Diesel Price In Patna Today

  • Today's Diesel Price ( 16 Oct 2019 )
    ₹ 69.61
    Current Diesel Price Per Liter
    Compare Diesel Price in Patna (Today & Yesterday)
    Today
    (16 Oct 2019)
    Yesterday
    (15 Oct 2019)
    Rate Change
    Diesel ( / litre) ₹ 69.61 ₹ 69.61 ₹ 0 ↑
    Diesel Price in Patna - Last 10 Days Data
    Date Diesel ( / litre)
    16 Oct 2019 ₹ 69.61
    15 Oct 2019 ₹ 69.61
    14 Oct 2019 ₹ 69.66
    13 Oct 2019 ₹ 69.66
    12 Oct 2019 ₹ 69.66
    11 Oct 2019 ₹ 69.8
    10 Oct 2019 ₹ 69.94
    09 Oct 2019 ₹ 70
    08 Oct 2019 ₹ 70
    07 Oct 2019 ₹ 70.1

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    Diesel Price In Patna

    There are numerous factors that affect the diesel price in Patna but the key aspect among them is the international crude oil rates. However, this isn’t the only component that is used in determining the retail price of diesel. To help you understand better, here is a detailed article that explains the various factors that affect the diesel rates in Patna and the type of fuel pricing mechanism it employs. But before that here is a quick introduction to Patna’s economic and industrial growth.

    Economy Of Patna

    Patna is not only the capital but also the biggest city in the state of Bihar. It is about 18 km in width and 35 km in length. With an estimated population of more than 2 million, Patna is reported to be India’s 19th biggest city.

    The city is located on the banks of the River Ganges. However, it also connects with the rivers Punpun, Gandak, and Sone.

    Also Know: Petrol Price In Patna

    According to the World Bank, Patna ranks as the second best place to start a business. With an incredible growth, the city is reported to be the 5th fast growing cities in India and 21st in the world. Patna has consistently been one of the major agricultural hubs and trade centers in India. Its active exports include sesame, medium-grained rice, grain, and sugarcane. Apart from these, the city also features various sugar mills and is in fact, a vital business center in Eastern India.

    Patna’s economy has shown continuous development since 2005 and is reported to be the best in FMCG (Fast-Moving Consumer Goods) sector.

    Factors That Affect Diesel Price In Patna

    The retail price of one liter of diesel is reflected by the profit (or loss) and cost of manufacturing as well as delivering it to the consumers. Though there are several factors that affect the fuel rates in Patna, the primary components include:

    • Cost of the crude oil bought by the refinery
    • Profit margin
    • Refining cost
    • Marketing cost
    • Petrol pump cost
    • Distribution cost
    • Marketing cost
    • Taxes

    The retail price for one liter of diesel not only differs from time to time but also varies based on the geographical location of a place.

    1. Cost Of Crude Oil

    The cost of crude oil is one of the biggest and key components in determining the price of diesel. Crude oil is one of the major raw materials for extracting diesel. Currently, India’s 75% of the crude oil requirements are met by imports. Therefore, foreign exchange rate and international crude oil cost form the key aspects in deciding the retail price of diesel.

    On the other hand, global supply and demand also help in determining the price of crude oil. The global economic situations contribute a lot to the overall demand for petroleum products that are made from crude oil. Since diesel is one of the primary fuel used for transportation, its demand usually depends on the economic trends.

    2. Oil Production Companies

    An oil production company is completely responsible for manufacturing oil in crude form. These companies are usually a blend of both private and public sectors. Private companies include Carin India Limited, Reliance Industries Limited, etc. whereas public sectors include ONGC (Oil and Natural Gas Corporation), Oil India, etc. Together, both sector can only cater about 25% of India’s crude oil requirements and the rest is imported.

    3. Oil Marketing Companies

    The OMCs (Oil Marketing Companies) then bring the crude oil from oil refineries and handle it right from its crude phase to delivery phase. In short, the Oil Marketing Companies are in charge of refining the crude oil and converting it into diesel. Finally, the refined diesel is sold to the dealers.

    Even this sector features both public and private companies. But these three control about 95% of the business:

    • IOCL – Indian Oil Corporation Limited
    • HPCL – Hindustan Private Corporate Limited
    • BPCL – Bharat Petroleum Corporation Limited

    The above three are public sector companies whereas Essar & Reliance Industries cater the remaining marketplace.

    4. Tax

    The tax imposed on diesel differs from one nation to the other. Whenever there is an incline or decline in fuel rates, the tax is a key element for it. Tax policies resolve the cross-country breaks between gasoline and diesel prices largely.

    5. Rise In Demand

    Generally, whenever the demand for a commodity goes up, the price of it also increases. Talking about an all-time required commodity like fuel, though it is consistently in demand, there are times when it reaches its peak. This usually happens more often in developing countries like India and China.

    What Fuel Pricing System does Patna Follow?

    Currently, not only Patna but also every region (small and big) in India follows the mechanism of “dynamic fuel pricing system.” It was implemented on June 16, 2017, to overcome the drawbacks of the existing system.

    Earlier, the fuel rates were updated on the first and sixteenth day of every month at morning 8:00 a.m. IST (Indian Standard Time) based on the international crude oil rates and other fuel trends of the previous day. This was called “fortnight pricing system.” However, this had a lot of disadvantages. The oil marketing companies not only incurred heavy losses at times but also the government could easily influence the price.

    To bring clarity or transparency to the system, the “dynamic” concept was implemented. This mechanism is something that most developed nations follow till date. According to this method, the prices are updated every morning at 6:00 a.m. IST (Indian Standard Time) based on the previous day’s CER (Currency Exchange Rate) and international crude oil price.

    Does GST Have Any Influence On Diesel Rates In Patna?

    At present, GST does not have any influence on the diesel prices in Patna because it is something that has not yet been implemented. It is a big process and takes a plenty of time and planning by both state and central government.

    Also Check Diesel Price in NearBy Cities of Patna

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    Diesel Price in Guwahati Diesel Price in Ranchi
    Diesel Price in Lucknow

    *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 Patna Today

    • Diesel Prices in the Country Continue to Fall

      The rates of diesel in the country continued to fall for the fourth consecutive day as state-run Oil Marketing Companies (OMCs) slashed the rates again on Sunday. The prices for every litre were reduced by 15 paise in New Delhi and Kolkata while in metros like Mumbai and Chennai the reduction in the prices was 16 paise per litre. Following the revision in the prices, the rates charged for a litre of diesel in the national capital was Rs.64.50. In the commercial capital of the country i.e., Mumbai consumers were required to pay Rs.67.63 for a litre. In the other two metropolitan cities of the country i.e., Kolkata and Chennai OMCs charged Rs.66.42 and Rs.68.23 per litre respectively.

      Globally, the rates of crude oil rose on Friday after Wall Street rallied and Saudi Arabia stated that OPEC was close to agreeing to extent an output production cut beyond June. Both Brent crude and US West Texas Intermediate which had hit its lowest since January on Wednesday gained $1.62 and $1.40 respectively. They were trading at $63.29 and $53.99 per barrel respectively. With India importing 80% of its total crude oil requirements, the rates depend on the international oil prices and the value of rupee against the US dollar.

      13 June 2019

    • Petrol and Diesel Prices Increased for the Second Day in a Row

      State-owned Oil Marketing Companies (OMCs) increased petrol and diesel prices today for the second day in a row across major metro cities of the country. While petrol prices were increased by 5 paise, diesel rates went up by 9 to 10 paise per litre. It may be noted that fuel prices were hiked on Monday by 8 to 10 paise and 15 to 16 paise for petrol and diesel, respectively. After the revision in fuel prices, in Delhi, petrol costs Rs.71.17 per litre and diesel costs Rs.66.20 per litre. In Mumbai, petrol is available at Rs.76.78 per litre and diesel is available at Rs.69.36 per litre. Petrol and diesel prices are proportional to the crude oil price in the international market and thus, they are computed by considering the 15-day international crude oil price and the exchange rate of the Indian currency over the US dollar.

      The international oil market went through a period of volatility over the past few months; however, it increased on Monday after Saudi Arabia hinted that there was a consensus among the Organisation of Petroleum Exporting Countries (OPEC) and its allies to continue to limit the supply of oil in the market. OPEC and its allies had earlier agreed to cut output by about 1.2 million barrel per day from 1 January 2019, for six months to strengthen the oil market. Global benchmark Brent crude futures is currently trading around $72.32 per barrel.

      22 May 2019

    • Check diesel rates in metro cities

      At Indian Oil Company, diesel has been priced at Rs.64.59 a litre in Delhi, the national capital, Rs.66.36 a litre in Kolkata and Rs.68.22 a litre in Chennai. Power inflation and fuel has been fallen to 8.38% from 16.28% in November 2018 because of a drop in diesel and petrol rates since December 2018. As per dynamic fuel pricing, diesel is retailing at a price of Rs.64.59 a litre in Delhi, Rs.66.36 a litre in Kolkata and Rs.68.22 a litre in Chennai. This fuel pricing mechanism considers the exchange rate of the USD/INR rate and crude oil rates in overseas markets. The selling price of diesel and petrol includes the excise duty, sales tax, the commission for dealers, etc.

      16 January 2019

    • Diesel Price in Delhi and Mumbai Continues to Get a Price Cut

      For the 8th consecutive day, the diesel prices were slashed in four metros thereby offering relief for daily commuters. Diesel price fell marginally by 50 paise and stood at Rs.74.80 per litre in Delhi and Rs.78.41 per litre in Mumbai. On the other hand, the price of 1 litre diesel in Kolkata is Rs.76.65 and Rs.79.09 in Chennai. The national capital did not cut VAT on diesel and yet has the cheapest price rate among all the metros. The government has allowed revision of fuel rates on a daily basis since mid-June 2017 to reflect changes in costs instantly. On October 4, Finance Minister Arun Jaitley, announced a price cut of Rs.2.50 per litre for diesel.

      26 October 2018

    • Diesel Prices Hiked by 0.22 paise in Delhi

      Diesel prices touched new highs in the national capital as Oil Marketing Companies (OMCs) hiked the prices by 0.22 paise. The hike in the prices saw diesel cost Rs.73.30 every litre in Delhi. In other metro cities like Mumbai, Chennai and Kolkata the prices as on Thursday were hiked by 0.24 paisa, 0.24 paisa, and 0.22 paisa respectively. The hike in the prices saw every litre of diesel cost Rs.77.82, Rs.77.49, and Rs.75.15 in the three metro cities. The prices of diesel have been consistently going up in the last few months. The reason for this has been accounted to different reasons like high international crude oil prices, high excise duty rates, and the fall of rupee against the US dollar. It needs to be mentioned that the taxes charged in Delhi is the lowest in the country while Mumbai charges the highest sales tax or VAT in the country when it comes to fuel.

      17 September 2018

    • Truckers Declare a Country-wide Strike Against Increasing Diesel Rates and third-part Insurance Premiums

      The operators and owners of trucks have declared a country-wide strike against continually growing diesel rates and higher third-party insurance premiums. Channa Reddy, Association President at the All India Confederation of Goods and Vehicle Owners said “More than 90 lakh trucks are envisioned to not to operate on Monday. The argument of the Central Government is that diesel prices in India have gone up significantly because of transnational crude oil rates. We think that diesel prices in the country have not increased because of crude oil rates but because of heavy excise duty and Value-added Tax on the fuel.”

      The Federation of West Bengal Truck Operators demanded the government to bring diesel, petrol and petroleum products under the realm of Goods and Services Tax (GST). Even the federation has called a strike today. Sajal Ghosh, Association Joint Secretary, said “The response to the strike has been good across the state. Today, more than 3.5 lakh trucks will not operate. The Insurance Regulatory Development Authority of India has been asked to detariff the third-party insurance premiums.

      19 June 2018

    • Diesel Prices at an all-time High in the Country

      Diesel prices has reached an all-time high in the national capital with every litre costing Rs.66.36. This comes after the prices were hiked for the second consecutive day following the 19-day freeze. On Tuesday, diesel prices for every litre was increased by 22 paise. The prices are expected to be on the upward curve in the coming days as well according to an equity research firm as marketing margins of oil companies had fallen considerably due to freeze in price changes for 19 days. As per the report of the research firm, prices are expected to go up by another Rs.4.2 per litre for the oil companies to recover their margins. The increase in the prices of diesel was necessitated because during the freezing period the international fuel prices continued to surge. Apart from that, rupee’s depreciation further aggravated the matter. It needs to be mentioned that as per the price build up data for fuels, 42% of the diesel price charged from consumers is comprised of taxes.

      15 May 2018

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