Petrol Price In Chennai Today

Petrol price in Chennai today is based on the ‘Dynamic Fuel Pricing’ mechanism. Here, you can check the current petrol price in Chennai. You can also find today's fuel price with quarterly petrol price trends in Chennai.
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  • Today's Petrol Price ( 18 Apr 2019 )
    ₹ 75.75
    Current Petrol Price Per Litre
    Compare Petrol Price in Chennai (Today & Yesterday)
    Today
    (18 Apr 2019)
    Yesterday
    (17 Apr 2019)
    Rate Change
    Petrol ( / litre) ₹ 75.75 ₹ 75.75 ₹ 0 ↑
    Petrol Price in Chennai - Last 10 Days Data
    Date Petrol ( / litre)
    18 Apr 2019 ₹ 75.75
    17 Apr 2019 ₹ 75.75
    16 Apr 2019 ₹ 75.75
    15 Apr 2019 ₹ 75.8
    14 Apr 2019 ₹ 75.67
    13 Apr 2019 ₹ 75.67
    12 Apr 2019 ₹ 75.67
    11 Apr 2019 ₹ 75.61
    10 Apr 2019 ₹ 75.61
    09 Apr 2019 ₹ 75.61

    Petrol Rate Trend

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    Petrol Prices in Chennai

    Chennai, the capital city of Tamil Nadu, is a renowned south Indian city for education, culture, and tourism. The city is also known as the Detroit of South Asia. Over 9.8 million people are residing in the city with a density of 26,533 people a square kilometer. Tamil is the regional language and other spoken languages include Telugu, Kannada, Malayalam, and English. Chennai attracts domestic and international tourists with incredible beaches.

    Being a famous tourist destination, the city offers excellent public transportation facilities. The connectivity offered within the city is at par with other metro cities of India. Chennai is a well-connected city for indigenous and overseas visitors. The local bus facility is a widely used mode of transportation followed by auto rickshaws, suburban railway network, maxi cabs, and mini private buses. The cost of living seems moderate in the city.

    Among all industry verticals, the manufacturing and car segments are gaining more importance. The transportation sector is in demand. Namakkal district is the transportation hub of the city. The district accounts for at least 40% of trucks operated throughout Tamil Nadu. Sankagiri, well-known for truck body constructing, is another notable region of Chennai.

    CNG is a preferred fuel for vehicles as the vehicles that release black fumes have been prohibited in the town some time ago. Diesel-run vehicles are widely used, leading to an increase in the diesel consumption rate. The number of petrol-run vehicles in the town is as much as it can be in a metro city. In 2013, the fuel supply was scant. The issue was later addressed by the local government.

    Petrol Costs in Chennai

    As we all know, on 4th October 2018, the central government lowered the excise duty by Rs.2.50 per litre on petrol and diesel, giving a big relief to consumers. Following the revision, petrol was priced at Rs.84.76 a litre in Chennai and diesel at Rs.77.16 on 5 October, declining by Rs.2.63 and Rs.2.68 per litre, respectively. The move overburdens the government by Rs.26,000 crore in yearly revenues and Rs.13,000 crore during the residual portion of the present financial year.

    Petrol Price in Chennai and Other Major Cities

    The petrol price in Chennai is marginally higher compared to other major metro cities such as Delhi, Mumbai, Kolkata and Hyderabad as the local Value Added Tax (VAT) levied by the Tamil Nadu government is higher. As of 2018, Tamil Nadu charges 34% on petrol, while Delhi charges 27%, West Bengal at 25%, Maharashtra at 26% + Rs.7.12 per litre as additional tax and Andhra Pradesh levies 31% + Rs.2 per litre additional tax.

    How are Petrol Prices in Chennai Assessed?

    The cost of crude oil, the refinery cost, the dealer’s commission, the profit margin of OMCs, the state VAT imposed on petrol, and the excise duty levied on petrol are the major components to form the retail selling price (RSP) of petrol in Chennai. Crude oil is traded globally in the USD. The cost oil is influenced by global supplies and reserves, the demand from leading countries, seasonal variations, weather conditions, and the exchange rate of the USD against the major currencies.

    Refinery expenses vary domestically. These are the expenses incurred by oil marketing companies to convert unrefined oil into petrol. OMCs then add a certain percentage of profit margin on every litre of petrol sold to retail petrol suppliers. The price charged to retail petrol suppliers is then taxed by the central and state governments.

    The central excise duty remains the same in the price structure of petrol in all parts of the country, including Chennai. The state VAT varies from one state to another. As on 1st January 2019, the VAT imposed on petrol by the state government of Tamil Nadu is 34%.

    The dealer’s commission is another element that may slightly change from dealer to dealer in Chennai and other cities of India. It depends upon the distance covered from supply stations to retail petrol stations. The higher the distance covered, the higher will be the dealer’s commission. The lower the distance covered, the lower will be the dealer’s commission.

    Quarterly Petrol Price Trend in Chennai Between January and March 2019

    January February March
    Opening date price Rs.71.38/litre Rs.73.59/litre Rs.74.54/litre
    Closing date price Rs.73.84/litre Rs.74.43/litre Rs.75.59/litre
    Highest price Rs.74.03/litre recorded between 22nd and 28th Rs.74.43/litre recorded on 28th Rs.75.65/litre recorded on 24th, 25th, 26th and 27th
    Lowest Price Rs.71.05/litre recorded on 4th, 5th and 6th Rs.72.94/litre recorded on 11th, 12th and 13th Rs.74.54/litre recorded on 1st, 2nd and 3rd
    Trend Upward Upward Upward
    % Change 3.44% 1.14% 1.40%
    October November December
    Opening date price Rs.87.13 a litre Rs.82.51 a litre Rs.75.34 a litre
    Closing date price Rs.82.70 a litre Rs.75.71 a litre Rs.71.38 a litre
    Highest price Rs.87.39 a litre booked on the 4 October 2018 Rs.82.51 a litre booked on the 1 November 2018 Rs.75.34 a litre booked on the 1 December 2018
    Lowest Price Rs.82.70 a litre booked on the 30 and 31 October 2018 Rs.75.71 a litre booked on the 30 November 2018 Rs.71.38 a litre booked on the 31 December 2018
    Trend Downward Downward Downward
    % Change -5.09% -8.24% -5.26%

    Petrol Price Trend in Chennai between October and December 2018

    • Petrol prices in Chennai are based on the Dynamic Fuel Pricing mechanism under which the global crude oil price and the exchange rate of the rupee over the US dollar is considered before arriving at the retail price of petrol.
    • The petrol price in Chennai on 1 October stood at Rs.87.13 per litre – a record high after the global crude oil price was trading at $80 per barrel.
    • On 4 October, the Union government announced a cut in excise duty of Rs.1.50 per litre and asked State-run oil companies to subsidise further Rs.1 per litre.
    • With the cut in excise duty, petrol prices dropped to Rs.82.70 per litre on 30 October, which was also the lowest price of the month.
    • Overall, the petrol price trend in Chennai declined by 5.09% during the month backed by the cut in excise duty and a marginal decline in crude oil prices in the global market.
    • In November, petrol was priced at Rs.82.51 per litre on the first day. This was also the highest price of the month.
    • Over the course of the month, petrol prices in Chennai declined as the global crude oil prices moved downwards.
    • The lowest petrol price in Chennai during November was recorded at Rs.75.71 per litre on 30th influenced by the drop-in oil prices in the international market.
    • The petrol price trend in Chennai during November declined by 8.24% prompted by the fall in oil prices coupled with the marginal decline in the rupee’s value over the US dollar.
    • On 1 December 2018, petrol in Chennai was sold at Rs.75.34 per litre – the highest price recorded during the month.
    • While prices inclined during the third week of the month, it dropped to its lowest on 31 December when a litre was available at Rs.71.38.
    • Overall, petrol prices in Chennai dropped by 5.26% mainly due to the drop in oil prices which was down to $56 per barrel from the previous high of $80 early October.
    July August September
    Opening date price Rs.78.40 a litre Rs.79.26 a litre Rs.81.81 a litre
    Closing date price Rs.79.31 a litre Rs.81.63 a litre Rs.86.80 a litre
    Highest price Rs.79.80 a litre recorded on the 16th Rs.81.63 a litre recorded on the 31st Rs.86.80 a litre recorded on the 30th
    Lowest Price Rs.78.40 a litre recorded on the 1st Rs.79.26 a litre recorded on the 1st Rs.81.81 a litre recorded on the 1st
    Trend Upward Upward Upward
    % Change +1.16% +2.99% +6.09%

    Petrol Price Trend in July 2018 in Chennai

    • Fuel pricing takes place every day considering the variations in the crude oil rate and the USD/INR exchange rate. Oil marketing enterprises are solely liable to fix the price.
    • Similarly, any changes in the excise duty (levied by the Centre) and the sale tax (imposed by the respective state) are accounted for revising fuel rates.
    • In July 2018, the pricing of petrol in Chennai, the capital city of Tamil Nadu, remained uninfluenced by the taxes levied by the Centre and state.
    • Oil marketing undertakings kept reviewing the price of petrol under dynamic fuel pricing throughout the month.
    • The rate was Rs.78.61 a litre on the 5th. It further increased to Rs.78.76 a litre on the 6th, Rs.79.29 a litre on the 9th and Rs.79.80 a litre on the 16th. Since the fuel rate slid in the last week of the month, the highest rate was observed on the 16th.
    • The weakened Indian currency caused a growth rate of 1.16% this month. Even though the price of the Indian Crude Basket fell to $73.47 a barrel, the benefit was not transferred to fuel customers.
    • Other metro cities such as Kolkata, Delhi and Mumbai, petrol rates were marginally increased by the Indian OMCs.

    Petrol Rate Trend in Chennai in August 2018

    • Like the previous month, the sales tax and the central taxes were not revised in August 2018. The revision took place throughout the month on the basis of transnational elements.
    • The fuel price was on the rise in the first week and was revised to Rs.80.09 a litre on 7 August 2018. It was unchanged at Rs.80.09 a litre in the second week because of the slow-moving overseas petroleum market.
    • Between 16 August and 19 August, the fuel was marketed in Chennai at a price of Rs.80.23 a litre and on 20 August 2018, the price accelerated to Rs.80.55.
    • As the benefit of falling overseas oil rates has not been passed on to the fuel users this month, the fuel was seen selling at the same price. The average oil rate slid to $72.53 per barrel from $73.47 per barrel.
    • Because of the weakened domestic currency, petrol rates in Chennai witnessed a growth rate of almost 3% in August.
    • The exchange rate of the base currency versus the INR was Rs.68.36 on 1 August. It increased to Rs.68.65 on 7 August, Rs.69.97 on 14 August and fell to Rs.69.87 on 21 August. By the end of the month, it crossed the Rs.70 mark.

    Trend in Petrol Rate in September 2018 in Chennai

    • In sync with the global influencers, fuel prices continued to climb since the beginning of the month. The growth rate for the first seven days was estimated to be 1.61%.
    • Unlike Rajasthan, West Bengal, Karnataka and Andhra Pradesh, no sales tax on petrol was slashed by the State Government of Tamil Nadu to reduce the burden on the common public this month.
    • The government decided not to reduce fuel prices since the government didn’t have enough financial scope to tolerate the revenue losses resulting from reducing the Value-added Tax on diesel and petrol.
    • Therefore, petrol rates in the city produced an upward trend throughout the month and were up by 6.09%.
    • The closing price stood at Rs.86.80 a litre, which was also the highest fuel rate for the whole quarter.
    • In Chennai, petrol was taxed at 32.06% by the state and the central levy remained unmodified at Rs.19.48 between July and September.
    April May June
    Opening date price Rs.76.48 per litre Rs.77.43 per litre Rs.81.32 per litre
    Closing date price Rs.77.43 per litre Rs.81.39 per litre Rs.78.40 per litre
    Highest price Rs.77.47 per litre recorded on 24th Rs.81.47 per litre recorded on 29th Rs.81.32 per litre recorded on 1st
    Lowest price Rs.76.48 per litre recorded on 1st Rs.77.43 per litre recorded from 1st to 11th Rs.78.40 per litre recorded from 27th to 30th
    Trend Upward Upward Downward
    %Change +1.24% +5.12% -3.59%
    Petrol Price Trend in Chennai

    Petrol Price Trend in Chennai in April 2018

    • On 1st April 2018, the petrol price in Chennai stood at Rs.76.48 per litre, also the lowest petrol price for the month in the city.
    • Petrol prices in the first week continued to be steady with an average price of approximately Rs.76.50 a litre.
    • The WTI Crude and Brent Crude price inclined slightly leading to a marginal rise in petrol prices in Chennai.
    • The highest petrol price in Chennai was recorded on the 24th with the fuel being sold at Rs.77.47 per litre. The rise in petrol prices in Chennai during the third and fourth week is attributed to a slight increase in the global crude oil rate.
    • The rise in petrol prices in Chennai was not impacted by domestic factors such as excise duty and Value Added Tax (VAT) since they were left untouched by both the Centre and Tamil Nadu’s government.
    • The petrol price trend in Chennai in April 2018 witnessed an upward trajectory by 1.24% largely impacted by the rise in the global crude oil rate and the exchange rate of the US dollar.

    Petrol Price Trend in Chennai in May 2018

    • The petrol price in Tamil Nadu’s capital on 1st May 2018 stood at Rs.77.43 per litre similar to the previous day’s price.
    • Oil companies did not revise the petrol price till the 11th due to the 2018 Karnataka Assembly Election and petrol prices continued to stand at Rs.77.43 per litre, which is also the lowest for the month.
    • Fuel companies decided to start the revision in petrol prices Chennai under the ‘Dynamic Fuel Pricing’ mechanism since the Karnataka Election had concluded.
    • During the third week, petrol prices in Chennai were hiked by as much as 22 paise per litre in tandem with the global crude oil rates.
    • However, petrol prices in Chennai and across other cities in the country witnessed a sharp incline with the fuel price reaching its all-time high of Rs.81.47 per on 29th.
    • The record high cost of petrol is attributed to the rise in crude oil price, which stood at $80 per barrel, and amid geopolitical fears as the US administration decided to pull out of the nuclear deal with Iran leading to apprehension that Iran could curb its supply of crude oil to the international market.
    • In the May 2018, petrol prices in Chennai witnessed an upward trend of 5.12% mainly due to geopolitical tensions which led to an increase in the crude oil price.

    Petrol Price Trend in Chennai in June 2018

    • After touching an all-time high in May, petrol prices in Chennai in the first week of June declined marginally in tandem with the fall in crude oil rates.
    • On the first, petrol was sold at Rs.81.32 per litre in Chennai, also the highest petrol price in the city of the month.
    • With crude oil rates falling by 1%, oil companies reduced the petrol price across the country with Chennai witnessing a declining trend in fuel prices.
    • The global crude oil rate fell from a record high of $80 to $73.50 which led to a decline in fuel prices in India.
    • The Organisation of Petroleum Exporting Countries (OPEC) decided to meet on 22nd June to discuss ways to address the concern of rising crude oil rates. The OPEC and its key ally Russia decided to increase the production of crude oil marginally in an attempt to control the spiralling crude oil price.
    • With the crude oil price on the decline, petrol price in Chennai fell and recorded its lowest price for the month at Rs.75.55 per litre.
    • Overall, the petrol price trend in Chennai during June 2018 reflected a downward trend at 3.59% largely due to the OPEC’s decision to increase the output of crude oil.

    Trend in Petrol Prices in Chennai between January 2018 and March 2018

    January February March
    Opening date Rs.72.53 per litre Rs.75.77 per litre Rs.74.21 per litre
    Closing date Rs.75.63 per litre Rs.74.15 per litre Rs.76.29 per litre
    Highest price Rs.75.63 per litre registered on 30 Rs.76.12 per litre registered on 07 Rs.76.29 per litre registered on 31 March
    Lowest price Rs.72.53 per litre registered on 01 Rs.74.14 per litre registered on 28 Rs.74.21 per litre registered on 01 March
    Trend Upward Downward Upward
    % Deviation 4.10% up 2.18% down 2.73% up
    Petrol Price Trend in Chennai

    Trend in Petrol Prices in Chennai in January 2018

    • Indian Oil Company announced the opening date price of Rs.72.53 per litre that has neither fallen nor has advanced against the previous day ’s price. This is the lowest price for the month as well.
    • As there were no major changes in crude oil costs and the currency conversion ratio, all the three fuel companies, IOL, BPCL and HPCL, extended the price offer of Rs.72.53 per litre on 2, 3 and 4.
    • Until the end of the first half, the fuel price moved upwards influenced by a substantial fall in the USD value and an extensive hike in crude oil costs, which accelerated to $68.02 a barrel.
    • The third week also registered an increasing tendency.
    • Fuel companies extended mounting the petrol rate in Chennai in sync with the transnational fuel price determinants between 21 and 30.
    • For the month, the highest price was registered on 30 at Rs.75.63 per litre and the month concluded with the same price range.
    • In January, the price of the Indian Crude Basket soared to $67.06 a barrel from $62.29 per barrel, and thus, Oil Marketing Companies (OMCs) reported a price rise of 4.10% for the month.

    Trend in Petrol Rates in Chennai in February 2018

    • Petrol was valued at Rs.75.77 per litre by Indian Oil Company and even HPCL and BPCL offered almost the same price tag on an opening day.
    • On 2, 3, 4, 5, 6 and 7, the fuel was retailed at an average price of Rs.75.82 a litre, Rs.75.81 a litre, Rs.75.88 a litre, Rs.76.04 a litre, and Rs.76.12 a litre respectively.
    • At Rs.76.12 a litre, the highest fuel rate in Chennai was offered by all the three recognized fuel retailers on 7 and later on the fuel began recouping its rate.
    • At the end of the week 2, the fuel price decayed to Rs.75.65 a litre in response to a sheer drop in the price of crude oil, which was at $63.63 a barrel (159 litres).
    • The week three also registered a continuous price drop and concluded with a price factor of Rs.74.37 a litre.
    • The downward tendency even prolonged during the fourth week since crude oil rates were on a fall.
    • The lowest fuel price was registered at Rs.74.14 per litre on the last day at Indian Oil Company and the remaining fuel companies as well.
    • A steep decrease in the crude oil price of Indian Basket influenced the petrol rate to decline to Rs.74.15 per litre this month.

    Trend in Petrol Price in Chennai in March 2018

    • Crude oil rates in global marketplaces started rebounding again at the beginning of the month and this is the prime reason why the petrol rate on the opening date was up 07 paise.
    • In Chennai, the OMCs reported the lowest price at Rs.74.21 per litre for the month on 01 and commenced increasing the price again.
    • The fuel was valued at Rs.75.07 a litre on 07 and was up almost a rupee compared to the opening date price. It is due to a depreciated USD.
    • The fuel climbed to a price offer of Rs.75.16 at the end of the week 2 and prolonged to grow as well in the subsequent week.
    • We can spot a mixed reaction as far the fuel price is concerned during the week 3, which closed with an offer of Rs.74.87 a litre.
    • Fascinatingly, the petrol rate recouped again in the last week and was Rs.74.94 a litre, Rs.74.98 a litre, Rs.75.06 a litre, Rs.75.24 a litre, Rs.75.49 a litre and Rs.75.61 a litre on 22, 23, 24, 25, 26 and 27 correspondingly.
    • This month the OMCs have announced a 2.73% price hike in Chennai since the price of Indian Basket bounced back to $63.80 a barrel.
    • The highest fuel rate was declared on the last day at Rs.76.29 per litre by. Between January 2018 and March 2018, both forms of taxes, excise duty and Value-added Tax, were retained unchanged.

    Note: The Indian Crude Basket is an aggregated crude oil price, which is considered by the Indian Government to set and reset the fuel rates in India.

    In New Delhi, petrol was priced highest at Rs.70.88 on 3rd October 2017. In Kolkata, it was priced highest at Rs.73.62. The highest rate recorded till date in Chennai is Rs.73.48 while in Bangalore it is Rs.71.99. All metro cities have witnessed a growing trend until 4th October 2017. Diesel and petrol prices in New Delhi are less compared to those of other metro cities till date.

    Which are the Factors Influencing Petrol Price in Chennai?

    Every petrol consumer somebody like you in Chennai would want to know why the cost of petrol changes over a period time. Let’s begin the central excise duty. As discussed earlier, it was recently revised on 4th October 2018. Since the duty has been cut by Rs.2.50 on petrol per litre, prices have now been lower compared to those before the revision.

    Another important factor that influences the buying cost of petrol in the city is the cost of raw oil, which is aligned to the currency exchange rate and the global supplies and reserves. If crude oil is in short supply globally, the buying cost of oil will increase. If the supply of oil is at par with global requirements, then the buying cost of oil will be moderate.

    Being a base currency, the performance of the USD is measured against the currencies of major economies such as Australia, the United Kingdom (UK), Japan, and New Zealand. When the INR is falling against the USD, crude oil prices will increase respectively; when the INR strengthens against the USD, prices will fall accordingly.

    Political events in oil-producing countries can cause changes in oil prices, which in turn impact petrol prices in Chennai. How about the local tax imposed on petrol? In fact, this is also a major influencer. All these elements directly impact the cost price of petrol in Chennai.

    Influence of GST on Petrol Price in Chennai

    What is the highest GST rate fixed till date? It is undeniably 28%. Besides petroleum products, petrol does not fall under the purview of GST, which stands for Goods and Services Tax. All tax elements in the current price breakup of petrol price should be eliminated if GST is to be imposed.

    The retail selling price (RSP) of petrol will fall by a big margin even if GST is enforced at its highest rate, i.e., 28%. The move harms the revenue source of the Tamil Nadu government and the central. Bringing petrol under the scope of GST is at the discretion of the central government.

    How about the oil and natural gas industry? The entire oil and natural gas industry has been kept outside the scope of GST. The industry has many participants, right from OMCs to petrol bunk owners. The GST implementation on the industry is likely to impact its participants adversely.

    For instance, industry stakeholders are required to adhere to double tax regimes, causing increased compliance costs. The GST council may consider increasing the tax rate to ensure petrol is brought under the GST regime and the revenue source of the state and the central remains unaffected.

    Diesel Costs vs. Petrol Costs in Chennai

    Diesel prices are much lower than petrol prices in India. Despite the basic cost of diesel after refining is higher than that of petrol, the taxes such as the excise duty and the local sales tax or VAT, makes diesel much cheaper than petrol.

    In Chennai, the petrol price, before VAT is included, is Rs.54.06 per litre and diesel costs Rs.53.42 per litre. However, with VAT included, it stands at Rs.72.44 per litre and Rs.66.77 per litre for petrol and diesel, respectively. These prices are as on 3 January 2019.

    Also Check Petrol Price in NearBy Cities of Chennai

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    *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 Petrol Price In Chennai

    • Diesel and petrol prices remained unchanged today: Check fuel prices

      Both diesel and petrol prices remained unchanged today triggered by a recovery in the price of crude oil internationally. On Friday, the last changed occurred when the prices of diesel and petrol were increased by the oil marketing companies, including Indian Oil, Hindustan Petroleum and Bharat Petroleum. Petrol is today retailing at a price of Rs.68.50 a litre and diesel at a price of Rs.62.24 a litre in the national capital, Delhi. Likewise, today’s petrol price in Mumbai, the financial capital, is Rs.74.16 a litre and diesel price is Rs.65.12 a litre. In Noida, the price of petrol per litre remained unchanged at Rs.69.79 whereas the price of per litre of diesel at Rs.61.93 in the NCR. Petrol and diesel prices today remained unchanged at Rs.69.82 a litre and Rs.62.54 a litre in Gurugram. Petrol has been priced at Rs.71.07 a litre and Rs.70.64 a litre respectively. Likewise, diesel has been priced at Rs.65.70 a litre and Rs.64.01 a litre respectively on Wednesday, 8 January 2019. Over the last trading sessions, crude oil prices have gone up by 7%, while the Indian currency has appreciated by 2 paise over the dollar. Overseas Brent crude futures were at $59.41 a barrel.

      10 February 2019

    • Fuel Prices remained unchanged today:

      The degree of the intervention of the government impacts the financial deficit or fiscal deficit and the actual inflation in the indigenous oil market. A report by the Reserve Bank of India warns that a quick surge in crude oil rates may upset the macro-stability parameters. It is likely to increase the current account deficit, financial numbers and inflation. India remains vulnerable to international crude oil rates since it imports crude oil in a big scale. A rise in petroleum prices is also likely to impact financial deficit and inflation. Between April and September 2018, there has been a 12% hike in the price of petroleum per barrel. Since the middle of November 2018, crude oil costs have fallen significantly. As per a media report, the current account deficit is impacted by a rise in crude oil prices. This great influence cannot be contained via a higher growth and so, the CAD/GDP ratio is likely to increase with a crude price shock. Financial deficit will rise by $12.5 billion with every $10 rise in crude oil price per barrel.

      10 January 2019

    • Fuel Prices to Rise in India again as OPEC Decides to Cut Crude Oil Production

      Fuel prices in India have dropped significantly over the last few weeks from around Rs.90 per litre for petrol to Rs.75-80 per litre currently while diesel prices have fallen to below Rs.70 per litre in most cities. This fall over the last month or so amounts to more than a 10% change. However, all that is about to change with fuel prices likely to increase as early as next week.

      OPEC or Organisation of Petroleum Exporting Countries, along with its allies such as Russia, in a meeting during the 5th and 6th of December decided to halt the drop in crude prices and has come to the conclusion that they will cut down on production so that prices climb back up.

      This will mean that all the fuel price cuts over the last few weeks are set to stop and they are likely to rise over the coming weeks once the production numbers drop. Oil prices have dropped by 30% since October and the prices of Brent crude - the benchmark crude - was holding at $61.49 per barrel on Thursday and India's fuel prices are dependent on this benchmark crude which can impact how petrol and diesel are priced. Petrol and diesel were selling at Rs.73.99 per litre and Rs.69.63 per litre on Thursday respectively.

      10 December 2018

    • Petrol and Diesel Prices Continues to Fall for 9 Consecutive Days

      Fuel prices in India are falling for the 9th consecutive day. Non-branded petrol was being sold by retailers at Rs.72.87 per litre in New Delhi. On the other hand, diesel was priced at Rs 67.72 per litre. According to the data released on the Indian Oil Corporation website, petrol fell by 0.37 to 0.40 paise per litre and diesel prices fell by 0.40 to 0.45 paise per litre in all major cities and towns in India on Thursday. The price of petrol stood at Rs.78.43 per litre in Mumbai and diesel was retailing at Rs.70.89, its lowest level since May 2018. Meanwhile, in Noida petrol was sold at Rs.72.18 per litre and diesel was retailing at Rs.66.59 per litre.

      3 December 2018

    • No Change in Fuel Prices Today

      State-run oil firms kept petrol and diesel prices unchanged today. With the revision in prices, the petrol price in Delhi stands at Rs.77.43 per litre, while in Mumbai it costs Rs.82.94 a litre. On the other hand, diesel is being sold at Rs.72.19 per litre in Delhi, while it costs Rs.75.64 a litre in Mumbai. Yesterday petrol prices were reduced by 13 paise in Delhi and Mumbai, while diesel received a cut of 12 paise. After touching a record high of Rs.84 per litre in Delhi and diesel was at Rs.75.45 per litre, prices have come down in the last 30 days. The decline in crude oil prices is attributed to the reduction in crude oil prices in the global market. The crude oil price had touched a four-year high early October while the rupee had touched a record low of Rs.72 over the U.S. dollar. Since then, prices of crude oil has decreased, while the rupee has appreciated marginally. Fuel prices are determined by these two factors of crude oil price and the rupee-dollar exchange rate. Any fluctuations in these two factors influence the petrol and diesel prices.

      16 November 2018

    • Petrol Receives Price cut for 12th Consecutive Day, Falls Below Rs.80 in Delhi

      Owing to the reduction in the international crude prices, petrol received another price cut in the country on Monday. In Delhi, the price of 1 litre petrol has fallen by 30 paise and has reached below Rs.80 and now costs Rs.79.75. Meanwhile, 1 litre petrol costs Rs.85.24 in Mumbai, Rs.82.86 in Chennai and Rs.81.63 in Kolkata. The petrol prices have been soaring since early August due to unprecedented increase in the crude oil prices. Even though the price of petrol is below Rs.80 per litre in Delhi, it is still the highest compared to other cities in NCR. The cost of petrol in Noida is Rs.77.56 per litre and in Gurugram it is Rs.78.50 in Gurugram. In Ghaziabad as well as Faridabad, the price of petrol is below Rs.79 per litre. Appreciation of the rupee coupled with softening of international crude price has resulted in the price cut of both petrol and diesel. The fluctuations in the crude oil prices globally affects the prices in India.

      31 October 2018

    • Petrol Prices Remain Stagnant across the Metropolitan Cities

      The petrol prices in the four metropolitan cities of the country remained stagnant as of Monday. The Oil Marketing Companies (OMCs) hiked the prices of diesel in the range of Rs.0.8 and Rs.0.9 in the four metro cities of the country. It needs to be mentioned that in the last few weeks the prices of petrol have witnessed a sharp hike in its prices due to a variety of reasons. While high international crude oil prices and the fall of rupee against the US dollar have played it part, the high excise duty rates imposed by the government has made things worse for the common people.

      16 October 2018

    • Fuel Prices and Falling Rupee a Small Storm for the Economy

      Fuel prices and the rupee have maintained an inversely proportional relationship over the last few weeks. While the rupee has fallen by more than 10% over the last month or so, fuel prices have risen at a similar rate in recent times.

      However, the rising fuel prices and the falling rupee is just a small storm for the country’s robust economy, a finance ministry official has been quoted saying. The official further said that the government is doing enough wherever possible to put a stop to this storm that doesn’t look like ending. He continued saying that the government has been curtailing non-essential imports and is also working at boosting exports to salvage the rupee.

      After the fall for the last month or so, the rupee has become the weakest currency in all of Asia, with more turmoil expected by many analysts. Speaking on the rising fuel prices and the over reliance of petroleum, the minister said that the government is also working to promote the use of solar even more and said that it is the future of India.

      The long-term solution to fuel prices, he said, is switching to non-conventional resources and also to reduce the reliance on diesel and petrol so much. The official ended with the statement saying that India is still the right location for Foreign Direct Investment (FDI) and that hasn’t changed.

      1 October 2018

    • West-Bengal Government Reduces Petrol and Diesel prices by 1 Rupee

      Fuel prices in West-Bengal are set to decline by Rs.1 per litre by midnight today. The state government said that in the backdrop of the high petrol and diesel prices, they would take measures to effectively cut fuel rates by Rs.1 a litre. Petrol and diesel prices have been on an upward trend since 15 August 2018. In the financial capital of Mumbai, petrol rates have inclined closer to Rs.90 a litre. Since 15 August 2018, petrol and diesel prices have been inclining to touch new record highs with petrol rising by Rs.3.73 and diesel by Rs.4.25 since then. Fuel prices are revised by State-run Oil Marketing Companies (OMCs) based on the global crude oil rate and the exchange value of the rupee over the US dollar. Prices are revised daily under the ‘Dynamic Fuel Pricing’ mechanism and are applicable from 6:00 am IST.

      17 September 2018

    • Crude Oil Prices as US Sanctions on Iran Stirring Distribution Doubts

      Crude oil prices increased on Tuesday, 7/8/2018, after United States of America (USA) sanctions on Iranian commodities were affected. Rehabilitated US sanctions versus OPEC participant Iran were affected at 12:01 a.m. Oil exports in Iran were not included in the sanctions. In the month of July, 3 million barrels per day was exported by Iran. US sanctions on the energy sector in Iran may be re-imposed after a 180-day time period completing on 04 November 2018. John Kilduff, who is a partner at Again Capital Management in New York, said “The United States of America is very serious about sanctions. It is not certain that they shall grant relinquishments.”

      After reaching the high of the session of $74.90, Brent futures increased by 1.2% to close at $74.65 per barrel. US West Texas Intermediate (WTI) crude futures increased by 0.2% to $69.17 per barrel. In addition to geo-political pressure, which can affect unrefined oil throughput in Iran, US stocks are being observed by traders. In the week ended on 03 August 2018, US inventories are anticipated to downfall by 3.3 million barrels.

      14 August 2018

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