price was further increased to Rs.74.19 a litre on the 28th.
- The lowest and highest diesel rates for the month stood at Rs.70.75 a litre and Rs.74.34 a litre respectively.
- The average diesel price per litre stood at Rs.71.45 for the third week. For the last week, the average diesel rate per litre stood at Rs.73.66.
- A barrel of crude oil was priced at $69.30 in the month of April 2018. The cost of crude oil per barrel increased to $75.31 in this month. Therefore, fuel companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum increased the fuel rate by 4.98%.
- Like the first month, both excise duty and Value-added Tax (VAT) were not revised. The upward trend, which was seen in this month, is because of overseas factors.
Diesel Price Trend in Odisha in June 2018
- The opening date price for the month was Rs.74.22 a litre in the capital city of Odisha. The price fell to Rs.74.09 a litre on the 2nd and the 3rd.
- For the first week, the average diesel price per litre stood at Rs.73.96. It dropped to Rs.72.97 a litre for the second week.
- The average diesel rate per litre for the third week worked out to be Rs.72.97. It fell to Rs.72.35 per litre for the last week.
- Diesel was sold at a price of Rs.72.22 a litre on the 27th, the 28th, the 29th and the 30th. Because of the downward trend, the highest price was booked at the beginning of the month and the lowest price was booked at the end of the month.
- Like the first two months, excise duty remained unchanged at Rs.15.33 in Odisha. Sales tax was also not changed in the state.
- Because of the overseas influencers, diesel rates not only in the state of Odisha but also in other states were reduced in June 2018.
- For the entire quarter, the highest fuel price stood at Rs.74.22 a litre whereas the lowest fuel rate stood at Rs.69.28 a litre.
Trend in Diesel Price in Odisha between January and March 2018
|Opening date price||Rs.64.08 a litre||Rs.68.76 a litre||Rs.66.82 a litre|
|Closing date price||Rs.68.66 a litre||Rs.66.64 a litre||Rs.69.09 a litre|
|Highest price||Rs.68.66 a litre recorded on 31st||Rs.68.87 a litre recorded on 6th||Rs.69.09 a litre recorded on 31st|
|Lowest price||Rs.64.08 a litre on recorded on 1st||Rs.66.63 a litre booked on 25th||Rs.66.82 a litre recorded on 1st|
Trend in Diesel Price in Odisha in January 2018
- Because of transportation overheads, you can detect a price variation of 13 paise a litre between the diesel prices in Bhubaneswar and Cuttack, the two biggest cities in Odisha as of 1st January 2018.
- Dynamic fuel pricing, a fuel price revision framework deployed last year, revises the fuel rate regularly bearing in mind the disparities in the price of unrefined oil and the exchange rate of the INR versus the base currency, the USD.
- In January 2018, Hindustan Petroleum, Bharat Petroleum and Indian Oil neither declined the fuel price nor retained the same range of price until the last day. In fact, fuel rates have gone up successively.
- The USD/INR conversion rate from Rs.63.69 reduced to Rs.63.53 a litre on 15th, and on 31st, Rs.63.56. Similarly, crude oil was priced in excess of $66 per barrel by the end of the month.
- In consequence, the weekly growth rate of the diesel price in Odisha has increased continually. For instance, in the first week, the average price of diesel stood at Rs.64.39 a litre.
- At a growth rate of 2.15%, diesel accrued its price to Rs.65.78 a litre during the second week. Almost the same trend was seen in the subsequent weeks.
|Also Check: Diesel Price in Bhubaneswar|
Trend in Diesel Prices in Odisha in February 2018
- Modi-led Government declared the budget for the FY 2018-2019 on 1st February 2018. Regardless of a few variations in the current tax framework, fuel buyers observed no changes as far as the fuel rate is concerned.
- Unlike January, in this month, in tandem with overseas facets, the offer was increased at the beginning and depreciated towards the end. So, Indian Oil unveiled the highest fuel rate for the month to be Rs.68.87 a litre on 6th.
- Oil extracting countries have reported a steep downfall with regard to the demand for crude oil and however, the average diesel rate in parts of Odisha has been lower compared to that of in the earlier month.
- Also, the exchange rate was reported to be highly hot-blooded on the Forex Market (FX Market). To some degree, it affected the crusade of the diesel prices in February 2018.
- In the end, a price drop of 3.08% was confirmed by Hindustan Petroleum, Bharat Petroleum and Bharat Petroleum across the state. Other Indian states also experienced the same result in February 2018.
- Since the lowest rate fell on 25th at Rs.66.63 a litre, the price range gradually increased over the succeeding three days. The offers stood at Rs.66.66 a litre, Rs.66.64 a litre and Rs.66.64 a litre on 26th, 27th and 28th respectively.
Trend in Diesel Rate in Odisha in March 2018
- As projected, in emerging nations, crude oil ensued an extensive range of demand at the beginning of March 2018. Thus, once again, the opening day rate was hiked by 18 paise.
- Based on the trend in the Forex and crude oil markets, diesel prices in Odisha have travelled upwards until 31st like January 2018.
- The first week closed at Rs.67.59 a litre, the second week at Rs.67.49 a litre, the third week at Rs.67.5 a litre, and the last week at Rs.68.41 a litre. In the end, the fuel rate was up 3.39% to Rs.69.09 a litre on 31st.
- Because of a massive fall in crude oil costs and a gained USD in February 2018, the growth rate in March 2018 was lower compared to that of in January 2018.
- Both the central and state governments’ taxes were retained unchanged in Odisha, which means a price rise of 7.81% has been triggered only by the increased crude oil expenses this quarter.
- BPCL, HPCL and IOCL proclaimed the highest and lowest fuel prices between January 2018 and March 2018 to be Rs.69.09 a lite and Rs.68.66 a litre correspondingly.
How are Diesel Prices in Odisha Revised?
Diesel prices are determined on the basis of crude oil prices and the INR/USD exchange rate. These two determinants tend to change frequently. Therefore, variations in crude oil rates and the exchange rate are reflected in the retail selling price. Since 16 June 2017, all oil marketing companies including Indian Oil, Bharat Petroleum and Hindustan Petroleum have been reviewing fuel prices (diesel and petrol) on a daily basis in Odisha. The system of daily revision is called Dynamic Fuel Pricing.
It is advisable to check the fuel price before you fuel your vehicles. Even a slight variation can make a big difference in the billing amount if your consumption is more. Consumers can make use of the mobile applications, SMS alerts and customer care support services offered by oil marketing companies in order to track daily updates. Fuel rates can be checked online. Moreover, OMCs display revised fuel prices at their premises.
Features of Dynamic Fuel Pricing
- All diesel bunks in Odisha will revise the fuel rate at 06:00 a.m. every day.
- The daily movements in the exchange rate and crude oil prices can be easily transferred to end users.
- Inventory management can be easier for dealers and oil marketing companies.
- Cash outflows will remain unaffected for oil marketing companies and dealers.
- The Indian fuel retailing sector can be interlinked to overseas markets.
Computation of Diesel Prices in Odisha
The retail selling price paid by end users comprises of crude oil prices, taxes, expenses incurred by oil marketing companies, dealer commission and pollution cess. The cost of crude oil is a primary component. OMCs import crude oil from foreign oil marketing companies. As on 8 November 2017, the cost of WTI Crude Oil per barrel was $57.25. One barrel is equal to 159 litres. Taxes are of two kinds: 1) the central excise duty and 2) the state levies.
The excise duty is levied by the central government and was recently reduced to Rs.19.48 per litre on 03 October 2017. The local tax levied on diesel by the government of Odisha was 26%. Consumers will pay these two types of taxes, which are included in the final price. OMCs also incur various types of expenses such as marketing costs, operational expenses, entry taxes and freight charges. These expenses are also included in the price paid by consumers.
Factors Affecting Diesel Prices in Odisha
Why do diesel rates change? It is because of two factors: a) crude oil prices b) the INR/USD exchange rate. If crude oil rates increase, the cost of diesel will increase; if crude oil prices decrease, then the cost of diesel will decrease. Consequently, the INR/USD exchange rate impacts the fuel’s price. If the INR falls against the USD, the cost of crude oil will increase, and thus the fuel’s price will increase. On the other hand, if the USD gains against the INR, the diesel price will reduce as a result.
Is the Current Diesel Price in Odisha Impacted by GST?
The current diesel price in Odisha is not impacted by GST, which came into effect in July 2017. Including diesel, five petroleum products do not fall under the GST purview. GST, a unified tax system, is applicable to various types of commodities and services. Currently, GST is charged at 5%, 12%, 18% and 28%. The imposition of GST on diesel will bring down the cost of diesel. Tax on diesel is a major source of income for both the central and state governments. If GST is imposed on diesel, the revenue source for the government will be affected.
Also Check Diesel Price in NearBy Cities of Odisha
|Diesel Price in Bhubaneswar||Diesel Price in Cuttack|
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