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Diesel Price in India (1st May 2020)

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In India with effective from June 15, 2017, Diesel prices are to be revised daily. Earlier, Diesel prices used to change every two weeks. Day by day Diesel costs revision is an excellent move to take for various reasons. The first and the most significant about the change in Diesel price is that it enables you to effectively understand the alterations in day by day diesel price in India. At the point when Diesel price is modified or changed every two weeks, there will be a big difference in the price, which puts the big burden on the customer.

Today's Diesel Price in Indian Metro Cities & State Capitals

City Today Price Yesterday's Price
New Delhi ₹ 62.29 ₹ 62.29
Kolkata ₹ 65.62 ₹ 65.62
Mumbai ₹ 66.21 ₹ 66.21
Chennai ₹ 65.71 ₹ 65.71
Gurgaon ₹ 61.78 ₹ 61.86
Noida ₹ 62.92 ₹ 62.80
Bangalore ₹ 65.96 ₹ 65.96
Bhubaneswar ₹ 66.66 ₹ 66.59
Chandigarh ₹ 59.30 ₹ 59.30
Hyderabad ₹ 67.82 ₹ 67.82
Jaipur ₹ 69.79 ₹ 69.82
Lucknow ₹ 62.87 ₹ 62.82
Patna ₹ 66.82 ₹ 66.62
Trivandrum ₹ 67.19 ₹ 67.19

Factors affecting the price of Diesel in India

The oil marketing firms in India recently introduced the daily revision of diesel prices in India.

With the introduction of this rule in India, the price of diesel varies across India; there is a daily revision of retail fuel price in India.

The following are the major factors that affect the price of diesel in India

Cost of Crude Oil – The cost of crude oil is one of the major components which determines the diesel price across the globe. Worldwide demand and supply and economic conditions of crude oil determine the diesel prices. Low production rate, increase in international demand, and any political unrest in the crude oil producing countries of the world seriously affects diesel price.

Demand and Supply of Diesel Fuel – The fleet vehicles in the country mostly depends upon petrol. If the supply of petrol reduces as a result of refinery problem or lagging imports, diesel stocks may decline. If the transportation for the supply of diesel from one place to another place cannot support the flow of supplies, then the prices of diesel remain comparatively high. This affects the prices of diesel in India, which mainly depends on the export of diesel from foreign countries.

Tax Rates – The tax rates of diesel depends on the local government policies on imposing taxes on fuels. As and when the government of India raises the tax on fuels the oil companies will also increase the price of diesel in India to recover losses and to maintain the marginal profits in its oil business.

Rupee – The rupee-dollar exchange rate also acts as a factor which influences the diesel price in the country. Indian oil companies pay to the oil imported from other countries in terms of US dollars, but they incur expenses in terms of rupee. When the rupee value strengthens against the dollar and the price of the crude oil is declining, then the oil companies tend to gain and vice-versa.

Logistics – Logistics also acts as a factor which affects the pricing of the diesel in India. Diesel transported to longer distances to cities or regions farther from depots will be priced higher than the places nearer to the storage area of the oil companies. The difference may be huge between cities which are far from each other this is the reason behind the difference in prices of diesel in different cities across the country. For example, petrol price in Chennai is Rs. 66.84 per litre for January 24, 2018, and the same diesel price is Rs. 66.04 per litre in Kolkata.

Latest Updates on Diesel Price

Diesel Prices in India Remains Constant

The diesel prices in India remained constant despite a surge in global crude rates as fuel demand showed signs of improvement.

The diesel rates in India were recorded trading at Rs 65.71 per litre in Chennai, Rs 65.62 per litre in Kolkata, Rs 66.21 per litre in Mumbai and Rs 62.29 per litre in New Delhi.

In the international scenario, the crude benchmark - Brent was seen trading at $25.29 per barrel, up by 12.20% and West Texas Intermediate (WTI) was at $17.34 per barrel, up by 15.14%.

As per the data from the U.S. Energy Information Administration, the U.S. crude inventories increased by 9 million barrels last week to touch 527.6 million barrels.

The U.S. President – Donald Trump said that his administration will be soon releasing a plan to help the U.S. oil companies. Steven Mnuchin, the U.S. Treasury Secretary announced that the plan could include the addition of millions of barrels of fuel to national reserves.

Royal Dutch Shell announced that the company will be trimming down its dividend for the first time since World War II. The move by one of the biggest oil producers reveals the depth of the crisis which has created havoc on the global economy.

Norway, which holds the tag of Western Europe’s largest fuel producer announced that it will cut down its output from June until December 2020, for the first time in the last 18 years. The move is in line with the other oil producers who have agreed to trim down global crude output to support the oil prices and to reduce the supply glut.

30 April 2020
Diesel Prices Remains Unmoved in India

The prices of diesel in India remained unmoved despite inching up in the global scenario following likely easing of lockdown restrictions in most of the nations wherein coronavirus pandemic has set its foot. The diesel rates in India were spotted trading at Rs 65.86 per litre in Chennai, Rs 65.62 per litre in Kolkata, Rs 62.29 per litre in New Delhi and Rs 66.21 per litre in Mumbai.

In the international markets, the crude benchmark – Brent was seen trading at $21.40 per barrel, up by 4.59% and West Texas Intermediate (WTI) was at $14.28 per barrel, up by $15.72%.

Most of the countries across the globe are pushing up efforts to ease the lockdown norms introduced earlier in a bid to contain further spread of the deadly virus which has killed over 1,70,000 people globally.

The data from the American Petroleum Institute (API) showed that the U.S. crude inventories surged up by 10 million barrels to touch 510 million barrels during the week till April 24, 2020, as against the analyst’s expectations of 10.6 million barrels.

Recently, OPEC and its member nations had agreed to cut close to 9.7 million barrels per day (bpd) of crude in a move to ease the supply gut which led to the crash in the international fuel prices amidst muted demand for oil due to coronavirus situation across the globe.

29 April 2020
Diesel Prices Remains Unchanged in India

The diesel prices in India remained firm despite fall in fuel prices for the second straight day in a row as uncertainty grows over the future demand for oil. The diesel rates in India were seen trading at Rs 65.71 per litre in Chennai, Rs 65.62 per litre in Kolkata, Rs 62.29 per litre in New Delhi and Rs 66.21 per litre in Mumbai.

In the global scenario, Brent was seen trading at $20.20 per barrel, up by 1.05% and West Texas Intermediate (WTI) was at $11.63 per barrel, down by 9.00%.

The lockdown measures enforced by many nations have also impacted on the prices of oil as travel restrictions enforced on the movement of people have directly declined the demand for fuel across the globe.

Although the global economy may begin to recover from the current dampened situation when the nations allow the business houses to reopen in the coming days, analysts predict that the prospects for crude prices are likely to be gloomy owing to an abundant supply of oil amidst storage problems and supply cuts which are not deep enough to counter the weak demand.

Bernard Looney, the Chief Executive of British Petroleum (BP) said that his firm has expected that the demand for global fuel is likely to drop by roughly 15 million barrels per day (bpd) during the second quarter of 2020, owing to coronavirus related movement restrictions.

28 April 2020
Diesel Prices Firm in India Amidst Muted Demand for Crude

The diesel prices in India were firm for 40 long days in a row despite a plunge in global crude prices amidst weak demand conditions. The diesel rates in India were trading at Rs 66.21 per litre in Mumbai, Rs 65.62 per litre in Kolkata, Rs 65.72 per litre in Chennai and Rs 62.29 per litre in New Delhi.

In the global scenario, Brent was recorded at $21.08 per barrel, down by 1.68% and West Texas Intermediate (WTI) at $15.73 per barrel, down by 7.14%.

The recent crash of the U.S. crude futures to zero and trading at negative $38 per barrel has given further pain to the oil industry which is already ailing with weak fuel prices. Last week, the fuel prices nosedived and plunged to a record low prices which dampened the oil markets further amidst the coronavirus crisis which has diminished the demand for oil to a great extent.

The oversupply of oil across the global markets have weighed on its prices to slump in the international markets. Despite the recent efforts by the OPEC and its member partners to cut down the output to boost the prices of fuel shows no improvement.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed and committed to record cuts to the tune of 10 million barrels of crude supply which is yet to take full effect. The commitment from the oil producer’s club was not enough to evade the fuel’s fall below zero.

27 April 2020
Diesel Prices Unmoved in India Amidst Worst Volatile Week

The diesel prices in India are unmoved for over a month despite a slight rise in global crude rates as the crude markets witnessed a volatile week. The diesel rates in India were spotted trading at Rs 65.71 per litre in Chennai, Rs 65.62 per litre in Kolkata, Rs 62.29 per litre in New Delhi and Rs 66.21 per litre in Mumbai.

In the international markets, Brent was spotted trading at $21.44 per barrel, up by 0.52% and West Texas Intermediate (WTI) was at $16.94 per barrel, up by 2.67%.

The oil markets witnessed extreme volatility during the entire week and in an extension of the selling which mainly dominated trading sessions since early March 2020 as the demand for oil plummets by 30% due to the outspread of pandemic across the globe.

The outbreak and rapid widespread of the pandemic have diminished the demand for oil and has wiped out economic activity across the globe, putting the global economy in the worst recession mode.

Analysts are expecting a sharp fall in the oil supply for months to come as economic activities, manufacturing activities, travelling has come to a standstill owing to lock down measures imposed by most of the nations to curtail the spread of the flu-like virus.

Despite steep cuts in output by OPEC+ members, the crude rates are showing no signs to return to normalcy at the moment. Recently OPEC and its oil producers club agreed to trim around 9.7 million barrels per day (bpd) of crude to curb supply glut which also led to the diminishing of fuel prices to its lowest level.

25 April 2020
Diesel Prices Stands Still in India Despite Crash in Global Crude Rates Witnessing Historic Turmoil

The diesel prices in India stood still despite a steep slide in global crude prices during the week of historic turmoil. The diesel rates in India were recorded trading at Rs 66.21 per litre in Mumbai, Rs 62.29 per litre in New Delhi, Rs 65.71 per litre in Chennai and Rs 65.62 per litre in Kolkata.

In the overseas markets, Brent was seen trading at $22.21 per barrel, up by 4.13% and West Texas Intermediate (WTI) at $17.22 per barrel, up by 4.36%.

The global fuel prices which are witnessing a nightmare since many weeks are struggling to get back to normalcy as lack of demand added with storage capacity is adding woes to the existing situation and this led to the nose-diving of fuel prices to hit negative numbers during this week’s trade session.

The Continental Resources Inc which is the largest fuel producer in North Dakota has stopped most of its production in the United States of America and has notified some of its customers that it will not be supplying fuel, noted some of the sources familiar with the matter.

The steep fall in crude demand and lack of storage capacity to store the oversupply of oil had recently forced OPEC and its member partners to sign a deal and cut down the output to the tune of 9.7 million barrels per day (bpd) and the same will come into effect starting from May 2020.

Analysts note that unless more production shutdowns are made, the extracted fuel will have no place for storage amidst lockdown measures enforced by several nations to curtail the spread of pandemic which has created mayhem across the global markets.

24 April 2020
Diesel Prices Stays Afloat in India Despite Edging of Global Crude Rates Amidst Output Cuts and Gulf Tensions

The diesel prices in India stayed afloat despite a strong rally in global crude prices in the overseas markets amidst output cuts and fresh tensions in the Gulf region between the U.S. and Iran. The diesel rates in India today were spotted trading at Rs 62.29 per litre in New Delhi, Rs 66.21 per litre in Mumbai, Rs 65.71 per litre in Chennai and Rs 65.62 per litre in Kolkata.

In the global scenario, Brent was recorded trading at $21.99 per barrel, up by 7.95% and West Texas Intermediate (WTI) was at $16.26 per barrel, up by 18.00%.

The abundant supply glut in the oil markets forced the OPEC and its member partners to go in for output cuts and accordingly around 9.7 million barrels per day (bpd) of oil has been wiped out from the global markets following diminished demand for oil amidst coronavirus crisis.

In addition to this, the allies of the OPEC+ members have agreed to cut a record output beginning from May 1, 2020, in a move to uplift the ailing crude markets which are witnessing great turmoil at the moment.

The crude prices in the global scenario have witnessed the most tumultuous week. The expiring from month U.S. contract nose-dived into negative points for the first time as traders paid buyers to wash their hands off amidst lack of storage place for the existing supply glut situation.

The U.S. President – Donald Trump has directed the U.S. Navy to fire on the Iranian ships if they harass them in the Gulf region, this has fueled fresh tensions between the two nations which are already under logger's heads with each other for years.

23 April 2020
Diesel Prices Stays Afloat in India Despite Edging of Global Crude Rates Amidst Output Cuts and Gulf Tensions

The diesel prices in India stayed afloat despite a strong rally in global crude prices in the overseas markets amidst output cuts and fresh tensions in the Gulf region between the U.S. and Iran. The diesel rates in India today were spotted trading at Rs 62.29 per litre in New Delhi, Rs 66.21 per litre in Mumbai, Rs 65.71 per litre in Chennai and Rs 65.62 per litre in Kolkata.

In the global scenario, Brent was recorded trading at $21.99 per barrel, up by 7.95% and West Texas Intermediate (WTI) was at $16.26 per barrel, up by 18.00%.

The abundant supply glut in the oil markets forced the OPEC and its member partners to go in for output cuts and accordingly around 9.7 million barrels per day (bpd) of oil has been wiped out from the global markets following diminished demand for oil amidst coronavirus crisis.

In addition to this, the allies of the OPEC+ members have agreed to cut a record output beginning from May 1, 2020, in a move to uplift the ailing crude markets which are witnessing great turmoil at the moment.

The crude prices in the global scenario have witnessed the most tumultuous week. The expiring from month U.S. contract nose-dived into negative points for the first time as traders paid buyers to wash their hands off amidst lack of storage place for the existing supply glut situation.

The U.S. President – Donald Trump has directed the U.S. Navy to fire on the Iranian ships if they harass them in the Gulf region, this has fueled fresh tensions between the two nations which are already under logger's heads with each other for years.

23 April 2020
Diesel Prices in India Remains Unaffected

The diesel prices in India remained unaffected as the global crude prices recently crashed below zero and settled at negative prices sending shock waves across the global financial markets. The diesel rates in India today were spotted trading at Rs 65.71 per litre in Chennai, Rs 65.62 per litre in Kolkata, Rs 62.29 per litre in New Delhi and Rs 66.21 per litre in Mumbai.

In the overseas markets, the crude benchmark – Brent was seen trading at $19.36 per barrel, up by 0.16% and West Texas Intermediate (WTI) was at $11.11 per barrel, down by 3.98%.

Currently, the crude prices are trading below $20 per barrel, the lowest ever in the history of oil markets as the demand for oil has come down remarkably due to lockdown strategy enforced by many nations globally to contain the rapidly spreading pandemic which has become a nightmare to the very existence of human beings on this planet earth.

The crude prices which crashed below zero levels on Monday’s trade session recovered from another slump which helped the U.S. dollar to stay strong during today’s early trade session. The stronger dollar will keep the demand for safe-haven currencies stronger even as markets across the globe are beginning to stabilize amidst coronavirus fears which have left the economies battered.

Analyst note that a weak currency will be helpful to cushion the negative economic effects of the falling crude rates at least to some extent.

The oil storage capacity of the U.S. is filling up fast than earlier expectations and this has again led to the fall in the crude prices sharply in the overseas markets amidst muted demand for oil.

22 April 2020
Diesel Prices Remains Constant in India for 35th Consecutive Day in a Row

The diesel prices in India remained unmoved despite crude prices declining to hit negative prices during today’s trade session amidst coronavirus pandemic and the reality of the U.S. crude market. The diesel rates in India were seen trading at Rs 65.71 per litre in Chennai, Rs 65.62 per litre in Kolkata, Rs 62.29 per litre in New Delhi and Rs 66.21 per litre in Mumbai.

In the global platform, the West Texas Intermediate (WTI) crashed to the lowest level in the history of oil markets and settled at $2.550 per barrel and Brent was at $19.54 per barrel, down by 6.03%.

The weak demand for oil has sent shock waves across the oil markets which in turn has impacted on its prices over the last few weeks. But yesterday’s fall in the oil contracts to negative numbers have further weakened the oil markets. The WTI’s futures contract expired today and when the oil contracts expire, the holder will have to take possession of 1,000 barrels of crude for every contract they own.

The coronavirus pandemic which has declined the global fuel demand by close to 30% since March 2020 as most of the nations have implemented travel restrictions in place to contain the spread of the epidemic which in turn has diminished the demand for fuel.

OPEC and its oil producers club decided to trim down crude output production by record number which is 9.7 million barrels per day (bpd) in a move to stabilize the feeble oil markets. Despite their best efforts, the crude rates are showing no signs to return to normalcy.

21 April 2020

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