Petrol Price In Pune Today

Petrol Price in Pune and other major cities in India

The average petrol price in Bangalore, the capital city of Karnataka, in October 2017 was Rs.69.70 while it was Rs.75.70 in Mumbai, the capital city of Maharashtra. Similarly, the average rate of petrol in New Delhi, the capital city of India, was Rs.68.70 while it was Rs.71.20 in Chennai, the capital city of Tamil Nadu. Petrol was sold at an average price of Rs.71.40 in October 2017 in Kolkata, the capital city of West Bengal.

How are Petrol Costs in Pune Reviewed?

Oil marketing companies have quit using the fortnightly revision system and have adopted a new fuel pricing system called dynamic fuel pricing. The new fuel pricing system came into effect on 16 June 2017. Therefore, all non-automated and automated petrol stations across the city will review the petrol rate on a daily basis in lieu of twice a month. Dynamic fuel pricing method is followed by other developed countries such as Australia, Russia and the United States of America.

Petrol consumers in Pune can access the latest cost of petrol by downloading the mobile applications created by all oil marketing corporations including Hindustan Petroleum, Indian Oil and Bharat Petroleum. The revised price will be updated on the websites of all these oil marketing companies. After revising the price at 06:00 a.m. every day, each petrol bunk will display the revised price for the public. Customers can also avail the benefit of the customer care services provided by all oil brands.

Quarterly Petrol Price Trend in Pune Between October and December 2018

Petrol Price Trend in Pune Between October and December 2018

• Fuel prices are updated daily by State-owned oil companies under the ‘Dynamic Fuel Pricing’ method. This pricing method includes the 14-day average price of crude oil along with the rupee-dollar exchange value.
• Based on this pricing mechanism, the petrol price in Pune on 1 October stood at Rs.90.92 per litre.
• Prices inclined to touch the highest price on 4 October when a litre of petrol in Pune was sold at Rs.91.16 per litre on the back of a rising crude oil price in the international market.

• A cut of Rs.1.50 per litre in the excise duty levied on fuel was announced by the Central government, while it asked oil firms to further cut Rs.1 per litre towards fuel subsidy.
• Petrol prices began to decline amid declining crude oil price.
• By the end of the month, petrol rates in Pune fell by 6.62% on the back of the excise duty cut and a marginal drop in oil rates.
• On 1 November, a litre of petrol in Pune was available at Rs.84.72 per litre – the highest price recorded during the month.
• The rising global crude oil price was influenced by the geopolitical tensions due to the trade war between the US and China which kept oil trading higher.

• However, by the end of the month, petrol rates in Pune fell to record its lowest when it was sold at Rs.78.38 per litre as oil prices started to decline.
• Overall, petrol prices in November dropped by 7.48% mainly due to the decline in the global crude oil price.
• In December, petrol was priced at Rs.78.03 per litre on the first day of the month, which was also the highest price recorded in the month.
• The crude oil was trading around $56 per barrel late December as against $80 per barrel early October, this led to a significant drop in petrol and diesel prices in the country.
• On 30 and 31 December, the petrol price was at its lowest and it was sold at Rs.74.33 per litre to record a 4.74% decline amid the decrease in oil prices in the global market.

Petrol Price Trend in Pune between July and September 2018

Petrol Price Trend in Pune in July 2018

• Petrol is extracted from crude oil, a global commodity, in India. Despite a city or a state, pricing of petrol has to be in sync with globally determined cost of crude oil per barrel and the INR-USD rate.
• Since petrol has been deregulated in India, petrol price has to be revised by the three public sector oil corporations: 1) Indian Oil Corporation Limited (IOCL), 2) Hindustan Petroleum Corporation Limited (HPCL) and 3) Bharat Petroleum Corporation Limited (BPCL).
• Based on the global aspects, the revision of petrol prices in Pune took place right from the beginning of the month until the completion of the month.
• When the rupee is weaker versus the base currency (USD), the import bill will increase and thus, fuel prices will increase across the country. When the rupee gains against the USD, OMCs will lessen fuel prices.
• For many days, the INR dropped and therefore, petrol rates in the city of Pune have moved upwards by 0.80% in July 2018.
• Petrol in the city was retailed at the highest rate of Rs.84.08 per litre on 16 July 2018. The least price for the month was discerned at Rs.82.95 per litre.

Petrol Price Trend in Pune in August 2018

• OMCs followed the same price revision mechanism even this month and announced the opening date rate to be Rs.83.74 per litre.
• The Central Bank of India (RBI) declares the rupee-dollar rate considering several economic factors. On the FX market (Forex Market), the USD gained over the currencies of emerging countries. The INR was no different. The average crude oil rate also slid this month.
• Petrol price as on 1 August 2018 gained by a few paise per litre. It was seen moving upwards until the end of the week 1.
• All the oil selling companies retained the price of Rs.84.36 per litre on 8 August, 9 August, 10 August, 11 August, 12 August, 13 August, 14 August and 15 August.
• The commodity was sold at a price of Rs.84.49 per litre on 16 August, 17 August, 18 August and 19 August.
• Petrol rates in Pune were also consistent at Rs.84.96 per litre on 24 August, 25 August and 26 August. Despite a stability in the price movements, the month witnessed a growth rate of 2.44%.
• In August, the highest and lowest petrol rates were registered at Rs.85.79 per litre and Rs.83.74 per litre respectively.

Petrol Rate Trend in Pune in September 2018

• Petrol rate in Pune has surpassed the Rs.90 mark in September. The Congress leaders decided to call the Bharat Bandh.
• The Centre did not react to the Congressmen. Instead, it asked the states to lessen the VAT on diesel and petrol.
• Except for Karnataka, Andhra Pradesh, Rajasthan and West Bengal, no other states have reduced the VAT.
• By the end of the second week, the fuel rate jumped to Rs.88.92 per litre on 15 September 2018. As on the opening date, the price was Rs.86.27 per litre.
• Between 15 September 2018 and 30 September 2018, the rate has gone up by Rs.1.87 per litre in the city of Pune.
• Oil companies reported a rise of 5.26% in this month. It can just be accredited to the increased cost of unrefined oil and the fallen INR.
• Over the three months (July-September), the cost of diesel was hiked by Rs.8 per litre. From the perspective of consumers, it was a big rise.

Note: This is a consolidated quarterly report, which has been prepared on the basis of relevant and valid facts. There exists a minor deviation in the fuel rates offered at BPCL, HPCL and IOCL fuel supply stations. Fuel price movements, which have been discussed in the report, are common for all the OMCs. The Indian Basket Crude Oil price is a benchmark for India to validate fuel rates.

Quarterly Petrol Price Trend in Pune between April and June 2018

Petrol Price Trend in Pune in April 2018

• Petrol prices in India are revised daily based on the global crude oil price and the currency exchange rate of the US dollar over rupee.
• State-run oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum fix and update petrol prices daily at 6:00 am IST.
• On the 2nd, petrol was available in Pune at Rs.81.54 per litre, which was also the lowest price for the month.
• In the first week, petrol prices in the city remained steady with variations which were caused by the fluctuations in the oil prices.
• Over the course of the second and third week, petrol prices increase, but was marginal. The highest petrol price recorded in the month was Rs.82.34 per litre on the 24th.
• The petrol price trend in Pune this month grew marginally by 0.98% impacted by the slight increase in oil prices in the international market.

Petrol Price Trend in Pune in May 2018

• Fuel companies kept petrol prices unchanged until the 11th in Pune as the global crude oil remained stable.
• Petrol prices of Rs.82.48 per litre were offered across all fuel stations owned by the State-run oil companies.
• The global crude oil price increased by $6 per barrel which led to a significant rise in petrol prices in the country in the second and third week.
• Petrol prices grew to post an all-time high of Rs.86.07 per litre in Pune on the 29th of the month. The significant rise in petrol prices is attributed to a sharp increase in oil prices.
• Domestic factors such as taxes and other operational costs were unchanged; however, due to the crude oil price, fuel such as petrol touched an all-time high.
• Overall, petrol prices in Pune rose significantly at 4.22% influenced by the considerable increase in oil prices.

Petrol Price Trend in Pune in June 2018

• On the opening day, petrol prices were down by 6 paise per litre in the backdrop of a slight decline in oil prices. The petrol price stood at Rs.85.93 per litre on the opening date.
• During the first and second week, crude oil prices reduced considerably leading to cuts in petrol prices in Pune as well as other cities.
• By 15th, petrol prices in Pune in this month declined by Rs.1.90 per litre influenced by external factors of oil rate and currency exchange value.
• The members of the Organisation of Petroleum Exporting Countries (OPEC) and its ally Russia met on 22nd to discuss ways to reduce the impact to high crude oil rates in the international market. They agreed to increase the output which resulted in a slight decline in oil prices.
• Petrol recorded the lowest price on 26th in Pune which was available at Rs.82.98 per litre affected by the fall in oil rates.
• The petrol price trend in Pune in June 2018 fell by 3.44% mainly impacted by the significant decline in the crude oil prices in the last two weeks.

Quarterly Petrol Price Trend In Pune between January and March 2018

Trend in Petrol Price in Pune in January 2018

• Petrol prices opened at Rs.77.87 per litre in Pune on 1 January 2018. This is also the lowest petrol price for the month of January.
• By the 11th of the month, petrol prices had surged to Rs.78.55 as the value of the USD increased by 0.09% from Rs.63.644 to Rs.63.704.
• From 11 January to the end of the month, petrol prices gradually increased. This was mainly due to the decrease in the value of the U.S dollar and there was also an extensive hike in crude oil costs, which accelerated to $63.80 a barrel on 11th of the month and continued to increase.
• On 22 January, petrol prices continued to move upward and stood at Rs.80.1 though crude oil price slightly fell and stood at $63.57 a barrel as USD prices were fluctuating.
• Overall, the trend of petrol prices in Pune for the month of January was an upward curve.
• Petrol prices closed at Rs.80.79 per litre on 31 January 2018. The recorded change in petrol prices for the entire month was 3.61%.

Trend in Petrol Rate in Pune in February 2018

• A slight increase in petrol prices was noted on 1 February 2018 compared to the previous day. The petrol rate per litre in Pune was Rs.80.91.
• The highest petrol price was recorded on 6 February when it was booked at Rs.81.24 per litre.
• In the next few days, petrol prices fell gradually and traded at Rs.81.21, Rs.81.08, Rs.79.94, and Rs.79.49 on 9,11,18, and 23, respectively.
• The lowest petrol rate was recorded on 25 February when petrol was booked at Rs.79.38 per litre though on this day the value of USD remained unchanged.
• On 27 and 28 of the month, though the value of the USD increased by 0.23% and 0.45% respectively, a fall in petrol prices was not noted. Petrol was booked at Rs.79.39 per litre on both these dates.
• Overall, for the month of February, the price range for petrol declined by 1.91%.

Trend in Petrol Prices in Pune in March 2018

• Petrol was sold at Rs.79.45 per litre on o1 March 2018. This was also the lowest petrol price recorded for the month.
• The petrol prices saw an upward curve in the first week of March and traded at Rs.79.63, Rs.79.87, Rs. 80.19, Rs.80.26 on 2,3,5, and 7, respectively. This was mainly because the value of USD decreased by 0.04%, 0.29%, 0.19%, and 0.04%, on 2,5,6, and 7 of the month.
• Petrol prices stood at Rs.80.32 on 15 March and touched Rs.80.77 on 27 March.
• The month ended with petrol trading at Rs.81.41 per litre. This was also the highest recorded petrol rate for the month in Mumbai.
• The overall trend in petrol prices in Pune was an upward curve for the month of March. The price range for petrol for the month of March increased by 2.41%.

Why Dynamic Fuel Pricing?

Dynamic fuel pricing or the daily revision has been adopted in India in order to align petrol users to market dynamics, ensure fuel pricing is free from government influence fully, make fuel pricing transparent, quickly transfer the daily movements in global crude oil prices and the exchange rate to end consumers, deploy the best stock management practices and minimise the impact on the working capital of dealers and oil marketing companies.

How are petrol prices in Pune assessed?

The retail or the final selling price of petrol = cost price of unrefined oil + refinery transfer price + excise duty + VAT + dealer commission + pollution cess + other expenses incurred by oil marketing companies

The formula to compute the cost price of crude is:

Cost of crude oil = exchange rate of INR/USD X cost of crude oil per barrel in overseas markets

Let’s assume the cost of crude oil per barrel in global markets to be $50 and the value of the INR against the USD to be Rs.65. Then the cost of crude oil will be Rs.3,250 ($50X65).

To compute the cost of crude oil per litre, the total cost of crude oil per barrel is divided by 159 since a barrel of crude oil is equivalent to 159 litres. Freight charges incurred by oil marketing companies are added to the cost of crude oil.

Refinery transfer price is the price paid by oil marketing entities in order to convert unrefined oil into petrol. As on 4 October 2017, the central excise duty levied on petrol was Rs.19.48 per litre. As on the same date, the state VAT in Navi Mumbai, Mumbai and Thane was 47.94% on petrol. In the rest of the state, it was 46.81%.

Factors Affecting Petrol Costs in Pune

The final price of petrol is impacted by the exchange rate. When the USD appreciates against the INR, the cost of crude oil will increase; when the USD depreciates against the INR, the cost of crude oil will decrease. Variations in the cost of crude oil have a direct impact on the retail selling price. The exchange rate is influenced by interest rates, inflation rates and the overall public debt of a nation. The central bank of India determines the exchange rate.

Crude oil or unrefined oil is a global commodity and is purchased from foreign oil marketing companies. Moreover, it is traded in global markets. There are many factors that influence the cost of crude oil. The most common factors include the demand for unrefined oil from developing nations, seasonal fluctuations, weather reports, political moves and the capabilities of refineries. The central excise duty and the state VAT are other factors affecting petrol prices.

How does GST Affect Petrol Prices in Pune?

What is GST? The Goods and Services Tax is a completely streamlined taxation platform customised for Indian taxpayers. All merchandisers who sell goods and services pay tax to the government under the purview of GST, which came into effect on 1 July 2017. GST tax rates have no impact on petrol prices since petrol has been excluded from the GST regime. The entire oil and natural gas industry continues to pay taxes under the existing slab. If petrol is brought under the purview of GST, the cost of petrol per litre will be cheaper for consumers.

Also Check Petrol Price in NearBy Cities of Pune

*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.