Petrol Diesel Price Chennai – Find Me Free
Petrol Diesel Price Chennai page gives you the exact details of the Petrol and Diesel rate as per the current market. Fuel prices are being revised every day. On the basis of this, we have updated the petrol and diesel prices at this portal. Today fuel price came into force by 6 o’clock this morning.
Find Me Free is the nation’s favorite Petrol and Diesel Price portal. We have started this portal as an online information service, from there we have grown a lot and we are proud to say that we are the leading and most trusted website for Petrol and Diesel prices across India. Needed today’s Petrol and Diesel Price or past history, we have it all, with interactive tables.
Diesel Price in Chennai Today
Why Petrol and Diesel Price is Rising in India?
India is the world’s fourth largest consumer of energy but with low per capita energy consumption. With the ever increasing number of private vehicles. An overall domestic consumption of petrol and petroleum product is on rise in India. There was a registered growth of 5% of the same in the year 2011-12 and to meet the increasing demand. Government has to import more and more petrol. If spending of the country as a whole is considered then 80-90% is done to pay the import bills on petroleum products. Which is accounted as country’s expenditure. Hence more demand of petrol than supply is a leading factor of its rising price in India.
But rise in petrol& diesel price in turn has a ripple effect. As all the commodities are transported across India on vehicles that run on petrol or diesel, so increase in petrol & diesel price results in price rise of these commodities as well. The greatest sufferer of all this is a common man. He is already bearing the pressure of inflation and any increase in petrol & diesel price will further reduce his actual household income. Today every Indian spends almost half of his income on food items. If the petrol price in India keeps on increasing then every food item will get costlier. It will result in less of savings and more of expenditure. This in turn will affect the real estate, banking and other sectors in India. Eventually, more and more people will be pushed towards poverty line.
Why India needs to import oil?
India does not have enough of oil to meet the growing demand for oil. Near about 1.4 million barrels of diesels are used per day in India especially by farmers, trucks and industry. So to meet the growing demand, most of the oil is imported from other countries resulting more expenditure. It has been seen that petrol price has increased about 10 times within the period of three years and still rising. Ultimate result of price hike of petrol is inflation.
Not only this but the condition of Indian currency is also not favorable at present. India is going through currency crisis where value of Indian Rupee is falling to US Dollar. That is why Oil Marketing Companies (OMCs) like Indian Oil Corporation (IOCL). Bharat Petroleum (BPCL) are paying more for the same quantity of crude oil. Due to this, OMCs have lost near about 4,300 crores in the past six months for selling petrol & dieselat low cost.
The price of petrol used to be stable in India but with the deregulation of petrol in 2010. Oil Marketing Companies can increase the petrol price if large variation in cost is observed by these companies. Oil marketing companies do so by linking the domestic price of petrol to international market rates.
Why is the petrol and diesel price increasing day by day in India?
It is a common knowledge that a fuel price generally depends upon the global crude oil prices. The fluctuation in global prices will make impact on the price you pay at the petrol pump. Besides this there are several factors which make impact on the crude oil prices like demand and supply, Exchange rates etc . In the last three years it has been a monumental decreased in crude oil prices , on May 2014. When the new govt took charge the crude oil barrel cost to Rs 6330 approx which by Sep 2017 had almost halved to Rs 3368.
Besides this, the govt also has levied central excise duty and vat on this. This taxes finally goes into the consolidated fund of india which are used for various welfare schemes. Earlier the govt also used to give subsidy on petrolium products which had also made impact on price of these products. Now the present govt has stopped such subsidy. Earlier the price of these products were revised on 1st and 16th day of every month but from june 16. It has been revised on daily basis. After the implementation of these policy of daily revision the prices of petrolium products in the international market has been started increasing that’s why the prices are increasing day by day.