Quarterly Petrol Price Trend in India Between January and March 2019
|Opening date price||Rs.68.84/litre||Rs.70.94/litre||Rs.71.84/litre|
|Closing date price||Rs.71.18/litre||Rs.71.73/litre||Rs.72.84/litre|
|Highest price||Rs.71.36/litre recorded between 22nd and 28th||Rs.71.73/litre recorded on 28th||Rs.72.89/litre recorded on 24th, 25th, 26th, and 27th|
|Lowest Price||Rs.68.53/litre recorded between 4th and 6th||Rs.70.33/litre booked on 11th, 12th and 13th||Rs.71.84/litre recorded on 1st, 2nd, and 3rd|
Quarterly Petrol Price Trend in India between October and December 2018
|Opening date price||Rs.75.17 a litre||Rs.73.83 a litre||Rs.67.43 a litre|
|Closing date price||Rs.73.83 a litre||Rs.67.81 a litre||Rs.62.86 a litre|
|Highest price||Rs.75.74 a litre registered on the 17th||Rs.73.83 a litre registered on the 1st||Rs.67.43 a litre registered on the 1st|
|Lowest price||Rs.73.83 a litre registered on the 31st||Rs.67.81 a litre registered on the 30th||Rs.62.86 a litre registered on the 31st|
Petrol Price Trend in India between October and December 2018
- A number of factors influence petrol prices in India, such as the crude oil rates, excise duties and VAT, among others.
- Petrol prices in Mumbai are higher than other metro cities owing to heavy taxes. Since Indian oil companies have been following dynamic fuel pricing, petrol and diesel prices will not be the same throughout the month.
- On the basis of the exchange rate and the crude oil rate per barrel, oil enterprises like Hindustan Petroleum, Bharat Petroleum and Indian Oil will decide whether to increase or decrease the price. If there are no major changes, the companies do not change fuel prices.
- As of 1 October, the price of petrol per litre was Rs.75.17. It climbed by 14 paise per litre the following day.
- Because of the reduction in excise duty, on 5 October, petrol prices in all the 4 metro cities were down by Rs.2.5 per litre.
- In week 2 and week 3 of October, fuel rates were highly volatile. Petrol stood at Rs.74.78 a litre on the 26th, 27th and 28th of October.
- Because of a steady fall in crude oil prices, petrol prices in India decreased by more than 8% in November. Oil companies sold petrol at an average price of Rs.71.75 a litre in the month of November in the national capital.
- In the first two months, no changes were made among domestic influencers such as the OMC expenses, dealer’s commission, etc.
- For the month of November, the opening date price stood at Rs.77.37 a litre and the closing date price at Rs.70.98 a litre in Mumbai.
- For the same month, the opening date price stood at Rs.75.68 a litre and the closing date price at Rs.69.65 a litre in Kolkata.
- In Delhi, in the first week, the average fuel rate stood at Rs.71.83 a litre in December. It fell to Rs.70.47 a litre in the following week. Similarly, the weekly average price kept decreasing in week 3 and week 4 across metro cities in the same month.
- Within a span of three months, crude oil price reduced by $23 per barrel. Thus, public sector oil enterprises – Hindustan Petroleum, Indian Oil and Bharat Petroleum – decreased the fuel price by over Rs.12 per litre across India.
Note: The pricing of petrol and diesel is based on the price of crude oil (Indian crude) in India.
Quarterly Petrol Price Trend in India Between April and June 2018
|Opening date price||Rs.73.73 per litre||Rs.74.63 per litre||Rs.78.33 per litre|
|Closing date price||Rs.74.63 per litre||Rs.78.39 per litre||Rs.75.55 per litre|
|Highest price||Rs.74.67 per litre recorded on 24th||Rs.78.47 per litre recorded on 29th||Rs.78.33 per litre recorded on 1st|
|Lowest price||Rs.73.73 per litre recorded on 1st||Rs.74.63 per litre recorded from 1st to 11th||Rs.75.55 per litre recorded from 27th to 30th|
Petrol Price Trend in India in April 2018
- On 1st April 2018, the petrol price in India stood at Rs.74.73 per litre, which is also the lowest petrol price recorded in the month.
- During the first week, petrol prices in India increased slightly by as much as 39 paise in tandem with the rise of global crude oil prices.
- With the incline in trend during the first week, petrol prices in India declined during the second week attributed to the decrease in crude oil rates.
- The incline in the WTI crude and Brent crude prices, petrol rates rose in the third and fourth week of April 2018.
- The highest petrol price in India in April 2018 stood at Rs.74.67 a litre on the 24th owing to the rise in crude oil prices.
- The increase in petrol prices was not attributed to any domestic factors such as the Centre’s excise duty and the State’s VAT rates as they were not revised
- Petrol prices in India witnessed an upward trend in April 2018 by 1.22% largely impacted by the rise in crude oil rates and the appreciation of the US Dollar value over rupee.
Petrol Price Trend in India in May 2018
- The petrol price in India on 1st May 2018 stood at Rs.74.63 a litre and remained the same till the 11th as oil companies didn’t revise fuel prices owing to the 2018 Karnataka Assembly Election.
- The lowest petrol price in India in May 2018 stood at Rs.74.63 per litre and continued to remain the same till 11th.
- After the 11th, petrol prices in India rose in the third and fourth week. During the third week, the petrol price in India increased by 73 paise per litre in tandem with the rising crude oil prices.
- The crude oil rate hit its highest level since November 2014, touching $80 per barrel as geopolitical tensions caused concerns to rise over potential disruption in supplies.
- The US administration’s decision to unilaterally exit from the nuclear deal with Iran led to an increase in crude oil rates with the apprehension that Iranian crude oil output would fall.
- Petrol prices in India rose to touch an all-time high of Rs.78.47 per on the 29th May 2018 though it declined marginally over the next couple of days.
- The petrol price trend in India during the month of May 2018 reflected an upward trajectory recording at 5.04% owing to the incline in the global crude oil price amid geopolitical fears.
Petrol Price Trend in India in June 2018
- With petrol prices on the incline in the month of May 2018, the petrol price fell on the 1st June 2018 which stood at Rs.78.33 per litre, which is also the highest for the month.
- During the first and second week, petrol prices in India started to decline in tandem with the fall in crude oil rates.
- State-owned oil companies decided to cut fuel prices as the global crude oil rates falling nearly by 1% due to geopolitical fears of a trade war between the US and China.
- After touching a record high of $80 per barrel, crude oil rates were down to $73.50 per barrel in the global market.
- The Organisation of Petroleum Exporting Countries (OPEC) met in Vienna on 22nd June 2018 to address the concern of rising crude oil prices in the global market. They decided to increase the output moderately along with key ally Russia declaring that they will increase crude oil production as well.
- During the last week in June 2018, petrol prices in India continued on a downward trend in tandem with the global crude oil prices.
- Overall, petrol prices in India in June 2018 posted a downward trajectory at 3.55% with the fuel recording its lowest for the month on the last day at Rs.75.55 per litre.
Trend in Petrol Prices in Delhi (January 2018-March 2018)
|January 2018||February 2018||March 2018|
|Opening date price||Rs.69.97||Rs.73.05||Rs.71.57|
|Closing date price||Rs.72.92||Rs.71.51||Rs.73.55|
|Highest price||Rs.72.92 (Booked on 30 January)||Rs.73.38 (Booked on 6 February)||Rs.73.55 (Booked on March 26)|
|Lowest price||Rs.69.97 (Booked on 1 January)||Rs.71.50 (Booked on 25 February)||Rs.71.57 (Booked on 1 March)|
The data has been sourced from the official websites to construct this table. As you can see from the table, the petrol price has produced an upward trend throughout the month of January 2018. It was up 4.05% to Rs.72.92 per litre on the closing date. Since the crude oil has decreased marginally, the fuel prices was down 2.15% to Rs.71.51 per litre on the last day of February 2018.
The fuel rate stirred upwards during the first few days of the month and began sliding towards the end. It continued an upward trend in March 2018 and was up by 2.69% during the month. The highest petrol rate was registered at Rs.73.55 per litre on 26 March 2018 whereas the lowest petrol price at Rs.69.97 per litre on the beginning day of January 2018.
Trend in Petrol Prices in Mumbai (January 2018 -March 2018)
|January 2018||February 2018||March 2018|
|Opening date price||Rs.77.87||Rs.80.91||Rs.79.45|
|Closing date price||Rs.80.79||Rs.79.39||Rs.81.41|
|Highest price||Rs.80.79 (Registered on 30 January)||Rs.81.24 (Registered on 6 February)||Rs.81.41 (Registered on 31 March|
|Lowest price||Rs.77.87 (Registered on 1 January)||Rs.79.38 (Registered on 25 February)||Rs.79.45 (Registered on 1 March)|
The VAT is levied in Mumbai, the capital city of Maharashtra, at 47.94% on petrol. It is the highest among other Indian states. This is the reason why the petrol price in Mumbai is costlier. The petrol rates not only in Mumbai but also in Chennai, Delhi and Kolkata have hit their historical highs in January 2018. They have gained in January 2018 and March 2018 by 3.61% and 2.41% correspondingly.
So far this year, 2018, the fuel was priced the highest at Rs.81.41 per litre on 31 March 2018 in the city. The lowest price was registered at Rs.77.87 per litre on 1 January 2018. The fuel rate has slid by 1.19% in February 2018 since costs of crude oil were comparatively low during the month. The price is anticipated to grow further.
Trend in Petrol Prices in Bangalore (January 2018-March 2018)
|January 2018||February 2018||March 2018|
|Opening date price||Rs.71.06||Rs.74.20||Rs.72.69|
|Closing date price||Rs.74.07||Rs.72.63||Rs.74.71|
|Highest price||Rs.74.07 (Booked on 30 January)||Rs.74.54 (Registered on 6 February)||Rs.74.71 (Registered on 31 March)|
|Lowest price||Rs.71.06 (Booked on 1 January)||Rs.72.62 (Registered on 23 February)||Rs.72.69 (Booked on 1 March)|
As we can observe from the table, the petrol price in Bangalore is lower compared to Mumbai, but higher compared to Delhi. The price of the fuel tends to vary from city to city because of two reasons: 1) the VAT component and 2) the dealer’s commission. Like Delhi and Mumbai, even in Bangalore, the petrol prices were up in January 2018 and March 2018 by 4.06% and 2.70% respectively.
Between January 2018 and March 2018, in the city of Bangalore, the highest fuel price was logged at Rs.74.71 per litre on 31 March and the lowest fuel price at Rs.71.06 per litre on the opening of January 2018. The quantum of deviation is different amid these cities. For instance, in Bangalore, the percentage of fall in the petrol price in February 2018 is different from that of in Delhi and Mumbai.
Quarterly Petrol Price Trend In India Between January 2018 And March 2018
|Opening date price||Rs.69.97 per litre||Rs.73.03 per litre||Rs.71.63 per litre|
|Closing date price||Rs.72.92 per litre||Rs.71.49 per litre||Rs.73.55 per litre|
|Highest price||Rs.72.92 per litre recorded on 31||Rs.73.36 per litre recorded on 6 & 7||Rs.73.55 per litre recorded on 31|
|Lowest price||Rs.69.97 per litre recorded on 1||Rs.71.49 per litre recorded on 27 & 28||Rs.71.63 per litre recorded on 1|
Trend In Petrol Price In India In January 2018
- On the first day of 2018, petrol price in India stood at Rs.69.97 per litre which is also the lowest price of petrol for the month. Cost of petrol in metros such as Kolkata stood at Rs.72.72 per litre, Mumbai at Rs.77.87 per litre, and Chennai at Rs.72.53 per litre.
- While the trend of petrol prices in the first week of January remained steady, they gradually increased by up to a rupee by the second week of the month ending at Rs.71.18 per litre on the 15th.
- The increase in fuel prices was attributed to the hike in the Indian Oil Basket price which stood at $67.50 per barrel on the the 10th, then moving upwards at $68.02 on the 15th.
- The average petrol price in January 2018 stood at Rs.71.45 per litre in the country and on the last day of the month petrol price stood at Rs.72.92 per litre.
- Overall, petrol price in India in January 2018 indicated an upward trend of 4.05% attributed to an increase in international crude oil price and the USD/ INR exchange ratio, which was down by 14 paise.
Trend In Petrol Price In India In February 2018
- Petrol price in India on the 1st February stood at Rs.73.03 per litre and remained steady during the first 15 days averaging Rs.73 per litre.
- The Union Budget for fiscal 2018-19 was presented by the Finance Ministry and despite being a key driver in determining the petrol price in India, there were no noticeable changes in the price of fuel in first two weeks.
- In the second half of February 2018, petrol price declined by nearly a rupee as INR gained against the USD. The lowest petrol price in India in February was recorded at Rs.71.59 per litre on the 25th.
- The trend in petrol price in India in February 2018 was on the downward recording a 2.15% decline from the opening date price to the closing date price.
- Prices of petrol in February 2018 recorded the highest as well as the lowest rate, Rs.71.49 per litre on the last day of the month, for the quarter.
Trend In Petrol Price In India In March 2018
- Petrol price in March 2018 began with Rs.71.63 per litre on the first day, which is also the lowest petrol price for the month.
- Since the value of the USD dropped against INR, the price of petrol in India increased nearly by a rupee by the 15th of the month compared to the opening date price.
- During the third week of the month, the increase in petrol price was significantly lower, but towards the end of the month, petrol price was at its highest at Rs.73.55 per litre.
- Overall, the trend of petrol price for the month witnessed an upward trend of 2.69% determined by the hike in the international crude oil prices and the appreciation of INR over the USD.