Diesel Price In Srinagar Today

  • Today's Diesel Price ( 16 Oct 2019 )
    ₹ 69.98
    Current Diesel Price Per Liter
    Compare Diesel Price in Srinagar (Today & Yesterday)
    Today
    (16 Oct 2019)
    Yesterday
    (15 Oct 2019)
    Rate Change
    Diesel ( / litre) ₹ 69.98 ₹ 69.98 ₹ 0 ↑
    Diesel Price in Srinagar - Last 10 Days Data
    Date Diesel ( / litre)
    16 Oct 2019 ₹ 69.98
    15 Oct 2019 ₹ 69.98
    14 Oct 2019 ₹ 70.03
    13 Oct 2019 ₹ 70.03
    12 Oct 2019 ₹ 70.03
    11 Oct 2019 ₹ 70.17
    10 Oct 2019 ₹ 70.32
    09 Oct 2019 ₹ 70.38
    08 Oct 2019 ₹ 70.38
    07 Oct 2019 ₹ 70.48

    Diesel Rate Trend

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    Diesel Price in Srinagar

    Popularly known as the ‘Summer Capital’ of the Indian state of Jammu and Kashmir, Srinagar boasts of picturesque lakes, gardens and waterfronts. The city is also famous for its beautiful handicrafts and dried fruits. Spread over an area of approximately 294 sq.km with a burgeoning population of more than 12 lakh, Srinagar has become one of the sought-after tourist destinations for visitors around the globe. With tourism being its mainstay for its economy, the city is one of the fastest growing urban cities in the country.

    The public transportation largely consists of public and private buses, taxis and auto rickshaws. Besides, people use two-wheelers and four-wheelers to commute through the city which forms the vehicular density in Srinagar.

    With a high density of vehicles, Srinagar depends mainly on fuel to aid its economy and the transportation requirements. With fuel becoming a necessity in the city of Srinagar, the consumption of diesel and petrol have increased over the years. Diesel is not only used for transportation but is utilised for industrial purposes as well. To understand how several components affect the diesel price in Srinagar, it’s essential to know the pricing structure of diesel.

    Components Affecting the Diesel Price in Srinagar

    India buys nearly 70% of crude or unrefined oil from oil-producing countries, hence cost of crude oil and freight price is the basis of diesel pricing. State-owned oil marketing companies (OMCs) purchase crude oil, refine and transport it to dealers or petrol pump owners across the country. Let’s look in detail the components affecting the diesel price in Srinagar.

    • Crude Oil Price: Indian oil-companies buy crude oil in the international market at the current rate. Therefore, any change in the price for a barrel of crude oil impacts the diesel price in Srinagar and other cities. The global crude oil price fluctuates based on production cuts, demand pattern for the commodity, seasonal variations, etc. The price of crude oil is expected to surge when the demand for it increases in the international market.
    • Exchange Rate of the US Dollar: Since OMCs buy crude oil in US dollars, any shift in the dollar value influences the crude oil price. Any increase in the US dollar value increases the crude oil price and thereby increasing the diesel price or vice versa.
    • Taxes on Diesel: Diesel comprises of two taxes - excise duty and Value Added Tax (VAT). While the excise duty is levied by the Centre, VAT is charged by the State government. Currently, the Centre imposes Rs.15.33 as excise duty for a litre of diesel, while the State Government of Jammu and Kashmir charges VAT at 17.12%. Together, they form one of the biggest components of diesel pricing.
    • Demand & Supply Pattern: Countries such as India and China heavily depend on fuel to aid their economy. Any increase in demand for crude oil in the market leads to a hike in the diesel price. Also, if there are any supply constraints, OMCs have to bid at a higher value to purchase crude oil, which influences the diesel rate in Srinagar.
    • Profit Margin & Commision: As mentioned, oil companies transport crude oil from a foreign land to India, refine them and then transport it to dealers. These companies add their marketing costs, freight, profit margin, etc. before it’s sold to dealers or petrol pump owners. Dealers store, maintain fuel stations and dispense diesel for which they take a cut known as a commission. Both these charges form one of the components which affect the diesel rate.

    How Often Do Diesel Prices in Srinagar Are Revised?

    Until 16 July 2017, diesel prices were revised on a fortnight basis; however, it’s now being revised under the new ‘dynamic fuel pricing’ mechanism. The new pricing method revises fuel prices on a daily basis in accordance with the crude oil price in the global market. The change in pricing mechanism was to avoid any losses to the oil-companies if there’s any surge in the price of crude oil. Diesel prices in Srinagar are revised daily at 6 a.m. IST. While it’s automatically updated in automated fuel stations, it’s manually updated at non-automated petrol pumps.

    Ways to Track Diesel Rates in Srinagar

    Since diesel prices are revised daily, it’s important to know how to track the diesel price on a daily basis. The oil companies have launched multiple methods to track or get diesel price in Srinagar as well as other cities in the country. From mobile apps, SMS service to online portals, one can find out the current diesel price. For those of you who use Indian Oil Corporation Limited (IOCL) fuel stations, you can download and install the ‘Fuel@IOC’ mobile app to track the current diesel rate, for Bharat Petroleum Corporation Limited (BPCL) customers, one can install the ‘SmartDrive’ app, while Hindustan Petroleum Corporation Limited (HPCL) can utilise ‘MY HPCL’ app.

    For those who wish to use the SMS service, below is the process to send the SMS and get the current diesel price.

    • IOCL: Type RSP dealer code and send the SMS to 9224992249.
    • HPCL: Type HPPRICE dealer code and send the SMS to 9222201122.
    • BPCL: Type RSP dealer code and send the SMS to 9223112222.

    Customers can also visit the respective OMCs online portal to get the current diesel rate in Srinagar as well as other cities in the country. Apart from online methods, one can take advantage of the offline method of calling the OMCs customer care to track fuel prices.

    What is the GST on Diesel in Srinagar?

    From 1 July 2017, India moved to a new tax regime, the Goods and Service Tax (GST), applicable on all commodity trading and services. However, petroleum products such as diesel and petrol were kept away from the framework of the GST. While the maximum tax slab on the GST is 28%, the Centre’s and the State’s VAT is much higher. The Centre and states receive massive revenue by taxing diesel through excise duty and VAT respectively. Any cut in taxes will decrease the revenue generated from selling diesel or petrol in the country, which will have a huge impact on the country’s exchequer. Hence, the GST is not applicable on diesel and petrol, currently.

    Also Check Diesel Price in NearBy Cities of Srinagar

    *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 Srinagar

    • Petrol Prices Rose by More Than Rs.2 per litre in February

      In February, petrol and diesel prices rose by Rs.2.12 per litre and Rs.2.03 per litre, respectively. On Sunday, the petrol price in Delhi stood at Rs.72.40 a litre and diesel was sold at Rs.67.54 a litre. The rise in fuel prices is attributed on hopes of the US and China ending a trade war which has crippled the global economic growth as well as due to OPEC ally Russia saying it would increase its crude oil supply cuts. Oil Minister Dharmendra Pradhan asked world’s largest oil exporter Saudi Arabia to play an important role in easing oil prices in the international market. He also pointed out the need for an uninterrupted supply of crude oil and LPG to India amid supply cuts announced by the OPEC. Fuel prices in India are proportional to the global crude oil price along with the exchange rate of the rupee over the US dollar. State-controlled oil companies fix the retail price of petrol and diesel based in the daily ‘dynamic fuel pricing’ mechanism.

      14 March 2019

    • Rupee likely to drop in 2019

      As crude oil prices started depreciating from the month of October, the rupee began to appreciate. With crude correcting by nearly 35 per cent, Indian rupee appreciated from 75.45 to 69.50, a rise of 7.5 per cent. The hike would have been more than 10 per cent had the strong US dollar not taken some shine off the Indian unit.  

      With the Indian rupee again focusing on crude oil prices, the correlation is stated to be extremely positive. As per reports, in the last five trading sessions, a correlation between the US dollar and the equity market is close to zero while the total correlation with crude oil prices is nearly 80 per cent.  

      Given the fact that crude oil open interest is increasing along with price indicating fresh long positions being created, crude oil prices are expected to be on the rise. It needs to be mentioned here that the crude oil stock spread has dropped by 27 per cent on a weekly basis. The drop is the sixth consecutive decline and has pushed US stocks on to the edge of returning in shortage compared to the five-year mean. These developments have raised concerns that rupee would depreciate in the upcoming months. 

      30 January 2019

    • Crude Oil Rates to Continue Losses as other Markets Downfall

      US West Texas Intermediate crude oil futures dropped by 1.5% at $72.07 per barrel whereas Brent crude futures slashed by 1.6% at 81.77 per barrel. Brent crude futures previously touched their lowest at $81 since the month of September 2018. In the previous session today, US West Texas Intermediate crude oil futures slid by 2.4% in the earlier session. On Wednesday, the equities dropped to a three-month low on the major overseas marketplaces. Because of the falling demand and worries about US-China tensions. Nikkei 225 slid by 4% on Thursday, 11 October 2018.

      12 October 2018

    • Diesel Prices Kept Unchanged, While Petrol Prices Have been Hiked

      State-owned oil companies hiked petrol prices across four major metro cities in the country, while diesel rates have been kept untouched. In Delhi, Mumbai and Kolkata, petrol prices have been hiked by 6 paise per litre, while in Chennai it has been increased by 7 paise a litre. After the hike, petrol costs Rs.82.22 per litre in Delhi, Rs.89.60 in Mumbai, Rs.84.07 in Kolkata and Rs.85.48 in Chennai. The revised prices are applicable from 6:00 am today. Diesel prices, on the other hand, were not increased. The fuel costs Rs.73.87 per litre in Delhi, while in Mumbai, Kolkata and in Chennai it’s being sold at Rs.78.42, Rs.75.72 and Rs.78.10 in Chennai. Petrol and diesel rates differ from state to state due to local sales tax or VAT. Oil companies have increased fuel prices almost daily across the country except on the 5th and the 12th of September. With the rise in global crude oil prices and the fall in the exchange rate of the rupee, fuel prices, in India, have been on the rise. The incline in the global crude oil price is primarily attributed to a possible shortage in supply as US inventories have declined and strong US petrol demand.

      21 September 2018

    • Petrol Prices Slashed for the Sixth Day in a Row

      Petrol prices were slashed for the sixth day in a row on Tuesday, with prices being reduced by 7 paise a litre in major metro cities. A litre of petrol is being supplied at Rs.76.23 a litre in New Delhi with a price cut of 7 paise. While in Mumbai, the petrol price is reduced by 7 paise as well with the fuel being retailed at Rs.83.68 a litre. In Kolkata and Chennai, the petrol price was slashed by 7 paise with petrol available at Rs.79.10 and Rs.79.18 respectively according to the country’s leading oil company Indian Oil’s mobile app. Fuel prices reached an all-time high on 29 May 2018 and since then it has been mostly reduced as global crude oil rates have been on the decline due to several geopolitical factors. Crude oil prices have been on a downward trend in the last couple of days even as geopolitical tensions over possible sanction in Iran by the US have led market participants to shrug off the escalating tensions between the two nations.

      25 July 2018

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