Quarterly Petrol Price Trend in Haryana Between January and March 2019
|Opening date price||Rs.65.06/litre||Rs.67.04/litre||Rs.67.88/litre|
|Closing date price||Rs.67.26/litre||Rs.67.79/litre||Rs.68.83/litre|
|Highest price||Rs.67.43/litre recorded between 22nd and 28th||Rs.67.79/litre recorded on 28th||Rs.68.87/litre recorded on 24th, 25th, 26th and 27th|
|Lowest Price||Rs.64.77/litre recorded on 4th, 5th and 6th||Rs.66.47/litre recorded on 11th, 12th and 13th||Rs.67.88/litre recorded on 1st, 2nd and 3rd|
Quarterly Petrol Price Trend in Chandigarh Between October and December 2018
|Opening date price||Rs.80.67 a litre||Rs.75.00 a litre||Rs.68.60 a litre|
|Closing date price||Rs.75.16 a litre||Rs.68.94 a litre||Rs.65.06 a litre|
|Highest price||Rs.80.90 a litre booked on 4 October 2018||Rs.75.00 a litre booked on the 1 November 2018||Rs.68.60 a litre booked on the 1 December 2018|
|Lowest Price||Rs.75.16 a litre booked on the 30 and 31 October 2018||Rs.68.94 a litre booked on the 30 November 2018||Rs.65.06 a litre booked on the 31 December 2018|
Petrol Price Trend in Haryana Between October and December 2018
- When the month began, petrol was priced Rs.80.67 per litre in Haryana, revised by the State-run Oil Marketing Companies (OMCs).
- Petrol prices are revised daily by OMCs based on the ‘Dynamic Fuel Pricing’ mechanism, which considers the 14-day average price of crude oil as well as the rupee exchange rate of the US dollar.
- Prices of petrol in Haryana continued to climb upwards as it touched the highest price on 4 October when a litre of petrol was sold at Rs.80.90 per litre.
- With the cut in excise duty levied on the sale of fuel in the country, petrol prices across the country declined by Rs.2.50 per litre, which included fuel subsidy of Rs.1 per litre absorbed by OMCs.
- In October, the petrol price trend in Haryana fell by 6.83% mainly due to the cut in excise duties coupled with a slight drop in crude oil prices.
- On 1 November, petrol was priced Rs.75.00 per litre, the highest recorded price in November in Haryana.
- Crude oil prices are influenced by factors such as geopolitical tensions, which was one of the factors which prompted crude oil prices to touch a four-year record high early October.
- The trade war between the US and China, while Iran limited the supply of oil in the market after the US pulled out of the nuclear deal between the two countries and was looking to impose sanctions on Iran.
- By the end of the month, crude oil was trading much lower than the beginning of October, which influenced the 8.08% decline in petrol prices in Haryana.
- The petrol rate in Haryana on 1 December stood at Rs.68.60 per litre, which was the highest registered petrol price during the month.
- Crude oil prices dropped to around $56 per barrel, down from $80 per barrel recorded early October. This led to a significant drop in petrol prices across the country.
- On 31 December, petrol was at its cheapest since the start of the quarter between October and December as the fuel was sold at Rs.65.06 per litre.
- The petrol price trend in Haryana during December fell by 5.16% attributed to the drop in crude oil prices as well as due to the marginal appreciation of the Indian currency over the US dollar.
Quarterly Diesel Price Trend in Haryana between July and September 2018
|Opening date price||Rs.65.43 a litre||Rs.65.92 a litre||Rs.68.31 a litre|
|Closing date price||Rs.65.96 a litre||Rs.68.31 a litre||Rs.72.44 a litre|
|Highest price||Rs.66.63 a litre recorded on the 14th||Rs.68.31 a litre recorded on the 31st||Rs.72.44 a litre recorded on 28th, 29th and the 30th|
|Lowest Price||Rs.65.43 a litre recorded on the 1st||Rs.65.92 a litre recorded on the 1st||Rs.68.31 a litre recorded on the 1st|
Diesel Price Trend in Haryana in July 2018
- Similar to other states, diesel and petrol prices are revised daily under the dynamic fuel pricing mechanism by State-run oil companies in the country.
- Under this method, oil companies arrive at the retail price of diesel in a city by taking into account the global crude oil price and the rupee-dollar exchange rate.
- The opening price of diesel in Chandigarh, the capital city of Haryana, stood at Rs.65.43 per litre which was also the lowest price recorded over the course of the month.
- The diesel price trend during the first and second weeks in Haryana inclined to touch the highest price on the 14th when a litre of diesel was sold at Rs.66.63.
- Despite the decline in prices, the rate of diesel didn’t breach below the opening price of the month.
- On the last day of the month, the diesel price in Haryana stood at Rs.65.96 a litre, an increase of 53 paise over the opening price.
- The diesel price trend in Haryana during the month inclined by 0.81% due to the marginal increase in crude oil prices in the international market.
Diesel Price Trend in Haryana in August 2018
- Oil companies cut the diesel price in Haryana on the 1st of August by 4 paise when a litre was sold at Rs.65.92. This is also the lowest price registered during the month.
- Diesel prices were hiked relentlessly over the course of the first and second weeks by oil companies following the trend in crude oil prices in the market.
- Due to geopolitical tensions, crude oil prices increased significantly which led to an increase in diesel prices across the country.
- The U.S. administration pulled out the nuclear with Iran and was readying sanctions against the later on the supply of oil in the market.
- This led to a shortage in the supply of crude oil in the market prompting oil prices to increase sharply.
- The closing diesel price in Haryana for the month of August stood at Rs.68.31 per litre, an increase of Rs.2.39 per litre when compared to the opening price.
- Overall, diesel prices in Haryana in August grew by 3.16% owing to the rise in crude oil prices in the international.
Diesel Price Trend in Haryana in September 2018
- On the 1st of September, the diesel price in Haryana stood at Rs.68.31 per litre which was kept unchanged until the 2nd of the month. This is also the lowest diesel price in Haryana for the month.
- Prices were hiked relentlessly over the course of the first and second weeks in tandem with the incline in crude oil prices in the market.
- Due to geopolitical tensions, the supply of oil declined to prompt crude oil prices to touch a four-year high of $80 per barrel.
- Also, the rupee declined to a record low of Rs.72 over the U.S. dollar offering no respite in the spiralling rates of diesel and petrol across the country.
- Several states such as Karnataka, Rajasthan, West Bengal and Andhra Pradesh announced a cut in the local sales tax or VAT which led to a decline in fuel prices in those states.
- There was no let up in the incline in diesel prices in Haryana as it touched the highest price on the 28th when diesel was sold at Rs.72.44 per litre which was kept unchanged until the end of the month.
- Overall, the diesel price trend in Haryana in September inclined by a significant 6.05% primarily due to the steep rise in oil prices in the market coupled with the sharp depreciation of the Indian currency over the U.S. dollar.
Quarterly Petrol Price Trend in Haryana between April and June 2018
|Opening date price||Rs.70.90 a litre||Rs.71.77 a litre||Rs.75.33 a litre|
|Closing date price||Rs.71.77 a litre||Rs.75.39 a litre||Rs.72.66 a litre|
|Highest price||Rs.71.81 a litre recorded on the 24th||Rs.75.46 a litre recorded on the 29th||Rs.75.33 a litre recorded on the 1st|
|Lowest price||Rs.70.90 a litre recorded on the 1st||Rs.71.77 a litre recorded on the 1st||Rs.72.66 a litre recorded on the 27th|
Petrol Price Trend in Haryana in April 2018
- In April 2018, state-run fuel companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum revised petrol rates in Haryana under dynamic fuel pricing.
- Dynamic fuel pricing takes into account the fluctuations in the exchange rate and crude oil costs in order to determine the fuel rate on a daily basis.
- Under this system, the fuel was valued at Rs.70.90 a litre on the 1st in Chandigarh, the capital city of Haryana. The fuel rate remained constant at Rs.71.15 a litre on the 3rd and the 4th.
- By the end of the second week, the fuel price stood at Rs.71.10 per litre. On the 21st, petrol rate per litre stood at Rs.71.37.
- For April 2018, the highest petrol rate was Rs.71.81 a litre whereas the lowest petrol price per litre was Rs.70.90.
- Petrol rates are also affected by indigenous factors such as excise duty and Value-added Tax (VAT). When they are revised, fuel companies adjust fuel rates accordingly.
- Since the cost of crude oil was increased slightly by oil-exporting countries, petrol rates throughout the state of Haryana were on the rise. They were increased by 1.22% in this month.
Petrol Price Trend in Haryana in May 2018
- During the first week, the fuel was retailed at an average price of Rs.71.77 per litre in various cities of Haryana such as Chandigarh, Kamal, Ambala, etc.
- On the 14th, the fuel was sold at a price of Rs.71.98 a litre. By the end of the third week, the fuel rate stood at Rs.73.68 per litre.
- In May 2018, excise duty was retained unchanged at Rs.15.33 a litre in Haryana. Even the State Government of Haryana did not revise Value-added Tax (VAT).
- Global factors such as crude oil costs and the exchange rate impacted the pricing of petrol in this month. According to Petroleum Planning Analysis Cell, the cost of crude oil per barrel was up by $6 in this month.
- Therefore, petrol prices in all regions of Haryana were increased by 5.04%. The closing date price stood at Rs.75.39 per litre for the month.
- As petrol rates moved upwards this month, the highest fuel rate was lodged at Rs.75.46 a litre towards the end of the month. The lowest fuel price was lodged at Rs.71.77 a litre at the beginning of the month.
Petrol Price Trend in Haryana in June 2018
- In this quarter also, both forms of taxes were not changed. Other domestic influencers such as the commission for dealers, the total amount of overheads spent by OMCs and the profit ratio of OMCs were also not revised.
- Throughout the quarter, the revision of petrol rates occurred on the basis of dynamic fuel pricing, which is based on the exchange rate and costs of crude oil as mentioned earlier.
- Since the cost of crude oil per barrel reduced to $73.85 in June 2018 from $75.31, petrol prices across the state were down 3.54% to Rs.72.66 per litre.
- The INR/USD exchange was completely volatile in nature, but the revision of fuel prices was not affected by the exchange rate.
- For this month, the highest petrol rate was booked at Rs.75.33 per litre whereas the lowest fuel rate was booked at Rs.72.66 a litre.
- Between April 2018 and June 2018, petrol rates in Chandigarh and other notable cities of Haryana increased by 2.48%.