Diesel Price Trend in Punjab

Diesel Price Trend in Punjab Between October and December 2018

1. Diesel prices in Punjab are updated daily based on the 'Dynamic Fuel Pricing' mechanism by including the 14-day average price of the global crude oil as well as the exchange rate of rupee-dollar.
2. Based on this method, the diesel price in Punjab on 1 October stood at Rs.73.08 per litre, the high rate influenced by the rising crude oil prices.
3. Rates rose to touch the highest at Rs.73.41 per litre on 4 October, only to decline to touch the lowest price of the month at Rs.69.73 per litre.

1. The decline in price came amid the Centre announcing a reduction in excise duty of Rs.1.50 per litre and asked State-run oil companies to further subsidise Rs.1 per litre.
2. Overall, the diesel rate in Punjab during the month declined by 3.87% mainly due to the cut in excise duty levied on the sale of fuel in the country.
3. When the month of November began, the diesel price in Punjab stood at Rs.70.25 per litre - the highest price recorded in the month.
4. Prices were on the decline during the month as the global crude oil price began dropping on the back of a decline in geopolitical tensions between the US and China.
5. Due to the trade war between the US and China, there were apprehensions in the market which led to the spike in oil price; however, it eased in the month of November.

1. By the end of the month, diesel recorded its lowest price reflecting a sharp decline of 8.15% prompted by the fall in oil prices in the international market.
2. On 1 December, the diesel rate in Punjab stood at Rs.64.17 per litre, which was also the highest price of the month.
3. The global crude oil price was trading around $80 per barrel early October which dropped significantly to trade nearly at $56 per barrel. This led to a steep fall in fuel prices in the country.
4. Over the month, prices were slashed by oil companies passing on the benefit to customers as oil prices were down to a record low.
5. The diesel price trend in Punjab in December declined by 6.77% impacted by the sharp fall in oil prices as well as the marginal appreciation of the Indian currency over the US dollar.

Quarterly Diesel Price Trend in Punjab between July and September 2018

Diesel Price Trend in Punjab in July 2018

1. Fuel prices including petrol and diesel are revised every day by State-run Oil Marketing Companies (OMCs) based on the dynamic fuel pricing mechanism.
2. Oil companies consider the global crude oil price and the exchange rate of rupee over the U.S. dollar to compute the selling price of diesel in Punjab and other states in India.
3. Based on the daily revision, the diesel price in Chandigarh, the capital of Punjab, on the 1st of July 2018 stood at Rs.65.43 per litre - the lowest diesel price for the month.
4. Prices were kept unchanged until the 5th before oil companies hiked the diesel price in the city by 12 paise per litre to stand at Rs.65.55.
5. Diesel prices continued to incline in the first and second week as prices soared to its highest on the 14th when a litre of diesel in Punjab stood at Rs.66.63.
6. While prices declined in the next two weeks, it was higher than the opening price of the month.
7. On the 31st, the diesel price in Punjab stood at Rs.65.96 per litre which was slightly higher than the opening price of the month.
8. Overall, the diesel price trend in Punjab during the month reflected a growth of 0.81%. This attributed to the slight increase in oil prices in the global market.

Diesel Price Trend in Punjab in August 2018

1. In accordance with the daily revision, oil companies decreased the diesel price in Punjab on the 1st by 4 paise per litre to stand at Rs.65.92, this was also the lowest price recorded during the month.
2. Due to geopolitical tensions between the U.S and China of a possible trade war, the global crude oil prices moved upwards prompting diesel prices to increase accordingly.
3. During the course of the first and second weeks, diesel prices in Punjab and other states continued to increase influenced by the rise in crude oil prices.
4. Due to a shortage in supply of crude oil in the international market, oil prices inclined to prompt oil companies to hike fuel prices accordingly.
5. On the last day of the month, diesel prices in Punjab rose to touch its highest price of Rs.68.31 per litre for the month.
6. The diesel price trend in Punjab during the month of August grew significantly by 3.16%. This attributed to the incline in oil prices in the global market.

Diesel Price Trend in Punjab in September 2018

1. On the 1st of September, the diesel price in Punjab stood at Rs.68.47 per litre, a hike of 16 paise over the previous day. This was also the lowest diesel price in Punjab for the month.
2. While the global crude oil prices continued to move upwards, the exchange rate of rupee over the U.S. dollar dropped significantly as well.
3. A barrel of crude oil in the global market rose to touch a four-year high of $80 coupled with the sharp drop in the rupee, which breached a record Rs.72, influencing the diesel price rise in the country.
4. The incline in crude oil prices was attributed to the shortage in supply of Iranian oil and the increase was witnessed across the globe.
5. By the end of the month, diesel prices started touching record levels breaking its previous highs. On the 30th of the month, a litre of diesel in Punjab was sold at Rs.72.72 - the highest price for the month in Punjab.
6. Except for some states such as Rajasthan, Karnataka, West Bengal and Andhra Pradesh, which announced a cut in taxes levied on the sale diesel, other states did not announce any reduction.
7. The diesel price trend in Punjab in September grew sharply by 6.21% influenced by the increase in crude oil prices and the steep fall in exchange rate of rupee over the U.S. dollar.

Quarterly Diesel Price Trend in Punjab Between April and June 2018

Diesel Price Trend in Punjab in April 2018

1. The diesel price in Chandigarh, the capital of Punjab, on 1 April 2018 stood at Rs.62.69 per litre - the lowest diesel price in Punjab in the month.
2. Over the next seven days, diesel prices inclined due to the rise in the global crude oil price. State-owned oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum fix diesel prices on the basis of the international crude oil price and the currency exchange rate of the US dollar over rupee.
3. During the second and the third week, diesel prices in Punjab continue to increase, although it was a marginal rise in the fuel prices.
4. By the end of the month, diesel prices had increased by Rs.1.32 per litre which is attributed to the rise in oil prices.
5. Overall, the diesel price trend in Punjab in April 2018 reflected a 2.11% increase largely impacted by higher crude oil rate and the exchange rate of the US dollar.

Diesel Price Trend in Punjab in May 2018

1. Diesel prices during the first week remained steady at Rs.64.01 per litre even as the global crude oil rate continued to be stable in the first week.
2. The cost of diesel continued to increase sharply over the second and the third week as the crude oil rate touched $80 per barrel, an increase of nearly $20 compared to the beginning of 2018.
3. With the crude oil price touching peak levels, diesel prices in Punjab touched an all-time high on 29th at Rs.67.34 per litre. This was also witnessed across other states as well.
4. On the last day of the month, the diesel price had risen by Rs.3.27 per litre compared to the 1st of the month.
5. The rise in crude oil rates is attributed to the geopolitical fears which caused concerns that oil-producing countries would limit supply.
6. The diesel price trend in Punjab in May 2018 reflected a steep incline of 5.11%, the highest increase during the quarter. The main factors which influenced the increase in diesel prices are the steep rise in crude oil rates and the currency exchange rate of the US dollar over rupee.

Diesel Price Trend in Punjab in June 2018

1. With the diesel prices touching new highs, it fell marginally on the 1st of June 2018 when fuel companies supplied diesel at Rs.67.24 per litre in Punjab.
2. By mid-June 2018, diesel prices had fallen by Rs.1.35 per litre as the crude oil rate had decreased marginally.
3. With the crude oil rate soaring to new highs, the Organisation of Petroleum Exporting Countries (OPEC) and Russia met on the 22nd and agreed to increase the output to ease the rising diesel prices across the globe.
4. Diesel prices in June 2018 continued to decline and recorded its lowest price of Rs.65.43 per litre, which remained steady from 27th to the 30th of the month.
5. With OPEC agreeing to increase production and amid geopolitical fears easing, the crude oil rate fell significantly.
6. Overall, the diesel price trend in Punjab in June 2018 moved downward by 2.70% largely due to a considerable fall in the global crude rate.

Quarterly Diesel Price Trend In Punjab Between January And March 2018

Diesel Price Trend In Punjab In January 2018

1. The price of diesel in Punjab on the 1st of January 2018 stood at Rs.58.02 per litre, a slight increase compared to the previous day's price. The lowest diesel price in Punjab was recorded at Rs.58.01 per litre on the 2nd of January.
2. During the first week, the prices of diesel climbed steadily and increased by nearly a Rupee.
3. On the second and the third week, the cost of diesel started to increase by nearly Rs.3 due to an increase in the global crude oil prices.
4. With the WTI Crude and Brent Crude commanding a higher price, the diesel price rose to Rs.62.13 per litre on the 31st - the highest price for diesel in Punjab in that month.
5. The cost of diesel reflected an upward trend at 6.73% for the month in Punjab attributed to the higher crude oil price as well as due to the slight gain of INR over the USD.

Diesel Price Trend In Punjab In February 2018

1. Diesel price stood at Rs.62.22 per litre on the first day of the month, an increase of 9 paise over the previous day.
2. The prices of the fuel continued to slightly increase in the first and second week of the month. The highest cost of diesel stood at Rs.62.32 per litre on the 6th and the 7th of the month.
3. The hike in price in the first week was due to a higher demand for the crude oil in global markets.
4. However, the price of diesel spiralled downwards in the second and the third week of the month with lowest diesel price recorded at Rs.60.30 per litre on the 25th.
5. The reduction in the cost of diesel was attributed to the increase in the value of INR over the USD in the last few days of the month. Also, the Indian Basket price declined to $63.99 per barrel on the 28th compared to $65.12 per barrel on the 26th.
6. On the last day of the month, the diesel price stood at Rs.60.31 per litre.
7. Overall, the diesel price trend in Punjab for the month was downward at 3.17% which was impacted largely by the fall in prices of the crude oil and the value of the INR gaining over the USD.

Diesel Price Trend In Punjab In March 2018

1. Diesel was priced at Rs.60.47 per litre on the 1st of March 2018, which was also the lowest price for the month.
2. During the second and third week, the cost of diesel remained steady averaging nearly Rs.63 per litre before it started to increase by the end of the third and fourth week.
3. The hike in diesel price was due to the increase in the global crude oil price which stood at $62.04 per barrel on the 14th and rose to $66.80 per barrel on the 26th of the month.
4. With the Central and State Government not increasing the excise duty or the Value Added Tax (VAT) respectively, diesel prices were revised based on the price of the crude oil.
5. On the closing day, the price of diesel stood at Rs.62.52 per litre - the highest for the month as well as for the quarter (January and March 2018).
6. On the whole, diesel prices in March 2018 witnessed an upward trend at 3.34% largely impacted by the international crude oil prices.