Petrol Prices in Uttar Pradesh
Uttar Pradesh is the most populous state in India. The state is divided into 75 districts and 18 divisions. As on 31 March 2015, the total number of registered vehicles in the state was 21,635,531. This is a massive number. The consumption of petrol is growing with the increasing number of petrol-run vehicles. In the following sections, we discuss a few important aspects related to petrol. Let’s start with the trend in petrol rates in Uttar Pradesh.
What is the Trend in Petrol Costs in Uttar Pradesh?
This is a tough question to answer. To make it simple, let’s consider the four prime cities in Uttar Pradesh. The first city is Lucknow, which is the capital city of the state. Lucknow continues to be a notable center of commerce, finance and administration. The second city is Kanpur, which is the prime center of industrial and commercial activities. The third city is Ghaziabad, which is the ‘Gateway of Uttar Pradesh.’ Agra is the fourth city. It is a prominent tourist place in India.
Quarterly Petrol Price Trend in Uttar Pradesh Between October and December 2018
|Opening date price||Rs.83.11 a litre||Rs.77.20 a litre||Rs.71.85 a litre|
|Closing date price||Rs.77.34 a litre||Rs.72.13 a litre||Rs.68.87 a litre|
|Highest price||Rs.83.35 a litre booked on the 4 October 2018||Rs.77.20 a litre booked on the 1 November 2018||Rs.71.85 a litre booked on the 1 December 2018|
|Lowest Price||Rs.77.34 a litre booked on the 30 and 31 October 2018||Rs.72.13 a litre booked on the 30 November 2018||Rs.68.87 a litre booked on the 31 December 2018|
Petrol Price Trend in Uttar Pradesh Between October and December 2018
- Fuel rates in India are revised daily based on the ‘Dynamic Fuel Pricing’ method which considers the 14-day average of the global crude oil price along with the exchange rate of the rupee over the US dollar.
- Under this method, the petrol price in Uttar Pradesh on 1 October opened with a record high of Rs.83.11 per litre.
- Petrol prices rose during the first week to touch an all-time high of Rs.83.35 per litre on 4 October, prompting the Union government to slash the excise duty on the sale of fuel in the country.
- While the Centre announced a cut of Rs.1.50 per litre, it asked Oil Marketing Companies (OMCs) to further subsidise Rs.1 per litre, offering a total of Rs.2.50 per litre reduction.
- Prices declined towards the end of the month to record the lowest for the month at Rs.77.34 on 30 October with an overall reduction of 6.95% during the month.
- In accordance with the daily revision, the petrol price in Uttar Pradesh on 1 November was fixed at Rs.77.20 per litre – the highest price recorded for the month.
- Over the course of the month, prices dropped influenced by the drop in crude oil prices as well as a slight appreciation of the Indian currency over the US dollar.
- The fluctuation of oil prices was attributed to geopolitical tensions between the US and China over trade prompting oil prices to touch record highs.
- By the end of the month, petrol rates in Uttar Pradesh dropped to Rs.72.13 per litre, recording the lowest price of the month and declining by 6.57% during the month.
- On 1 December, petrol in Uttar Pradesh was sold at Rs.71.85 per litre, which was also the highest price recorded for the month.
- The trade war between the US and China began to dwindle which led to a significant drop in oil prices in the market.
- While the global oil price rose to touch a four-year high of $80 per barrel early October, it declined to $56 per barrel late December.
- This led to a significant decline in petrol and diesel prices in the Uttar Pradesh to record the lowest for the month at Rs.68.87 per litre.
- The petrol price trend in Uttar Pradesh in December fell by 4.15% during the month impacted by the steep drop in oil prices and the appreciation of the rupee over the US dollar.
Trends in Petrol Prices in Lucknow
|Opening day price||Rs.71.61||Rs.68.63||Rs.66.53||Rs.69.86|
|Closing day price||Rs.72.71||Rs.71.52||Rs.68.52||Rs.66.74|
The average petrol price in Lucknow in October 2017 was Rs.71.15 per litre. Over the last five months, the highest rate was Rs.71.71 and the lowest rate was Rs.66.51.Between July 2017 and June 2017, petrol prices in the city were low. They were up by 1.51% in September 2017 and by 4.04% in August 2017. In July 2017, they were up by 2.90%. All the three months have witnessed an increasing trend. Because of the daily revision, petrol prices in June 2017 were low.
Quarterly Petrol Price Trend in Uttar Pradesh between July and September 2018
|Opening date price||Rs.76.56 a litre||Rs.77.12 a litre||Rs.78.86 a litre|
|Closing date price||Rs.77.15 a litre||Rs.78.89 a litre||Rs.82.69 a litre|
|Highest price||Rs.77.66 a litre recorded on the 14th||Rs.78.89 a litre recorded on the 31st||Rs.82.69 a litre recorded on the 30th|
|Lowest Price||Rs.76.56 a litre recorded on the 1st||Rs.77.12 a litre recorded on the 1st||Rs.78.86 a litre recorded on the 1st|
Petrol Price Trend in Uttar Pradesh in July 2018
- Similar to other states in India, petrol prices are revised on a daily basis in Uttar Pradesh based on the dynamic fuel pricing mechanism.
- The petrol price in UP is fixed by State-run Oil Marketing Companies (OMCs) considering the global crude oil price and the exchange rate of the rupee over the U.S. dollar.
- In accordance with the daily revision, the petrol price in Lucknow, the capital of Uttar Pradesh, on the 1st of July, stood at Rs.76.56 per litre - the lowest petrol price of the month.
- Petrol prices moved upwards during the first and second weeks in tandem with the incline in oil prices in the global market.
- On the 14th, the highest petrol price in Lucknow was recorded when a litre of petrol was sold at Rs.77.66 due to the sharp increase in oil prices.
- Prices fell slightly over the next couple of days but not lower than the opening price of the month.
- On the 31st, petrol in UP was sold at Rs.77.15 per litre much higher than the opening rate of the fuel.
- Overall, the petrol price trend in Uttar Pradesh grew by 0.77% influenced by the increase in the crude oil price in the international market.
Petrol Price Trend in Uttar Pradesh in August 2018
- On the 1st of August, the petrol price in Uttar Pradesh stood at Rs.77.12 per litre - the cheapest petrol price registered during the month.
- Petrol prices were kept unchanged from the 7th to the 15th when a litre of petrol was sold at Rs.77.74.
- On the 16th, oil companies hiked the petrol price in Lucknow by 10 paise per litre to stand at Rs.77.84 which was kept unchanged until the 19th of the month.
- There was a sharp increase in petrol prices on the 20th when a litre of petrol was sold at Rs.78.08 due to the rise in crude oil prices in the global market.
- The spike in crude oil prices was attributed to geopolitical tensions due to possible sanctions on China by the U.S. because of a trade war.
- During the third and fourth weeks, petrol prices increased, to end the month at Rs.78.89 per litre, which was also the highest petrol price in the state for the month.
- The petrol price trend in Uttar Pradesh in August rose by 2.30% influenced by the steep incline in the global crude oil price.
Petrol Price Trend in Uttar Pradesh in September 2018
- The opening petrol price in Uttar Pradesh in September stood at Rs.78.86 per litre. This was also the lowest price for the month.
- In the back of possible sanctions by the U.S. administration on China due to the trade war, the global crude oil price grew significantly which led to a rise in petrol prices in the country.
- Additionally, the exchange rate of rupee over the U.S. dollar dropped to touch an all-time low breaching the Rs.72 mark.
- With the crude oil price on the incline coupled with the sharp decline in the exchange rate, petrol prices in Uttar Pradesh and other states inclined upwards touching record levels throughout the month.
- By the end of the month, the petrol price had risen to touch Rs.82.69 per litre on the 31st of the month. This was also the highest price of petrol recorded for the month.
- Through the month, petrol prices increased by 4.86% impacted by the sharp rise in oil prices and the steep fall in the exchange rate of the Indian currency.
Quarterly Petrol Price Trend in Uttar Pradesh Between April and June 2018
|Opening date price||Rs.75.12 per litre||Rs.75.83 per litre||Rs.78.74 per litre|
|Closing date price||Rs.75.83 per litre||Rs.78.79 per litre||Rs.76.56 per litre|
|Highest price||Rs.75.86 per litre recorded on 24th||Rs.78.85 per litre recorded on 29th||Rs.78.74 per litre recorded on 1st|
|Lowest price||Rs.75.12 per litre recorded on 1st||Rs.75.83 per litre recorded from 1st to 11th||Rs.76.56 per litre recorded from 27th to 30th|
Petrol Price Trend in Uttar Pradesh in April 2018
- The petrol price on 1 April 2018 stood at Rs.75.12 per litre - the lowest petrol price of the month.
- During the course of the first and second week, petrol prices in Uttar Pradesh rose marginally in tandem with the slight increase in the global crude oil price.
- The rise in petrol prices was not influenced by a revision in taxes imposed by the Centre and the State as both abstained from changing the tax structure.
- Throughout the month petrol prices fluctuated within the price of Rs.75 to Rs.76 and there wasn’t a sudden hike in fuel prices in the State.
- The highest petrol price in April 2018 recorded in Uttar Pradesh was on 24th when the fuel was sold at Rs.75.86 per litre.
- During the month, the trend in petrol prices in Uttar Pradesh reflected an upward trajectory of 0.95% largely due to the rise in the global crude oil price.
Petrol Price Trend in Uttar Pradesh in May 2018
- On 1 May 2018, the petrol price in UP was the same as the preceding day which stood at Rs.75.83 per litre - the lowest price of petrol - which continued till the 11 April 2018.
- State-run fuel companies didn’t revise the petrol price till the 11th on account of the 2018 Karnataka State Assembly Elections.
- Post the State assembly election, oil companies reverted to the daily revision of the petrol price in tandem with the global crude oil rate.
- During the second and third-week, petrol prices in Uttar Pradesh rose slightly; however, during the third week fuel prices increased significantly to touch an all-time high.
- On 29 May 2018, the petrol price inclined to peak at Rs.78.85 per litre, also the highest for the month.
- The significant rise in petrol prices is attributed to the crude oil rate which stood at $80 per barrel affecting the fuel prices in most countries.
- Overall, the petrol price trend in Uttar Pradesh in May 2018 showed an upward path of 3.91% mainly due to the higher cost of crude oil in the international market.
Petrol Price Trend in Uttar Pradesh in June 2018
- Petrol prices relented and began declining in tandem with the lower crude oil price. On 1 June 2018, the petrol price in Uttar Pradesh stood at Rs.78.74 per litre which is also the highest in the month.
- With the crude oil rate touching a new high in May 2018, the Organisation of Petroleum Exporting Countries along with its key ally Russia met to discuss ways to arrest the rising crude oil price.
- The OPEC agreed to increase the production of crude oil moderately in order to bring down the cost of unrefined oil in the global market.
- The global crude oil began to slide downward which led to the decline in petrol prices in UP and other states in the country.
- By the end of the month, petrol prices hit its lowest with petrol being offered at Rs.76.56 per litre from 27 to 30 June 2018.
- The petrol price trend in Uttar Pradesh during the month of June 2018 showed a downward trajectory of 2.77% largely due to the decline in the global crude oil price.
Trend in Petrol Price in Uttar Pradesh between January and March 2018
|Opening date price||Rs.72.23 a litre||Rs.74.57 a litre||Rs.73.46 a litre|
|Closing date price||Rs.74.47 a litre||Rs.73.36 a litre||Rs.74.98 a litre|
|Highest price||Rs.74.47 a litre registered on 30||Rs.74.83 a litre registered on 7||Rs.74.98 a litre registered on 31|
|Lowest price||Rs.72.12 a litre registered on 2||Rs.73.36 a litre registered on 28||Rs.73.46 a litre registered on 1|
|Deviation||Rs.2.24 a litre (Up)||Rs.1.21 a litre (Down)||Rs.1.52 a litre (Up)|
Trend in Petrol Price in Uttar Pradesh in January 2018
- The first-day price was Rs.72.23 a litre that included an excise duty of Rs.19.48 a litre. The fuel entities have offered the same price over the next three days.
- Owing dynamic fuel pricing, the fuel rates have gone up marginally in line with global factors, including the price of crude oil and the exchange rate between 5 and 14.
- Since no production cuts were announced during the first 15 days by oil exporting nations, the export of unrefined oil was not affected.
- Thus, fuel prices not only in Uttar Pradesh but also in other states have accumulated the price and crossed their historical highs.
- The fuel was valued at Rs.73.03 a litre on 15 and the same price was extended by by the fuel companies until 9.
- 20 onwards, there has been a minute change in the fuel price that climbed to Rs.74.01 a litre at the end of the week three. It is because of the poor performance of the USD against the INR.
- The prime motive behind the steadily growing fuel rates in Uttar Pradesh was the cost of crude oil (Indian Basket, which soared to $67.06 a barrel from $62.29 a barrel this month.
- On the second last day, at Rs.74.47 a litre, the highest fuel price was declared at Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Trend in Petrol Price in Uttar Pradesh in February 2018
- Between 1 and 9, fuel prices were on a growing trend. Later on, they started declining slowly in response to the global price determinants.
- During the same period, the INR fell recurrently against the greenback, which was valued at Rs.64.48 at the end of the first week.
- The highest fuel rate for the month was Rs.78.43 a litre according to Indian Oil, HPCL and BPCL, the three nationally operated Oil Marketing Companies (OMCs). The same was reported on 7.
- After 8, OMCs started declining the price of the fuel in tandem with the global influencers. So, the fuel dropped its price to Rs.74.29 a litre at the end of the second week.
- The third week also commenced with a falling tendency and the market analysts expected a drop in the fuel price over the last 10 days.
- The cost of fuel was down 4 paise on 22, 6 paise on 24, 14 paise on 25, 2 paise on 26, and 1 paisa on the last day, which reported the lowest price of Rs.73.36 a litre.
- In the end, the petrol price in Uttar Pradesh decreased by Rs.1.21 a litre owing to a huge drop in the price of unrefined oil and an appreciated USD.
Trend in Petrol Rate in Uttar Pradesh in March 2018
- Since WTI and Brent Crude accumulated a substantial amount of demand from emerging countries, the petrol rates in Uttar Pradesh commenced rising again under the daily revision system.
- Unlike the previous month, the opening date price turned out to be the lowest price for the month as well.
- On 7, the last day of the first week, Indian Oil declared a price offer of Rs.73.98 a litre and retained the same offer until 9.
- For a few days within the first half, the OMCs offered the similar offer since the overseas price determinants were retained unchanged.
- The Indian Crude Oil slowly enlarged its rate to $62.30 a barrel on 15. Moreover, the price moved upwards for some days after the second week.
- The price offer on 17 and 18 remained unchanged at Rs.73.88 a litre and the fuel retailed at Rs.73.82 a litre on 19, 20, 21 and 22.
- 24 onwards, once again, the fuel began gaining its offer in all cities in Uttar Pradesh and hence, the price climbed to Rs.74.98 a litre on 31, the last day.
- This month the petrol price was up Rs.1.52 a litre primarily because of a slightly gained INR and a 0.40% growth rate in unrefined oil costs (Indian Basket).
Trends in Petrol Prices in Kanpur
The petrol rate in Kanpur increased to Rs.71.68 per litre from Rs.71.34 per litre between 28 August 2017 and 4 September 2017. The rate further increased to Rs.72.38 from Rs.72.21 between 11 September 2017 and 19 September. On 4 October 2017, the rate dropped to Rs.70.71. The average petrol price in Kanpur was Rs.70.86 per litre after revising the central excise duty on 3 October 2017.
Trends in Petrol Prices in Ghaziabad
|Last revision date||Petrol price per litre|
|2 January 2017||Rs.72.40|
|1 April 2017||Rs.69.02|
|1 May 2017||Rs.70.52|
|1 June 2017||Rs.69.59|
|1 July 2017||Rs.66.47|
|1 August 2017||Rs.68.57|
|1 September 2017||Rs.71.55|
|1 October 2017||Rs.72.72|
Trends in Petrol Prices in Agra
On the first day of April 2017, the petrol price in Agra was Rs.69.07 per litre that further increased to Rs.70.48 per litre on the first day of May 2017. In June 2017, petrol was sold below Rs.70 per litre. In the entire month of October 2017, the fuel was sold at an average price of Rs.70.82 per litre. In October 2017, the average price of petrol in all the four cities in Uttar Pradesh was Rs.71.38. The highest rate was offered in Lucknow.
How are Petrol Rates in Uttar Pradesh Updated?
India is currently using the dynamic fuel pricing mechanism to revise fuel rates (petrol and diesel rates). Dynamic fuel pricing is alternatively called the daily revision system. It is a fuel pricing system wherein petrol rates are revised on a daily basis in sync with global crude oil costs and the currency conversion ratio. On 16 June 2017, the daily revision system was introduced in India. Since 16 June 2017, all petrol stations across the state of Uttar Pradesh have been updating petrol rates regularly.
How is the Revision done?
The petrol stations in India can be clubbed into two categories, which include automated petrol bunks and non-automated petrol stations. Automated petrol bunks are less in number in the county and revise the petrol rate automatically. On the other hand, the revision will be done manually by non-automated petrol bunks. The price revision is done at 06:00 a.m. every day. About the next day’s price, dealers will be intimated by oil marketing companies at 08:00 p.m.
Since the implementation of the daily revision, petrol prices in Uttar Pradesh have fallen substantially. The daily revision directly impacts the financial and economic health of any state. Dynamic fuel pricing is beneficial for end petrol consumers and dealers. It ensures 100% fuel pricing transparency. This is the biggest advantage of this method. Dealers can have the best stock management practices in place.
How are Petrol Prices in Uttar Pradesh Assessed?
The following cost components are added to arrive at the retail selling price of petrol in the state:
- Cost of crude oil including freight charges
- Refinery transfer price
- VAT and excise duty
- Marketing expenses
- Expenses incurred by oil marketing companies
As on 4 October 2017, the state VAT imposed on petrol in Uttar Pradesh was 32.90%. The central excise duty levied on petrol was Rs.19.48 per litre.
Factors influencing Petrol Prices in Uttar Pradesh
The exchange rate, the cost of crude oil, the state VAT imposed on petrol and the central excise duty impact petrol prices in Uttar Pradesh. The value of the Indian currency, which is the INR, keeps changing against the USD. The INR/USD is the most commonly traded currency pair in the foreign exchange market. The exchange rate is fixed by the Reserve Bank of India, which is also called the central bank of India. Crude oil is a global commodity and is traded in the USD. Therefore, the retail selling price of petrol is affected by the exchange rate.
The cost of crude oil rate is another major influencer. As on 25 October 2017, the cost of crude oil per barrel was $49. When the cost of crude oil goes up, the final price of petrol increases. When the cost of crude oil reduces, the retail selling price decreases. Weather conditions, seasonal variations and global reserves are a few important elements affecting the price of unrefined oil. The state VAT and the central excise also affect petrol rates in Uttar Pradesh.
How does GST Impact Petrol Rates in Uttar Pradesh?
The Goods and Services Tax (GST) has no impact on petrol rates in Uttar Pradesh since petrol has not been brought under the purview of GST. It covers all types of goods and services that are sold within the country. GST came into effect on 1 July 2017. It is the biggest economic reform since independence. GST replaces all types of indirect taxes by offering a combined platform for Indian taxpayers. Five petroleum products including petrol have not been covered under the GST regime.
*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.