Petrol Price In Hyderabad Today

  • Today's Petrol Price in Hyderabad( 13 Oct 2019 )
    ₹ 77.94
    Current Petrol Price Per Litre
    Compare Petrol Price in Hyderabad (Today & Yesterday)
    Today
    (13 Oct 2019)
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    (12 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 77.94 ₹ 77.94 ₹ 0 ↑
    Petrol Price in Hyderabad - Last 10 Days Data
    Date Petrol ( / litre)
    13 Oct 2019 ₹ 77.94
    12 Oct 2019 ₹ 77.94
    11 Oct 2019 ₹ 78.05
    10 Oct 2019 ₹ 78.18
    09 Oct 2019 ₹ 78.23
    08 Oct 2019 ₹ 78.23
    07 Oct 2019 ₹ 78.41
    06 Oct 2019 ₹ 78.71
    05 Oct 2019 ₹ 78.71
    04 Oct 2019 ₹ 79.01

    Petrol Rate Trend in Hyderabad

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    Petrol Rate in Hyderabad

    Hyderabad is fast becoming a large metropolitan city with several people migrating with the massive opportunities in the Information Technology industry. Consumption of petrol in Hyderabad has an increase in the recent past, making it an essential commodity for the common man.

    Prior to 16 June 2017, Petrol Price in Hyderabad were revised every 15-days or two weeks, revising the price on the 1st and 16th of every month. The pricing mechanism was based on the 15-day average price of the crude oil in the international market as well as the rupee-dollar exchange rate. Presently, India has moved to a new pricing method known as the ‘Dynamic Fuel Pricing’.

    Under the new method, the petrol price in Hyderabad is revised daily by considering the 14-day average price of crude oil and the rupee-dollar exchange value. The new fuel price is effective from 6:00 am IST. State-run Oil Marketing Companies (OMCs) such as Indian Oil Corporation Ltd. (IOCL), Bharat Petroleum Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd. (HPCL) fix the final selling price of petrol in Hyderabad.

    Also Know: Diesel Price In Hyderabad

    Trend of Petrol Price in Hyderabad for October 2019 (rates per litre)

    Parameters Rates/litre
    1st October Rs.79.31
    7th October Rs.78.41
    Highest Rate in October Rs.79.31
    Lowest Rate in October Rs.78.417
    Overall Performance Decline
    Percentage Change -1.13%

    October - Week 1 (1-7):

    • Petrol opened the first week of October in Hyderabad at Rs.79.31 per litre. Compared to the previous day’s closing price, the rates increased by 23 paise per litre. The rate charged on the opening day was the highest recorded price in the city for the month till date.
    • With prices of crude oil cooling down and reversing all gains, the prices dropped considerably over the week. After staying constant on October 2, the prices declined by 60 paise in the next three days to cost Rs.78.71 on October 5.
    • The petrol price in Hyderabad closed the week at Rs.78.41 per litre in Hyderabad with the prices of crude oil recording the second consecutive weekly decline. The overall performance of petrol over the week was -1.13%

    Trend of Petrol Price in Hyderabad for September 2019 (rates per litre)

    Parameters Rates/litre
    1st September  Rs.76.49
    30th September Rs.79.08
    Highest Rate in September Rs.79.08
    Lowest Rate in September Rs.76.20
    Overall Performance Incline
    Percentage Change 3.38%

    September - Week 1 (1-7):

    • The prices of petrol in Hyderabad opened the month of September at Rs.76.49 per litre. Petrol prices were the same as the one charged the previous day as the demand for oil in the local market was low.
    • Petrol price in Hyderabad remained constant for the next three days before declining continuously to end the week at Rs.76.27 per litre. In the international oil market, crude oil prices gained after the United States confirmed that trade talks with China will be held in the coming months.
    • The overall performance of petrol in Hyderabad for the first week of September was -0.28%.

    September - Week 2 (8-14):

    • Petrol Price in Hyderabad opened at Rs.76.20 per litre on the 8th of September -7 paise lower than the previous day’s closing price. It’s also the lowest recorded petrol price in Hyderabad for the month of September till now. Meanwhile, in the international oil industry, crude futures dropped after participants reduced positions due to a weak trend in global markets.
    • Petrol rate in Hyderabad remained unchanged for a day before rising slightly again on 10 September, recording Rs.76.26 per litre. The hike was primarily due to a sharp drop in US inventories.
    • The price petrol kept trending upwards, closing the week at Rs.76.48 per litre. Though the overall performance of petrol was -0.01%, market forecast suggests that the prices are going to shoot up in the coming days.

    September - Week 3 (15-21):

    • Petrol price in Hyderabad opened at Rs.76.54 per litre on the 15th of September—6 paise higher than the previous day’s closing price.
    • After staying stable for a day, petrol prices soared, recording Rs.76.79 per litre on 17 September. Meanwhile, in the international market, crude prices dropped after Saudi Arabia’s energy minister stated the kingdom will restore lost oil production by the end of the month.
    • Petrol rate in Hyderabad closed the week at Rs.77.95 per litre, its highest recorded price in the month of September. The substantial increase in petrol prices was primarily due to last week’s drone attack on Saudi Arabia’s Aramco oil refinery. The overall performance of petrol was 1.90%, trending upwards.

    September - Week 4 (22-30):

    • In Hyderabad, petrol price opened at Rs.78.23 per litre on the 22nd of September. The rates were 28 paise higher than the previous day’s closing price.
    • Over the week, the prices continued to climb in the city due to geopolitical tensions and the drone attack on Saudi Arabia’s Aramco oil refinery. Petrol prices jumped to Rs.79 per litre on 27 September before remaining constant for two days.
    • Petrol price closed the final week of September at Rs.79.08 per litre. This was the highest recorded price in the city for the month. The overall performance of petrol was 3.38%, trending upwards.

    Trend of Petrol Price in Hyderabad for August 2019 (rates per litre):

    Parameters Rates/litre
    1st August Rs.77.37
    31st August Rs.76.49
    Highest Rate in August Rs.77.37
    Lowest Rate in August Rs.76.31
    Overall Performance Decline
    Percentage Change -1.13%

    August 2019 – Week 1 (1-7):

    • Petrol price in Hyderabad opened at Rs.77.37 per litre on 1 August, dropping slightly from the previous day’s closing price. Weak demand of the oil in the international as well as in the local market was the primary reason for the slump. Meanwhile, in the international crude oil market, crude prices dropped after the possibility of rate cuts initiated by the US Federal Reserve got squashed.
    • Petrol slumped further on the next day, trending at Rs.77.20 per litre on 2 August— a 17 paise per litre drop from the previous day’s closing price. Prices kept trending downwards with petrol closing at Rs.76.78 per litre on 6 August. In the international oil market, crude prices slumped amid worries over weak demand of the oil after the Trump administration declared that it would impose tariffs on more Chinese imports, further fuelling the trade tension between the two countries.
    • Petrol remained unchanged from its previous day’s closing price, recording Rs.76.78 per litre on 7 August, its lowest price till now in the month of August. The overall decline in petrol price in Hyderabad recorded in the first week of August is -0.76%.

    August 2019 – Week 2 (8-14):

    • price of petrol in Hyderabad opened at Rs.76.72 per litre on the second week of August, recording a 6 paise drop from previous day’s closing price.
    • Petrol dipped further by 16 paise on the next day, standing at Rs.76.56 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. Rise in US inventories also contributed to the price drop.
    • Petrol price in Hyderabad slumped slightly in the next few days before stabilising at Rs.76.47 per litre, its lowest recorded price till now for the month of August. The overall performance compared to the opening day was -1.16% (decline). Meanwhile, in the international oil market, crude prices dropped due to possible supply cuts amidst looming global economic crisis.

    August 2019 – Week 3 (15-21):

    • Petrol price in Hyderabad opened at Rs.76.47 on 15 August, unchanged from the previous day’s closing price.
    • Petrol prices remained stable for the next few days before dropping to Rs.76.38 per litre on 18 August due to weak demand of petrol in the local market.
    • Petrol prices in Hyderabad slumped further before stabilising at Rs.76.31, its lowest recorded price in the month of August. The overall performance of petrol was -1.37%, trending downwards. Meanwhile, in the international crude industry, oil prices went up due to a drop in US inventories. However, prices are speculated to come down due to sluggish economic growth.

    August 2019 – Week 4 (22-31) :

    • Petrol price in Hyderabad opened at Rs.76.31 per litre on 22nd August, unchanged from previous day’s closing price. After staying stagnant for the next few days, petrol prices went up marginally, recording Rs.76.55 per litre on 26 August. In the international oil market, crude gained after US inventories recorded a substantial slump.
    • Petrol prices were slashed by 6 paise, recording Rs.76.49 per litre. Petrol remained unchanged till the end of the week.
    • Overall, petrol’s performance in Hyderabad was -1.13%, trending downwards. In the international oil market, crude slumped after concerns about the strength of US economy.

    Trend of Petrol Price in Hyderabad for July 2019 (rates per litre)

    Parameters Rates/litre
    1st July Rs.74.86
    28th July Rs.77.73
    Highest Rate in July Rs.78.02
    Lowest Rate in July Rs.74.86
    Overall Performance Incline
    Percentage Change 3.96%

    July 2019 – Week 1 (1-7):

    • Petrol price in Hyderabad opened at Rs.74.86 per litre on 1 July, an increase of 10 paise per barrel owing to oil marketing companies’ decision to raise petrol and diesel prices.
    • Petrol further rose to Rs.74.94 per litre on 2 July. The hike was primarily due to the revised rates as initiated by the oil marketing companies. The prices remained constant until 6 July.
    • Petrol rate in Hyderabad peaked at Rs.77.53 per litre on 7 July, the highest price recorded in the first week of the month of July. The sharp increase was primarily due the Indian Government’s decision to raise excise duty and road and infrastructure cess on petrol by Rs.2 per litre, an announcement made during theBudget 2019.

    July 2019 – Week 2 (8-14):

    • Petrol prices in Hyderabad was priced at Rs.77.53 per litre when the week began, unchanged compared to the previous day’s price, which was an increase of about Rs.2 per litre after the Union Government raised excise duty on petrol and diesel to fund its social welfare scheme.
    • Prices were reduced on 9 July when a litre of petrol was priced at Rs.77.48 amid slight decline in crude oil prices backed by supply cuts led by the OPEC and its allies despite tensions in the Middle East and the ongoing trade war between the US and China.
    • By the end of the week, petrol prices in Hyderabad inclined marginally by 0.18% attributed by the slight increase in crude oil prices despite the supply cuts led by the OPEC and its allies.

    July 2019 – Week 3 (15-21):

    • Petrol was priced at Rs.77.80 per litre on 15 July, which was also the lowest petrol price in Hyderabad during the week after crude oil prices were slightly low after China reported its slowest quarterly economy in 27 years signaling a weak demand from China.
    • Prices rose to touch Rs.77.95 per litre on 18 July – the highest for the week – and remained unchanged until the end of the week amid rising crude oil prices due to weak demand and tensions in the Middle East.
    • By the end of the week, petrol price in Hyderabad was at its highest attributed by the increase in oil prices in the market prompted by tensions in the Middle East after the US shot down an Iranian drone and the ongoing trade war between the US and China.

    July 2019 – Week 4 (22-28):

    • Petrol in Hyderabad opened at Rs.77.95 per litre on 22 July, unchanged from the previous day’s closing price. State-run oil marketing companies decided not to alter or change prices. However, in the international crude oil industry, prices dipped owing to weak demand of oil.
    • Petrol prices increased marginally on the next day by Rs.0.07, standing at Rs.78.02 per litre on 23 and 24 July. The rise was primarily due to a speculated drop in US inventories and ongoing Middle East tensions. The US navy claiming that they have shot down an Iranian drone may have also affected petrol prices globally. However, after staying stable for a couple of days, petrol prices started to drop.
    • After the hike, petrol price gradually dropped, closing the week at Rs.77.53 per lite on 28 July. The slump could be attributed to the weak demand of petrol among investors. Goldman Sachs had earlier slashed its 2019 oil demand projection, thereby lowering its outlook for fuel use. International Energy Agency or IEA predicted that petrol prices are unlikely to go up in the next few days or weeks due to poor demand and a glut in the international crude oil industry.

    Also Check Petrol Price in Metro Cities

    Trend of Petrol Price in Hyderabad for June 2019 (rates per litre)

    Parameters Rates /litre
    2nd June Rs.75.96
    30th June Rs.74.76
    Highest Rate in June Rs.75.96
    Lowest Rate in June Rs.74.29
    Overall Performance Decline-to-rise
    Percentage Change -1.58%

    June 2019 –Week1 (2-8):

    • The price of petrol in Hyderabad fell to Rs.75.96 per litre on 2 June 2019, 9 paise lower than on 31 May.
    • Petrol price in Hyderabad kept falling through the week, hitting a low of Rs.75.37 on 8 June.
    • Global crude oil price declines during the initial days of the week triggered the continuing decline in petrol cost. Though crude price became steady in the last couple of days of the week, investors remained cautious in anticipation of a slowdown in the global economy.

    June 2019 –Week 2 (9-15):

    • Starting at Rs.75.37 on 9 June 2019, the same as the previous day, petrol price in Hyderabad continued to decrease, and settled at Rs.74.36 on 15 June.
    • The prices of crude oil continued to remain stable as OPEC was expected to hold back supply for some more time. The expected economic slump is also leading to reduced demand for petrol across the world.

    June 2019 – Week 3 (16-22):

    • After a 7 paise fall from the previous day in petrol price in Hyderabad on 16 June 2019 to Rs.74.29, there was no change in the fuel’s price during the week.
    • Crude oil prices, on the other hand, saw a downtrend amid confusion over how the US-China trade disruption would hit global economic growth.

    June 2019 – Week 4 (23-30):

    • On 23 June 2019, petrol in Hyderabad carried over at the same rate as the previous day – Rs.74.29.
    • Between 23 and 30 June, the prices rose to Rs.74.76, up 47 paise (0.63%). The overall decrease in petrol price during the month was 1.58%.
    • Crude oil prices fell at the beginning of this week as the world watched with bated breath the proceedings of the G20 summit. There was also an important meeting between other oil producers and the Organisation of the Petroleum Exporting Countries (OPEC). But with news of US crude supplies being lower than expected, its price went up on 26 June.

    Dynamic Fuel Pricing Meaning:

    State-run oil firms consider the 14-days average price of the global crude oil prices as well as the rupee’s exchange rate against the U.S. dollar under the Dynamic Fuel Pricing mechanism since oil prices are dynamic in nature. This is the reason why petrol prices in Hyderabad fluctuate daily. Under this mechanism, oil companies can offset any losses and pass on any benefits to the consumer.

    The reason behind the move to revise fuel prices daily was aimed to pass on the benefit, even the smallest of the change to the customer as well as to dealers. Under the previous method, there were instances of sharp incline or decline in fuel prices, burdening consumers alike.

    With the new pricing, oil companies can shield themselves from sudden leaps in fuel prices which is needed to be brought into effect at the end of a fortnight.

    Components Affecting the Petrol Price in Hyderabad

    The primary factors which affect the petrol price in Hyderabad are the global crude oil price and the rupee’s exchange rate against the U.S. dollar. However, there are other components which determine the retail price of petrol in a city. These include freight charges, entry tax, refinery charges, oil companies’ margin and logistics. Apart from these operational costs, the Centre levies excise duty, while the respective state government charges the local sales tax or Value Added Tax (VAT).

    These charges are usually constant and are not dynamic like the crude oil price or the rupee-dollar exchange rate. Let’s review the reasons why crude oil prices fluctuate.

    • Crude Oil Supply and Demand: Presently, the demand for crude oil in the international market is steady; however, it does fluctuate due to several factors. The Organisation of Petroleum Exporting Countries (OPEC) are the biggest suppliers of crude oil in the market, thereby influencing oil prices. Policies of the OPEC are influenced by any geopolitical developments, hence, any pressure on any of the member countries is bound to limit the supply, which leads to a rise in the prices of crude oil and vice versa.
    • Geopolitical Events: Geopolitics plays an important role in determining the oil price in the market. Tensions in oil-producing or oil-exporting countries often lead to a rise in oil prices, impacted by the shortage in supply. Also, events such as war, natural disasters, and political upheaval influence the rise in oil rates.
    • Future Supply of Oil and Inventories: The biggest oil-producing nations reserve crude oil to keep their economies healthy in case the oil prices incline due to several reasons. These countries stock up their inventories and then spread the supply across the economy to keep oil prices stable.

    Petrol Price Calculation in Hyderabad

    Know how the petrol price in Hyderabad is calculated by State-owned oil companies. Prices shown here are as of 3 January 2019.

    Components Petrol Price Calculation (per litre)
    International Crude Oil Price with Ocean Freight $56.5 or Rs.3,967 per barrel
    One Barrel of Crude Oil 159 litres
    Crude Oil – Cost Rs.24.95
    OMCs Cost for Refinery and Logistics Rs.7.16
    Basic Cost of Fuel after Refining Cost Rs.32.11
    Excise Duty + Road Cess Rs.17.98
    Price Charged to Petrol Pump Owners before VAT Rs.50.09
    Commission to Dealers Rs.3.57
    Cost before VAT Rs.53.66
    VAT (35.20%) Rs.18.89
    Final Retail Price of Petrol as on 3 January 2019 Rs.72.55

    Petrol Price in Hyderabad Compared to other Metro Cities

    The VAT levied on the sale of petrol in Hyderabad is the highest among other states. While petrol attracts VAT of 35.20%, other major metro cities such as Delhi charges 27%, in Mumbai, the VAT on petrol is 26%, while in Chennai it’s 34%.

    Petrol Price Vs. Diesel Price in Hyderabad

    The basic cost of crude oil is similar for both petrol and diesel, however, taxes on petrol is higher compared to diesel. In Hyderabad, petrol attracts VAT of 35.20%, while diesel attracts 27%, making the former costlier.

    Why Petrol is not under GST?

    A new taxation system known as the Goods and Service Tax (GST) was introduced in India from 16 July 2017. However, five petroleum products such as petrol, diesel, natural gas, crude oil, and Aviation Turbine Fuel (ATF) were exempted from the GST. This is because, both the Centre and states were not in favour of GST levied on the sale of petrol and diesel. By bringing petrol and diesel under the GST, the Centre could lose up to Rs.20,000 crore as revenue generated through excise duty, while the states wanted to keep their revenue pool intact for any contingency.

    Also, the total tax incidence of excise duty and VAT is about 45-50% on petrol, while diesel attracts about 35-40%. Under the GST, the highest tax incidence is 28%, thereby reducing the revenue generated by both the Central government and states. The GST is a charged as a percentage on the ex-factory price of the commodity which could have a huge impact on the final selling price whenever the refinery price is hiked amid the rise in crude oil prices in the international market and it could be true vice versa as well.

    If petrol is brought under the ambit of the GST, the final price we pay towards the purchase of petrol will certainly decline, benefiting consumers the most. That said, we need to see if there will be a different tax structure for petroleum products as they are a huge source of revenue for both the Centre and states.

    State Taxes and Petrol Price in Hyderabad

    State and central government taxes form about 50% of the selling price of petrol in Hyderabad. While the state government of Telangana levies a value added tax (VAT) of 35.20% on a litre of petrol, the central government’s excise duty is Rs. 19.48/Lt of petrol.

    The VAT levied by the state government is highest among the other states in India and is the second highest among the south Indian states.

    It was reported that the non-abolishment of entry tax, which is 8% of VAT, by the Telangana government is the reason for high tax rate in the state. As per the new goods and services tax (GST) act, all taxes including the entry tax need to be abolished. However, the state government is still collecting entry tax as part of VAT and preventing people from enjoying the reduced tax benefits.

    How Often Petrol Prices are Revised in Hyderabad?

    With the introduction of dynamic fuel pricing or daily revision of prices, petrol prices in Hyderabad are revised on a daily basis with effect from 16 June 2017.

    Before dynamic pricing, petrol prices in the city were revised on a fortnightly basis, i.e., on 1st and 16th of every month. But now with the daily price revision in place, Hyderabadis, along with people from other cities, have to pay a different price every day for petrol.

    The updated petrol price will be displayed at the petrol pumps within the city. As per the new regulations, all the petrol pumps need to update the revised petrol price by 6 a.m. every morning. While automated petrol stations, which are centrally connected, will have an auto update of petrol price in Hyderabad, the non-automated stations have to do it manually, by fetching the same from the oil company’s websites.

    Customers can download the mobile apps of respective oil companies such as the state-owned Indian Oil, Hindustan Petroleum, Bharat Petroleum and privately-held Shell and Essar to find the daily revised petrol price.

    For dealer/fuel station-specific price, customers can SMS the dealer’s code, which is again displayed at the petrol pump, to a specific number as allotted by the oil companies.

    Effect of GST on Hyderabad Petrol Price

    As we all are aware, the Indian government has implemented a new tax system to charge all the goods and services in the country. Popularly known as GST, the goods and services tax is an indirect tax levied on the supply of goods and services in the country.

    GST successfully replaced all state and central taxes levied at cascading stages on a product/service. Since its inception, many of us are curious about how GST affects petrol price in Hyderabad. If you are one among them, here is the eye-opener.

    The effect of GST on petrol price is currently nil, as petrol along with other petroleum products, are not taxed under GST. They still have the old tax model, which includes state levied value added tax (VAT) and centre levied excise duty.

    This is the reason why petrol prices remained least affected, even after GST became effective from July 2017.

    However, experts opine that bringing petrol under GST would significantly bring its price down as the combined state and central taxes on petrol are more than the highest tax rate levied under GST.

    Petrol versus Diesel Rate in Hyderabad

    Petrol price in Hyderabad, just like in other cities, is higher than the diesel price. Though both petrol and diesel are extracted from the same crude oil, the price difference is mainly due to the difference in the taxes levied on each product, the difference in the international crude oil price and to some extent the difference in dealer’s margin.

    While the central excise tax levied on petrol is Rs. 19.48/Lt, it is Rs.15.33/Lt on diesel. Similarly, there is a difference in the value added tax (VAT) levied by the state government. The VAT on petrol in Telangana state is 35.20%, whereas it is only 27% on diesel.

    The difference in tax is what makes petrol dearer than diesel. Other factors that make a marginal difference in the price of petrol and diesel are the dealer’s margin, oil company’s profits, cost of marketing, transport and other charges.

    Also Check Petrol Price in NearBy Cities of Hyderabad

    *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 Hyderabad

    • Prices of petrol and diesel decrease in major Indian cities

      In three weeks, for the first time, the price of petrol and diesel has decreased in Indian cities by government-owned fuel retailers.

      Due to the decrease in prices of crude oil internationally within the last few days are having an impact on the fuel prices in India. The price of petrol decreased by 10 paise a litre and diesel, on the other hand, decreased by 6 paise.

      Today, petrol costs Rs.74.51 per litre in New Delhi, Rs.77 a litre in Bengaluru, Rs.74.06 in Gurgaon a litre, Rs.80.11 per litre in Mumbai, and Rs.79.14 in Hyderabad.

      On the other hand, diesel costs Rs.67.43 per litre in Delhi, Rs.70.69 a litre in Mumbai, Rs.69.67 a litre in Bengaluru, Rs.66.49 a litre in Gurgaon, and Rs.73.44 in Hyderabad.

      Petrol prices had last fallen almost three weeks ago on 8 September 2019. The recent hike in prices of fuel was majorly due to the drone attacks on Saudi Arabia’s oil facilities for which the United States of America blamed Iran.

      Crude oil rates have shown a fall continuously in the last week and are near its two-month low. In the international market, crude oil futures increased by 10 points to be priced at $57.79 a barrel.

      3 October 2019

    • Petrol and diesel rates in Hyderabad and other major cities

      The diesel and petrol prices, which were steady on 25 September 2019, have increased on 26 September 2019. The petrol and diesel prices in Hyderabad increased by 7 paise and 8 paise, respectively. The new petrol and diesel rates in Hyderabad are Rs.78.87 and Rs.73.19 for a litre, respectively. Prices of petrol and diesel have also increased in Amaravati. Petrol and diesel prices have increased by 6 paise and 8 paise, respectively. The new prices of petrol and diesel in Amaravati are Rs.78.53 and Rs.72.52. Vijaywada also saw petrol and diesel prices increase by 6 paise and 7 paise, respectively. The new prices of petrol and diesel in Vijaywada are Rs.78.16 and Rs.72.17. Petrol and diesel prices in other major cities across India remained the same. The petrol and diesel prices in Delhi are Rs.74.19 and 67.14. The petrol and diesel prices in Mumbai are Rs.79.85 and 70.44.

      26 September 2019

    • Petrol prices hiked by 5-7 paise per litre

      State-run Oil Marketing Companies (OMCs) hiked the rates of petrol across the major cities of the country by 5-7 paise on Thursday. Following the revision in the prices on Thursday, a litre of petrol in the national capital was retailed for Rs.71.82 after that rates were increased by 6 paise per litre. In the commercial capital i.e., Mumbai consumers were required to shell out Rs.77.50 while in Kolkata and Chennai a litre cost Rs.74.55 and Rs.74.63 respectively. The prices in the three metropolitan cities were increased by 5, 6, and 7 paise per litre. It must be noted here that the prices of petrol in New Delhi are the cheapest among all metropolitan cities and state capitals due to lower taxes.

      It needs to be mentioned here that the rates charged for fuel in the country are dependent on international oil prices on a 15-day average and the value of rupee against the US dollar. This is because India imports 80% of the total crude requirement.

      12 September 2019

    • Petrol prices slashed for third consecutive day

      State-run Oil Marketing Companies (OMCs) on Saturday cut the rates of petrol for the third consecutive day. The rates charged for a litre of petrol was cut by 8-9 paise. In New Delhi, the national capital a litre of petrol was retailed for Rs.71.77 after the prices were cut by 9 paise. In Mumbai, consumers were required to shell out Rs.77.46. In the other two metropolitan cities i.e., Kolkata and Chennai, a litre cost Rs.75.70 and Rs.74.57 respectively. In Noida, OMCs charged Rs.73.75 for a litre. It must be noted here that the prices of petrol in the national capital was less than what was charged in other metropolitan cities and state capitals. This is because the tax imposed on the fuel was low in the national capital.

      It needs to be mentioned here that the futures of crude oil fell by 1.2% on Friday due to a weak trend in global markets. Following the drop in the futures, every barrel was trading for Rs.4,043. Rupee on the otherhand continued the winning momentum for the third session in a row on Friday. It rose by 12 paise to settle at 71.72 against the US dollar.

      The rates charged for petrol in the country are dependent on international oil prices on a 15-day average and the value of rupee against the US dollar.

      9 September 2019

    • Doorstep Diesel Delivery Soon?

      India’s fuel retailers could begin with door-step delivery of petrol and diesel in an effort to stave off competition from alternative mobility solutions.

      Indian Oil Corporation has already begun delivering diesel to customers’ doorsteps in Pune and Chennai since 2018. The company now plans to expand this service across 300 additional locations.

      Hindustan Petroleum is also planning on introducing the same scheme across 10 locations after initiating the service in Raigad, Maharashtra in 2018.

      Among private sector petroleum enterprises, Reliance Industries has already been delivering diesel in packaged containers across over 260 sites. Most of the company’s clientele is from the telecom sector, and the diesel is sold in High Density Polyethylene (HDPE) packs.

      The government has also set up a task force to frame policies on door-to-door fuel delivery.

      19 August 2019

    • Petrol prices continue to drop across major cities

      Petrol prices dropped by 13 paise while diesel prices slumped by 7-8 paise, as per reports. In Mumbai, petrol stood at Rs.78.48 per litre while Delhi petrol price trended at Rs.72.86 per litre. In Kolkata and Chennai, petrol stood at 75.50 per litre and Rs 75.66 per litre, respectively.

      In the international crude oil industry, oil prices extended overnight gains as speculations were rife that the US Federal Reserve will cut interest rates for the first time in more than a decade.

      Earlier, petrol prices in India soared following the Finance Minister’s decision to impose an additional excise duty of Rs.2 per litre.

      1 August 2019

    • Amid Trade Dispute Outweighing Supply Concerns, Oil Slips to $64

      Crude oil slipped to nearly $64 per barrel on Tuesday after fresh signs that the trade war between the US and China is dragging the global economy and oil demand, outweighing supply cuts led by the OPEC and the Middle East tensions. The US and China, the world’s two largest consumers of oil, will be relaunching trade discussion this week, despite a year after the dispute started there are a few indications their differences have reduced. International benchmark, Brent Crude Futures declined by 21 cents to $63.90 per barrel by 0818 GMT. US West Texas Intermediate (WTI) crude declined by 26 cents to $57.40 per barrel. On indications that global trade tensions are impacting on corporate investment, numbers on Monday showed Japan’s core machinery orders declined by the most in 8 months. Japan is the world’s fourth-largest oil consumer. While demand concerns have weighed on the market, Brent crude futures has still inclined by almost 20% in 2019 led by a supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, and the Middle East tensions. Last week, the OPEC and its allies agreed to extend their supply cuts until March 2020.

      15 July 2019

    • Amid Trade Dispute Outweighing Supply Concerns, Oil Slips to $64

      Crude oil slipped to nearly $64 per barrel on Tuesday after fresh signs that the trade war between the US and China is dragging the global economy and oil demand, outweighing supply cuts led by the OPEC and the Middle East tensions. The US and China, the world’s two largest consumers of oil, will be relaunching trade discussion this week, despite a year after the dispute started there are a few indications their differences have reduced. International benchmark, Brent Crude Futures declined by 21 cents to $63.90 per barrel by 0818 GMT. US West Texas Intermediate (WTI) crude declined by 26 cents to $57.40 per barrel. On indications that global trade tensions are impacting on corporate investment, numbers on Monday showed Japan’s core machinery orders declined by the most in 8 months. Japan is the world’s fourth-largest oil consumer. While demand concerns have weighed on the market, Brent crude futures has still inclined by almost 20% in 2019 led by a supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, and the Middle East tensions. Last week, the OPEC and its allies agreed to extend their supply cuts until March 2020.

      15 July 2019

    • Oil Minister says India looking at ways to establish oil shipping routes from Russia

      Dharmendra Pradhan, the country’s Oil Minister on Thursday held a meeting with Yury Trutnev, Russia’s Deputy Prime Minister and the Russian president’s top envoy to Russia’s Far East. After the meeting, he stated that they were looking at ways to establish oil shipping routes from Russia’s Far East India’s east coast. He added that the development was part to further bolster the energy co-operation between both the countries. The minister later tweeted that during the meeting opening of ‘new frontiers of co-operation' especially in the oil and gas sector was discussed.

      It needs to be mentioned here that India, which imports 80% of the total crude requirement started seeking increased co-operation with Russia in the oil and gas sector from last year. The minister in September last year had said that he hoped Russia, which is one of the world’s largest oil and natural gas producers could become an important source to meet the country’s energy needs. As of now, India imports crude oil from OPEC’s Middle Eastern producers like Iraq, Saudi Arabia, Kuwait, United Arab Emirates. Oil was also imported from Iran until U.S. ended all waivers for Iranian customers. Some of the recent deals between Indian and Russian companies include Russia’s oil giant Rosneft buying 49% of India’s Essar Oil Limited in 2017. It had also sold 15 percent in Vankorneft to India’s ONGC Videsh for $1.27 billion in 2016.

      26 June 2019

    • Rupee Inches Closer to 70 a Dollar Amid Crude Price Rise

      The Indian rupee fell today against the US dollar amid inclining oil rates which impacted fiscal slippage and inflationary concerns. The rupee declined to 69.88 against the US dollar at day’s low, its lowest since 11 March 2019, compared to Thursday’s low of 69.36. Also, bond yields firmed amid rising oil prices. Indian forex and stock markets were closed on Friday. During the day, the rupee traded between 69.50 to 69.88 against the dollar, after opening at 69.76. However, it later trimmed its losses and closed lower at 69.67 a dollar.

      Meanwhile, bond yields rose to a three-and-a-half-month high as the 10-year government bond yield closed at 7.475% from its previous close of 7.39%. As for the global crude oil price, it rose to a six-month high today after concerns that the US administration will not renew waivers that let countries import Iranian oil without facing US curbs, a move that could have significant impact on India. Brent crude oil, the international benchmark, inclined over 3% to above $74 per barrel. Other Asian currencies are trading weak against the US dollar as well.

      3 May 2019

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