Quarterly Diesel Price Trend in Bangalore between January and March 2019
|Opening date price||Rs.63.17/litre||Rs.67.83/litre||Rs.69.32/litre|
|Closing date price||Rs.68.01/litre||Rs.69.17/litre||Rs.68.47/litre|
|Highest price||Rs.68.21/litre recorded between 25th, 26th, 27th and 28th||Rs.69.17/litre recorded on 28th||Rs.69.86/litre recorded on 5th, 6th and 7th|
|Lowest price||Rs.62.83/litre recorded on 4th, 5th and 6th||Rs.67.62/litre recorded on 5th and 6th||Rs.68.47/litre recorded on 29th, 30th and 31st|
Quarterly Diesel Price Trend in Bangalore Between October and December 2018
|Opening date price||Rs.75.55 a litre||Rs.74.20 a litre||Rs.67.77 a litre|
|Closing date price||Rs.74.20 a litre||Rs.68.15 a litre||Rs.63.17 a litre|
|Highest price||Rs.76.13 a litre booked on the 17 October 2018||Rs.74.20 a litre booked on the 1 November 2018||Rs.67.77 a litre booked on the 1 December 2018|
|Lowest Price||Rs.73.37 a litre booked on the 5 October 2018||Rs.68.15 a litre booked on the 30 November 2018||Rs.63.17 a litre booked on the 31 December 2018|
Diesel Price Trend in Bangalore Between October and December 2018
- Diesel prices in India are fixed by State-run Oil Marketing Companies (OMCs) daily based on the ‘Dynamic Fuel Pricing’ mechanism, which considers the 14-day average price of the global crude oil as well as the exchange rate of rupee-dollar.
- Under this method, the diesel price in Bangalore on 1 October stood at Rs.75.55 per litre, a record high due to the rising crude oil prices.
- With diesel rates on the rise, the Union government announced a cut in the excise duty levied on the sale of fuel in the country by Rs.1.50 per litre and asked OMCs to further subsidise Rs.1 per litre.
- With the cut in excise duty, diesel prices dropped to its lowest at Rs.73.37 per litre on 5 October; however, it immediately inclined in the next couple of day to touch the highest of the month at Rs.76.13 per litre on 17 October.
- During the month, the diesel price trend in Bangalore declined by 1.79% mainly due to the reduction in the excise duty.
- On 1 November, the diesel rate in Bangalore stood at Rs.74.20 per litre, which was also the highest price recorded during the month.
- While diesel prices continued to drop, it wasn’t significant as the global crude oil price was trading high due to the geopolitical tensions between the US and China over trade between the two countries.
- Diesel prices touched the lowest on 30 November when a litre of the fuel was sold at Rs.68.15 per litre due.
- The diesel price in Bangalore during November dropped significantly by 8.15% attributed to the fall in crude oil prices in the international market.
- Diesel was priced at Rs.67.77 per litre on 1 December – the highest price of the month recorded during the month.
- While the crude oil price was trading around $80 per barrel early October, it declined to trade around $55 per barrel late December prompting fuel prices to drop in the country.
- Overall, the diesel price in December fell by 6.79% influenced by the drop in crude oil prices coupled with the appreciation of the Indian currency over the US dollar.
Diesel Price Trend in Bangalore between July and September 2018
|Opening date price||Rs.68.35 a litre||Rs.70.14 a litre||Rs.72.71 a litre|
|Closing date price||Rs.70.01 a litre||Rs.72.51 a litre||Rs.75.17 a litre|
|Highest price||Rs.70.64 a litre as of 16 July||Rs.72.51 a litre as of 31 August||Rs.76.10 a litre as of 16 September|
|Lowest price||Rs.68.35 a litre as of 1 July||Rs.70.14 a litre as of 1 August||Rs.72.71 a litre as of 1 September|
Diesel Rate Trend in July 2018 in Bangalore
- As of 1 July, diesel was cheaper by over Rs.8 per litre compared to petrol in Bangalore since diesel is a subsidised commodity.
- Because of the deployment of dynamic fuel pricing in India, we can observe the regular changes in diesel prices in Bangalore. The changes in the domestic factors are also accounted for.
- Oil companies kept increasing the rate of diesel until the 16th without taking into account the falling oil rates.
- But, in the third week, fuel prices depicted a declining trend caused by the underperformed INR and a sheer downfall in the cost of petroleum.
- Diesel was sold at the highest rate of Rs.70.64 a litre on 16 July and the lowest price of Rs.68.35 a litre on 1 July at all the Indian Oil fuel stations in Bangalore.
- As the government has adopted a different fuel pricing strategy, the growth rate of diesel was higher than that of petrol in July in Bangalore and other cities.
Diesel Price Trend in Bangalore in August 2018
- As the indigenous currency continued to fall against the dollar, all the public and private sector oil enterprises augmented the price of diesel at the beginning of the month.
- The Indian Crude Basket was priced at $72.67 per barrel on the 8th. It drastically fell between 6 August and 16 August. Caused by the falling transactional oil market, fuel rates were consistent at Rs.70.73 a litre, Rs.71.44 a litre and Rs.71.10 a litre respectively.
- Towards the end of August, fuel rates showed an upward trend. The closing date price increased by 29 paise per litre to Rs.72.51. Fuel pricing was also wedged by the weakened rupee.
- Because of the stability in diesel rates throughout the month, the highest rate was recorded at Rs.70.14 a litre on the closing date.
- In the end, the month produced a rise of 3.37% caused by the international determinants.
- The Centre’s excise duty remained untouched at Rs.15.33 a litre and even the State Government of Karnataka has not revised the VAT on diesel in July and August.
Diesel Rate Trend in Bangalore in September 2018
- The opening date accelerated by 20 paise per litre. The fuel price was increased to Rs.73.44 a litre on the third, Rs.73.63 a litre on the fifth and Rs.74.39 a litre on the seventh. It further climbed to Rs.75.66 a litre on the 14th.
- The State Government of Karnataka responded to the Bharat Bandh by cutting the state levy on diesel. The bandh was called by the opposition parties.
- From Rs.76.16 a litre, fuel price reduced to Rs.74.25 a litre on 17 September. Even after the reduction of the sales tax in Karnataka, fuel rate continued to climb until the end of September 2018.
- As of 1 July 2018, the exchange rate of the USD against the rupee was Rs.68.47 and it increased to Rs.72.52 on 30 September. It means the rupee has fallen against the dollar by 5% this quarter.
- The Indian Crude Basket rate also increased reasonably in this month. Influenced by these two factors, the rate of diesel augmented by 3.38% in Bangalore.
- Like Karnataka, Rajasthan, Andhra Pradesh and West Bengal also decreased the tax on diesel in the interest of fuel buyers.
Quarterly Diesel Price Trend in Bangalore between April 2018 and June 2018
|Opening date price||Rs.65.67 a litre||Rs.67.05 a litre||Rs.70.43 a litre|
|Closing date price||Rs.67.05 a litre||Rs.70.48 a litre||Rs.68.35 a litre|
|Highest price||Rs.67.08 a litre registered on 24th||Rs.70.54 a litre registered on 29th May||Rs.70.43 a litre registered on 1st|
|Lowest price||Rs.65.67 a litre registered on 1st||Rs.67.05 a litre registered on 1st||Rs.68.35 a litre recorded on 27th|
Diesel Price Trend in Bangalore in April 2018
- The average diesel price in Bangalore, the capital city of Bangalore, for the first five days of the month stood at Rs.65.87 a litre.
- Diesel prices have gradually increased during the second week and the highest diesel rate for the first two weeks stood at Rs.66.11 a litre on 14th.
- For the third week, the average diesel price in the city of Bangalore soared to Rs.66.32 a litre in tandem with international crude oil rates.
- From 25 April until 30 April, diesel was sold at a price of Rs.67.05 a litre. Because of the stable unrefined oil market, diesel was priced at Rs.67.05 a litre during the fourth week of April.
- In the end, oil marketing companies had confirmed that diesel price in Bangalore has soared by 2.10%. Other state capitals such as Hyderabad, Ahmedabad and Dispur have also produced the similar result.
- An upsurge of 2.10% was caused by the increased crude oil cost per barrel but not because of other aspects such as sales taxes, central taxes, the exchange rate, etc.
Diesel Price Trend in Bangalore in May 2018
- The opening date price for the month of May was Rs.67.05 a litre. Until 11th May, the fuel rate was stable at Rs.67.05 a litre.
- Even diesel rates have increased during the first two weeks, the growth rate was not high. After the second week, Hindustan Petroleum, Bharat Petroleum and Indian Oil have started increasing the fuel price in sync with unrefined oil rates.
- Oil marketing companies declared a growth rate of 5.11% for the whole month since the crude oil rate per barrel increased to $75.31 from $69.30.
- Because of the downward trend, the highest diesel rate for the month stood at Rs.70.54 a litre registered on the 29th.
- On 1st, the exchange rate of the domestic currency, the INR, was Rs.66.84 against the USD, the base currency. By the end of the month, it dropped to Rs.67.44. This variation in the exchange rate had no impact on diesel rates in Bangalore.
- Throughout the month, diesel was retailed at a price above Rs.67 per litre at all the diesel stations across the city.
Diesel Price Trend in Bangalore in June 2018
- Diesel rates were not stable throughout the month in Bangalore. They fell to Rs.69.95 a litre on 7th, Rs.69.02 a litre on 14th, Rs.68.76 a litre on 21st, and Rs.68.35 a litre on 30th.
- Since the crude oil rate has further decreased to $73.85 per barrel from $75.31 per barrel, diesel rates were reported to be down by 2.95% this month.
- As far as excise duty and Value-added Tax (VAT) are concerned, no changes were made during this quarter.
- It is only because of the changes in the cost of crude oil per barrel, diesel rates in Bangalore have increased in April and May and have decreased in June.
- During the quarter, the fuel rate was up by 4.08%. The highest fuel rate was recorded at Rs.70.43 a litre and the lowest fuel rate at Rs.65.67 a litre.
Trend in Diesel Price in Bangalore between January 2018 and March 2018
|Opening date price||Rs.60.76 a litre||Rs.65.17 a litre||Rs.63.34 a litre|
|Closing date price||Rs.65.08 a litre||Rs.63.17 a litre||Rs.65.49 a litre|
|Highest price||Rs.65.08 a litre registered on 31||Rs.65.28 a litre registered on 6 and 7||Rs.65.49 a litre registered on 31|
|Lowest price||60.76 a litre registered on 1||Rs.63.16 a litre registered on 25||Rs.63.34 a litre registered on 1|
Trend in Diesel Price in Bangalore in January 2018
- Petrol was valued at Rs.60.76 a litre at Indian Oil after the daily revision on the opening date. The price was up by a few paise compared to the previous day’s offer and was projected to cross the previous highs.
- The price range of the fuel was neither firm nor moved downwards until the last day. It is primarily due to the stable demand for unrefined oil in overseas marketplaces and an appreciated INR against the USD, the base currency.
- An upward trend can be watched over the four weeks. In the first week, the fuel rate augmented 0.92% to Rs. 61.32 a litre; 2.38% to Rs.62.78 a litre in the week 2; 1.76% to Rs.63.89 a litre in the week 3, and 1.86% to Rs.65.08 a litre in the last week.
- Between 1 and 31, the diesel price in Bangalore has gone up 7.10% to Rs.65.08 a litre because of the price of unrefined oil, which was up $4.77% per barrel this month; and the exchange rate of the greenback, which fell to Rs.63.56 on 31.
- The Central Government retained the excise duty of Rs.15.33 a litre and even the Value-added Tax was retained unchanged at 18.25% throughout the month.
Trend in Diesel Rate in Bangalore in February 2018
- On 1, Indian Oil announced a fuel price of Rs.65.17 a litre, which was up 9 paise and not affected by the Union Budget 2018-2019. Market experts signaled a price drop at the beginning of the month.
- All the three state-owned fuel entities retained an offer of Rs.65.17 a litre for the first two days, Rs.65.15 a litre on 3 and 4, Rs.65.28 a litre on 6 and 7, Rs.64.55 a litre on 13 and 14, and Rs.63.17 a litre on 27 and 28.
- The first week ended with the highest price of Rs.65.28 a litre. Afterwards, in Bangalore, the diesel rate moved downwards until 31 in tandem with the trend in the crude oil market and the INR/USD conversion rate, a highly volatile currency pair.
- Like the earlier month, the domestic factors were remained unchanged, which means a massive fall in the diesel rate in February ought to be attributed to the decreased cost of crude oil and a devalued INR.
- The supply of crude oil to highly oil importing countries like India and Japan was not interrupted. It is the decreased demand that pushed the cost of crude oil down to $63.54 a barrel (159 litres.)
Trend in Diesel Prices in Bangalore in March 2018
- On diesel, the State Government of Karnataka levied the VAT at 18.25% and the central tax of Rs.15.33 a litre was charged by the Central Government this month.
- In overseas markets, the unrefined oil’s demand began boosting at the beginning of the month, due to which, the fuel retailers in India have begun pushing the diesel price upwards.
- During the week 1, the crude oil’s price increased to $62.83 a barrel; and as a result, the price range of diesel in Bangalore climbed to Rs.64.07 a litre. Likewise, the cost of the fuel further enhanced to Rs.63.98 a litre during the week 2 due to a marginal upsurge in the crude oil price.
- The same price, Rs.64.07 a litre, was offered on 6 and 7 in Bangalore. It means a revised price was offered for the remaining 29 days of the month.
- Despite an immense drop in the cost of crude oil in February 2018, the diesel rates have bounced back strongly to Rs.64.59 a litre, the closing date price and highest price for March 2018.
- A 3.39% up this month was reasonably impacted by the conversion ratio of the greenback, which slid to Rs.65.13 from Rs.65.24.