Petrol Price Trend in Bangalore

Petrol Price Trend in Bangalore between October and December 2018

1. Petrol prices in Bangalore and other cities in the country are revised daily under the Dynamic Fuel Pricing mechanism.
2. On 1 October 2018, the petrol price trend in Bangalore was fixed at Rs.84.47 per litre rising to touch the highest price of Rs.84.72 per litre on 4 October.
3. The Central government announced a cut in excise duty of Rs.1.50 per litre and asked oil companies to further subsidise Rs.1 per litre, leading to a fall in petrol prices.
4. However, by the end of the month prices fell to Rs.80.22 per litre - the lowest price recorded during the month. Overall, petrol price trend in Bangalore fell by 5.03% amid high crude oil price and the rupee-dollar value.

1. In November, petrol was priced Rs.80.04 per litre on the opening day, which was also the highest price of the month.
2. Despite record highs, petrol prices declined over the course of the month in sync with the drop in the exchange rate of the US dollar coupled with an appreciating rupee.
3. The lowest petrol price trend in Bangalore during November was recorded at Rs.73.53 per litre on 30 November 2018.
4. During the month, the petrol price trend in Bangalore fell by 8.14% mainly due to the decline in the global crude oil prices.
5. The petrol rate in Bangalore on 1 December was recorded at Rs.73.17 per litre which was also the highest for the month.

1. With the crude oil prices declining to trade at $56 per barrel as the trade war between the US and China eased, fuel prices dipped across the globe.
2. The lowest petrol price in Bangalore in December was recorded at Rs.69.36 per litre on 31 December.
3. Petrol prices in December fell by 5.21% over the course of the month. This was attributed to the decline in crude oil prices in the global market coupled with the drop-in dollar value over the rupee.

Quarterly Petrol Price Trend in Bangalore between July 2018 and September 2018

Petrol Price Trend in Bangalore in July 2018

1. Despite a fall in the price of crude oil per barrel in the first week of July 2018, petrol rate trend in Bangalore, the capital city of Karnataka, increased marginally.
2. As of 9 July 2018, the fuel rate was Rs.77.64 a litre. Oil marketing companies increased it to Rs.77.81 a litre on the 10th, Rs.77.87 a litre on the 12th, Rs.78.05 a litre on the 13th and Rs.79.30 a litre on the 16th.
3. While the price of Indian Crude Basket fell consistently in the first half of July 2018, the exchange rate of the INR against the USD was down slightly.
4. Fuel prices in the third week dropped because of the sluggish global crude oil market. The upward trend in petroleum prices influenced fuel rates to increase further in the last week.
5. The average crude oil price a barrel decreased to $73.47 a barrel this month from $73.83 a barrel last month. It clearly indicates that the revision of petrol rates in Bangalore was influenced not only by the currency conversion rate but also partially by oil rates.
6. Neither the State Government of Karnataka nor the Central Government of India impacted fuel pricing this month.

Petrol Rate Trend in Bangalore in August 2018

1. The opening date price was Rs.78.77 a litre. The price increased to Rs.78.95 a litre on the 2nd, Rs.79.03 a litre on the 3rd, and Rs.79.51 a litre on the 6th.
2. Interestingly, between 7 August 2018 and 15 August 2018, the fuel rate was stagnant at Rs.79.61 a litre irrespective of the changes in unrefined oil rates and the currency translation ratio.
3. Under dynamic fuel pricing, a litre of petrol was valued at Rs.79.74 on 16 August 2018. The fuel retailed at the same price on the 17th, 18th and 19th of August 2018.
4. The price of Indian Crude Basket was $72.40 per barrel as on 1 August 2018. It drastically fell to $70.25 per barrel on 15 August 2018 and thus, fuel rates were not increased by Hindustan Petroleum, Bharat Petroleum and Indian Oil.
5. In the third week also, there were no noticeable changes. They were on the rise in the last week in tandem with international petroleum rates.
6. The INR-to-USD was Rs.68.36 when the month commenced. It dropped to Rs.70.81 at the end of the month. Because of the devaluation of indigenous currency versus the greenback, the price of petrol per litre in Bangalore increased by 2.89%.

Petrol Price Trend in Bangalore in September 2018

1. The month commenced with an upward trend as petrol was priced at Rs.81.27 a litre. OMCs continued to raise the price across the city.
2. A countrywide strike was called by the Congress Party on 10 September 2018 to fight against the Centre that failed to curb the impact of consistently soaring both petrol and diesel prices. 21 local political parties across the country supported the Congress-led Bharat Bandh.
3. Responding to this call, the JDS-Congress Government in Karnataka reduced the sales tax on diesel from 21% to 17.72% and on petrol from 32% to 28.7% with effect from 18 September 2018.
4. Irrespective of the sales tax cut in the state, petrol rates in the city were reported to be up by 3.42% this month.
5. The growth rate was higher compared to the last two months because of the increased crude oil rate per barrel and the depreciated domestic currency.
6. For the whole quarter, the highest and lowest prices stood Rs.84.74 a litre and Rs.76.77 a litre respectively. Throughout the quarter, the excise duty on petrol per litre remained unchanged at Rs.19.43.

Quarterly Petrol Price Trend in Bangalore Between April and June 2018

Petrol Price Trend in Bangalore in April 2018

1. On 1st June 2018, the petrol price trend in Bangalore stood at Rs.74.90 per litre, which is also the lowest price for the month.
2. Petrol prices in Bangalore during the first week continued to rise in tandem with the crude oil rates.
3. The petrol price in the city remained steady during the second and third week with an average price of Rs.75.27 per litre approximately.
4. The highest petrol price recorded in the month stood at Rs.75.86 a litre on the 24th which is attributed to the higher global crude oil price.
5. With the 2018 Karnataka Election scheduled to be held on 11th May 2018, petrol prices in the capital city of Bangalore remained similar in the last six days of the month with petrol being sold at Rs.75.82 per litre.
6. Petrol prices in the month of April 2018 in Bangalore reflected an upward trend at 1.22% although prices stood steady for the last week due to the State election.

Petrol Price Trend in Bangalore in May 2018

1. On 1st May 2018, the petrol price in Bangalore stood at Rs.75.82 per litre which continued till the 11th of the month. State-owned fuel companies didn't revise petrol price under the daily pricing method in anticipation of the Assembly election in the State.
2. The lowest petrol price in Bangalore during the month was recorded at Rs.75.82 per litre which remained till the election date.
3. Oil companies decided to revise petrol prices in Bangalore after the election as the crude oil rate began to climb upwards.
4. The global crude oil price touched its highest level of $80 per barrel since November 2014. The rise in the crude oil price is attributed to the geopolitical fears of disruption in supplies.
5. With the US administration's decision to back out of the Iranian nuclear deal, global crude oil prices started to incline due to the apprehension that Iran could cut output.
6. In the backdrop of geopolitical tensions on the rise, the petrol price in Bangalore hit an all-time high of Rs.79.75 per litre on the 29th May 2018.
7. Overall, petrol prices in Bangalore during May 2018 saw an upward trend of 5.08% due to the rise in crude oil prices and geopolitical tensions.

Petrol Price Trend in Bangalore in June 2018

1. Petrol retailed at Rs.79.61 per litre on the 1st of the month in Bangalore. This was also the highest price for the month.
2. With global crude oil rates declining during the second and third week, oil companies passed on the decrease in price to consumers.
3. Crude oil prices declined to stand at Rs.73.50 per barrel after reaching its peak of $80 last month.
4. Oil-producing countries met on the 22nd June 2018 to discuss ways to address the concern of a rising oil price in the global market. They decided to increase the production moderately along with the key ally Russia deciding to increase output.
5. With the production increased, crude oil rates fell in the last week of the month and thereby decreasing the petrol cost in Bangalore.
6. The petrol price trend in Bangalore during the month reflected a downward trend of 3.57% largely due to the fall in the crude oil rates in the international market with the lowest petrol price in Bangalore in June recorded at Rs.76.77 per litre.

Trend in Petrol Price in Bangalore between January 2018 and March 2018

Trend in Petrol Price in Bangalore in January 2018

1. January began with a price tag of Rs.71.06 per litre in Bangalore under the dynamic fuel pricing mechanism.
2. The fuel was priced at Rs.71.06 a litre for the first four days of the month since the greenback retained almost the same value against the INR and the Indian Basket Crude Oil price was steady.
3. Fuel companies, HPCL, IOC and BPCL, commenced increasing the fuel price in the city in response to an upward trend in both the price determinants between 7 and 14.
4. The highest petrol rate was logged at Rs.72.29 per litre and the Indian Crude Basket was priced at $68.02 per barrel at the end of the first half.
5. The petrol rate trend, at the end of the week 3, was revised to Rs.73.21 per litre in Bangalore by state-run fuel companies. The upward trend can be accredited to a slightly weakened dollar.
6. We can observe a steady rise towards the end of the month, which closed with a price range of Rs.74.07 a litre.
7. The conversion rate of the base currency versus the domestic currency and the price of the Indian Crude Basket stood at Rs.63.56 and $66.40 per barrel respectively.

Trend in Petrol Price in Bangalore in February 2018

1. The Union Budget 2018-2019, which was presented to the country on 1 by Arun Jaitley, Finance Minister, left the petrol prices in Bangalore unaltered.
2. Fuel consumers continued to remit the same price though the central tax on petrol was decayed by Rs.2 per litre.
3. The opening day price increased to Rs.74.20 per litre from Rs.74.07 a litre and the price was envisioned to grow sharply by market experts.
4. Between 1 and 9, a steady upward trend was observed in petrol prices, which started declining later on because of a marginal fall in transnational crude oil costs and a strengthened USD.
5. Interestingly, at Rs.74.54 per litre, the highest petrol rate was registered within the first 15 days of the month.
6. Petrol extended to lose its price until the third week as the major currency gained relentlessly against the indigenous currency.
7. At Rs.72.62 per litre, the lowest rate was announced on 23 in Bangalore by IOC, HPCL and BPCL.
8. Unlike January, the fuel companies reported a 2.6% price fall this month since the market value of unrefined oil slid to $63.54 per barrel from $67.06 per barrel.

Trend in Petrol Price in Bangalore in March 2018

1. The petrol price trend in Bangalore instigated upsurging again and were Rs.72.69 a litre, Rs.72.88 a litre, Rs.73.13 a litre, Rs.73.40 a litre, Rs.73.46 a litre, Rs.73.53 a litre and Rs.73.53 a litre on 1, 2, 3, 4, 5, 6 and 7 of the month respectively.
2. It has been a clear indication of a skyward trend buoyed by the exchange rate variations. The USD was down 0.29% on 5, 0.19% on 6, and 0.04% on 7.
3. On 15, the petrol price stood at Rs.73.59 per litre in the city at IOC and almost the same rate was offered at HPCL and BPCL.
4. The third week observed a steady fall in the price as a result of a weakened Indian currency, INR, which led the rate to diminish to Rs.73.33 per litre.
5. As expected, petrol started rebounding its price again during the last week. On 22, 23, 24, 25, 26 and 27 of the month, the fuel was valued at Rs.73.40 a litre, Rs.73.44 a litre, Rs.73.52 a litre, Rs.73.94 a litre, Rs.74.05 a litre and Rs.74.05 a litre correspondingly.
6. A growth rate of 2.70% was reported by IOC, BPCL and HPCL for the month majorly due to a big lapse in unrefined oil prices, but not because of the variations in domestic influencers such as VAT and excise duty.

Note: Indian Basket, also called Indian Crude Basket, is an average crude oil price of Brent Crude, Oman and Dubai sour. It is a benchmark for the Indian Government to effect changes.