Petrol Price In Rajasthan Today

The below table gives the insights for petrol price in Rajasthan during past 10 dates.

  • Today's Petrol Price ( 27 Oct 2021 )

    ₹ 114.8
    Current Petrol Price Per Litre

    Compare Petrol Price in Rajasthan (Today & Yesterday)

    Rate Change
    Petrol ( / litre) ₹ 114.8 ₹ 114.8 ₹ 0 ↑

    Petrol Price in Rajasthan - Last 10 Days Data

    Date Petrol ( / litre)
    26 Oct 2021 ₹ 114.8
    25 Oct 2021 ₹ 114.8
    24 Oct 2021 ₹ 114.8
    23 Oct 2021 ₹ 114.43
    22 Oct 2021 ₹ 114.07
    21 Oct 2021 ₹ 113.7
    20 Oct 2021 ₹ 113.33
    19 Oct 2021 ₹ 112.97
    18 Oct 2021 ₹ 112.24
    17 Oct 2021 ₹ 112.24

    Petrol Rate Trend

    • 7 Days
    • 30 Days
    • 3 Months
    • 6 Months

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

    Parameters Rates/litre
    1st August Rs.76.65
    31st August Rs.75.81
    Highest Rate in August Rs.76.65 on 1 August
    Lowest Rate in August Rs.75.63 on 19,20,21,22 and 23 August
    Overall Performance Decline
    Percentage Change -1.09%

    Monthly Petrol Price Trend in Rajasthan for August 2019:

    • Petrol price in Rajasthan opened the month of August at Rs.76.65 per litre, a drop of 6 paise from the previous day’s closing price. The rates charged on the opening day was the highest recorded price for the month.
    • The Petrol rate dropped in the next few days due to the trade war between the United States and China and growing fears of a global economic crisis. The prices slumped to Rs.75.79 per litre on 11 August before stabilising.
    • However, with low demand for oil and constant fluctuations in the international oil prices, the rates plummeted to Rs.75.63 on 20 August, the lowest recorded price for the month.
    • In the final week, petrol prices in Rajasthan gained slightly before OMCs decided to cut the rates again. The prices closed at Rs.75.81 per litre with the overall performance of petrol in the month being -1.09%.

    Monthly Petrol Price Trend in Rajasthan for July 2019 (rates per litre):

    Parameters Rates/litre
    1st July Rs.71.13
    31st July Rs.76.71
    Highest Rate in July Rs.77.28
    Lowest Rate in July Rs.71.13
    Overall Performance Incline
    Percentage Change 7.84%
    • Petrol price in Rajasthan opened at Rs.71.13 per litre on 1 July, a 10 paise increase from the previous day’s closing price. In the first week, there was a steep rise in petrol prices, with petrol closing at Rs.75.82 per litre on 7 July. The increase in petrol price was primarily due to the hike in excise duty of Re.1 per litre and the road and infrastructure cess of Re.1 per litre as announced by the Finance Minister during Union Budget 2019.
    • Petrol prices dipped slightly on the second week amidst looming global economic slump owing to US-China trade tensions. However, petrol picked up, closing the second week of July at Rs.76.94 per litre. The hike could be attributed to Middle East skirmishes that outweighed OPEC oil supply cuts.
    • Petrol price in Rajasthan was recorded at Rs.77.07 per litre on 15 July while international crude oil prices fell after China reported its slowest quarterly growth in three decades. Petrol closed the week at Rs.77.22 per litre as international crude oil prices shot up after US Navy reported of shooting down an Iranian drone, thereby escalating tensions in the Middle East.
    • Petrol peaked at Rs.77.28 per litre, the highest recorded price in the month of July, amidst Middle East tensions and a speculated drop in US inventories. However, oil prices dropped soon after with petrol closing the month Rs.76.71 per litre. This was primarily due to weak demand of oil among investors coupled with OPEC and Russia agreeing to extend supply cuts till March 2020.

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

    Parameters Rates/litre
    2nd June Rs.72.15 per litre
    30th June Rs.71.03 per litre
    Highest Rate in June Rs.72.15 per litre on 2 June
    Lowest Rate in June Rs.70.60 per litre from 16-23 June
    Overall Performance Decline
    Percentage Change -1.56%
    • On 2 June, petrol was priced Rs.72.15 per litre, the highest price recorded during June 2019 in Rajasthan amid a slight incline in the global crude oil prices as tensions rose in the Middle East due to US sanctions on Iran.
    • Prices decreased in the first and second week and by mid-June, petrol prices declined by Rs.1.49 per litre compared to the opening price attributed by the decline in crude oil prices due to supply cuts led by the OPEC and its allies.
    • On 16 June, petrol was at its cheapest for the month when a litre of the fuel was sold at Rs.70.60 per litre and was kept unchanged until 23 June.
    • By the end of the month, the petrol price in Rajasthan declined by 1.56% due to the production cuts led by the OPEC despite the ongoing trade war between the US and China and US curbs on Iran.

    Petrol Prices in Rajasthan

    Let’s consider the three prime cities of Rajasthan in order to analyse the recent trends in petrol prices in Rajasthan. The first city is Jaipur, which is the capital city of the state. The second city is Jodhpur, which is the second largest city after Jaipur. The third city is Kota, which is located in the southeast of Rajasthan.

    Recently, the central government has lowered the excise duty by Rs.2.00 on 4 October 2017. After the revision, petrol prices in Jaipur have decreased to Rs.70.93. In September 2017, the highest rate in the city was Rs.73.31 and the lowest rate was Rs.71.88. The entire month has seen a growing trend. In August 2017, petrol rates have witnessed a growth rate of 5.34% in Jaipur. The highest rate was Rs.71.76 and the lowest rate was Rs.67.93. Even in July 2017, petrol prices have moved in an upward direction.

    In Jodhpur, the petrol price on 2 January 2017 was Rs.73.05. It was decreased to Rs.69.22 on 1 April 2017. On 1 June 2017, the petrol price was further reduced to Rs.69.81. On the opening day of July 2017, the petrol rate in the city was Rs.65.70. In Kota, the petrol rate was Rs.72.78 on 2 January 2017 and was further dropped to Rs.68.96 on 1 April 2017. Between August 2017 and October 2017, the petrol rate in the city has grown to Rs.73.06 from Rs.67.60. There is no noticeable difference in petrol prices among the three major cities of the state.

    Petrol Prices in Rajasthan and other States

    Let’s make a comparative study of four states. Petrol rates in Mumbai became the highest in the nation after the government of Maharashtra increased the value-added tax on petrol. After the revision, the cost price of petrol was decreased to Rs.75.43 per litre. In Kerala, the average price of petrol was Rs.72.11. In Karnataka, the average cost of petrol was Rs.69.46 as on the latest date.

    How frequently are Petrol Prices in Rajasthan Computed?

    The government of India has rolled out a new fuel pricing model called dynamic fuel pricing on 16 June 2017. Since then, all state-owned oil marketing companies including Indian Oil, Shell India, Bharat Petroleum, and Hindustan Petroleum have been revising petrol prices on a daily basis across the state. The daily revision of petrol immensely benefits consumers and dealers by bringing transparency in fuel pricing and avoiding the interference of governments and political parties in fixing the price of fuels.

    The primary distinction between the daily revision and the fortnight-based revision is the frequency of revision. Like the fortnightly-based revision, the daily revision also takes into account worldwide crude oil prices and the currency conversion rate. Currencies are traded in the foreign exchange market, which is highly volatile in nature. Crude oil prices will vary based on international market dynamics. Therefore, the daily revision seems to be a feasible fuel pricing model.

    Petrol prices change every day. Tracking daily changes is easy as all oil marketing companies offer an SMS service and a customer care service. Petrol prices in Kerala can be checked online by visiting the website of respective oil marketing companies. All oil marketing companies have specific mobile applications that can be downloaded to track the latest updates.

    Quarterly Petrol Price Trend in Rajasthan Between January and March 2019

    January February March
    Opening date price Rs.69.45/litre Rs.71.53/litre Rs.72.43/litre
    Closing date price Rs.71.76/litre Rs.72.32/litre Rs.73.42/litre
    Highest price Rs.71.94/litre recorded between 22nd and 28th Rs.72.32/litre recorded on 28th Rs.73.46/litre recorded on 24th, 25th, 26th and 27th
    Lowest Price Rs.69.14/litre recorded on 4th, 5th and 6th Rs.70.93/litre recorded on 11th, 12th and 13th Rs.72.43/litre recorded on 1st, 2nd and 3rd
    Trend Upward Upward Upward
    % Change 3.32% 1.10% 1.36%

    Quarterly Petrol Price Trend in Rajasthan Between October and December 2018

    October November December
    Opening date price Rs.84.24 a litre Rs.79.90 a litre Rs.73.17 a litre
    Closing date price Rs.80.08 a litre Rs.73.52 a litre Rs.69.45 a litre
    Highest price Rs.84.48 a litre booked on the 4 October 2018 Rs.79.90 a litre booked on the 1 November 2018 Rs.73.17 a litre booked on the 1 December 2018
    Lowest Price Rs.80.08 a litre booked on 30 and 31 October 2018 Rs.73.52 a litre booked on the 30 November 2018 Rs.69.45 a litre booked on the 31 December 2018
    Trend Downward Downward Downward
    % Change -4.94% -7.99% -5.09%

    Petrol Price Trend in Rajasthan Between October and December 2018

    • State-owned Oil Marketing Companies (OMCs) revise petrol and diesel prices daily under the ‘Dynamic Fuel Pricing’ mechanism which considers the 14-day average price of crude oil as well as the exchange rate of the rupee over the US dollar.
    • Based on this pricing mechanism, the petrol price in Rajasthan was fixed at Rs.84.24 per litre on 1 October.
    • Prices rose over the next couple of days in the back of a high crude oil price which prompted the Central government to announce a reduction of the excise duty levied on the sale of fuel in the country.
    • While excise duty of Rs.1.50 per litre was cut, the Centre asked OMCs to subsidise further Rs.1 per litre resulting in the reduction of Rs.2.50 per litre.
    • By the end of the month, petrol prices in Rajasthan were down by 4.94% backed by the cut in the excise duty.
    • On 1 November, petrol was priced at Rs.79.90 per litre, which was also the highest price recorded for the month.
    • Since the petrol price is influenced by the crude oil price, prices fell over the next few weeks as the crude oil price was down marginally.
    • On 30 November, petrol recorded its lowest price when it was sold at Rs.73.52 per litre marked by the decline of oil prices in the market.
    • Overall, the petrol price trend in November in Rajasthan was down by 7.99% mainly due to the sharp fall in crude oil prices.
    • Petrol rates in Rajasthan on 1 December stood at Rs.73.17 per litre – the highest price registered for the month.
    • Rates declined significantly over the month as crude oil prices were trading much lower than it was during early October.
    • While the crude oil price was trading around $80 per barrel early October, it dropped to trade around $55 per barrel late December. This led to the lowest petrol price recorded during the month when it was dispensed at Rs.69.45 per litre on 31 December.
    • By the end of December, petrol prices in Rajasthan declined significantly by 5.09% attributed by the sharp fall in crude oil prices in the international market along with the appreciation of the rupee over the US dollar.

    Quarterly Petrol Price Trend in Rajasthan between July 2018 and September 2018

    July August September
    Opening date price Rs.77.99 per litre (As of 2 July) Rs.79.16 per litre Rs.81.45 per litre
    Closing date price Rs.79.18 per litre Rs.81.45 per litre Rs.83.75 per litre
    Highest price Rs.79.66 per litre Rs.81.45 per litre Rs.83.75 per litre
    Lowest price Rs.77.99 per litre Rs.79.31 per litre Rs.83.45 per litre
    Trend Upward Upward Upward
    % Change +1.52% +2.69% +2.82%

    Petrol Price Trend in Rajasthan in July 2018

    • Dynamic fuel pricing is used to determine the trend in petrol prices.
    • In various cities in Rajasthan such as Jaipur, Udaipur, Kota, Alwar, Pushkar and Ajmer, the revised petrol rates were released at 6:00 a.m. every day in July.
    • Crude oil rates and the exchange rate are the regular influencers of the pricing of petrol. If there is a change in the taxes, oil companies have to consider the revised taxes to revalue the fuel.
    • The State Government of Rajasthan has not revised the sales tax or the Value-added Tax. Moreover, the Central Government of India did not make any changes in excise duty.
    • In line with the exchange and crude oil rates, petrol rates across the state of Rajasthan were hiked in the first few days of the month, increased in the middle of the month and decreased towards the month’s end.
    • The growth rate has been calculated considering the difference between the closing date price and the opening date price.
    • As fuel rates slid towards the end of July, the highest petrol rate was noted at Rs.79.66 per litre at the beginning of the week 3.

    Petrol Rate Trend in Rajasthan in August 2018

    • Dynamic fuel pricing was introduced in India to assure transparency in fuel pricing and align fuel users with real-time market dynamics.
    • This system requires oil companies to immediately transfer the ups and downs in oil rates to end consumers. The performance of the currency exchange ratio is equally important.
    • It was interesting to make a note that the petrol prices in August were constant at Rs.79.86 per litre, Rs.80.09 per litre, Rs.80.49 per litre and Rs.80.58 per litre respectively in Jaipur, the capital city of Rajasthan.
    • For a majority of days in August, fuel rates were also constant in all cities in the state of Rajasthan.
    • At the beginning and end of August, fuel rates were surged in sync with the market price of oil and the exchange rate of dollar against the rupee.
    • Unlike July, the highest petrol rate was noticed at Rs.81.45 per litre at the end of the month. As fuel prices were not declined this month, the lowest rate was registered on 1 August 2018 at Rs.79.16 per litre.
    • The growth rate worked out to be 2.69% this month. The trend was completely based on the overseas influencers.

    Petrol Price Trend in Rajasthan in September 2018

    • On the first and second of September, fuel retailed at a price of Rs.81.45 per litre. On 3 September, petrol rate in Jaipur, the capital city of Rajasthan, increased by 63 paise per litre.
    • The fuel was marketed at a price of Rs.82.30 per litre on the 4th and 5th of September and Rs.82.99 per litre on the 7th, 8th and 9th of September.
    • While fuel rates in the capital city of Rajasthan were up by 31 paise per litre on the 10th, they remained consistent at Rs.81.44 per litre on the 11th and 12th of the month.
    • Similarly, the rate of petrol per litre remained unaltered at Rs.82.19 on the 15th and 16th, Rs.82.71 on the 18th and 19th, Rs.82.87 on the 21st and 22nd and Rs.83.39 on the 25th and 26th of the month in Jaipur.
    • Needless to mention, the revision of the prices of petrol was done under the daily revision system from 1 September to 30 September.
    • Since the State Government of Rajasthan has cut its Value-added Tax by 4%, the growth rate this time was close to 3%. (the formula to compute the growth rate is: Closing date price – Opening date price / Opening date price X 100)
    • The growth rate in other states was over 6% in September 2018.

    Quarterly Petrol Price in Rajasthan Between April and June 2018

    April May June
    Opening date price Rs.76.44 per litre Rs.77.32 per litre Rs.81.11 per litre
    Closing date price Rs.77.32 per litre Rs.81.17 per litre Rs.78.27 per litre
    Highest price Rs.77.36 per litre recorded on 24th Rs.81.26 per litre recorded on 29th Rs.81.11 per litre recorded on 1st
    Lowest price Rs.76.44 per litre recorded on 1st Rs.77.32 per litre recorded from 1st to 11th Rs.78.27 per litre recorded from 27th to 30th
    Trend Upward Upward Downward
    %Change +1.16% +4.98% -3.51%

    Petrol Price Trend in Rajasthan in April 2018

    • On 1 April 2018, the petrol price in Jaipur, the capital of Rajasthan, stood at Rs.76.44 per litre - the lowest for the month.
    • Fuel prices in India are revised on a daily basis under the ‘Dynamic Fuel Pricing’ mechanism, where State-owned Oil Marketing Companies (OMCs) include the preceding day’s crude oil and the currency exchange rate to the final selling price of petrol.
    • During the first and second week, petrol prices in Rajasthan remained steady with slight variations due to the fluctuations in the global crude oil price.
    • The global crude oil price continued to incline over the third and fourth week with the highest petrol price of month recorded at Rs.77.36 per litre on 24 April 2018.
    • However, from the 25th onwards, fuel companies kept fuel prices unchanged until the end of the month.
    • During the month, petrol prices in Rajasthan grew by 1.16% largely due to the marginal increase in the global crude oil prices.

    Petrol Price Trend in Rajasthan in May 2018

    • Fuel companies didn’t revise petrol prices in Rajasthan until 11 May 2018 due to the steady rate of crude oil in the international market.
    • Petrol prices till the 11th stood at Rs.77.32 per litre, which is also the lowest cost of petrol in the month.
    • However, post 11th the petrol price rose sharply in tandem with the significant rise in oil prices in the global market.
    • The incline in crude oil prices is attributed to the geopolitical tensions between the US and China on possible trade war between the two nations.
    • Crude oil prices rose to stand at $80 per barrel, which led petrol prices in Rajasthan and other states to record an all-time high of Rs.81.26 per on the 29th.
    • The reason behind the considerable rise in crude oil rates was influenced by external factors such as the crude oil rate and the currency exchange value of the US dollar over rupee.
    • Domestic factors such as taxes or other operational costs of fuel companies were not the reason for the rise in fuel prices as they were left untouched.
    • Overall, the petrol price trend in Rajasthan in May 2018 reflected an upward trend of 4.98% mainly due to the significant rise in the global crude oil rate.

    Petrol Price Trend in Rajasthan in June 2018

    • On the opening day of June 2018, petrol was sold at Rs.81.11 per litre in Rajasthan, also the lowest petrol price in the State.
    • With crude oil rate on the rise and its impact on the common man, the Organisation of Petroleum Exporting Countries (OPEC) and its ally Russia decided to meet on 22 June 2018 to discuss ways to address the concern of high fuel prices across the globe.
    • Meanwhile, petrol prices in Rajasthan continued to remain steady during the first week; however, during the second and third week, fuel prices including that of petrol started showing a slight decline in prices.
    • By 15 June 2018, petrol prices in Rajasthan had dropped by Rs.1.98 per litre compared to the opening day’s price.
    • The OPEC and Russia met on the 22nd and agreed to increase production to counter the rising fuel prices across the globe.
    • By the end of the month, petrol prices in Rajasthan fell sharply largely due to the increase in production and the easing of geopolitical tensions in the country.
    • The lowest petrol price in Rajasthan during May 2018 was recorded at Rs.78.27 per litre on 27th and continued with the same cost till the 30th of the month.
    • Petrol prices in Rajasthan during the month of June 2018 fell by 3.51% attributed to the significant rise on the global crude oil rate.

    How are Petrol Prices in Rajasthan Computed?

    Different components of the price breakup of petrol in Rajasthan include the followings:

    Free On Board Price (FOB): The price at which petrol is bought is called as FOB. In other words, it is the price paid by Indian oil marketing companies in order to buy crude oil from overseas companies.

    Freight: Indian oil marketing companies import oil from overseas oil companies. The price, which is paid to a transporter, is called as ocean freight. When ocean freight is added to free on board price, we get resultant as cost and freight price.

    Import Charges: Import charges consist three charges, which include insurance charges, port dues, and ocean losses. The insurance premium paid to an insurance service provider for the insurance cover is called as insurance charges. Fort duties are the fees paid instead of using the facilities of a port.

    Customs Duty: Customs duty is a tax imposed by the government of India on the imported crude oil. As on the latest date, it was 2.5% of the cost and freight price.

    Import Parity Price: Import parity price (IPP) is the price of petrol remitted by Indian oil marketing companies at an Indian port. In other words, IPP is the sum of import charges, customs duty, and cost and freight price.

    Refinery Transfer Price: Refinery transfer price is the price remitted by oil marketing companies to refineries for buying petrol.

    Inland Freight: Inland freight is the price paid by oil marketing companies for transporting petrol from refineries to retail outlets.

    Depot Price: Depot price is the price paid by retail petrol owners to buy petrol from oil marketing companies.

    Excise Duty: The tax that is imposed by the central government on petrol. The excise duty will remain the same throughout the country.

    VAT: Value-added tax (VAT) is the tax imposed by the state government on petrol. VAT varies from one state to another. As on 1 September 2017, the tax rate imposed on petrol was 32.91%.

    Now, the retail selling price of petrol in Rajasthan is the sum of all the aforementioned cost components.

    Factors affecting Petrol Prices in Rajasthan

    The following factors affect petrol prices in Rajasthan:

    • Crude Oil Price: If the cost of crude oil increases, then the retail selling price (RSP) of petrol will increase. If it falls, the final price of petrol will fall. The cost of crude oil is affected by many factors, which include seasonal variations, the supply and demand pattern, the currency conversion rate, the pattern of global reserves and supplies etc.
    • Exchange Rate: The currency of the US dollar is valued at the Indian rupees by the Reserve Bank of India, which is the central bank of India. If the USD gains against the INR on the date of purchase, then the cost of crude oil will increase; if the INR gains against the USD on the date of purchase, the cost of crude oil will decrease.
    • Central Excise and VAT: The lower the percentage of tax imposed on petrol by the state government, the lower will be the cost of petrol. The higher the percentage of tax imposed on petrol by the state government, the higher will be the cost of petrol. Similarly, the central excise impacts the cost of petrol.

    Impact of GST on Petrol Rates in Rajasthan

    All types of goods and services are taxed by the GST regime under four tax slabs, which are 5%, 12%, 18%, and 28%. The highest rate fixed by the GST Council till date is 28% and the lowest rate is 5%. Including petrol, five petroleum products have been kept outside the regime of GST. Even though petrol is taxed at the highest rate, the revenue for the state and central governments will be adversely affected. Therefore, the GST system does not impact petrol prices in Rajasthan.

    Diesel Costs vs petrol Costs in Rajasthan

    As on 16 October 2017, the average price of petrol was Rs.70.86 whereas the average price of diesel was Rs.60.86. Petrol rates in the state may marginally increase over the next one or two months.

    *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.

    Also Check Petrol Price in NearBy Cities of Rajasthan

    Petrol Price in Jodhpur Petrol Price in Kota Petrol Price in Udaipur Petrol Price in Jaipur

    Apply For A Fuel Credit Card – Reduce Your Petrol Expenses

    News About Diesel Price In Rajasthan

    • Petrol prices at Rs.100 per litre for the first time in Sri Ganganagar

      In Rajasthan’s Sri Ganganagar district, petrol prices have shot up to cross the Rs.100 per litre mark for the first time at Rs.100.13 per litre. This was the first time that petrol prices had crossed the Rs.100 per litre mark anywhere in India. In other states, the prices were hovering around the Rs.90 per-litre mark.

      Diesel prices also touched record highs in the district at Rs.92.1 per litre while in other states, the value of the fuel was around the Rs.80 per-litre mark.

      During the previous rise of petrol and diesel prices in October 2018, the central government had reduced the excise duty for petrol by Rs.2 per litre and Rs.1.5 per litre for diesel.

      23 February 2021

    • Petrol, diesel to get cheaper in state after 2% VAT cut

      The Government of Rajasthan lowered the Value-added tax (VAT) on diesel and petrol by 2% each. From now, a VAT of 36% will be applicable on petrol and 26% on diesel.

      For the past three days, the price of petrol is Rs.93.94 per litre and diesel is Rs.86.02 per litre in Jaipur.

      The price of petrol today was Rs.92.51 and diesel was Rs.84.62 per litre in Jaipur.

      29 January 2021

    • Coal India Records Significant Growth in Q1 2018

      On Monday, the rates of petrol saw no change across the country. The prices remained constant even though Brent crude continued to be on the downward slide given concerns over the demand of the fuel due to the outbreak of coronavirus in China. Following Monday’s revision in the prices, a litre of petrol was retailed for Rs.72.01 in New Delhi, Rs.77.67 in Mumbai, Rs.74.65 in Kolkata, and Rs.74.81 in Chennai. In non-metropolitan cities like Noida and Gurugram, consumers were required to shell out Rs.73.92 and Rs.72.09 respectively. It must be noted here that the rates are the cheapest in the national capital among all metropolitan cities and most state capitals due to lower taxes. The rates have witnessed a decline of Rs.1.18 for every litre in New Delhi over the month of February till date.

      State-owned Oil Marketing Companies (OMCs) revise the rates of petrol on a daily basis in a bid to pass on the slightest benefit given the cut in global oil prices. In India, the rates are revised as per the dynamic pricing scheme which was adopted in June 2017. As per the mechanism, the rates are dependent on international oil prices on a 15-day average and the value of rupee against the US dollar.

      24 February 2020

    • Indian Oil Companies’ Shares Incline Amid Decline in Crude Oil Prices

      State-owned Oil Marketing Companies’ (OMCs) shares inclined from 0.55% to 2.18% at 14:35 IST on the Bombay Stock Exchange (BSE) after crude oil prices stabilised in the international commodity market. The S&P BSE Sensex inclined by 267.18 points or 0.69% at 39,163.18. Hindustan Petroleum Corporation Ltd. (HPCL) was up by 2.18%, Indian Oil Corporation Ltd. (IOCL) was up by 0.55% and Bharat Petroleum Corporation Ltd. (BPCL) was up by 2.09%. The decline in crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on the sale of domestic LPG and Kerosene at controlled prices. The Indian government has already freed the pricing of petrol and diesel. Meanwhile, in the commodities market, international benchmark, Brent Crude futures for September 2019 settlement dropped by 2 cents at $66.46 per barrel. The contract declined by 24 cents, or 0.35% to close at $66.48 a barrel during the previous session.

      18 July 2019

    • Slump in Oil Demand Fears Have Influenced Slide in Oil Prices

      The trade tensions between the US and China have impacted the oil price in the international market. Along with the closure of refineries for maintenance works have casted a gloom in the oil market. The slump in oil demand fears have influenced the decline in crude oil prices. International benchmark Brent crude oil futures lost about $16 per barrel or 20%, of their value in early June from 2019 high of nearly $76 witnessed during late April this year. The slowdown in the global economy has fueled the slump in oil prices in the market. Financial markets are weighing in the increased possibility of recession in the next year and this has certainly influenced the drop in oil prices. With the trade war between the US and China seeing no end to the war, the outlook on the demand for oil seems to be on the downside. In Asia refined oil use in expected to increase by about 800,000 barrels per day (bpd) in 2019 compared to 910,000 bpd in 2018, marking the weakest performance since 2014. India and China put together consume about 95% of the total regional demand are expected to witness a drop in demand due to slowing economy and subdued auto sales. India’s oil product demand growth is expected to decline to 200,000 bpd this year from 240,000 bpd last year, while China’s growth forecast is expected to be down to 560,000 bpd this year from 660,000 bpd in 2018.

      17 June 2019

    • Petrol, Diesel Prices Kept Unchanged on Friday

      State-owned oil companies kept petrol and diesel prices unchanged on Friday across major metro cities of the country. In Delhi, petrol costs Rs.73.07 a litre while diesel costs Rs.66.66 per litre, no revision compared to yyesterday’s rate. Yesterday, petrol prices were reduced by 6 –7 paise which diesel prices were cut by 5-6 paise. In Delhi, petrol and diesel prices are lower compared to other metro cities and some state capitals due to lower taxes. In Mumbai, petrol is being sold at Rs.78.64 a litre and diesel is being sold at Rs.69.77 per litre. Likewise, in Kolkata and Chennai, petrol is being retailed at Rs.75.08 and Rs.75.84 per litre while diesel is being sold at Rs.68.39 and Rs.70.39 per litre, respectively. In other metros like Noida and Gurugram, petrol costs Rs.72.37 and Rs.72.89 per litre and diesel costs Rs.65.71 and Rs.65.79 per litre, respectively.

      Fuel prices in India are proportional to the international crude oil price and the rupee-dollar exchange rate. Since early this year, international benchmark Brent crude oil futures inclined by 33% and in April this year, it has risen by 5.25%. On Thursday, crude oil prices in the international oil market declined amid soaring US oil production and expected rise in supply of oil from OPEC and its allies. Brent crude oil futures were down by 19 cents or 0.3% at $70.56 per barrel compared to its previous close.

      6 May 2019

    • Petrol Prices Recorded 8-month Low and Was Sold at Rs 78.43 per litre in Mumbai

      The Oil Marketing Companies (OMCs) in India slashed petrol prices due to the continuing price cuts in fuel prices since April. In the last 240 days, petrol for the first time is selling below the 74-mark. Petrol is being sold at Rs 72.87 per litre in Mumbai. On the other hand, diesel is being sold at Rs 67.72 per litre in New Delhi. The price of petrol in Kolkata stands at Rs 74.88 per litre and the price of diesel is Rs 69.57 per litre. In chennai, the price of petrol stood at Rs 75.62 per litre and the price of diesel stood at Rs 71.52 per litre.

      3 December 2018

    • Dipping Oil Prices and Weak Chinese Yuan Helping Rupee Hold its Range

      During the first week of October, crude oil prices were at an all time high with estimates showing that it could hit $100 per barrel in the near future. This news had also caused the Indian rupee to tank on a daily basis with the rupee reaching Rs.73 per dollar.

      However, as oil inventories have risen and crude oil prices have dropped, the Indian rupee has mounted a comeback, albeit a slight one. Gains from low oil prices will be counteracted by a weak Chinese Yuan and the rupee would be holding in the Rs.72.30 to Rs.73.20 against the dollar due to a weak oil price and a weak Chinese Yuan as well.

      While a declining crude is a positive for the Indian rupee, a falling Yuan is bad news. Hence, any gain the rupee would have got over this week will be negated by the weakening Yuan, reports said. Rising oil prices, on the other hand, will impact the rupee as India imports more than 80% of its crude which will made more pressure on the currency.

      14 November 2018

    • Petrol Prices Reduced by Rs.0.21 in Delhi and Mumbai

      The rates of petrol were slashed in the range of Rs.0.21 and Rs.0.22 across the four metro cities of the country on Thursday. The reduction in the rates came after the prices of petrol remained constant on Tuesday and Wednesday. Following the cut in the rates, every litre of petrol in the four metro cities of the country i.e., Delhi, Mumbai, Chennai, and Kolkata cost Rs.82.62, Rs.88.08, Rs.84.44, and Rs.85.88 respectively. In the national capital and financial capital of the country, the rates were slashed by Rs.0.21 while in Kolkata and Chennai the rates were cut by Rs.0.22. It needs to be mentioned that the central government had at the start of the month cut the excise duty rates by Rs.1.50 and asked state-run oil companies to subsidise fuel by Re.1 in a bid to control the rising fuel prices.

      22 October 2018

    • Petrol to Retail at a Price of Rs.89.97 a litre in Mumbai

      Petrol was retailing at a price of Rs.89.97 a litre on Sunday. As per the official release of Indian Oil Corporation Limited, petrol rate per litre was up by 17 paise on Sunday. Similarly, petrol prices increased from Rs.82.44 a litre to Rs.82.61 in Delhi, the capital city of India; Rs.84.27 to Rs.84.44 in Kolkata, the capital city of West Bengal; and Rs.85.69 to Rs.85.87 in Chennai, the capital city of Tamil Nadu. The prices of petrol and diesel are the lowest in Delhi in comparison with other metro cities such as Kolkata, Chennai and Mumbai because of lower taxes.

      There has been a steady rise in fuel prices caused by overseas crude oil prices and a falling Indian currency. Brent crude is currently retailing at a price of $78.80 a barrel. As per the latest data released by the Organisation of Petroleum Exporting Countries, the Indian basket of crude oil retailed at a price of $77.13 a barrel on Thursday, 20 September 2018. The industry experts say that the central tax has made diesel and petrol expensive. Fuel prices once again continued to soar irrespective of a recent fall in the sales tax last week in West Bengal.

      1 October 2018

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