Petrol Price Trend in Delhi

Petrol Price Trend in Delhi between October and December 2018

1. Fuel prices in India are revised daily under the Dynamic Fuel Pricing method by including the global crude oil price and the exchange rate of rupee over the US dollar.
2. Under this method, the petrol price trend in Delhi on 1 October 2018 stood at Rs.83.81 per litre influenced by the significant rise in the global crude oil price which was trading at $80 per barrel.
3. The highest price was recorded on 4 October when a litre of petrol in Delhi was sold at Rs.84.06 per litre.
4. The Centre announced a reduction in excise duty levied on sale of fuel by Rs.1.50 per litre and asked Oil Marketing Companies (OMCs) to subsidise further Rs.1 per litre which led to a decline in petrol prices in Delhi.
5. The petrol price trend in Delhi during this month dropped by 5.02% mainly attributed to the cut in excise duty and the marginal decline in oil prices in the international market.
6. In November, petrol opened at Rs.79.43 per litre - the highest price recorded during the month.
7. Crude oil prices declined slightly which prompted oil companies to pass on the reduction to consumers in Delhi and across the country.
8. Prices dropped to lowest for the month when a litre of petrol Delhi was sold at Rs.72.96 per litre on 30 November.
9. By the end of the month, petrol prices in Delhi fell significantly by 8.15% prompted by the decline in oil prices in the global market.
10. Petrol was sold at Rs.72.61 per litre on 1 December 2018, which was also the highest price registered during the month.
11. While the excise duty cut brought about the decline in petrol prices in the country, the crude oil price dropped to $56 per barrel from its previous high of $80 per barrel early October.
12. Prices continued to decline to record the lowest at Rs.68.84 per litre on 31 December. Overall, petrol price trend in Delhi was down by 5.20% impacted by the decline in oil prices and the appreciation of the Indian currency over the US dollar.

Quarterly Petrol Price Trend in Delhi between July and September 2018

Petrol Price Trend in Delhi in July 2018

1. Fuel prices are revised on a daily basis by State-owned oil companies based on the dynamic fuel pricing mechanism.
2. Under the pricing mechanism, petrol price trend in Delhi on the 1st of July stood at Rs.75.55 per litre - which is also the lowest for the month.
3. Fuel prices in Delhi are the lowest among the four major metro cities due to its lower local sales tax or VAT.
4. During the first week, petrol prices in Delhi continued to rise albeit marginally with the highest rate for the week standing at Rs.75.85.
5. The biggest rise came in the second week when the price of petrol in Delhi rose to touch Rs.76.95 on the 14th of the month in the back of hike in crude oil price coupled with the increase in the exchange rate of rupee over the U.S. dollar.
6. By the third and fourth week, petrol prices weakened and closed for the month at Rs.76.35 per litre.
7. Overall, there was an upward trend of petrol prices in Delhi with an increase of more than 1% compared to the opening price of the month.

Petrol Price Trend in Delhi in August 2018

1. On the 1st of August, oil companies reduced the petrol price in Delhi by 4 paise per litre to stand at Rs.76.31 - the lowest price for the month.
2. Over the course of the first and second weeks, the petrol price trend in Delhi continued to incline in tandem with the rise in the global crude oil price and the fall in the Indian currency.
3. Despite an incline in fuel prices in the country, the taxes levied on the sale of petrol were not revised or reduced with fuel prices continued to be revised based on the pricing mechanism.
4. Petrol prices in Delhi surged to record highs during the course of the month and the upward trend was witnessed throughout the month.
5. In the last week of August, the price of petrol rose to touch record levels registering the highest price for the month at Rs.78.57 per litre on the last day of the month.
6. There was a 2.88% increase in the petrol price in Delhi in the month of August 2018 attributed by the increase in oil rates along with the decline in the exchange rate of rupee over the U.S. dollar.

Petrol Price in Delhi in September 2018

1. Petrol prices in Delhi were at record levels during the month of September with no respite from oil prices in the global market.
2. The petrol price in Delhi on the 1st of September stood at Rs.78.68 per litre, similar to July and August, this was also the lowest price of petrol recorded in the 1st of the month.
3. Due to geopolitical tensions in the middle-east, crude oil prices continued to soar with the benchmark Brent Crude oil price breaching $80 mark in September.
4. Along with the rise in oil prices, the exchange rate of the Indian rupee over the U.S. dollar continued its downward spiral to cross 72.
5. This prompted the fuel prices in Delhi as well as other cities in the country to increase significantly with no relent to consumers.
6. Only states such as Karnataka, Rajasthan, West Bengal and Andhra Pradesh reduced their respective sales tax or VAT which led to a slight decline in petrol prices across these states.
7. The highest petrol price in Delhi in September was recorded at Rs.83.49 per litre on the last day of the month.
8. The upward trend of 5.77% in the petrol price in Delhi was influenced by the rise in the global crude oil price coupled with the fall in the exchange rate of the rupee over the U.S. dollar.

Quarterly Petrol Price Trend in Delhi between April and June 2018

Petrol Price Trend in Delhi in April 2018

1. Fuel companies in Delhi, the national capital, have declared the opening day petrol price of Rs.73.73 a litre for the month of April 2018. On 3rd, the fuel rate was increased to Rs.73.99.
2. The first week almost produced an upward trend in tandem with the crude oil rate. The upward trend was not impacted by the devalued INR.
3. Since the INR appreciated against the greenback during the second week and the crude oil cost (Indian Basket) per barrel soared to $70.09 on 13th, petrol rate in Delhi was increased to Rs.73.98 per litre.
4. Until 19 April, the upward trend was seen. The fuel price was down 7 paise to Rs.74.08 a litre on 20th . OMCs have continued to increase the fuel price until 24th.
5. Interestingly, the fuel price was not changed during the last week of the month. It was revised to Rs.74.63 a litre on 25th. The fuel rate of Rs.74.63 a litre was retained until the end of the month.
6. April 2018 has produced an upward trend of 1.22% because of the appreciated INR and the slightly increased crude oil cost.

Petrol Price Trend in Delhi in May 2018

1. Petrol was priced at Rs.74.63 a litre on 1st. Since there were no noticeable changes in overseas aspects, petrol price in the city was steady during the first week.
2. On 15th, the fuel price stood at Rs.74.99 a litre. Over the first fifteen days, fuel rates were up by 36 paise per litre. It can be attributed to the sluggish crude oil market.
3. There was an upward trend during the third week. The fuel price was increased to Rs.74.99 a litre on 15th, Rs.75.14 a litre on 16th, Rs.75.36 a litre on 17th, Rs.74.84 a litre on 18th, and Rs.76.61 a litre on 21st.
4. Oil Marketing Companies have continued to increase the price of petrol in Delhi until 29th. Therefore, the highest fuel price was registered towards the end of the month.
5. Compared to the previous month, the growth rate has increased to 5.03% from 1.22% in May 2018 because of international factors but not because of domestic factors. Both the exchange rate and global crude oil rates have shown a mixed reaction.

Petrol Price Trend in Delhi in June 2018

1. Market experts expected a decreasing trend this month. The fuel was priced at Rs.76.43 a litre on 13th and 14th and Rs.76.35 a litre on 16th, 17th and 18th. During the last four days, the fuel was sold at a price of Rs.75.55 a litre.
2. Indian Oil, Hindustan Petroleum and Bharat Petroleum have reduced petrol rate in Delhi for the residual days of the month.
3. In the end, these oil marketing companies have declared a price fall of 3.54%. The slow crude oil market caused the downward trend. Even though the domestic currency appreciated against the major currency, the impact of the exchange rate was minimal according to market analysts.
4. Not only Delhi, other metro cities such as Kolkata, Mumbai and Chennai have also reported the same result this month. It is because of dynamic fuel pricing, which will revise both diesel and petrol rates on a daily basis and instantly transfers even the smallest variation to fuel buyers.
5. During the quarter, neither excise duty nor VAT was reduced. On petrol per litre, excise duty was charged at Rs.19.48 per litre whereas VAT was imposed at 17.28% in Delhi.
6. The highest petrol rate for the quarter stood at Rs.78.33 per litre whereas the lowest petrol price stood at Rs.73.73 a litre.

How are Petrol Prices in Delhi Computed?

Petrol Rates in Delhi rely heavily on the trends in the cost of crude oil in global markets. A barrel of 159 litres of oil costs Rs.3,967, as of 3 January 2019, which means a litre of oil costs Rs.24.95 per litre. This is a variable component. Any variations in oil prices will proportionately impact the buying cost of petrol in Delhi.

The cost of OMC, which is approximately Rs.7.16 per litre in Delhi, is then added to the cost of raw oil. The central excise duty imposed by the Delhi government is Rs.17.98 per litre. So, the price charged to dealers before VAT is Rs.50.49 per litre.

Dealers add their commission, which is 3.57 per litre currently, and the VAT levied by the state, which is 27% currently in Delhi. The retail selling price of petrol, which is Rs.68.65 a litre, paid by consumers is the sum of all these components.

Trend in Petrol Prices in Delhi between January and March 2018

Trend in Petrol Price in Delhi in January 2018

1. On the opening date, the fuel price was revised at Rs.69.97 per litre by Indian Oil Company under the newly adopted fuel revision mechanism called 'Dynamic fuel pricing.' This is the lowest rate for the month as well.
2. The first week reported a price hike of 0.44% and closed with a price range of Rs.70.28 per litre since the USD's value fell to Rs.63.35 from Rs.63.85 against the rupee.
3. On 14, the fuel was valued at Rs.71.06 per litre. At the completion of the second week, the fuel price was up 1.55% compared to the opening day price owing to a rise in the cost price of the Indian Crude Basket.
4. A rising tendency in the petrol rate between 15 and 21 was recorded and pushed the petrol rate to Rs.72.08 a litre on 21.
5. As envisioned, the fuel price advanced further and was Rs.72.23 per litre, Rs.72.38 per litre, Rs.72.43 per litre, Rs.72.49 per litre, Rs.72.63 per litre, Rs.72.72 per litre and Rs.72.77 per litre on 22, 23, 24, 25, 26, 27 and 28 respectively.
6. Internationally, crude oil gained the price in response to a steep increase in its demand in January, which registered a growth rate of 4.05%.

Trend in Petrol Rate in Delhi in February 2018

1. In Delhi, petro retailed at Rs.73.05 per litre on the first day of the month at HPCL, BPCL and Indian Oil, the three publicly-owned fuel companies.
2. For the month, at Rs.73.38 per litre, the highest price was logged on 6. Later on, the price started declining in tandem with the global influencers.
3. Between 8 and 14, the fuel rate moved downwards consistently, which is interesting to observe. Experts comprehended a further price fall.
4. Though the Union Budget 2018-2019 was presented this month to the country, the fuel rate not only in Delhi but also in all regions of the country remained unaffected by the budget.
5. The month's lowest price was Rs.71.50 per litre on 25. Petrol prolonged to lose its rate until the last week only because of a steady drop in the price of crude oil, which was $66.03 per barrel on the last day.
6. Towards the month's end, the greenback recovered its price versus the Indian rupee to Rs.64.93 and thus, affected the fuel rate.
7. Eventually, at all the Oil Marketing Companies (OMCs), the average price of petrol was down 2.15%.

Trend in Petrol Prices in Delhi in March 2018

1. The fuel rate as on the opening date was up 6 paise, the USD/INR was Rs.65.22, and the Indian Crude basket price began recouping this month.
2. Quite interestingly, the lowest fuel price was booked at Rs.71.57 a litre on 1 in Delhi at IOC. Even HPCL and BPCL confirmed the same report.
3. The first seven days have produced a consistent growth rate, which boosted the fuel price to Rs.72.39 per litre on 7.
4. At the end of the second week, the rate soared to Rs.72.47 per litre and was projected to increase in the subsequent week.
5. Petrol was valued at Rs.72.2 per litre, Rs.72.26 a litre, Rs.72.3 a litre, Rs.72.38 a litre, Rs.72.55 a litre, Rs.72.79 a litre and Rs.72.90 a litre on 21, 22, 23, 24, 25, 26 and 27 correspondingly.
6. The highest price for the month was Rs.73.55 per litre, which was also the highest over the last three months.
7. The growth rate this month was 2.69% and was caused by a major change in the currency conversion rate and crude oil rates in overseas markets. The average crude oil rate (Indian Basket) was $63.80 per barrel, which was $63.54 per barrel in the previous month.

Note: Costs of crude oil and the USD/INR exchange rate impact the Indian fuel rates to a greater extent. The Government of India considers these two aspects and makes necessary changes.