Petrol, diesel revised price on November 3: Check current rates per litre in Delhi, Mumbai, Noida, Kolkata, other cities here
The prices were constant in cities like Delhi, Mumbai, Kolkata and Chennai. There were minor ups and downs in states, such as Bihar, Rajasthan, West Bengal, Himachal Pradesh, Kerala, Goa, Gujarat and Haryana.
- Nov 3, 2023,
- Updated Nov 3, 2023 12:02 PM IST
Petrol and diesel prices on November 3: Oil marketing companies, Indian Oil, Bharat Petroleum, and Hindustan Petroleum, kept the petrol and diesel prices mostly at the same level on November 3, Friday, after the daily rate revision. The prices were constant in cities like Delhi, Mumbai, Kolkata and Chennai. There were minor ups and downs in states, such as Bihar, Rajasthan, West Bengal, Himachal Pradesh, Kerala, Goa, Gujarat and Haryana.
On August 29, in Delhi, the price of petrol is Rs 96.72 per liter, while diesel is being sold at Rs 89.62 per litre.
In Mumbai, petrol demands a higher price of Rs 106.31 per liter, with diesel following suit at Rs 94.27 per litre.
In Kolkata, the cost of petrol is available Rs 106.31 per litre, diesel is priced at Rs 92.76 per liter. In Chennai, petrol is available at Rs 102.63 per liter, while diesel can be obtained at Rs 94.24 per litre.
In terms of minor revision, petrol and diesel prices were reduced by 50 paise in Chhattisgarh. The price of diesel and petrol were reduced by 26 paise in Jharkhand. The prices of petrol and diesel have also decreased in Himachal Pradesh, Tamil Nadu and Uttar Pradesh.
The prices were increased in Punjab, West Bengal and Madhya Pradesh.
Here is the fresh price chart for major cities
TABLE
Rate revision
The last pan-India rate revision was done in May 2022. Union Finance Minister Nirmala Sitharaman reduced the excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel on May 21, 2022.
In September, a Nomura report highlighted that the rise in international crude oil prices and petrol and diesel margins over the past few weeks pushed into the red the marketing margins of public sector oil marketing companies. It said that OMCs are incurring under-recoveries of Rs 7.4 per litre on sales of the two fuels.
Under-recoveries refer to the difference between the retail price and the international price of the fuel. As per the pricing methodology followed by the OMCs, petrol and diesel prices should be revised every day based on the 15-day rolling average of international benchmark prices. However, the companies have not revised prices since May last year, when global crude oil and fuel prices had surged in the aftermath of Russia’s invasion of Ukraine.
Crude oil
Crude oil futures were higher on Friday morning as China’s services activities increased slightly in October. At 10 am on Friday, January Brent oil futures were at $87.06, up by 0.24 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $82.76, up by 0.36 per cent.
On Friday, November crude oil futures were trading at Rs 6,898 on MCX against the previous close of Rs 6,892. December futures were trading at Rs 6,882 as against the previous close of Rs 6,880.
"Crude oil witnessed high volatility and recovered from 1-month lows in the international markets as gains in both US dollar index and bond yields were capped. Doubts over further interest rate hikes from the U.S. Fed pushed the dollar index and the U.S. 10-year bond yields lower. The dollar index slipped below 106 marks and the US 10-year bond yields also slipped below 4.70%. The Bank of England also kept interest rates unchanged which supported crude oil prices. However, demand concerns from the European Union and China are restricting gains," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
"We expect crude oil prices to remain volatile in today's session. Crude oil is having support at $81.30–80.50 and resistance is at $82.70-83.40 in today’s session. In INR crude oil has support at Rs6,810-6,740 while resistance at Rs 6,955-7040," Kalantri added.
Also read: Stocks in news: Tata Motors, DLF, TVS Motor, Adani Green Energy, Marico and more
Petrol and diesel prices on November 3: Oil marketing companies, Indian Oil, Bharat Petroleum, and Hindustan Petroleum, kept the petrol and diesel prices mostly at the same level on November 3, Friday, after the daily rate revision. The prices were constant in cities like Delhi, Mumbai, Kolkata and Chennai. There were minor ups and downs in states, such as Bihar, Rajasthan, West Bengal, Himachal Pradesh, Kerala, Goa, Gujarat and Haryana.
On August 29, in Delhi, the price of petrol is Rs 96.72 per liter, while diesel is being sold at Rs 89.62 per litre.
In Mumbai, petrol demands a higher price of Rs 106.31 per liter, with diesel following suit at Rs 94.27 per litre.
In Kolkata, the cost of petrol is available Rs 106.31 per litre, diesel is priced at Rs 92.76 per liter. In Chennai, petrol is available at Rs 102.63 per liter, while diesel can be obtained at Rs 94.24 per litre.
In terms of minor revision, petrol and diesel prices were reduced by 50 paise in Chhattisgarh. The price of diesel and petrol were reduced by 26 paise in Jharkhand. The prices of petrol and diesel have also decreased in Himachal Pradesh, Tamil Nadu and Uttar Pradesh.
The prices were increased in Punjab, West Bengal and Madhya Pradesh.
Here is the fresh price chart for major cities
TABLE
Rate revision
The last pan-India rate revision was done in May 2022. Union Finance Minister Nirmala Sitharaman reduced the excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel on May 21, 2022.
In September, a Nomura report highlighted that the rise in international crude oil prices and petrol and diesel margins over the past few weeks pushed into the red the marketing margins of public sector oil marketing companies. It said that OMCs are incurring under-recoveries of Rs 7.4 per litre on sales of the two fuels.
Under-recoveries refer to the difference between the retail price and the international price of the fuel. As per the pricing methodology followed by the OMCs, petrol and diesel prices should be revised every day based on the 15-day rolling average of international benchmark prices. However, the companies have not revised prices since May last year, when global crude oil and fuel prices had surged in the aftermath of Russia’s invasion of Ukraine.
Crude oil
Crude oil futures were higher on Friday morning as China’s services activities increased slightly in October. At 10 am on Friday, January Brent oil futures were at $87.06, up by 0.24 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $82.76, up by 0.36 per cent.
On Friday, November crude oil futures were trading at Rs 6,898 on MCX against the previous close of Rs 6,892. December futures were trading at Rs 6,882 as against the previous close of Rs 6,880.
"Crude oil witnessed high volatility and recovered from 1-month lows in the international markets as gains in both US dollar index and bond yields were capped. Doubts over further interest rate hikes from the U.S. Fed pushed the dollar index and the U.S. 10-year bond yields lower. The dollar index slipped below 106 marks and the US 10-year bond yields also slipped below 4.70%. The Bank of England also kept interest rates unchanged which supported crude oil prices. However, demand concerns from the European Union and China are restricting gains," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
"We expect crude oil prices to remain volatile in today's session. Crude oil is having support at $81.30–80.50 and resistance is at $82.70-83.40 in today’s session. In INR crude oil has support at Rs6,810-6,740 while resistance at Rs 6,955-7040," Kalantri added.
Also read: Stocks in news: Tata Motors, DLF, TVS Motor, Adani Green Energy, Marico and more