Petrol Price In Pune Today

Pune is the second biggest city in Maharashtra and the seventh most populous city in India. The city is renowned for its automobile and industrial industries. According to the data released by oil marketing entities, the sale of petrol has accelerated by 100% while that of diesel has diminished for the fiscal year 2014-2015. The varying trend signals a rise in the sale of petrol-run vehicles and a fall in that of diesel-run vehicles in the city. From April 2014 till March 2015, the petrol consumption increased by 10%.

Trend of Petrol Price in Pune for January 2020 (rates per litre):

Monthly Petrol Price Trend in Pune for January 2020:

• Petrol price in pune opened the month of January at Rs.80.53 per litre. The rates of the fuel slipped over the course of the month due to the outbreak of coronavirus and tensions in the Middle East.
• In the city, the rates of petrol increased over the first 10 days of the month due to the ongoing tensions in the Middle East. On 11 January, petrol was retailed for Rs.81.40 per litre in Pune. This was highest recorded price for the fuel in the month.
• With crude oil prices coming down in the international market due to the outbreak of coronavirus in China, petrol prices also slipped in Pune. At the end of the third week, a litre of petrol cost Rs.80.23 per litre.
• There was no improvement in the prices of the fuel in the final week of the month as the World Health Organization (WHO) declared a global health emergency due to the rising number of coronavirus cases and deaths. Petrol closed the opening month of 2020 at Rs.78.71 per litre with the overall performance showing a decline of 2.26% in the prices.

Trend of Petrol Price in Pune for December 2019 (rates per litre):

Monthly Petrol Price Trend in Pune for December 2019:

• The petrol price in Pune opened at the rate of Rs.80.34 per litre for the month of December 2019. The rate of the fuel further increased towards the end of the month.
• The price of the Brent crude oil in the international market witnessed an overall increase of 24% in the year of 2019. The prices were affected by the expectations of the US-China trade deals. In the international market, the price of crude oil increased.
• For the month of December 2019, the price of petrol closed in Pune at the rate of Rs.80.53 per litre. This was also the highest recorded price of the fuel for the month. There was overall rise of 0.24% in the performance of the fuel.

Trend of Petrol Price in Pune for November 2019 (rates per litre):

Monthly Petrol Price Trend in Pune for November 2019:

• Petrol price in Pune stood at Rs.78.25 per litre, 12 paise lower than the previous day’s closing price. With the upcoming US and European economic data, the crude oil prices were relaxed across the globe.
• Petrol prices improved from the second week onward with petrol closing at Rs.78.83 per litre on the 14th of November.
• Prices improved further in the third week, with petrol climbing up to Rs.79.57 per litre on the 21st of November.
• Petrol in Pune closed the month at Rs.80.22 per litre, its highest recorded price for the month of November. The overall performance of petrol was 2.51%, trending upwards.

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

Monthly Petrol Price Trend in Pune for October 2019:

• Petrol price in Pune stood at Rs.80.02 per litre on the 1st of October, its highest recorded price for the month.
• Petrol saw a gradual decline in its prices soon amidst global economic crisis and seemingly weak demand for fuel. Petrol closed the second week at Rs.78.94 per litre.
• Petrol rate in Pune closed the month at Rs.78.94 per litre, its lowest recorded price for the month of October. Fuel suffered in the international market to due to an unprecedented rise in US inventories and the looming economic slump. The overall performance of petrol in Kolkata was -1.37%, trending downwards.

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

September - Week 1 (1-7):

• Petrol price in Pune opened at Rs.77.42 per litre. The rates were kept unchanged as demand for the fuel in the local market was low.
• After staying constant for a few days, the rates slumped considerably to close at Rs.77.21 per litre on 7 September. In the international oil market, prices of crude oil went up after Washington confirmed talks with Beijing in the upcoming months to reach a trade deal.
• For the first week of the month, the overall performance of petrol in Pune was trending downwards at -0.27%.

September - Week 2 (8-14):

• Petrol price in Pune opened at Rs.77.16 per litre on the 8th of September—5 paise lower than the previous day’s closing price. It’s also the lowest recorded petrol price in Pune 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.
• Price of Petrol in Pune remained unchanged for a day before rising slightly again on 10 September. In the international market, crude gained after a sharp drop in US inventories.
• Petrol rate kept trending upwards, closing the week at Rs.77.41 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 Pune opened at Rs.77.47 per litre on the 15th of September in Pune—6 paise higher than the previous day’s closing price.
• After staying stable for a day, petrol prices increased by 14 paise recording Rs.77.61 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 Pune closed the week at Rs.78.77 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 1.74%, trending upwards.

September - Week 4 (22-30):

• Petrol price in Pune opened the final week of September at Rs.79.03 per litre. Compared to the previous day’s rates, the prices were hiked by 26 paise per litre.
• The rates continued to soar in Pune over the week due to geopolitical tensions and the drone attacks on Saudi Arabia’s Aramco oil refinery. A litre of petrol cost Rs.79.74 on 27 September as Oil Marketing Companies (OMCs) continued to hike the prices.
• Petrol prices closed the week at Rs.79.82 per litre in Pune. The closing rate was the highest recorded price for petrol in the month. The overall performance of petrol in Pune for September was 3.09%, trending upwards.

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

August 2019 – Week 1 (1-7):

• Petrol price in Pune opened at Rs.78.24 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 dismissed.
• Petrol slumped further on the next day, trending at Rs.78.08 per litre on 2 August. Prices kept trending downwards with petrol closing at Rs.77.68 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 in Pune 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 Pune, recorded in the first week of August is -0.76%.

August 2019 – Week 2 (8-14):

• Petrol rate in Pune opened at Rs.77.63 per litre on 8 August, recording a 5 paise drop from previous day’s closing price.
• Petrol price dipped further by 14 paise on the next day, standing at Rs.77.49 per litre. The dip was primarily due to the ongoing US-China trade tensions, fuelled further by Trump administration’s decision to impose more tariffs on Chinese imports. Rise in US inventories was also one of the primary reasons for the dip.
• Petrol price in Pune dropped marginally in the next few days before stabilising at Rs.77.40 per litre. The overall performance compared to the opening day was -1.07% 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):

• Petrol price in Pune opened at Rs.77.25 per litre, unchanged from previous day’s closing price. After staying stagnant for the next few days, petrol prices went up marginally, recording Rs.77.48 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.77.42 per litre. Petrol remained unchanged till the end of the week.
• Overall, petrol’s performance in Pune was -1.04%, trending downwards. In the international oil market, crude slumped after concerns about the strength of US economy.

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

July 2019 – Week 1 (1-7)

• Petrol price in Pune stood at Rs.75.92 per litre on 1 July, slumping a bit for the previous day’s closing price. The decline was majorly due to OPEC sticking to its plan to cut oil supplies.
• Petrol rate in Pune increased a bit, Rs.0.07 to be precise, recording at Rs.75.99 per litre. The slight increase was primarily due to major oil marketing companies deciding to raise diesel and petrol prices. The prices remained constant till 6 July.
• Petrol in Pune ended the first week on a high note, standing at Rs.78.39 per litre. The surge was primarily due to the Government’s announcement at the Budget 2019 to increase excise duty and road and infrastructure cess on petrol by Rs.2 per litre.

July 2019 – Week 2 (8-14):

• Petrol was priced at Rs.78.39 per litre when the week began, the same as the previous day’s price after it was hiked by Rs.2 per litre amid the hike in excise duty by the Central Government in the 2019 Budget to fund its social welfare scheme.
• Prices declined the next day when a litre of petrol in Pune stood at Rs.78.34 amid a marginal decline in crude oil prices due to 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.
• Overall, the petrol price trend in Pune during the second week of July inclined by 0.16% primarily due to the marginal increase in crude oil prices in the international oil market.

July 2019 – Week 3 (15-21):

• Petrol was priced at Rs.78.64 per litre on 15 July – the lowest price recorded during the week amid slight decline in crude oil prices after China reported its slowest quarterly economic growth signaling a slump in demand from the world’s largest crude oil importer.
• Petrol prices in Pune during the course of the week inclined to touch the highest on 18 July when a litre was sold at Rs.78.78 and was kept unchanged until the end of the week despite pressure on Brent crude futures, the global benchmark for crude oil.
• Overall, petrol prices in Pune in this week rose after crude oil prices inclined amid escalating tensions in the Middle East after the US shot down an Iranian drone and the trade war between the US and China.

July 2019 – Week 4 (22-28):

• Petrol in Pune opened at Rs.78.78, unchanged from the previous day’s closing price. However, in the international crude oil industry, prices dropped following International Energy Agency (IEA) statement that it would act quickly if required to keep the market afloat amid Middle East skirmishes and supply cuts.
• Prices improved marginally on the next day, recording at Rs.78.84 per litre, the highest of the month. The slight hike could be attributed to the huge fall in US inventories. Meanwhile, the US Navy claimed to have shot down another Iranian drone, which further affected global oil prices.
• Petrol prices in Pune started falling soon after, closing the week at Rs.78.58 per litre. Weak demand coupled with Russia and OPEC agreeing to extend oil supply cuts till March 2020 are some of the reasons for the petrol price drop. Also, as per IEA (International Energy Agency), it’s unlikely that crude prices will go up considerably in the next few days owing to weak demand and a glut in the crude market.

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

June 2019 – Week 1 (2-8):

• The price of petrol in Pune on 2 June stood at Rs.77.16 per litre. State-run oil marketing companies reduced the retail price of petrol throughout the week.
• The lowest price of petrol was recorded on 7 June at Rs.76.60 per litre. The drop in the petrol price was attributed to a fall in crude prices by over 1% in the global market.
• The decline in petrol price was due to a trade tension. International Brent crude oil futures were trading at USD 61.16 per barrel, down 83 cents from their last close.

June 2019 – Week 2 (9-15):

• In the second week of June, petrol retailed at Rs.76.60 per litre in the city. There was no change in the price compared to the previous day’s rate.
• The petrol price was cut by 50 paise on 10 June thereby benefiting the customers.
• On 15 June, the price of the petrol continued to decline over the week to touch a weekly low of Rs.75.66 a litre.

June 2019 – Week 3 (16-23):

• Petrol Price in Pune stood at Rs.75.60 per litre at the beginning of the third week on 16 June. There was a decline of 6 paise in the price by the state-run oil marketing companies.
• The price of petrol fell owing to a decline in the crude oil prices on the back of a possible economic slowdown influenced by the US-China tariff war.
• By the end of the week on 23 June, the price of the petrol remained unchanged and stood at Rs.75.60 per litre.

June 2019 – Week 4 (24-30):

• By the end of the month of June, petrol opened at Rs.75.72 per litre. It recorded an increase of 12 paise over the previous day’s rate.
• The Petrol Price in Pune remained unchanged until 26 June. The price recorded a weekly high of Rs.76.13 per litre on 30 June as the oil companies continued to revise the petrol price.
• In the international oil market, crude oil rates fell as traders awaited the outcome of the G20 summit as well as meeting of the OPEC and its allies to take a decision on the possible extension of the output cuts in the global oil market.

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.

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.

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