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Petrol Price in India (1st May 2020)

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Petrol prices were revised daily in India with effect from June 15, 2017. This was a marked departure from the earlier practice of revising petrol prices every fortnight.

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

City Today Price Yesterday's Price
New Delhi ₹ 69.59 ₹ 69.59
Kolkata ₹ 73.30 ₹ 73.30
Mumbai ₹ 76.31 ₹ 76.31
Chennai ₹ 72.28 ₹ 72.28
Gurgaon ₹ 69.91 ₹ 69.99
Noida ₹ 71.98 ₹ 71.87
Bangalore ₹ 73.55 ₹ 73.55
Bhubaneswar ₹ 68.53 ₹ 68.46
Chandigarh ₹ 65.82 ₹ 65.82
Hyderabad ₹ 73.97 ₹ 73.97
Jaipur ₹ 76.68 ₹ 76.70
Lucknow ₹ 71.92 ₹ 71.87
Patna ₹ 74.25 ₹ 74.05
Trivandrum ₹ 72.99 ₹ 72.99

Daily Petrol Prices Revision in India

Daily petrol prices revision is a better proposition for a number of reasons.

The first and the foremost is that it allows you to easily absorb the changes in daily petrol prices in India by a few paise. When petrol prices are revised or changed every fortnight there is a big variation in prices, which puts great additional pressure on the consumer.

In India, petrol prices are revised by the oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on the international prices. So, when international crude oil prices gain, petrol prices in India move higher and so on. On the other hand, if crude oil prices in the international markets drop, we see a fall in daily or today's petrol prices in India. In any case, we are providing our readers with the daily petrol prices, so they can plan their requirements of filling petrol accordingly.

Factors affecting Todays Petrol Price In India

Cost of Crude Oil – The change in the price of crude oil in the international market directly influences the price of crude oil in the domestic market; this is one of the most important factors responsible for an increase in petrol prices in Indian domestic market. Increase in international demand, low production rate and any political unrest in the crude oil producing countries of the world severely affects petrol price.

Increased Demand – Economic growth in India and other developing countries has also led to the increase in demand for the petrol and other essential fuels in India. The number of people who own private vehicles has gone up in the recent past which has contributed to the increase in demand for petrol in India; this has resulted in the hike in petrol prices in India.

Mismatch of Supply & Demand – Oil refinery companies in India face problem to meet the demands of the market due to the high cost of input price of crude oil thus resulting in less supply and more demand for petrol in the country. An increase in supply results in a decrease in the price of the petrol and vice versa. Oil refining and marketing companies maintain crude oil inventory up to six weeks, which also influences the price of the petrol and petroleum products.

Tax Rates – The prices of petrol and other petroleum products varies according to the local government policies which impose taxes on fuels. As and when the government of India raises tax rates on fuels the oil companies in India also increases the price of the petrol to recover losses and maintain marginal profits in the oil business in India.

Rupee to Dollar Exchange Rate – The rupee-dollar exchange rate is also one of the major factors which influence the price of petrol in India. Indian oil companies pay to the oil imported from other countries in terms of dollars, but their expenses are regarding rupee. So, when the price of the crude oil is in the fall but the rupee is also weak against the dollar then it will reduce the gains to the oil refiners. On the other hand, when the rupee strengthens against the dollar and the price of the crude oil is in the fall, then the oil companies tend to gain.

Logistics - Logistics is one of the significant factors in pricing retail fuel. Petrol and diesel transported to longer distances to cities or regions farther from depots will be priced higher than the places nearer to the oil companies storage area. The reason behind the change in the prices of petrol in different cities across India. This difference may be huge between cities that are far from each other. For example, petrol price in Delhi is Rs.72.38 per liter on January 24, 2018, and the same petrol price is Rs. 80.25 per litre in Mumbai.

Various taxes that impact petrol prices in India

The fear linked to the rise of petrol prices in India seems to be never ending. Do we blame crude oil for these steep prices hikes? Or, is the root cause something different? Well, the answer lies in the fact that while crude oil continues to remain cheaper, it is the taxes levied by the state and central governments which are actually responsible for the ever rising petrol rates.

If studies are to be followed, it would be quite simple to associate the tax factor to the steep hike in petrol prices. Since May 2014, there has been a successive increase in excise duties. Data reveals that as of November 2014, there has been a 54 percent increase in the excise duty on petrol.
In spite of the government slashing excise duty on petrol according to the Budget 2018, yet there seems to be no downward curve when the price of petrol is taken into consideration. This is due to the introduction of Rs. 8 per litre as Road Cess.

Daily price revision of petrol has begun from 16th June this year. It has been observed that the price rise has happened gradually. As petrol does not fall under GST, the price of it varies across states. However, when considering the cost & freight prices along with the excise duty, dealer commission, applicable VAT, etc, it has been found that the taxes on petrol sums up to be more than its actual cost.

Although, presently crude oil has become much cheaper compared to what it had been way back in 2014, it is the collective taxes levied by the state and the central government that has caused the petrol prices to rise to what it had been in 2014, the highest till date. Despite promises from the government regarding rolling back the taxes, we are yet to see some positive efforts on this front.

How Petrol Prices Today in India are calculated?

Petrol prices are a function of many things. Among these include the average of the India crude basket, to which is added a host of taxes including value added tax, central excise etc.

At the moment, we have the excise duty levied by the government, which is a staggering Rs 21 per litre. Should this be reduced we might get some respite from very high retail level of fuel and diesel.

?The value added tax, differs from state to state. In cities like Mumbai and New Delhi the value added tax is very high, which has resulted in an extremely high prices for both petrol and diesel.

?In India, retail prices are determined by the oil marketing companies, bearing all these things in mind. So, the retail price of petrol in India today is determined by the Indian Oil Marketing Company, which is the largest oil marketing company in the country.

For example, it releases the price of petrol everyday at 6 am, wherein it is revised at the petrol pumps in the country. The private sector petrol pumps like Shell also determine their own prices, though they tend to be higher than that of Indian Oil Company, BPCL and HPCL.

Why petrol prices today are expensive in India?

?The fuel is one of the costliest, when compared to neighboring countries like Pakistan, Bangladesh and Sri Lanka.?It maybe recalled that petrol and diesel prices were earlier subsidized by the government, but, the same were aligned to market prices.

However, the government has over the years added to excise duty on petrol, which has made it horribly expensive for consumers.

?The one reason why excise is added before petrol is retailed at the fuel stations is to mop-up additional resources for social schemes. However, this leave the common burdened with additional rates on the fuel.

?The government is looking at the possibility of reducing petrol prices over the longer term, however, it would need to find more longer term mechanisms to do so. One of them is to add some taxes onto Oil and Natural Gas Corporation, which is an oil exploration company. However, these maybe all temporary measures and one needs to find a more durable long-term solution.?

Where and how to check petrol prices in India today?

You can check petrol prices in India, in a number of ways. The most popuar way is to send an SMS. For example, if you are at an HPCL pump?you can send an SMS to: HPPRICE DEALER CODE and send it to 9222201122.?

For Indian Oil Corporation or IOC send SMS to:?Type: RSP DEALER CODE and send it to 9224992249.?

You can also go online and check a number of websites, that provide you daily rates of the fuel. Remember, that Indian Oil the country's largest retailer revises fuel prices everyday at 6 am in the morning. So, you are able to check live petrol price everyday after this time.?

It is also important to note that bulk of the fuel is supplied by the government owned oil refining companies, including the likes of Indian Oil, Bharat Petroleum and HPCL. There are other private retailers like Shell, which also retail fuel at a slightly higher price.?

Brands of Petrol Pumps in India

India which mainly depends on imports for fuel sells fuels and lubricants for vehicles across the petrol bunks or petrol pumps which are spread across the length and breadth of the country. The largest oil and gas company in India – Indian Oil Corporation (IOC), owns most of the filling stations and it is followed by Hindustan Petroleum (HP) and Bharat Petroleum (BP).

There are six brands of petrol pumps which are currently active in India. They are:?

  1. Indian Oil Corporation
  2. Hindustan Petroleum
  3. Bharat Petroleum
  4. Shell
  5. Reliance Petroleum
  6. Essar Oil

1. Indian Oil Corporation

The Indian Oil Corporation (IOC) is one of the biggest oil company in India. It is owned by the government of India and is valued as the most profitable company in the country. IOCL mainly operates most of the petroleum market share through its filling stations, Servo Lubricant oils, natural gas. Apart from this, it also provides electric charging stations for electric vehicles at its filling stations.

2. Bharat Petroleum?

Bharat Petroleum is the second-largest oil and gas company in India and stands next to IOCL. It has its refineries located in Kochi and Mumbai. The fuel filling stations of Bharat Petroleum provides world-class services to its customers across the country.

3. Hindustan Petroleum

Hindustan Petroleum or HPCL is one of the most trusted brands of fuel filling stations in India. The firm operates two of the major refineries in the country and produces an array of petroleum fuels.

4. Shell

Shell, which is operated by Royal Dutch Shell currently has over 100 filling stations in India. Known for its superior quality of fuel, the company has plans to expand the number of petrol filling outlets across many centres in the country.

5. Reliance Petroleum

Owned by the Indian conglomerate, Reliance Industries, Reliance Petroleum is one of the largest private sector oil firms in India. Its Jamnagar refinery is touted as one of the largest refineries in India.

6. Essar Oil

Essar Oil is part of the Essar Group which was earlier known as Nayara Energy. As of now it has over 1,400 petrol pumps located across India and has plans for expanding its presence by setting up more pumps in the country.

Latest Updates on Petrol Price

Petrol Prices Stands Still in India As Crude Rates Jumps to Hit Two-Digit Growth

The petrol prices in India stood still today despite rallying up to hit two-digit growth as signs of an increase in fuel demand improves.

The petrol rates in India were seen trading at Rs 76.31 per litre in Mumbai, Rs 72.28 per litre in Chennai, Rs 73.30 per litre in Kolkata and Rs 69.59 per litre in New Delhi.

In the overseas markets, 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%.

The signs that the U.S. crude glut is not increasing quickly as expected and indications of a surge in fuel demand helped the fuel prices to jump during today’s trade session as it witnessed a double-digit growth for the first time since the coronavirus crisis began.

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 revelation by the China Petroleum & Chemical Corp that its daily sales of refined oil products have climbed and were now at over 90% of levels seen before the outbreak of pandemic has also weighed on the crude prices to rally up in the global markets.

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.

30 April 2020
Petrol Prices in India Stands Firm Despite Rally in Global Crude Rates

The petrol prices in India stood firm despite gradual upliftment of crude rates in the overseas markets as the U.S. and some of the European countries are pushing efforts to ease the coronavirus lockdowns. The petrol rates in India today were seen trading at Rs 73.30 per litre in Kolkata, Rs 69.59 per litre in New Delhi, Rs 72.45 per litre in Chennai and Rs 76.31 per litre in Mumbai.

In the international markets, 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.

Meanwhile, the markets are waiting to see another set of data which is yet to be released by the U.S. Energy Information Administration which will be released later today to know the exact figure of the crude production in the U.S.

Amidst the coronavirus crisis, the U.S. has emerged as the world’s biggest fuel producer. The storage is filling up speedily and production trimming by the U.S. shale producers are estimated at 300,000 barrels per day (bpd) for May and June 2020. The cut in the production by the U.S. oil production companies should help to slow the flows into the tanks.

29 April 2020
Petrol Prices Stays Afloat in India Despite Falling for Second Consecutive Day in Global Markets

The petrol prices in India stayed afloat despite falling for the second consecutive day in a row amidst brimming storage prospects. The petrol rates in India were recorded trading at Rs 76.31 per litre in Mumbai, Rs 73.30 per litre in Kolkata, Rs 69.59 per litre in New Delhi and Rs 72.28 per litre in Chennai.

In the international markets, 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 dwindling capacity for global crude storage has raised concerns weighing on its prices to contain further during today’s trade session. As the growing fears of diminishing demand for oil and possible slow recovery even after countries ease restrictions of lockdown has declined the crude prices in the global markets.

The United States Oil Fund LP, which is the largest oil-focused U.S. exchange-traded product, noted that it will further shift its holdings into later-dated contracts.

Although the global economy may begin to recover from the current dampened situation when the nations allow the business houses to reopen, 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.

28 April 2020
Petrol Prices Continues to Stay Afloat in India

The petrol prices in India continued to stay afloat despite slumping in the global markets as turmoil and more pain is expected to continue for some more days. The petrol rates in India today were seen trading at Rs 76.31 per litre in Mumbai, Rs 69.59 per litre in New Delhi, Rs 73.30 per litre in Kolkata and Rs 72.29 per litre in Chennai.

In the overseas markets, 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 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.

Apart from this, the current grim situation is forcing the hands of all the producers to trim down further production. Across the globe, many governments, firms are preparing to trim down output and many have already begun the process.

27 April 2020
Petrol Prices in India Unchanged as Global Oil Witnesses Wild Week

The petrol prices in India were unchanged for more than a month despite rising crude rates marginally in the overseas markets during today’s trade session. The petrol rates in India were seen trading at Rs 69.59 per litre in New Delhi, Rs 73.30 per litre in Kolkata, Rs 72.28 per litre in Chennai and Rs 76.31 per litre in Mumbai.

In the overseas 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 crude rates inched up marginally on Friday and bought another week of losses which mainly features crashing of U.S. contracts to minus $40 per barrel owing to steep production cuts which could not keep up the pace with the fall in the demand amidst coronavirus crisis.

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.

Traders are expecting that the fuel demand will decline short of supply for months to come owing to the level of economic disruption, the flu-like virus has caused the global economy’s health. The oil producers may not be cutting the output quickly or deep enough to buoy the prices especially when the fuel output is expected to curtail by 2% this fiscal 2020 amidst worst financial crisis which has haunted the global economy since time immemorial.

25 April 2020
Petrol Prices Remains Firm in India As Oil Slides Steeply During the Week to Witness Historic Turmoil

The petrol prices in India remained firm despite crude rates witnessing steep slide during the week following historic turmoil. The petrol rates in India were recorded trading at Rs 72.28 per litre in Chennai, Rs 73.30 per litre in Kolkata, Rs 69.59 per litre in New Delhi and Rs 76.31 per litre in Mumbai.

In the global scenario, 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 shutdown in the production of oil and the failure to keep up the pace with the declining demand for oil owing to coronavirus crisis has forced the fuel prices to head for the third weekly loss during today’s trade session.

Analysts note that the oil prices are heading for an eighth weekly decline in the last nine weeks with the crude benchmark – Brent this week recording loss of 27% and U.S. WTI has slid around 14%, so far.

The feeble demand for oil due to the coronavirus pandemic and lack of storage for oil has left the oil markets to witness deep routed trouble as despite efforts by OPEC+ to trim down output the fuel prices are showing no signs of returning to normalcy.

In April 2019, the crude prices had hit its highest ever mark and traded at $80 per barrel, down the lane in April 2020, the crude prices are struggling to reach $30 per barrel over the past few weeks. On Monday, the crude prices crashed and traded negative after hitting zero levels for the first time in the history of oil markets amidst uncertainty surrounding global markets.

24 April 2020
Petrol Prices in India Stays Firm As Global Fuel Rallies Following Gulf Tensions

The petrol prices in India remained firm despite the rise in global crude prices following tensions in the Middle East region. The petrol rates in India were seen trading at Rs 76.31 per litre in Mumbai, Rs 73.30 per litre in Kolkata, Rs 69.59 per litre in New Delhi and Rs 72.28 per litre in Chennai.

In the international markets, 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 crude prices in the international markets which crashed to negative prices this Monday witnessed a rally during today’s trade session as output cuts by oil-producing nations to tackle abundant supply, rising tensions in the Middle East and more stimulus package from government to ease the economic turmoil has helped the fuel prices to gain strength.

The U.S. President – Donald Trump announced that he had instructed the U.S. Navy to fire on any of the Iranian Ships which tries to harass it in the Gulf coast. He later added that he was not changing the military’s rules of engagement.

The move has again raised tensions between the U.S. and Iran. A few months before, both of these countries were at logger's heads and had almost come close to wage a war against each other as the U.S. had imposed sanctions on Iran’s export of crude to other oil-importing nations.

23 April 2020
Petrol Prices Remains Unchanged in India Continuously Owing to Feeble Demand

The petrol prices in India remained unchanged despite the crashing of the U.S. crude rates in the international markets amidst storage shortage. The petrol rates in India were recorded trading at Rs 76.31 per litre in Mumbai, Rs 73.30 per litre in Kolkata, Rs 69.59 per litre in New Delhi and Rs 72.28 per litre in Chennai.

In the global scenario, 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%.

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.

During Wednesday’s overnight trading session, the prices of oil declined again with the crude benchmark – Brent declining to its lowest level since 1999 owing to the collapse of demand for everything be it jet fuel or gasoline or petrol and so on due to the coronavirus outbreak and the subsequent lockdown measures undertaken by many nations to contain the spread of the pandemic.

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
Petrol Prices in India Remains Steady Despite Negative Global Crude Rates

The petrol prices in India remained steady despite global crude falling to its lowest negative level for the first time in the history of oil markets amidst pandemic. The petrol rates in India today were recorded trading at Rs 76.31 per litre in Mumbai, Rs 73.30 per litre in Kolkata, Rs 72.28 per litre in Chennai and Rs 69.59 per litre in New Delhi.

In the global scenario, 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%.

Oil investors who sold the May futures contract which was due to expire today in a series of waves, at one point the contracts hit negative point at $40. When the trading closed, the crude oil ended at negative points at $37.63 per barrel.

The coronavirus pandemic which has trimmed down the fuel demand and has battered the global economy has the fuel consumption roughly by 30% starting from early March 2020, but after this, for several weeks, the supply of crude across the world has continued to build.

Despite the deal by the OPEC and its member partners to reduce supply at the moment will not be fast enough or large enough to drain millions of barrels of unwanted crude which is currently present in the global markets.

21 April 2020
Petrol Prices in India Stays Afloat Despite Huge Drop in International Crude Rates

The petrol prices in India continued to stay afloat despite crude prices falling further to more than 10-year lows amidst coronavirus crisis. The petrol rates in India was seen trading at Rs 69.59 per litre in New Delhi, Rs 76.31 per litre in Mumbai, Rs 72.28 per litre in Chennai and Rs 73.30 per litre in Kolkata.

In the global markets, Brent dipped further to settle at $27.84 per barrel, down by 0.85% and West Texas Intermediate (WTI) was at $15.54 per barrel, down by 14.94%.

The U.S. crude oil futures declined during electronic trading during yesterday’s evening session with the U.S. futures touching record low levels which were unseen before since November 2001 owing to the wide-spreading coronavirus pandemic.

Currently, the oil markets are under pressure due to the reports of feeble fuel demand consumption followed by grim forecasts from the OPEC about the future of crude demand for fiscal 2020. In such a scenario, OPEC along with its member nations have agreed to trim the crude output to the tune of 9.7 million barrels per day (bpd) starting from May 2020 in a move to reduce the growing supply gut which has choked the oil markets with abundant crude amidst stay at home orders and business furloughs have suppressed the fuel demand.

20 April 2020

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