Public sector OMCs like BPCL, IOCL and HPCL revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. The prices of petroleum products have so far remained stable in Odisha and other parts of the country.
On November 10, petrol, and diesel are being sold at Rs 103.19 and Rs 94.76 respectively in the capital city of Bhubaneswar. Meanwhile, the rate of fuel is Rs 103.75 for petrol and Rs 95.30 for diesel in Cuttack.
The price of petrol in the pilgrim town of Puri is Rs 103.58 and diesel is sold at Rs 95.13. The petrol and Diesel price in western Odisha town of Sambalpur has been recorded Rs 103.85 and Rs 95.41 respectively.
Petrol is priced at Rs 103.32 in Balasore while diesel is priced at 94.90. Likewise in Ganjam, petrol is being sold at Rs 104.66 while diesel is being sold at Rs 96.17.
Similarly, the petrol rate in Malkangiri today is Rs 108.92, and the diesel rate is Rs 100.29.
Fuel rates in some other towns:
1. Jajpur - Petrol (103.46), Diesel (94.99)
2. Rayagada - Petrol (107.32), Diesel (98.73)
3. Nabarangpur - Petrol (107.79), Diesel (99.21)
4. Koraput - Petrol (107.79), Diesel (99.21)
5. Jharsuguda - Petrol (103.21), Diesel (94.79)
6. Dhenkanal - Petrol (103.98), Diesel (95.52)
7. Bargarh - Petrol (104.15), Diesel (95.70)
On October 24, petrol, and diesel are being sold at Rs 103.11 and Rs 94.68 respectively in the capital city of Bhubaneswar. Meanwhile, the rate of fuel is Rs 103.28 for petrol and Rs 94.84 for diesel in Cuttack.
The price of petrol in the pilgrim town of Puri is Rs 103.47 and diesel is sold at Rs 95.02. The petrol and Diesel price in western Odisha town of Sambalpur has been recorded at Rs 103.23 and Rs 95.81 respectively.
Similarly, the petrol rate in Malkangiri today is Rs 108.92, and the diesel rate is Rs 100.29.
Fuel rates in some other towns:
1. Jajpur - Petrol (103.70), Diesel (95.22)
2. Rayagada - Petrol (107.01), Diesel (98.43)
3. Nabarangpur - Petrol (108.13), Diesel (99.53)
4. Koraput - Petrol (107.79), Diesel (99.21)
5. Jharsuguda - Petrol (103.21), Diesel (94.79)
6. Dhenkanal - Petrol (103.98), Diesel (95.52)
7. Bargarh - Petrol (104.29), Diesel (95.84)
Petrol and diesel prices vary depending upon several factors such as the local taxes, VAT, freight charges, etc. The prices of petroleum products change as per market rates.
On October 20, petrol, and diesel are being sold at Rs 103.04 and Rs 94.61 respectively in the capital city of Bhubaneswar. Meanwhile, the rate of fuel is Rs 103.71 for petrol and Rs 95.25 for diesel in Cuttack.
The price of petrol in the pilgrim town of Puri is Rs 103.58 and diesel is sold at Rs 95.13. The petrol and Diesel price in western Odisha town of Sambalpur has been recorded Rs 103.85 and Rs 95.41 respectively.
Petrol is priced at Rs 103.32 in Balasore while diesel is priced at 94.90. Likewise in Ganjam, petrol is being sold at Rs 104.66 while diesel is being sold at Rs 96.17.
Similarly, the petrol rate in Malkangiri today is Rs 108.92, and the diesel rate is Rs 100.29.
1. Jajpur - Petrol (103.46), Diesel (94.99)
2. Rayagada - Petrol (107.32), Diesel (98.73)
3. Nabarangpur - Petrol (107.79), Diesel (99.21)
4. Koraput - Petrol (107.79), Diesel (99.21)
5. Jharsuguda - Petrol (103.21), Diesel (94.79)
6. Dhenkanal - Petrol (104.08), Diesel (95.61)
7. Bargarh - Petrol (104.06), Diesel (95.61)
Public sector OMCs like BPCL, IOCL and HPCL revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. The prices of petroleum products have so far remained stable in Odisha and other parts of the country.
On October 18, petrol, and diesel are being sold at Rs 103.04 and Rs 94.61 respectively in the capital city of Bhubaneswar. Meanwhile, the rate of fuel is Rs 103.71 for petrol and Rs 95.25 for diesel in Cuttack.
The price of petrol in the pilgrim town of Puri is Rs 103.58 and diesel is sold at Rs 95.13. The petrol and Diesel price in western Odisha town of Sambalpur has been recorded Rs 103.85 and Rs 95.41 respectively.
Petrol is priced at Rs 103.32 in Balasore while diesel is priced at 94.90. Likewise in Ganjam, petrol is being sold at Rs 104.66 while diesel is being sold at Rs 96.17.
Similarly, the petrol rate in Malkangiri today is Rs 108.92, and the diesel rate is Rs 100.29.
Fuel rates in some other towns:
1. Jajpur - Petrol (103.46), Diesel (94.99)
2. Rayagada - Petrol (107.32), Diesel (98.73)
3. Nabarangpur - Petrol (107.79), Diesel (99.21)
4. Koraput - Petrol (107.79), Diesel (99.21)
5. Jharsuguda - Petrol (103.21), Diesel (94.79)
6. Dhenkanal - Petrol (104.08), Diesel (95.61)
7. Bargarh - Petrol (104.06), Diesel (95.61)
On Monday, petrol and diesel are being sold at Rs 103.19 and Rs 94.76 respectively in the capital city of Bhubaneswar, while the rate of fuel is Rs 103.78 for petrol and Rs 95.10 for diesel in Cuttack.
The price of petrol in Malkangiri where the fuel is charged maximum in Odisha, is at Rs 109.20, while diesel is being sold in the town at Rs 100.29.
The prices of petrol in some other major towns in the state are as follows: Rs 103.58 in Puri, Rs 103.72 in Sundargarh, Rs 107 in Rayagada, Rs 103.63 in Nayagarh, Rs 107.79 in Nabarangpur, Rs 104.03 in Keonjhar, Rs 103.54 in Kendrapara and Rs 103.57 in Balasore.
As far as diesel is concerned, the price of the fuel is Rs 94.76 in Balasore, Rs 95.98 in Bargarh, Rs 94.27 in Jagatsinghpur, Rs 94.85 in Jharsuguda, Rs 95.13 in Puri and Rs 94.87 in Sambalpur.
On Monday, petrol and diesel are being sold at Rs 103.47 and Rs 95.03 respectively in the capital city of Bhubaneswar, while the rate of fuel is Rs 103.78 for petrol and Rs 95.33 for diesel in Cuttack.
The price of petrol in Malkangiri where the fuel is charged maximum in Odisha, is at Rs 109.20, while diesel is being sold in the town at Rs 100.56.
The prices of petrol in some other major towns in the state are as follows: Rs 103.58 in Puri, Rs 103.72 in Sundargarh, Rs 107 in Rayagada, Rs 103.63 in Nayagarh, Rs 107.79 in Nabarangpur, Rs 104.03 in Keonjhar, Rs 103.54 in Kendrapara and Rs 103.57 in Balasore.
As far as diesel is concerned, the price of the fuel is Rs 95.14 in Balasore, Rs 95.68 in Bargarh, Rs 94.54 in Jagatsinghpur, Rs 94.81 in Jharsuguda, Rs 95.13 in Puri and Rs 94.87 in Sambalpur.
Public sector Oil marketing companies like BPCL, IOCL, Hindustan Petroleum Corporation Ltd revise the fuel prices daily in line with international benchmark prices and foreign exchange rates.
While petrol and diesel prices are steady in Odisha and other parts of India, they continually witness marginal revision every day. On Friday, petrol and diesel are being sold at Rs 103.60 and Rs 95.15 respectively in the capital city of Bhubaneswar, while the rate of fuel is Rs 103.49 for petrol and Rs 95.04 for diesel in Cuttack.
The price of petrol in Malkangiri where the fuel rates exhibit the highest charge in the state, is at Rs 108.91, same as a day ago, while diesel is being sold in the town without any change in rate in the last 24 hours at Rs 100.28.
The prices of petrol in some other major towns in the state are as follows: Rs 103.26 in Puri, Rs 104.28 in Sundargarh, Rs 106.17 in Rayagada, Rs 103.63 in Nayagarh, Rs 107.79 in Nabarangpur, Rs 105.30 in Keonjhar, Rs 103.05 in Kendrapara and Rs 103.37 in Balasore.
As far as diesel is concerned, the price of the fuel is Rs 94.95 in Balasore, Rs 95.90 in Bargarh, Rs 94.54 in Jagatsinghpur, Rs 94.69 in Jharsuguda, Rs 94.83 in Puri and Rs 95.26 in Sambalpur.
The price of petrol and diesel vary depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc.
Public sector OMCs including like BPCL, Indian Oil Corporation Ltd and Hindustan Petroleum Corporation Ltd revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in fuel prices are implemented from 6am every day.
On Tuesday, petrol and diesel are being sold at Rs 104.86 and Rs 96.37 respectively in the capital city of Bhubaneswar, while the rate of fuel is Rs 103.19 for petrol and Rs 94.76 for diesel in Cuttack.
The price of petrol in Malkangiri where the fuel rates exhibit the highest charge in the state, is at Rs 109.20, while diesel is being sold in the town without any change in rate in the last 24 hours at Rs 100.56.
The prices of petrol in some other major towns in the state are as follows: Rs 103.61 in Puri, Rs 104.78 in Sundargarh, Rs 107.01 in Rayagada, Rs 103.47 in Nayagarh, Rs 108.13 in Nabarangpur, Rs 105.20 in Keonjhar, Rs 103.11 in Kendrapara and Rs 103.23 in Balasore.
As far as diesel is concerned, the price of the fuel is Rs 94.81 in Balasore, Rs 96.04 in Bargarh, Rs 94.28 in Jagatsinghpur, Rs 94.89 in Jharsuguda, Rs 95.16 in Puri and Rs 95.41 in Sambalpur.
The price of petrol in Malkangiri where the fuel rates exhibit the highest charge in the state, is at Rs 109.20, same as a day ago, while diesel is being sold in the town without any change in rate in the last 24 hours at Rs 100.56.
In Capital Bhubaneswar, petrol and diesel cost Rs 103.63 and Rs 95.15 respectively, while the rate of fuel is Rs 103.28 for petrol and Rs 94.82 for diesel in Cuttack.
The prices of petrol in some other major towns in the state is as follows: Rs 103.38 in Puri, Rs 103.72 in Sundargarh, Rs 106.72 in Rayagada, Rs 103.63 in Nayagarh, Rs 107.68 in Nabarangpur, Rs 104.11 in Keonjhar, Rs 103.50 in Kendrapara, Rs 104.17 in Dhenkanal and Rs 103.63 in Balasore.
As far as diesel is concerned, the fuel is being sold at Rs 95.19 in Balasore, Rs 96.48 in Bargarh, Rs 94.54 in Jagatsinghpur, Rs 94.81 in Jharsuguda, Rs 94.94 in Puri and Rs 95.18 in Sambalpur.
Generally, apart from Centre excise duty, petrol and diesel prices differ city and state wise depending on the local taxation (VAT) and freight charges.
Every day, oil marketing companies (OMCs) revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days and foreign exchange rates.
Major cities in Odisha on Friday did not witness any major change in the rates of petrol and diesel. In State capital Bhubaneswar, a litre of petrol is selling at 103.19 while the cost of diesel is 94.76. Both the prices have remained unchanged over the last day.
Similarly, petrol and diesel prices have remained firm at 103.54 and 95.10 respectively in Cuttack today.
Here are the rates of petrol and diesel in some other parts of Odisha.
Cities Petrol Diesel
Bargarh 104.44 95.98
Sundargarh 104.28 95.83
Puri 103.44 94.99
Nayagarh 103.47 95.03
Koraput 107.79 99.21
Keonjhar 104.90 96.38
Kendrapara 103.11 94.66
Ganjam 104.66 96.17
Dhenkanal 103.98 96.17
Malkangiri 108.92 100.29
Balasore 103.18 94.76
Customers are reportedly paying Rs 103.11 per litre of petrol in the State Capital while diesel is being sold at Rs 94.68 a litre. In Cuttack, customers are paying Rs 103.71 and Rs 95.25 per litre of petrol and diesel respectively.
Similarly, petrol is being sold at Rs 108.92 in Malkangiri. In Ganjam, petrol costs Rs 103.23 and in Sambalpur.
Likewise, a litre of petrol now costs Rs 103.95 in Bhadrak and Rs 107.79 in Koraput.
Petrol prices in some other towns include Angul -104.90, Bolangir - 105.67, Dhenkanal - 103.98, Jharsuguda - 103.31, Kendrapara - 103.11, Nayagarh - 103.47, Puri - 103.47.
On the other hand, the rates of diesel in some major towns of the State is as follows: Sambalpur - 94.81, Puri - 95.02, Nayagarh - 95.03, Mayurbhanj - 95.60, Khordha - 94.68, Kenojhar - 97.06, Jharsuguda - 94.89, Bolangir - 97.17.
There has been no change in price of petrol and diesel in Malkangiri on Thursday, where the cost of fuel generally remains maximum in Odisha. Customers are paying Rs 108.92 per litre of petrol and Rs 100.30 per litre of diesel in the district.
A litre of petrol costs Rs 103.11 in the State capital city Bhubaneswar, a drop in price of Rs 63 paise as compared to Wednesday's price, according to unofficial data. Diesel is sold at Rs 94.62 which is 60 paise less than yesterday's price of Rs 95.28.
Similarly in Cuttack, petrol price has witnessed a fall of 52 paise and diesel 50 paise. A litre of petrol and diesel in the Millenimum city today cost Rs 103.28 and 94.84.
In Sundargarh, diesel costs Rs 94.85 on Thursday as compared to Rs 95.83 on Wednesday indicating that the rate has fallen by nearly a rupee in the region.
However, at Rs 104.29, petrol price has remained unchanged in Sundargarh.
The price in diesel has witnessed the maximum fall in Sambalpur where a litre of fuel now cost Rs 94.82 in comparison to Rs 96.04 on Wednesday.
At several places in the State, the prices in petrol has remained unchanged for example, in Sonepur (104.60), Sambalpur (104.50), Puri (103.41), Nayagarh (103.47), Kendrapara (103.11), Kandhamal (104.91), Gajapati (105.66) and Deogarh at Rs 104.
Diesel prices have also surged in some cities like in Puri where a litre of fuel today costs Rs 95.02 in comparison to Rs 94.94. Similarly in Nabarangpur diesel is sold at Rs 99.54 as against Rs 98.69 on Wednesday.
The fuel rates in Odisha have also been steady. Customers are reportedly paying Rs 103.11 per litre of petrol in the State Capital while diesel is sold at Rs 94.68 a litre.
In Cuttack, customers are paying Rs 103.54 and Rs 95.25 per litre of petrol and diesel respectively.
As per the fuel rate chart, petrol is sold at Rs 108.92 in Malkangiri. In Ganjam, petrol costs Rs 103.77 and in Sambalpur the petroleum product is priced at Rs 103.23.
Similarly, petrol is being sold at Rs 103.95 in Bhadrak and Rs 108.23 in Koraput.
On Friday, Maharashtra government announced reduction in the VAT on petrol and diesel by Rs 5 and Rs 3 respectively.
The last major revision in the prices of petrol and diesel took place after Finance Minister Nirmala Sitharaman announced a reduction in the central excise duty in May earlier this year.
International oil and gas prices skyrocketed after Russia invaded Ukraine in February triggering fears of supply chain disruptions. Rates have fallen in recent days amid talk of recession in the world's largest oil consumer, the US.
Though the prices of fuel continued to be on the higher side, no large change has been witnessed in the rates of the fuel in different places of Odisha on Monday.
As per the latest reports, customers are reportedly paying Rs 103.19 per litre of petrol in the State Capital while diesel is sold at Rs 94.76 a litre.
In Cuttack, customers are paying Rs 103.54 and Rs 95.10 per litre of petrol and diesel respectively.
As per the fuel rate chart, petrol is being sold at 108.92 in Malkangiri. In Ganjam, petrol costs Rs 104.66 and in Sambalpur the petroleum product is priced at Rs 104.39. Similarly, petrol is being sold at Rs 103.73 in Bhadrak and Rs 107.79 in Koraput.
It can be noted that India meets 80 per cent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices.
As per reports, customers are paying Rs 112.68 per litre for petrol in the capital city of Bhubaneswar today while diesel is available at Rs 102.35 a litre.
Similarly, in Cuttack, customers are paying Rs 112.85 and Rs 102.58 per litre of petrol and diesel respectively.
The rise in the prices of petrol and diesel has affected the budget of the common man hard.
Recently, the government has increased the price of 14.2 kg domestic LPG cylinder by Rs 50 with effect from May 7. The domestic cylinder will now cost Rs 999.50/cylinder.
India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
The Oil Marketing Companies (OMCs) effected as many as 14 hikes of petrol and diesel between March and April 6, putting the prices of the fuel on a higher side. The rise in the prices of petrol and diesel has hit the common man hard.
As per the latest report, customers are paying Rs 112.68 per litre of petrol in the capital city of Bhubaneswar today while diesel is sold at Rs 102.35 a litre.
Similarly, petrol and diesel were available at Rs 112.73 and Rs 102.39 per litre respectively in Cuttack.
Recently, the government has increased the price of 14.2 kg domestic LPG cylinder by Rs 50 with effect from May 7. The domestic cylinder will now cost Rs 999.50/cylinder.
India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.
Lately, global crude oil prices have risen due to the Russian-Ukrainian war.
Participating a debate in Lok Sabha on the fuel price rise, Puri defended the Centre and said that price of petrol have been raised by Rs 9 over 12 or 13 days, whereas the international prices have shot up. He cited figures, which compared petrol prices between April 2021 and March 2022.
The Minister pointed out that in the US, during this period, the increase in petrol prices was 51 per cent. Similarly, in Canada, the increase was 52 per cent, while in Germany and the UK, it was 55 per cent, in France, it was 50 per cent, in Spain, it was 58 per cent, in Sri Lanka, it was 55 per cent, and in India, it is just 5 per cent, he said.
The minister said that domestic petrol price in terms of percentage increase was one-tenth of what it is elsewhere.
On Tuesday, state-run oil marketing companies raised key transport fuel prices for the 13th time in the last 15 days. Consequently, in the past 15 days, petrol prices have increased by a little over Rs 9 per litre in the national capital.
These prices were revised for the very first time on March 22 after a gap of more than four months.
The OMCs revise the transportation fuel cost based on various factors such as rupee to US dollar exchange rate, cost of crude oil and demand of fuel amongst others.
The final price includes excise duty, value added tax and dealer's commission. Lately, crude oil prices have been volatile on fears of tight supplies due to sanctions against Russia.
The crude oil price range is a cause of concern for India as it may ultimately add Rs 10-15 in petrol and diesel selling prices. At present, India imports nearly 85 per cent of its crude oil requirements.
Petrol in Delhi will now cost Rs 97.01 per litre as against Rs 96.21 previously while diesel rate has gone up from Rs 87.47 per litre to Rs 88.27, according to a price notification of state fuel retailers.
A record 137-day hiatus in rate revision ended on March 22 with an 80 paise per litre increase in rates. Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab - a period during which the cost of raw material (crude oil) soared by USD 30 per barrel.
Oil companies are now recouping the losses.
According to CRISIL Research, a hike of Rs 15-20 per litre is required to fully pass the increase in international oil prices.
India is 85 per cent dependent on imports to meet its oil needs.
As on today, petrol price in Malkangiri breached Rs 115/L, which is maximum in the state. Similarly, diesel price has touched Rs 111/L in Malkangiri. Petrol and diesel prices in capital city Bhubaneswar stood at Rs 109.71/L and Rs 106/L, respectively.
On the other hand, petrol price is Rs 113 in Jeypore, Rs 110 in Rourkela and Rs 109.54 in Balasore.
As per experts, in the month of October, the prices of both petrol and diesel were hiked for as many as 20 times, which has led to such inflation.
Expressing their displeasure, the consumers have questioned the government over its decision to hike the prices of both petrol and diesel.
According to a price notification of state-owned fuel retailers, the pump price of petrol in Delhi rose by 35 paisa to its highest-ever level of Rs 106.54 a litre while diesel prices rose by its highest margin so far this year of 45 paisa to Rs 95.27 a litre.
In the financial capital Mumbai, petrol prices have now risen to Rs 112.45 per litre while diesel to Rs 103.36 a litre, the highest among all metros.
In terms of price movement, diesel rates have increased on 21 out of the last 27 days taking up its retail price by Rs 6.75 per litre in Delhi.
The fuel is now available at over Rs 100 a litre in several parts of the country.
This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Besides, petrol prices which had maintained stability since September 5 were finally raised last week.
Consequently, the petrol prices were raised on 18 of the previous 23 days taking up its pump price by Rs 5.35 per litre.
Crude price has been on a surge rising over three year high level of over $85 a barrel now as global demand remains firm while 'OPEC+' continues to move slowly on increasing production.
Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
The hike in fuel prices has also affected the prices of other essential commodities like oil, pulses and vegetables, setting kitchens on fire.
Petrol price has gone through the roof in Malkangiri district of Odisha. The filling stations are reportedly selling petrol at Rs 112.26 per litre while the price of diesel in the area is Rs 108.56 per litre.
Breaking all previous records, petrol prices in Kalimela area of the district touched Rs 113 per litre on Monday.
Similarly, in Bhubaneswar, petrol costs Rs 106.77 while a litre of diesel is sold at Rs 103.15. However, in Cuttack, the price of per litre petrol stands at Rs 107.04 and diesel at Rs 103.42.
In Rourkela, petrol costs Rs 107.88 per litre while in Balasore petrol price
is Rs 106.70.
The surge in fuel prices has triggered strong resentment among people across the country. The price hike has mainly affected the low-salaried and middle-class families struggling to make ends meet following cut on salaries due to the pandemic.
People feel the government is not doing enough to keep the fuel price in check.
A customer in Delhi said, "The government is not listening to individual demand. So everybody should chip in step so that their grievance is heard."
"It is hurting a lot. All our salary is now going into petrol. Government should take steps to decrease the petrol prices," said a consumer in Rourkela.
“The fuel price rise is a pain for middle-class families like us. If the fuel prices do not come down in the coming days, the middle class and low salaried income group will suffer further,” said a commuter.
In the national capital, petrol price rose 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the Rs 100 per litre mark in many states, pinching the common man's pocket.
In Delhi, petrol is now retailing at Rs 104.44 per litre and diesel is available at Rs 93.17 per litre after the latest price revision. On the other hand, in India's financial capital, Mumbai, petrol became costlier by 29 paise per litre and its rate stands at Rs 110.41 the highest across all the four metro cities. Diesel costs Rs 101.03 for one litre in Mumbai, a hike of 37 paise.
There has been a constant rise in the prices of petrol and diesel for the past six days and the rates are soaring at an all-time high. The prices of petrol and diesel remained steady on October 4, 2021 but saw a hike after that.
Diesel prices have now increased on 15 out of the last 18 days taking up its retail price by Rs 4.55 per litre in Delhi. The prices of diesel have increased between 20-30 paisa per litre so far but since Wednesday it has been increasing by 35 paise per litre.
With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised their pump prices last week and this week was given a spurt in the product prices lately. Petrol prices have also risen on 12 of the previous 14 days taking up its pump price by Rs 3.25 per litre.
OMCs had preferred to maintain their watch prices on the global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for the last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Across the country as well petrol and diesel increased between 30-40 paisa per litre but their retail rates varied depending on the level of local taxes in the state.
Crude price has been on a surge rising over three years high level of over $83.5 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices become effective from the morning at 6 a.m.
The daily review and revision of prices are based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump prices of fuel.
Diesel prices increased by a sharp 35 paisa per litre in the national capital to Rs 91.42 per litre on Wednesday while petrol prices rose by 30 paise per litre to Rs 102.94 a litre, according to the Indian Oil Corporation, the country's largest fuel retailer.
Diesel prices have now increased on 10 out of the last 13 days taking up its retail price by Rs 2.80 per litre in Delhi. Its prices increased between 20-30 paisa per litre so far but on Wednesday, it breached this mark as well with the 35 paise per litre rise.
With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of Madhya Pradesh. This dubious distinction was earlier available to petrol that had crossed the Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised their pump prices last week and this week, given a spurt in the product prices lately. Petrol prices have also risen on seven of the previous nine days, taking up its pump price by Rs 1.75 per litre.
OMCs had preferred to maintain their watch prices on the global oil situation before making any revision in prices. This is why petrol prices were not revised for the last three weeks. But the extreme volatility in the global oil price movement has now pushed OMCs to effect the increase.
In Mumbai, the petrol price increased by over 30 paisa per litre to reach close to Rs 109 per litre while diesel rates increased and stood near Rs 100 a litre at over Rs 99.15 a litre.
Across the country, petrol and diesel increased between 30-40 paisa per litre but their retail rates varied depending on the level of local taxes in the state.
Fuel prices in the country have been hovering at record levels on account of 41 increases in retail rates since April this year. Prices fell on few occasions but largely remained constant.
After rising over three years high level of $80 a barrel earlier this week, the global benchmark came down to $78 a barrel and now is again up to $82 a barrel while OPEC+ has decided to stick to its marginal production easing plan and the market remains tight.
Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $8-9 per barrel as compared to average prices during August.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices become effective from the morning at 6 a.m.
The daily review and revision of prices are based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
But, the fluctuations in global oil prices have prevented OMCs from following this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever there is a mismatch between globally arrived and pump prices of fuel.
Accordingly, diesel prices increased by 20 paise per litre in the national capital to Rs 88.82 per litre on Friday while petrol price remained unchanged for the 19 consecutive days.
OMCs have preferred to maintain their watch prices on the global oil situation before making any revision in prices.
The wait and watch plan of OMCs has come to the relief of consumers as no revision has been done during a period when crude prices were on the rise over a shortfall in US production and demand pick up. This would have necessitated about Rs 1 increase in prices of petrol and diesel.
In Mumbai, the petrol price was stable at Rs 107.26 per litre while the diesel rate increased to about Rs 96.40 a litre.
Across the country as well petrol price remained static on Friday while diesel price increased marginally.
Fuel prices have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on a few occasions but largely remained stable.
Petrol was sold at Rs 72.43 per litre in Delhi, the highest in three years. It cost Rs 72.51 on August 2014, according to data from Indian Oil Corp.
In Kolkata, Mumbai and Chennai, petrol was sold at Rs 75.13, Rs 80.30 and Rs 75.12 per litre respectively, also at over three-year high levels.
The previous highs were Rs 75.46 (Kolkata, October 2014), Rs 80.60 (Mumbai, August 2014) and Rs 75.78 per litre (Chennai, August 2014).
Similarly, diesel prices, which have been touching new levels, shot up further on Wednesday across all major cities.
In Delhi, diesel was sold Rs 63.38 per litre. In Kolkata, Mumbai and Chennai, it cost Rs 66.04, Rs 67.50 and Rs 66.84 a litre respectively.
Diesel is widely used to transport goods including food products. Experts say this will push up inflation.
Several factors like production curbs by the Organization of the Petroleum Exporting Countries and high demand have led to a surge in crude oil prices. As on January 24, price of the Brent crude oil hovered around $70 a barrel.
Also, daily price revision in India allows for a rise in domestic fuel prices in accordance with international trends. The earlier system of price determination of petrol had a waiting period of 15 days.
On the other hand, imposition of state taxes and levies generally hikes prices. Currently, the two fuels do not come under the ambit of the Goods and Services Tax.
Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharastra have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.
Fuel prices have now increased on four of the last five days rising continuously from Monday to Wednesday, pausing on Thursday and again rising on Friday. Prior to holding back auto fuel prices on Saturday and Sunday, its pump rates had also increased sharply on previous four days as well.
Petrol prices have increased by Rs 1.79 a litre Delhi in May in the eight increases so far. Similarly, diesel prices have risen by Rs 2.22 per litre in capital this month.
IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.
The oil companies had already increased the ATF prices by 6.7 per cent effective this month.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $ 69 a barrel now.
With global crude prices at around $ 69 a barrel mark, OMCs may have revise fuel prices upwards again if there is any further firming up.
Petrol and diesel prices are now at record high across the country, price notification of state-owned fuel retailers showed.
In Delhi, petrol now comes for Rs 92.05 per litre and diesel is priced at Rs 82.61.
This was the third increase in prices this week and seventh hike since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in states like West Bengal.
The price increase led to petrol rates crossing the Rs 100 mark in more places in Rajasthan, Madhya Pradesh and Maharashtra.
Fuel prices differ from state to state depending on the incidence of local taxes such as value-added tax (VAT) and freight charges. Rajasthan levies the highest VAT on petrol in the country, followed by Madhya Pradesh.
Bhopal on Wednesday earned the distinction of being the first state capital in the country to see petrol cross Rs 100 mark. Petrol in the city now costs Rs 100.08 a litre.
Indore had petrol priced at Rs 100.16 per litre.
Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 102.96 per litre and Rs 95.33 a litre, respectively.
In seven increases, petrol price has risen by Rs 1.66 per litre and diesel by Rs 1.88.
Since March last year, when the government raised excise duty on fuel to an all-time high, petrol price has increased by a record Rs 22.46 per litre (after accounting for a handful of occasions when rates fell) and diesel by Rs 20.32.
Oil companies, that in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal.
No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trend in international oil markets.
They said prices have been on a continuous uptrend since April 27.
Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.
In Mumbai, the petrol price was hiked to Rs 98.36 a litre on Wednesday from Rs 98.12, while diesel rates were increased to Rs 89.75 from Rs 89.48, the price notification showed.
Petrol prices in Mumbai rose by 26 paisa to Rs 98.12 a litre on Tuesday. Similarly, diesel prices in the city also rose 31 paisa per litre to Rs 89.48, the highest in all four major metro cities in the country.
Premium petrol prices have also already crossed the Rs 100 per litre mark in the city and other parts of the country through increase in the retail rates in the month of January and February. In fact, even regular petrol prices are already over Rs 100 per litre in parts of Madhya Pradesh, Rajasthan and Maharashtra.
he Tuesday's price rise by OMCs is second consecutive such revision this week. Even last week, fuel prices increased on four consecutive days before a pause during the weekend.
The fuel price rise has made auto fuels touch new highs every day. Before this year, Petrol and diesel prices reached the highest level in October 2018 when crude prices were over $80 a barrel. The all time high levels of petrol and diesel reached this year even though crude is still around $68 a barrel.
The Tuesday's price rise has made petrol and diesel prices dearer across the country but its quantum varied depending on the level of local levies in respective states.
Prior to holding back auto fuel prices on Saturday and Sunday, its pump rates had increased sharply on previous four days. Petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively on Tuesday, by 19 paisa and 21 paisa per litre respectively on Wednesday, by 25 and 30 paisa respectively on Thursday and by 28 paisa and 31 paisa per litre respectively on Friday after a 18 days break.
IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF prices by 6.7 per cent effective this month.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $68 a barrel now.
The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs kept its prices static. Thereafter revision of fuel prices have been halted.
The OMCs went on price cut for the first time this year on two consecutive days - March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30. Thereafter, fuel prices have remained unchanged for 15 days before falling again on April 15. In all petrol prices have fallen by 77 paisa per litre while diesel by 74 paisa per litre in 2021 so far.
Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
With global crude prices at around $68 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up.
Petrol price was hiked by 26 paise a litre and diesel by 33 paise per litre, according to a price notification by state-owned fuel retailers.
This was the fifth increase in prices since May 4, when the state-owned oil firms ended an 18-hiatus in rate revision during assembly elections in states like West Bengal.
The increase took petrol and diesel prices to their highest-ever level. In Delhi, petrol now comes for Rs 91.53 per litre and diesel is priced at Rs 82.06 per litre.
While petrol prices had crossed the Rs 100-mark in some places in Rajasthan and Madhya Pradesh a few days back, Maharashtra's Parbhani joined the league on Monday. Petrol in Parbhani was priced at Rs 100.20 a litre, while in Bhopal it came for Rs 99.55 a litre.
The fuel is sold at Rs 102.42 a litre in Sri Ganganagar district of Rajasthan and at Rs 102.12 in Anuppur of Madhya Pradesh.
This is the second time this year that rates in some parts have crossed the Rs 100-a litre mark. Rates had breached the physiological mark for the first time in mid-February.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh.
In five increases in the last one week, petrol price has risen by Rs 1.14 per litre and diesel by Rs 1.33 - more than neutralising all of the reduction that came between March 24 and April 15.
After raising petrol price by a record Rs 21.58 per litre and diesel by Rs 19.18 since the government raised excise duty to an all-time high in March last year, state-owned fuel retailers, IOC, BPCL and HPCL had reduced petrol price by 67 paise a litre and diesel by 74 paise per litre effected between March 24 and April 15.
Oil companies, who have in recent months resorted to unexplained freeze in rate revision, had hit a pause button after cutting prices marginally on April 15. This coincided with electioneering hitting peak to elect new governments in five states including West Bengal.
No sooner had voting ended, oil companies indicated an impending increase in retail prices in view of firming trends in international oil markets.
They said prices have been on a continuous uptrend since April 27, crude oil price is hovering near USD 70-per-barrel mark.
Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. The union government levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 on diesel.
In Mumbai, the petrol price was hiked to Rs 97.86 a litre on Monday from Rs 97.61, while diesel rates were increased to Rs 89.17 from Rs 88.82, the price notification showed.
Accordingly, petrol price remained at previous days level of Rs 91.27 a litre and diesel Rs 81.73 a litre in the national capital.
Across the country as well, the petrol and diesel price remained static on Saturday but its price levels varied depending on the level of local levies in respective states.
Petrol prices in some states have breached the Rs 100 per litre mark, while premium petrol has been hovering above that level for some time now.
Prior to holding back auto fuel prices, its pump rates had increased sharply on previous four days.
Petrol and diesel prices rose by 15 paisa and 18 paisa per litre respectively on Tuesday, by 19 paisa and 21 paisa per litre respectively on Wednesday, by 25 and 30 paisa respectively on Thursday and by 28 paisa and 31 paisa per litre respectively on Friday after an 18-day break.
IANS had reported earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices.
The oil companies had already increased the ATF prices by 6.7 per cent effective this month.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate.
In the last fortnight, global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised.
Crude prices have jumped around $69 a barrel now.
The price of the two auto fuels had fallen by 16 paisa and 14 paisa per litre respectively on April 15 after a 15 day break when OMCs kept its prices static.
Thereafter revision of fuel prices have been halted.
The OMCs went on price cut for the first time this year on two consecutive days, March 24 and 25, after keeping oil prices steady for past 24 days.
It again reduced the price on March 30.
Thereafter, fuel prices have remained unchanged for past 15 days before falling again on April 15.
In all, petrol prices have fallen by 77 paisa per litre while diesel by 74 paisa per litre in 2021 so far.
Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively, so far this year.
With global crude prices at around $ 69 a barrel mark, OMCs may have revise fuel prices upwards again if there is any further firming up.
In the national capital, petrol was sold for Rs 90.40 per litre.
Price of the fuel in Mumbai, Chennai and Kolkata were Rs 96.83, Rs 92.43 and Rs 90.62 per litre, respectively.
Similarly, price of diesel also was unchanged for the 10th straight day. In Delhi, Mumbai, Chennai and Kolkata, the fuel was sold for Rs 80.73, Rs 87.81, Rs 85.75 and Rs 83.61 per litre, respectively.
Prices remained unchanged despite high crude oil prices. Brent crude prices are currently above the $66-per-barrel mark.
The June contract of Brent crude on the Intercontinental Exchange (ICE) is currently trading at $66.11 per barrel, higher by 1.09 per cent from its previous close.
After four days of slide in the price of the fuels in the national capital, petrol has become cheaper by 72 paisa while diesel fell by 46 paisa.
Petrol was selling at Rs 73.89 a litre, diesel at Rs 67.03 a litre in Delhi after OMCs reduced prices by 12-16 paisa on Sunday.
According to the information available on Indian Oil website, the price of petrol in Delhi, Kolkata, Mumbai and Chennai is Rs 73.89, Rs 76.53, Rs 76.50, and Rs 76.74, respectively, after the price cut.
Public and private sector oil marketing companies (OMCs) have appealed to petroleum ministry to support a plan to raise consumer prices of auto fuels to help them recover a portion of investments made in upgrading their refineries to produce BS Stage-VI fuel.
If this proposal is accepted by the government, retail prices of petrol and diesel would come at a premium of about Rs 0.80 a litre and Rs 1.50 a litre, respectively for the next five years much to the discomfort of consumers.
Global oil market has largely remained flat for past several months due to slower demand. This has also resulted in retail prices of petrol and diesel being cut by OMCs on numerous occasions in past few weeks. But if a premium charge is allowed, retail fuel prices would not reflect global pricing trend but would remain artificially higher at all times.
"Allowing increase in retail prices of petrol and diesel is one among several options that we have to cover for incremental investment made in upgrading our refineries. We have approached the petroleum ministry with a complete plan on cost recovery and awaiting a direction," said a senior executive of a private sector refiner who asked not to be named.
Refineries of public sector companies (Indian Oil, Hindustan Petroleum and Bharat Petroleum) have spent close to Rs 80,000 crore to reach BS-VI levels after rolling out BS-IV complaint fuel for national introduction in April 2017. Even private refiners, Nayara Energy (formerly Essar Oil) and Reliance Industries have spent heavily to upgrade their facilities ahead of nationwide launch of BS-VI compliant fuel from April 1, 2020.
Recovery of investment without a proper plan may push OMCs into the red if oil market remains subdued and a portion of demand shifts to electric mobility. Government already has indicated that it wants electric to become prime mobility vehicle by 2030. On their part OMCs are also looking to diversify, but face immediate challenge to recover their current investment before consumption of conventional fuels start receding.
"OMCs have flagged the issue but government is yet to take a view on the matter. Alternatives would be explored first before a call is taken to revise pricing formula for auto fuels," said a government official privy to the development.
Fuel prices have been deregulated in the country meaning that prices at retail level are determined on the basis of global movement of petroleum product prices. Currently, petrol and diesel prices are revised daily by OMCs based on average price of fuel in previous fortnight. If OMCs are allowed to recover cost on previous investment, pricing of petroleum products would again go back to a regulated regime or not reflect true value.
A source said that instead of a direct premium for cost recovery, government may allow OMCs to keep petrol and diesel prices a bit higher in times of falling prices to prevent any public backlash to the measure. This has also been done by state-owned OMCs in times of state and national elections, when a complete price freeze was maintained.
Government support on pricing is being explored as there is very little difference in prices of petrol and diesel at pump level and uniformity needs to be given if cost recovery is allowed.
(IANS)
In Delhi, petrol prices climbed to Rs 74.68 a litre as against Rs 74.63 a litre on Wednesday while diesel price rose to Rs 67.09 a litre as compared to Rs 66.99 a litre.
In Mumbai, petrol is selling at Rs 80.34 a litre, in Chennai at Rs 77.64 a litre and in Kolkata at Rs 77.34 a litre, as per data from Indian Oil Corporation website.
Diesel in Mumbai costs Rs 70.39 a litre, in Chennai Rs 70.93 a litre and in Kolkata Rs 69.50 a litre.
Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis.
(IANS)
Petrol prices have increased for the third consecutive day, while the rise in diesel price has continued for the sixth consecutive day.
State-run oil marketing companies on Tuesday increased the price of petrol by 10 paise in Delhi, Mumbai and Chennai and nine paise per litre in Kolkata. The price of diesel has again increased by 18 paise in Delhi and Kolkata, while by 19 paise per litre in Mumbai and Chennai. Petrol and diesel prices have also increased in all other cities of the country.
According to the Indian Oil website, the price of petrol in Delhi, Kolkata, Mumbai and Chennai increased to Rs 75.14, Rs 77.79, Rs 80.79 and Rs 78.12 per litre respectively.
At the same time, the price of diesel in the four metros has increased to Rs 67.96, Rs 70.38, Rs 71.31 and Rs 71.86 per litre respectively.
(IANS)
The increase has been made under the dynamic pricing system for daily revision of fuel prices, which OMCs resumed after over the 80 day break during the lockdown period.
In the national capital, the retail price of both petrol and diesel had increased by 60 paise to Rs 72.46 and Rs 70.59 per litre respectively. In other cities, the increase could vary depending on the tax structure on products.
IANS had written earlier that daily price revision may begin in June and retail prices of petrol and diesel could go up to Rs 5 a litre in phases. In two days it has already gone up by Rs 1.20 per litre.
Prices of transportation fuel were last revised under the dynamic pricing policy on March 16 and there were few instances of price hike only when the respective state governments hiked VAT or cess.
In a bid to increase revenues during the nationwide lockdown, several state governments raised taxes imposed on transportation fuel.
Already, the gap between cost and sale price of petrol and diesel for the OMCs has reached around Rs 4-5 per litre. If this has to be covered over a period of time, given there is no further increase in the global prices, auto fuel prices may be increased by 40-60 paise per day for a couple of weeks to cover the losses.
The increase in retail price under daily price revision would largely depend on prevailing oil prices and global oil market at the time to determine the retail price. Going by the current trend, crude prices are way above price levels in April when even benchmark Brent crude had slipped below $20 a barrel. Brent is now trading at over $42 a barrel.
However, lockdown has also curved demand for auto fuel. This could maintain some check on prices.
Raising retail prices became important for the OMCs now as the recent steep excise duty hike without the resultant increase in petrol and fiscal prices, had substantially brought down its marketing margins from a record high level of Rs 12-18 per litre.
If it is unable to raise prices when the global crude prices are rising, it would start incurring losses that will get steeper.
(IANS)
Read More:
Non-subsidised LPG price hiked, aviation fuel ups by Rs 11,000/kl
COVID Crisis: India Oil Import Bill Falls 10% To $101 Billion In FY20
In the national capital, petrol price rose by 62 paise on Sunday to Rs 75.78 per litre, and that of diesel by 64 paise to Rs 74.03 per litre.
Since the dynamic price revision resumed on June 7, prices of petrol and diesel have increased by Rs 4.52 and Rs 4.64 per litre respectively.
Fuel prices in the other metro cities have also increased on similar lines since the oil marketing companies (OMC) resumed the dynamic pricing system for daily revision of fuel prices after over 83 days of break during the nationwide lockdown.
In Mumbai, Chennai and Kolkata, petrol was priced at Rs 82.70, Rs 79.53 and Rs 77.64, higher from Rs 82.10, Rs 78.99 and Rs 77.05 per litre respectively.
Diesel prices in these cities were Rs 72.64 (Mumbai), Rs 72.18 (Chennai) and Rs 69.80 (Kolkata), compared with Rs 72.03, Rs 71.64 and Rs 69.23 respectively on Saturday.
The increase in prices varies across metros, depending on the tax structure on products in various states.
Prices of transportation fuel were halted under the dynamic pricing policy after March 16 and post that there were few instances of price hike only when the respective state governments hiked VAT or cess.
In a bid to increase revenues during the nationwide lockdown, several state governments raised taxes imposed on transportation fuel.
Already, the gap between cost and sale price of petrol and diesel for OMCs reached around Rs 5-6 per litre. If this has to be covered over a period of time, given there is no further increase in global prices, auto fuel prices may be increased by 40-60 paise per day for a few more days to cover the losses.
The increase in retail prices under daily price revision would largely depend on prevailing oil prices and the global oil market at the time.
However, the lockdown has also decreased the demand for auto fuel. This could maintain some check on prices.
Raising retail prices has become important for OMCs now as the recent steep excise duty hike without a resultant increase in petrol and diesel prices had substantially brought down its marketing margins from record-high levels of Rs 12-18 per litre.
If OMCs are unable to raise prices when the global crude prices are rising, they would start incurring losses that will get steeper.
(IANS)
Read More:
Passenger Vehicle Sales Expected To Plunge By 22-25% in FY21
Oil sector experts said that with global oil prices under pressure from slowing demand in the second wave of Covid-19 pandemic sweeping several western countries, crude price could fall in coming days. If this holds on for a week or so, there could be positive gains for auto fuel consumers in India by way of a fall in retail price of petrol and diesel.
Global crude prices are holding close to $ 42 a barrel now. It has been hovering between $ 40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear a song oil producing companies that crude prices may start falling again.
OMCs in India have been holding on to the retail price of petrol and diesel for close to a month now. Even on Wednesday, the price of two petrol products remained unchanged. With this, petrol prices have now been unchanged for 29 days at a stretch while diesel prices were the same for the 19 consecutive days.
Price of petrol in the national capital was at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively.
Diesel prices in Delhi, Mumbai, Chennai and Kolkata were at Rs 70.46, Rs 76.86, Rs 75.95 and Rs 73.99, respectively.
But with fresh indications on global oil prices, domestic oil companies could revise the retail price downwards. However, their margins would be protected as oil demand in the country had picked up latterly getting over even the last years numbers.
Retail sales have picked up with the gradual reopening of the economic activities. First time since lockdown, diesel sale in the country has crossed over the pre-covid level with the country's most widely consumed fuel witnessing a nine per cent year-on-year growth in the first 15 days of October.
The surge in demand after months of subdued sales is the direct result of an increase in the transport activities ahead of the festival season as consumers move out to make those necessary purchases.
According to official sources, during the first fortnight of October, diesel sales increased by 9 per cent (YoY) to reach 2.65 million tonne. The growth is even more significant at close to 25 per cent in relation to the previous month of September.
In the first 15 days of October, petrol sales also rose, but substantially lower at 1.5 per cent to close to one million tonne.
(IANS)
Accordingly, the pump price of petrol remained at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi on Wednesday. Across the country as well, the price of the two petroleum products remained unchanged.
OMCs have gone on a pause mode at a time when news of successful coronavirus vaccine and expectations of big pick up in demand had kept crude on the boil with prices breaching $50 a barrel mark.
However, the recent news on a new mutant strain of the virus has affected markets across the world and uncertainty over fresh lockdowns and demand squeeze had again brought crude prices below the $50 a barrel mark.
Petrol price was very close to breaching the all time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7. But the march has been halted ever since then with no price revision by the OMCs.
With Wednesday's pause, fuel prices have now increased on 15 of the past 34 days with petrol prices rising by Rs 2.65 per litre and diesel by 3.41 a litre.
Earlier, petrol prices had been static since September 22, and diesel rates had not changed since October 2. It started rising in November and again went for pause since December 8.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspend ended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.
(With IANS Inputs)
Accordingly, the pump price of petrol remained at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi on Friday. Across the country as well the price of the two petroleum products remained unchanged.
The price of petrol in Mumbai remained at Rs 90.34 and diesel Rs 80.51, the two fuels remained at Rs 86.51 and Rs 79.31 a litre respectively in Chennai. The retail price of petrol remained at Rs 85.19 and Rs 77.44 a litre in Kolkata.
The OMCs have gone on a pause mode at a time when the news of a successful coronavirus and expectations of big pick up in demand had kept crude on the boil with prices breaching $50 a barrel mark.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7. But the march has been halted ever since then with no price revision by the OMCs.
With Friday's pause, fuel prices have now increased on 15 of the past 35 days with petrol price rising by Rs 2.65 per litre and diesel by 3.41 a litre.
Earlier, petrol price had been static since September 22, and diesel rates hadn't changed since October 2. It started rising in November and again went for pause since December 8.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.
(IANS)
Accordingly, petrol continues to be sold at Rs 85.20 a litre in Delhi while diesel prices also remained same at Rs 75.38 a litre.
Across the country as well pump prices of petrol and diesel remained unchanged on Wednesday.
Petrol and diesel prices had risen sharply by 25 paisa per litre each on Monday and Tuesday before OMCs decided to give relief to consumers from frequent price rise.
The pump price of petrol and diesel has increased by Rs 1.49 and Rs 1.51 per litre respectively in January so far with OMCs deciding to break an earlier longer period of pause increasing the retail prices first time this year on January 6. The price had been raised on five different days since then.
The last two days of increase in pump prices in petrol and diesel has taken the prices to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.
The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices that had again crossed $56 a barrel mark.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.
(IANS)
Accordingly, the pump price of petrol increased between 22-25 paise per litre across all major metros on Friday while diesel price increase ranged 23-27 paise per litre.
With this, petrol is now priced at Rs 85.45 a litre in Delhi as against previous days price of Rs 85.20 a litre. Similarly, in Mumbai petrol price increased to Rs 92.04 a litre, a 24 paise increase from previous days price of Rs 91.80 a litre. In Chennai and Kolkata, petrol is now priced at Rs 88.07 and 86.87 a litre respectively, registering an increase of 22 and 24 paise per litre from the previous day.
Diesel on the other hand faced sharper increase, rising by 27 paise a litre in Mumbai from previous days' level of Rs 82.13 a litre to Friday's retail price of Rs 82.40 a litre. In Delhi, diesel rose 25 paise per litre to Rs 75.63 a litre, in Chennai by 23 paise per litre to Rs 80.90 a litre and in Kolkata by 26 paise per litre to Rs 79.23 a litre.
The increase in retail price of auto fuel came on a day when global crude prices showed some signs of softening declining by less than one per cent to close to $ 55 a barrel. Crude prices have remained firm for the last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in the consumption in all major economies globally.
The increase in the petrol and diesel prices is the third such revision this week. The auto fuels had risen sharply by 25 paise per litre each on Monday and Tuesday before the OMCs decided to give relief to the consumers from frequent price rise for the last two days.
With Friday's revision, the pump price of petrol and diesel has now increased by Rs 1.74 and Rs 1.76 per litre respectively in January so far with OMCs' deciding to break an earlier longer period of pause increasing the retail prices for the first time this year on January 6. The price had been raised on six different days since then.
The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.
The current price rise is largely on account of the steep increase in the central taxes of petrol and diesel and firm crude prices.
Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.
Oil companies' executives said petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with the global developments to prevent OMCs from making losses on sale of auto fuels.
(IANS)
Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the national capital on Monday. Across the country as well the petrol and diesel prices remained unchanged. This is the ninth consecutive day when pump prices of auto fuels have remained unchanged.
After a spike in global oil prices seen over the last two weeks with crude prices jumping close to $ 67 a barrel, prices had fallen to around $ 63 a barrel but it has risen again to cross $70 a barrel mark now after OPEC + decision to continue with crude production cut in April.
Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, prices have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.
The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.
The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making losses on sale of auto fuels.
Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital on Saturday. Fuel prices have not been revised now for 14 days.
Across the country as well the petrol and diesel price remain unchanged. But the pause has not helped in bringing down fuel prices that have crossed Rs 100 per litre (petrol) mark in several parts of the country.
Since the beginning of February crude has gained more than $7 per barrel that pushed OMCs to increase fuel prices on 14 occasions raising the prices by Rs 4.22 per litre for petrol and by Rs 4.34 a litre for diesel in Delhi. Crude is now sitting at around $ 69.2 a barrel.
The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
Accordingly, there was no change in retail price of auto fuels on Thursday with price of petrol remaining at Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi. Across the country as well the price of the two petroleum products remained unchanged.
OMCs have gone on a pause mode at a time when news of successful coronavirus and expectations of big pick up in demand had kept crude on the boil with prices breaching $ 50 a barrel mark. Crude, however, has remained static for the last few days reducing any pressure on the upward revision in fuel prices.
Petrol price was very close to breaching the all time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on Monday last week. But the march has been halted ever since then with no price revision by the OMCs.
Global crude prices have risen almost $ 10 a barrel in the last one month to reaching over $ 50 a barrel now. But even at this level, it is far less than the average crude price of $ 80.08 a barrel in October 2018 when petrol prices reached highs of Rs 84 a litre in the Capital.
With Thursday's pause, fuel prices have now increased on 15 of the past 28 days with petrol prices rising by Rs 2.65 per litre and diesel by 3.41 a litre.
Petrol prices had been static since September 22 and diesel rates hadn't changed since October 2.
Though retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent volatility in international oil markets from impacting fuel prices regularly during the pandemic.
(IANS)