Tag: Fuel prices

Petrol and Diesel Rates Remain Unchanged For 20th Consecutive Day; Check Prices Here

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Prices of petrol and diesel remained unchanged for the 20th consecutive day on Friday, March 19 as the rates are kept at pause by the oil marketing companies. A surge in the prices was observed in the month of January and February which led to demands for a cut in excise duty. However, you will have to pay different fuel prices in different states as along with the freight charges, taxes also get levied on them by both central and state governments. 60 percent of the retail selling price of petrol is made up of the central and state taxes while it is over 54 percent of diesel. Also, Rs 32.90 per litre of excise duty on petrol is charged by the centre while Rs 31.80 a litre on diesel.

Daily revision of petrol and diesel prices are done with effect from June 15, 2017 based on international rates and foreign exchange rates. However, before June 2017 the rates were revised every fortnight.

Fuel prices in India are revised by the oil marketing companies such as Indian Oil, Bharat Petroleum, etc based on the International rates.

Following are the rates of petrol and diesel in various cities of the country according to Good Returns:

New Delhi: The petrol price stood at Rs 91.17 per litre in the national capital as the rates remained unchanged while the price of diesel is at Rs 81.47 a litre on Friday, March 19.

Mumbai: A person will have to pay Rs 97.57 for a litre of petrol in Mumbai while Rs 88.60 for the same quantity of diesel.

Chennai: Rs 93.11 is the price of petrol per litre which one will have to pay in the city whereas diesel is selling at Rs 86.45 a litre.

Bengaluru: Petrol is being sold at Rs 94.22 per litre in Bengaluru while the rate of diesel stayed at Rs 86.37 for the same quantity.

Kolkata: The purchaser of the fuel will have to pay Rs 91.35 per litre for petrol and Rs 84.35 for the same quantity of diesel in the city.

Hyderabad: In Hyderabad, the rate of petrol stood at Rs 94.79 a litre while diesel is at Rs 88.86 per litre.

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Petrol, Diesel Prices Remain Unchanged for 18th Day: Check Rates Here

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The global oil market has remained volatile with continuous variations in prices however, the fuel prices in India have remained steady for over a fortnight now. The rates have remained unchanged for 18 consecutive days however; it has not helped in bringing the rates down which have crossed the Rs 100 per litre (petrol) mark in various parts of the country. The rates of the fuel started witnessing an upswing in January 2021 which led to demands for a cut in excise duty.

The prices of petrol and diesel are revised daily based on international rates and foreign exchange rates. Here are the rates of petrol and diesel in various cities of the country according to Good Returns:

New Delhi: The rate of petrol stood at Rs 91.17 per litre while the price of diesel is at Rs 81.47 a litre in the national capital on Wednesday, March 17.

Mumbai: In Mumbai, a person will have to pay Rs 97.57 for one litre of petrol while Rs 88.60 for the same quantity of diesel.

Chennai: The price of petrol stood at Rs 93.11 per litre in the city whereas diesel was selling at Rs 86.45 a litre.

Bengaluru: Petrol was selling at Rs 94.22 per litre in Bengaluru while diesel prices stayed at Rs 86.37 for the same quantity.

Kolkata: One will have to pay Rs 91.35 and Rs 84.35 per litre for petrol and diesel respectively in the city.

Hyderabad: Petrol is at Rs 94.79 a litre and diesel is at Rs 88.86 per litre.

Recently amid record-high fuel prices in the country, Finance Minister Nirmala Sitharaman has informed that there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).

In India fuel prices are revised by the oil marketing companies including Indian Oil, Bharat Petroleum, etc based on the International rates.

Keywords: petrol prices, diesel prices, petrol diesel prices in india, change in petrol price, fuel prices, fuel prices in india

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India’s Oil Demand Falls 5% in February as Record-high Prices Hinder Demand Recovery

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India’s fuel consumption fell for the second month in a row in February to its lowest since September as record-high prices hindered demand recovery. Petroleum product consumption fell 4.9 per cent to 17.21 million tonnes in February as demand for both petrol and diesel fell, according to data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas.

Petrol and diesel prices across the country rose to their highest levels last month before state-owned fuel retailers put on hold any further price increase ostensibly to contain political fallout for the ruling party in the ensuing assembly elections in states like West Bengal. Diesel, the most used fuel in the country, fell 8.5 per cent to 6.55 million tonnes while petrol consumption was down 6.5 per cent to 2.4 million tonnes.

Naphtha sales remained unchanged but the sale of bitumen – used for making roads – was down 11 per cent. Cooking gas LPG sales were up 7.6 per cent.

Crude oil suppliers group OPEC’s monthly oil report on Thursday forecast a 13.6 per cent jump in India’s oil demand in 2021 to 4.99 million barrels per day. India’s oil demand had fallen 10.54 per cent in 2020 to 4.40 million bpd from 4.91 million bpd in 2019.

“The encouraging macroeconomic indicators, together with significant decreases in COVID-19 cases across the country, provided a solid foundation for the 2021 oil demand outlook in India,” the report said. The recent positive developments in industrial activities will result in industrial fuels being the backbone for oil demand growth in 2021, with a healthy rebound for transportation fuels providing further support, it said adding the aviation sector will remain under pressure throughout 2021 and will also be a major source of uncertainty.

“Despite some improvements month-on-month, domestic flight operations remained more than 10 per cent lower than the levels recorded during the same period in 2020,” the OPEC report said. India’s economy returned to positive growth territory in the fourth quarter of 2020 as its real GDP expanded by 0.4 per cent year-on-year after two-quarters of contraction. This was after provincial and localised lockdowns were lifted amid a fall in the daily number of new COVID-19 cases.

Economic growth was mainly driven by higher consumer spending during the Diwali festival in mid-November. In 2020, India’s GDP contracted by 7 per cent, but it forecast to grow by 9 per cent in 2021.

“Following the 0.4 per cent growth registered in 4Q20, India’s was one of the few major economies to post growth in the quarter as lockdowns eased, and this rebound is expected to continue as consumption manufacturing activity rise,” the OPEC report said.

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