Quarterly Diesel Price Trend in India Between January and March 2019
|Opening date price||Rs.62.86/litre||Rs.65.71/litre||Rs.67.15/litre|
|Closing date price||Rs.65.90/litre||Rs.67/litre||Rs.66.33/litre|
|Highest price||Rs.66.09/litre recorded on 25th, 26th, 27th and 28th||Rs.67/litre recorded on 28th||Rs.67.67/litre recorded on 5th, 6th and 7th|
|Lowest Price||Rs.62.33/litre recorded on 7th, 8th and 9th||Rs.65.51/litre recorded on 5th and 6th||Rs.66.33/litre recorded on 29th, 30th and 31st|
Quarterly Diesel Price Trend in India Between October and December 2018
|Opening date price||Rs.75.17 a litre||Rs.73.83 a litre||Rs.67.43 a litre|
|Closing date price||Rs.73.83 a litre||Rs.67.81 a litre||Rs.62.86 a litre|
|Highest price||Rs.75.74 a litre booked on the 17 October 2018||Rs.73.83 a litre booked on the 1 November 2018||Rs.67.43 a litre booked on the 1 December 2018|
|Lowest Price||Rs.73.00 a litre booked on the 5 October 2018||Rs.67.81 a litre booked on the 30 November 2018||Rs.62.86 a litre booked on the 31 December 2018|
Diesel Price Trend in India Between October and December 2018
- Diesel prices in India are revised daily under the ‘Dynamic Fuel Pricing’ mechanism by State-run Oil Marketing Companies (OMCs) by including the 14-day average price of crude oil along with the rupee-dollar exchange rate.
- On 1 October, the diesel price in India stood at Rs.75.17 per litre, high due to the rising global crude oil price in the market.
- Prices declined slightly during the first week in the back of reduction in excise duty announced by the Central government by Rs.1.50 per litre that asked oil firms to further cut Rs.1 per litre as subsidy.
- It rose to touch the highest rate on 17 October when a litre of diesel in Delhi was sold at Rs.75.74 per litre due to the sudden spike in crude oil prices in the international market.
- However, it declined by the end of the month to reflect a downward trend of 1.78% over the opening price.
- Diesel was priced at Rs.73.83 per litre on 1 November in India – the highest price of the month - and declined in the first week influenced by the drop in oil prices in the market.
- Diesel prices in India during this month declined, backed by the slight fall in oil prices in the global market as there was a fall in geopolitical tensions between the US and China over trade between the two countries.
- By the end of the month, diesel rates in India dropped to touch the lowest of the month when a litre of the fuel was sold at Rs.67.81 per litre.
- The diesel price trend in India for the month dropped by a significant 8.16% mainly due to the fall in crude oil prices.
- In December, diesel opened the month at Rs.67.43 per litre, which was also the highest price recorded for the month.
- While the crude oil prices were trading around $80 per barrel early October, it fell to trade around $56 per barrel late December, prompting fuel prices in India to decline sharply.
- By the end of the month, diesel rates in India during the month fell by 6.78% influenced by the decline in crude oil prices coupled with the appreciation of the rupee over the US dollar.
Quarterly Diesel Price Trend in India between July and September 2018
|Opening date price||Rs.67.38 per litre||Rs.67.97 per litre||Rs.70.26 a litre|
|Closing date price||Rs.67.86 per litre||Rs.70.26 per litre||Rs.74.51 a litre|
|Highest price||Rs.68.51 per litre documented on the 16th||Rs.70.26 per litre documented on the 31st||Rs.74.51 a litre documented on 28th, 29th and the 30th|
|Lowest price||Rs.67.38 per litre documented on the 1st||Rs.67.97 per litre documented on the 1st||Rs.70.26 a litre documented on the 1st|
Diesel Price Trend in India in July 2018
- Diesel prices in India are revised every day by State-run Oil Marketing Companies (OMCs) under the dynamic fuel pricing methodology.
- To arrive at the selling price of diesel, oil companies include the global crude oil price and the exchange rate of rupee against the U.S. dollar.
- In accordance with the pricing mechanism, oil companies fixed the diesel price in Delhi, the capital of India, at Rs.67.38 per litre on the 1st of July - the lowest price for the month.
- Prices remained unchanged until the 5th before increasing it by 12 paise per litre on the 6th and continued to be hiked over the course of the first and second weeks.
- Diesel prices rose to touch the highest price on the 16th when a litre of the fuel was sold at Rs.68.51.
- Post the 6th, prices declined over the course of the third and fourth weeks; however, it never fell below the opening price of the month.
- By the end of the month, diesel prices in India in July declined to touch Rs.67.86 per litre on the 30th of the month.
- Diesel prices in India during the month of July grew by 0.71% attributed to the rise in crude oil prices in the global market.
Diesel Price Trend in India in August 2018
- On the 1st of August, the diesel price in India stood at Rs.67.97 per litre, an increase of 11 paise over the previous day. This was also the lowest rate registered during the month.
- Diesel prices continued to incline over the course of the first and second weeks due to the rise in the global crude oil prices.
- The increase in crude oil price is attributed to geopolitical tensions between the U.S. and Iran after the U.S. pulled out of the nuclear deal between the two nations.
- With Iran staring at sanctions by the U.S. administration, the oil supply declined in the global market prompting fuel prices in India and other countries to rise accordingly.
- There was let up in the rise in diesel prices over the third and fourth weeks due to incline in oil prices.
- By the end of the month, diesel prices rose to touch the highest at Rs.70.26 per litre on the 31st of the month, an increase of Rs.2.29 per litre compared to the opening price of the month.
- Diesel prices in India in August inclined by 3.37% influenced by the rise in crude oil prices in the global market.
Diesel Price Trend in India in September 2018
- The opening diesel price in September stood at Rs.70.26 per litre, the lowest diesel price for the month.
- Prices during the first and second week continued to rise over the incline in crude oil prices in the global market.
- Due to geopolitical tensions, crude oil was trading at a four-year high of $80 per barrel on the global market prompting fuel prices to increase across the globe.
- Apart from the rising crude oil prices, the rupee fell to a record low of Rs.72 over the dollar which affected the diesel price in the country.
- Certain states such as Rajasthan, Karnataka, West Bengal and Andhra Pradesh cut local tax or VAT on petrol and diesel offering some respite to consumers of those states.
- By the end of the month, diesel prices touched record levels and registered the highest diesel price of the month at Rs.74.51 per litre on the 28th and were kept unchanged until the end of the month.
- Overall, diesel prices inclined sharply by 6.04% influenced by the steep incline in the global crude oil price and the significant depreciation in the Indian currency over the U.S.
Quarterly Diesel Price Trend in India Between April and June 2018
|Opening date price||Rs.64.58 per litre||Rs.65.93 per litre||Rs.69.24 per litre|
|Closing date price||Rs.65.93 per litre||Rs.69.29 per litre||Rs.67.38 per litre|
|Highest price||Rs.65.97 per litre recorded on 24th||Rs.69.35 per litre recorded on 29th||Rs.69.24 per litre recorded on 1st|
|Lowest price||Rs.64.58 per litre recorded on 1st||Rs.65.93 per litre recorded from 1st to 11th||Rs.67.38 per litre recorded from 27th to 30th|
Diesel Price Trend in India in April 2018
- On 1 April 2018, the diesel price in India stood at Rs.64.58 per litre - also the lowest price recorded in the month.
- Fuel prices in India are revised on a daily basis under the ‘Dynamic Fuel Pricing’ mechanism. The diesel price is updated every day at 6:00 a.m. by fuel companies.
- Diesel prices in India continued to remain steady with a marginal increase in the prices influenced by a slight increase in the global crude or unrefined oil.
- Prices of petrol continued to rise in tandem with the crude oil rates although only a slight revision was done.
- The highest diesel price in India during April 2018 stood at Rs.65.97 per litre recorded on the 24th of the month.
- The diesel prices trend in India during April 2018 inclined by 2.09%. The incline in diesel prices is in tandem with the rise in global crude oil rate.
Diesel Price Trend in India in May 2018
- With the 2018 Karnataka Assembly Elections scheduled for the 11th, fuel companies abstained from revising diesel prices in India.
- The diesel price in India in May 2018 stood at Rs.65.93 per litre, also the lowest diesel price for the month.
- Diesel prices in the second and third week grew in tandem with the global crude oil rates.
- On 29 May 2018, diesel prices in India touched an all-time high of Rs.69.35 per litre. Prices had increased by Rs.3.42 per compared to the first day’s price.
- The rise in diesel prices in India as the crude oil price touched $80 per barrel due to geopolitical tensions over the potential disruption in supplies.
- Despite a slight decline in diesel prices in the last two days of the month, fuel prices reflected an upward trend of 2.09% during the course of the month.
Diesel Price Trend in India in June 2018
- With diesel prices soaring, the Organisation of Petroleum Exporting Countries (OPEC) and Russia decided to meet on 22 June 2018 to address the concerns of a rising diesel price across the globe.
- On 1 June 2018, the diesel price in India stood at Rs.69.24, which is also the highest petrol price of the month.
- With geopolitical tensions easing, the global crude oil rate fell marginally and oil companies revised diesel prices accordingly in India leading to a slight decline in diesel prices in the country.
- The OPEC and its key ally Russia during their meeting agreed to raise the production of crude oil to soften the rising oil prices.
- Diesel prices in India started to decline in tandem with the crude oil price. The diesel price fell to its lowest at Rs.67.38 per litre on 27 June 2018 and continued till the end of the month.
- Overall, the diesel price trend in June 2018 showed a downward trend of 2.67% as the output of crude oil was increased as well as due to the ease in geopolitical fears.
Quarterly Diesel Price Trend In India Between January And March 2018
|Opening date price||Rs.59.76 per litre||Rs.64.09 per litre||Rs.62.30 per litre|
|Closing date price||Rs.64 per litre||Rs.62.13 per litre||Rs.64.40 per litre|
|Highest price||Rs.64 per litre recorded on 31st||Rs.64.20 per litre recorded on 6 & 7||Rs.64.40 per litre recorded on 31st|
|Lowest price||Rs.59.76 per litre recorded on 2nd||Rs.62.12 per litre recorded on 25||Rs.62.30 per litre recorded on 1st|
Diesel Price Trend In India In January 2018
- Diesel price in India on 1st of January 2018 stood at Rs.59.76 per litre, which was the lowest price of diesel for the month.
- While the cost of diesel continued to remain steady in the first week, it increased slightly in the second week of the month by nearly a Rupee.
- In the third week of January 2018, the price of diesel increased to Rs.61.74 per litre 15th. The rise in price was attributed to the hike in the global crude oil prices by nearly 1.76%.
- In relation to the increase in prices of WTI Crude and Brent Crude, the price of diesel continued to spiral to its highest at Rs.64 per litre on the closing day of the month.
- Overall, the diesel price for the month reflected an upward trend at 6.72% owing to a higher global price of crude oil and a slight decrease in the USD/ INR exchange rate.
Diesel Price Trend In February 2018
- The cost to buy a litre of diesel in India on 1st of February stood at Rs.64.09, an increase of 9 paise over the previous day.
- While the price of diesel continued to rally at a steady pace, it was at its highest at Rs.64.20 per litre on 6th and 7th of the month. The slight increase in the diesel cost was directly in proportion to the increased demand for the crude oil in global markets.
- Towards the second and third week of the month, diesel prices fell significantly recording their lowest of Rs.62.12 per litre on 27th of the month.
- The reduction in the price of diesel was attributed to the increase in INR value over the USD in the last couple of days of the month. Additionally, the Indian Basket rate fell from $65.12 per barrel on 26th to $63.99 per barrel on the last day of the month, which impacted the rise in cost of diesel.
- On the closing day of the month, diesel price stood at Rs.62.13 per litre.
- The prices of diesel for the month of February 2018 witnessed a downward trend at 3.15%. The downward trend in the prices of diesel was impacted by the fall in the international crude oil prices.
Diesel Price Trend In March 2018
- On 1st of March 2018, the price of diesel stood at Rs.62.30 per litre. Despite an increase over the previous day, this was the lowest price of diesel for the month.
- During the first week, the cost of diesel continued to remain stable, but with a short spike in cost on the 6th and the 7th of the month, nearly 70 paise over the opening price for the month.
- From the second week, diesel prices continued to decrease before it began to increase in the third and fourth week of the month.
- The increase in the cost to buy diesel was attributed to the hike in crude oil prices, which stood at $62.04 per barrel on the 14th and gradually increased to $66.80 per barrel on the 26th.
- With the excise duty and Value Added Tax (VAT) rates remaining unchanged by the Central and State Government respectively, the price of diesel continued to cost in sync with the change in the price of the crude oil.
- Diesel price on the closing day of the month stood at Rs.64.40 per litre, which was the highest in the first quarter of the calendar year.
- The diesel price in March 2018 reflected an upward trend of 3.34%, mainly indicated by the increase in global crude oil prices per barrel.