Diesel Price In Srinagar Today

The diesel prices in Srinagar are changing every day. They are revised every day at 6.00 A.M. This revision is done by petroleum companies in India. If your vehicle is running on diesel, it is advisable to check the rates before you fill diesel. This is because the prices alter every day. You can check the updated prices of diesel on creditmantri.com.

How are Diesel Prices in Srinagar Affected by Dynamic Fuel Pricing?

Dynamic fuel pricing is the process of revising fuel prices every day based on the currency exchange rate of the Indian Rupee against the US Dollar and the prices of crude oil in the international markets. Since dynamic fuel pricing is being followed in all parts of the country including Srinagar, the next step of this system would be to bring transparency in the diesel rates. The benefits of bringing about a methodology for transparency are as follows:

• The government will not be able to influence oil and marketing companies.
• Consumers can easily access the variations in crude oil prices and the USD-INR exchange rate.
• Dealers of fuel stations can manage their funds and resources conveniently.

What Are the Major Components of Diesel Prices?

Diesel rates include several components, however, the primary elements are as follows:

• The price of crude oil: crude oil prices are always susceptible to changes. They vary based on factors, such as demand and supply, political stability in the oil-producing nations, and so on. Natural disasters or political tensions, and so on can lead to lower production levels of oil and thus higher prices of oil due to higher demand. India imports most of its crude oil from other countries, and thus the diesel prices in India change based on crude oil prices in the international markets.

• The exchange rate between the USD and the rupee: Globally, crude oil is traded in USD. When the value of the dollar becomes higher, companies in India have to shell out more money to purchase crude oil. This causes an impact on diesel prices.

Other elements include:

• Freight charges: Although India is one of the biggest oil-consuming nations, it imports nearly 76% of its oil requirements. Most of the oil comes from OPEC nations, including Angola, Iraq, Iran, Indonesia, Kuwait, Malaysia, Nigeria, Saudi Arabia, United Arab Emirates, and recently the USA. These countries sell crude oil in USD, and India pays freight charges to foreign oil companies.

• Refinery charges: The crude oil brought by OMCs is in raw form. They are sent to the refineries for processing to extract diesel and petrol. The OMCs pay these refineries for every litre of diesel that is processed. These are called refinery charges.

• The oil company’s profit margins: The oil market is controlled by state-owned oil companies, such as Indian Oil Corporation, Hindustan Petroleum, and Bharat Petroleum. These companies own more than 90% of the market share. Private players, such as Reliance, Essar, Shell, and others occupy the rest of the market shares. These companies add marketing costs and profit margins to the diesel price before they sell it to the petrol pump dealers. They will often revise the profit margins though not frequently. Any change in profit margins will automatically affect the price of diesel.

• Dealer’s Commission: Once the petrol pump dealers buy diesel, they add their commission. This commission is set by the oil companies, which revises these prices time and again.

• Air ambience charges: These are added to get the final retail selling price of diesel. Diesel prices vary from station to station, and it is primarily due to differences in the dealer’s commission and other transportation prices.

• Excise duty charged by the union government: The excise duty is charged by the union government of India, and it is the same across all states.

• VAT or the value-added tax: The VAT or the value-added tax is levied by the state and differs from state to state.

How Do Crude Oil Prices Change And Impact Diesel Prices?

While the other charges that form diesel prices remain persistent most of the time, the primary elements - the price of crude oil and the exchange rate of the rupee against the dollar have a major impact on diesel prices. So, let us see how crude oil prices influence diesel prices in India.

• Supply and demand: Organisation of petroleum exporting countries- Opec countries and their allies are the major suppliers of crude oil in the world. The Opec countries’ policies are governed by geopolitical developments. When there is an impact in any of these countries, a shortage in the supply of crude oil occurs. This causes the crude oil prices to ascend in the international markets. Likewise, if there is a demand for crude oil from other countries, prices tend to soar.

• Geopolitical: Natural disasters or crisis could lead to the shortage or demand for crude oil in the market. This impacts the prices of crude oil in the market.

• Creation of crude oil reserves: Oil consuming and oil supplying nations stock up oil to meet situations where there is a rise in oil prices or when there is a crisis. For instance, when there is a political upheaval or tension in oil supplying nations, they will not be in a position to manufacture as much oil as usual. These storage reserves would help then. These nations stock up oil when prices are lower and supply it across the economy to keep prices stable.

How to Find The Diesel Price in Srinagar Every Day?

The prices of diesel will change every day. While diesel prices change automatically in the automated fuel stations, the changes have to be done manually in the non-automated fuel stations. The consumers can track the updated prices through the following options:

• Mobile apps: State-owned oil manufacturing companies (OMCs) have apps for checking fuel prices. People can download these apps and check the updated prices of both diesel and petrol daily for all the cities in India.

• SMS Service: Consumers can send text messages in the laid out format along with the dealer code to the OMC’s mobile number. The dealer code is usually displayed at the fuel stations. Else, the consumer can get it from the OMC’s website or ask at the respective fuel station.

• OMC's Websites:Customers can also get the updated diesel prices from the official websites of the respective OMCs.

The following table summarises the Mobile App and SMS service options available for checking diesel prices.

What Is The Importance Of Diesel And Its Price Mechanism In Srinagar?

Diesel is an essential commodity for the Indian economy. It is used everywhere through manufacturing, logistics, and transportation. It is a highly dependable fuel considering its strength of performance, reliability, and sustainability. It is in great demand in 86.83 due to the soaring industrial growth, transportation needs, increasing number of personal vehicles, and so on. Every diesel consumer must know the major components that feature in the price of diesel, how diesel prices are calculated, and the factors impacting diesel prices. This especially holds good for people who use diesel for their business.

FAQs

1. Is the price of diesel lower than regular gas?

Diesel infuses more energy into every gallon compared to gas fuel. This makes it more economical overall. Sometimes, diesel prices rise above the price of gas and at other times, they fall below the cost of gas.

2. How long do diesel engines last?

Normally, your car’s gasoline engine will run for around 200,000 miles after which it may need major repair and maintenance. Else, you may need a new vehicle. But diesel engines can run continuously and sturdily for 1,000,000-1,500,000 miles before needing any major overhauls

3. How is the price of diesel computed?

Get the diesel or CNG gas mileage and fuel cost. Then divide the fuel cost by mileage to obtain the cost of fuel per kilometre. Then, multiply the cost per kilometre by the number of kilometres you are planning to travel every day, monthly, or yearly to get the final price.

4. Which brand of diesel is best?

The 10 prime and best diesel cars in India are:

• Maruti Suzuki Swift. ARAI certified: 28.4kpl

• Maruti Suzuki Dzire ARAI Certified: 28.4kpl

• Maruti Suzuki Ciaz Smart Hybrid. ARAI Certified: 28.09kpl

• Maruti Suzuki Baleno. ARAI Certified: 27.39kpl

• Honda Jazz. ARAI Certified: 27.3kpl.

• Honda Amaze. ARAI certified: 25.6kpl.

• Tata Tiago. ARAI certified: 27.28kpl

• Ford Aspire. ARAI certified: 26.1kp

• Honda City. ARAI certified: 25.6kpl

• Ford Figo: ARAI certified: 25.5kpl

These are also the most efficient diesel cars.

5. Which diesel is best for cars?

The Verna diesel-manual is among the best diesel cars in India. It delivers 25kpl. The smooth auto is good for 21.3kpl.

6. Which diesel car gives the best mileage in India.

The Tata Nexon is the best mileage diesel car in India. It features a turbocharged diesel engine compliant with the BS-VI emission standards. It generates a power of 110PS and a 260 Nm torque. The car gives a mileage of up to 21.5 kmpl. The engine displacement comes up till 1497 cc.

7. Which diesel car gives the best mileage in India.

The compact sedan has a 1.5L diesel engine. This is combined with either a 6-speed manual transmission or a 6-speed automatic transmission. It delivers a lucrative mileage of 25 km/litre.

8. What are the latest diesel prices in India?

Today, the diesel prices in major cities of India are Rs. 89.62 per litre in New Delhi, Rs. 92.76 per litre in Kolkata, Rs. 94.27 per litre in Mumbai, and Rs. 86.83 per litre in Srinagar.