Diesel Price In UP (Uttar Pradesh)Today

Diesel Rate in Uttar Pradesh

Diesel price in Up (Uttar Pradesh) today is determined by state-owned oil firms based the daily ‘Dynamic Fuel Pricing’ mechanism. Here, you can check the current diesel price in Uttar Pradesh, find today's diesel price and the quarterly price trend in Uttar Pradesh. New diesel prices in Uttar Pradesh are updated by oil firms daily at 6:00 am IST.

Trend of Diesel Price in Uttar Pradesh for September 2019 (rates per litre)

September - Week 1 (1-7):

• Diesel price in Uttar Pradesh opened at Rs.65.38 per litre, unchanged from previous day’s closing price. State-run oil marketing companies decided not to cut prices due to soft demand of the oil.
• After staying stable for the next few days, diesel rate in up dropped by 2 paise on the 5th of September, recording Rs.65.36 per litre. Diesel dropped further, closing the week at Rs.65.27 per litre. Meanwhile in the international oil market, crude prices went up after US confirmed that talks with China to reach a trade pact would be held in the coming weeks.
• Overall performance of diesel in Uttar Pradesh for the first week of September was -0.16%, trending downwards.

September 2019 – Week 2 (8 – 14):

• Diesel price in Uttar Pradesh opened the second week of the month at Rs.65.27 per litre. The rates were unchanged from the previous day’s closing price.
• The prices were on an upward curve since 10 September due to a sharp decline in US inventories. Diesel rate in UP closed the week at Rs.65.52 per litre. Meanwhile, in the international oil market, crude oil futures dropped due to a weak trend.
• The overall performance of diesel in the state was 0.21% for the week. The rates are expected to witness a hike in the coming days going by the current trend.

September 2019 – Week 3 (15-21):

• Diesel rate in the state of Uttar Pradesh opened at Rs.65.58 per litre. The rates charged were unchanged from the previous day’s closing price.
• The rates jumped considerably over the week after staying constant for the next day. The increase in the prices was accounted to last week’s drone attack on Saudi Arabia’s Aramco oil refinery.
• Diesel price in Up closed the third week of September at Rs.66.69 per litre. This was the highest recorded prices for the month till now. Since the start of the week, diesel prices went up by Rs.1.11 per litre with the overall performance of petrol in the state being 2.00%.

Trend of Diesel Price in Uttar Pradesh for August 2019 (rates per litre):

August 2019 – Week 1 (1-7):

• Diesel price in Up(Uttar Pradesh) opened at Rs.65.07 per litre on 1 August, its highest recorded price of the week. State-run oil marketing companies decided not to alter the rates of diesel in spite of weak demand of crude in the international market.
• Diesel remained unchanged for the next couple of days, before dropping to Rs.65.03 per litre, recording a drop of 4 paise per litre. Meanwhile, in the international market, crude prices fell amid worries over weaker demand after the Trump administration said it would impose tariffs on more Chinese imports.
• Diesel closed the week at Rs.65.03 per litre, unchanged from the previous day’s closing price. The overall decline of diesel price in UP recorded in the first week of August is -0.06%. In the international oil market, crude price dropped owing to US-China trade tensions.

August 2019 – Week 2 (8-14):

• Diesel price in Uttar Pradesh opened at Rs.64.94 per litre on the second week of August, recording a 9 paise drop from previous day’s closing price.
• Diesel slumped further by 12 paise on the next day, standing at Rs.64.82 per litre. The dip was primarily due to the ongoing US-China trade tension, fuelled further by Trump administration’s decision to impose more tariffs on Chinese imports.
• Diesel price in UP dropped slightly in the next few days before stabilising at Rs.64.55 per litre. The overall performance compared to the opening day was -0.79%, trending downwards. Meanwhile, in the international oil market, crude prices dropped due to possible supply cuts amidst looming global economic crisis.

August 2019 – Week 4 (22-31):

• Diesel price in Uttar Pradesh opened at Rs.65.26 per litre on 22nd August, unchanged from previous day’s closing price. Diesel had already witnessed a surge a couple of days before owing to the hike in VAT as imposed by the state government.
• Diesel prices shot up, recording Rs.65.47 per litre on 26th August. In the international oil market, crude gained after slump in US inventories.
• Diesel slumped soon after, closing the month at Rs.65.38 per litre. In the international market, crude suffered due to concerns about the strength of the US economy. The overall performance of diesel in UP was 0.47%, though trending downwards.

Trend of Diesel Price in UP for July 2019 (rates per litre)

July 2019 – Week 1 (1-7):

• Diesel price in Uttar Pradesh was recorded at Rs.63.59 on 1 July. It was a slight increase than the previous day’s closing price. The surge was primarily due to major oil marketing companies deciding to revise fuel and diesel prices.
• Diesel again witnessed a surge of Rs.0.05 on 2 July, recording at Rs.63.64 per litre. The hike could be attributed to the revision in prices as initiated by the oil marketing companies. Diesel remained steady for the next few days till 6 July.
• After a steady few days, UP diesel prices increased on 7 July, recording at Rs.65.66 per litre. This significant increase was majorly due to the Government’s decision to raise excise duty and road and infrastructure cess on petrol and diesel by Rs.2 per litre.

July 2019 – Week 2 (8-14):

• Diesel price in Uttar Pradesh opened at Rs.65.58 per litre on 8 July, a slight decline from previous day’s closing price. The decline in diesel price was triggered by a possible global economic crisis owing to US-China trade tensions.
• Diesel stood at Rs.65.49 per litre on 9 and 10 July, again showing minimal but steady decline in prices. It is being speculated that investors are focusing on safe-haven investment channels like gold due to the possible economic slump.
• On 14 July, diesel in UP witnessed a further slump and closed at Rs.65.28 per litre, a decline of -0.45%. Though the petrol prices improved owing to further supply cuts, diesel prices got cheaper as investors assessed the probable economic meltdown owing to US-China trade war.

July 2019 – Week 3 (15-21):

• Diesel price in UP opened at Rs.65.28 per litre on 15 July, unchanged from the previous day’s closing price. The international oil market remained fairly stable with OPEC and Russia agreeing to extend supply cuts. However, China’s report on its slowest quarterly economic growth indicated lack of crude oil demand among the major players of the market.
• Diesel price in Uttar Pradesh remained stable on the next few days amidst US-China trade tensions. Weak demand of crude oil in the international oil market was reported following the rise in US stockpiles.
• Diesel closed the week at Rs.68.47 per litre on 21 July amid the US-Iran tensions. It’s being speculated that oil prices could trend upwards if the Middle East tension worsens, which could outweigh the resumption of oil supply in the Gulf of Mexico post Hurricane Barry effect that prompted the oil manufacturers to cut down oil supplies. The tension between the two countries can even outweigh the increase in US supply from shale oil.

July 2019 – Week 4 (22-28):

• Diesel in Uttar Pradesh opened at Rs.65.28 per litre on 22 July, maintaining its stability in pricing since the third week of July. The state-run oil marketing companies decided not to alter diesel prices amid global crude price drop owing to weak demand of crude among investors.
• Diesel remained stable for the next couple of days though international crude industry gained a bit of momentum due to the ongoing Middle East tension and reports of a huge fall in US inventories. However, petrol prices rose during this period.
• Diesel in UP slumped soon after, closing the week at Rs.65.23 per litre on 28 July. The price drop could be attributed to the weak demand of crude in the international market. With Russia and OPEC agreeing to extend supply cuts till March 2020 has affected diesel prices as well. Also, International Energy Agency or IEA has claimed that oil prices are unlikely to go up in the following days due to a glut in the global crude industry and weak demand among investors.

Trend of Diesel Price in UP for June 2019 (rates per litre)

June 2019 – Week 1 (2-8):

• In the first week of June, diesel opened at Rs.65.19 per litre, a price drop of 22 paise from the previous day’s price.
• Diesel price in UP continued to dip over the week with the lowest price recorded at Rs.64.11 per litre on 8 June.
• Though the prices gradually stabilised, the initial dip could be attributed to the decline in global oil prices. Brent crude prices recorded a drop of 0.4% and were trading at $61.01 per barrel and was one of the primary reasons of the price drop.

June 2019 – Week 2 (9-15):

• The prices recorded on 9 June were same as the previous day’s that stood at Rs.64.11 per litre.
• Diesel price in UP remained unchanged till 10 June, following which there was a sharp drop with the lowest price being recorded at Rs.63.49 per litre on 15 June.
• Drop in UP diesel price came amidst a fall in global crude prices.

June 2019 – Week 3 (16-23):

• Diesel rate in UP opened the week at Rs.63.28 per litre, recording a drop of 21 paise as compared to the previous day’s price.
• The Diesel price in UP further dropped to Rs.63.20 per litre following which it stabilised and remained unchanged till 19 June.
• On 20 June, prices dropped to Rs.63.15 per litre, a drop of 0.05 paise and remained unchanged till the end of the week i.e. 23 June. The drop in crude prices was triggered by the ongoing US-Iran conflict coupled with a speculated slash in US interest rates.

June 2019 – Week 4 (24-30):

• In the fourth week, diesel recorded a slight increase of 11 paise, recording at Rs.63.26 per litre on 24 June.
• Diesel price in UP improved in the following days with diesel closing at Rs.63.50 per litre, an increase of 24 paise since the opening day of the week.
• Overall there was a decline of 2.59% in diesel prices for the month of June amidst the drop in global crude prices. Investors also looked forward to OPEC holding talks with allies regarding the supply cuts.

How are diesel rates in Uttar Pradesh moving currently? Are they showing an increasing trend or a decreasing trend? To make a thorough analysis of diesel prices in the state, let’s consider the four major cities, which are Lucknow, Kanpur, Ghaziabad, and Agra.

Lucknow

Lucknow is the capital city of Uttar Pradesh. Between 7 October and 16 October, the average rate of diesel in the city was Rs.58.30. In September 2017, the highest and lowest rates were Rs.59.95 and Rs.58.43 respectively. On the opening day of the month, the rate was Rs.58.43. On the closing day of the month, it increased to Rs.59.91. In August 2017, the highest rate was Rs.58.36 and the lowest rate was Rs.56.46. Similarly, in July 2017, the lowest and highest rates were Rs.55.03 and Rs.56.39 respectively.

Kanpur

Kanpur is the second largest city, which is also the main center of industrial and commercial activities. In the city, between 09 October and 16 October 2017, the cost of diesel has reduced to Rs.57.89 from Rs.58.05. It has decreased to Rs.58.36 from Rs.59.52 between 4 September 2017 and 25 September 2017. Between 21 August 2017 and 28 August 2017, the price has increased to Rs.57.48 from Rs.57.46.

Ghaziabad

Ghaziabad is another major city in the state. In the city, the average price of diesel between 7 October 2017 and 16 October 2017 was Rs.58.20. In September 2017, the lowest and highest rates were Rs.58.34 and Rs.59.87 respectively. In August 2017, the highest and lowest rates were Rs.58.28 and Rs.56.38 respectively. In July 2017, the price has increased to Rs.56.32 from Rs.54.95 on the closing day of the month.

Agra

Agra is a famous tourist destination. In the city, between 21 August and 28 August 2017, the cost of diesel increased to Rs.57.40 from Rs.57.38. It further increased to Rs.59.36 between 04 September and 11 September 2017. Between 19 September and 25 September 2017, it reduced to Rs.59.46 from Rs.59.57. This was the overall trend in diesel prices in Uttar Pradesh over the last four months.

Daily Revision of Diesel Prices in Uttar Pradesh

The daily revision is the new system of fuel pricing that has been implemented in India on 16 June 2017. According to the new system, all diesel bunks across the state will update diesel prices on a daily basis. Since all state-run oil marketing companies have adopted the daily revision, diesel rates have seen a steady and constant growth. All automated diesel bunks will automatically revise diesel prices every day. All non-automated diesel bunks will manually revise.

Features of the daily revision

• Prices will be revised on a daily basis at 06:00 a.m.
• Diesel consumers will be aligned to market dynamics.
• The system brings transparency in fuel pricing.
• Bunk owners will be able to practice the best inventory management principles.
• Neither the central government nor the state government will interfere in fuel pricing.

Computation of Diesel Prices in Uttar Pradesh

The actual cost of diesel per litre is computed using the following equation:

Retail price = Cost of crude oil + Refinery transfer price + Profit margin of oil marketing companies + Commission charged by dealers + Excise duty + State levies (VAT)+ pollution cess

Crude oil is imported by Indian oil entities. The cost that is incurred by Indian oil companies in order to buy crude oil is called the cost of crude oil. Ocean freight is also included in the cost of crude oil.

Refinery transfer price is the cost, which is incurred by oil marketing corporations to convert raw oil into diesel. It is charged by refineries.

Oil marketing companies then add a certain percentage of profit margin on the total of the cost of crude oil and refinery transfer price.

The refined diesel will then be shifted from refinery stations to retail diesel stations. Diesel bunk owners charge a certain percentage of commission for supplying diesel to end consumers.

Excise duty is the tax imposed by the central government on diesel. It will remain unchanged throughout the country.

Diesel is also taxed by state governments, but the percentage of tax differs from one state to another. The percentage of tax imposed on diesel in Maharashtra is comparatively high among all Indian states.

Factors Affecting Diesel Prices in Uttar Pradesh

The Cost of Diesel will increase if:

• The cost of crude oil goes up in overseas markets
• The currency of the United States of America (USA) gains against the currency of India
• The central government decreases the excise duty
• The state government decreases VAT

The Cost of Diesel will decrease if:

• The cost of crude oil decreases in overseas markets
• The currency of the United States of America (USA) falls against the currency of India
• The central government increases the excise duty
• The state government increases VAT
• Factors affecting the cost of crude oil

The Cost of Crude Oil will increase if:

• The demand for crude oil increases
• Oil extraction activities are interrupted by unfavorable weather conditions
• The INR weakens against the USD

The Cost of Crude Oil will decrease if

• The demand for crude oil is stable
• Oil extraction activities remain unaffected by weather conditions
• The INR gains against the USD

Impact of GST on Diesel Prices in Uttar Pradesh

Present Scenario

• All petroleum products are not covered under the GST regime.
• The entire oil and natural gas industry has been kept outside the purview of GST.
• All industry participants continue to pay taxes as per the earlier system.

If GST is Imposed on Diesel:

• All industry participants have to follow the current and the GST framework.
• The compliance cost will be increased by 100%.
• The current price of diesel in Uttar Pradesh will fall by 20-30%.
• Diesel consumers will be benefited.
• The revenue source for the central and state governments is adversely impacted.

Also Check Diesel Price in NearBy Cities of Uttar Pradesh

*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.

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