On September 24, 2017, the international market price of diesel was $68.92 a barrel (one barrel equals 159 litres).
The day’s average exchange rate is Rs.64.09 per dollar, bringing the cost of a litre of fuel to Rs.27.78. The OMCs pay refineries Rs. 28.16 per litre, according to the daily price formula.
OMCs offer it to dealers for Rs. 30.22 per litre after deducting their profit margin, marketing costs, freight, and other fees.
The fuel station dealers then add Rs. 17.33 per litre in excise duty, Rs. 2.50 per litre in commission, Rs. 2.50 per litre in VAT, and Rs. 8.67 per litre in pollution cess, and sell it to customers for Rs. 58.72.
How many Litres is a drum of diesel?
Our diesel drums are of the finest quality and meet UN diesel storage standards. They’re made of welded mild steel of the greatest grade. Each barrel has a capacity of 205 liters (45 gallons) of fuel. We have a significant supply of fuel on hand and can provide you with as much as you require. Our supply depots are ideally located throughout the United Kingdom, allowing us to distribute diesel storage barrels across the country.
Call 01282 775431 to place an order or chat with one of our fuels specialists. By filling out the free online quote form below, you may also get a quote with today’s lowest pricing.
Will fuel prices go up in Nigeria?
A projected increase in petroleum prices has been opposed by the Nigeria Labour Congress (NLC).
The call was made by NLC President Ayuba Wabba in a message to reporters in Abuja headed “Nigerian workers refused to take the bait.”
Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has said that petrol might cost as much as N340 from February 2022, according to him.
Mr Wabba called the government’s proposal to give N5,000 to 40 million Nigerians as a palliative to offset the impact of the huge spike in the price of gasoline “comical.”
He said that the entire amount involved in the “gay initiative” was significantly greater than the amount claimed by the government to be spent on fuel subsidies now.
“The NNPC GMD stated that the price hike will be due to the Federal Government’s plans to withdraw the subsidy on Premium Motor Spirit, often known as gasoline or fuel.
“The NNPC GMD’s grand optimism was based on allegations that the withdrawal of gasoline subsidies is now endorsed by an act of parliament, most likely the Petroleum Industry Act, which was recently passed into law,” he explained.
Mr Wabba pointed out that the Minister of Finance, Budget, and National Planning, Zainab Ahmed, reiterated Mr Wabba’s sentiments at the World Bank’s Nigeria Development Update event on Tuesday (NDU).
He went on to say that the minister disclosed the government’s plans to give N5000 to each of the 40 million poorest Nigerians as a transportation allowance to offset the impact of the anticipated fuel subsidy elimination.
What is the rate of 1 litre diesel in 2020?
Petrol and diesel prices in metros remained steady on Wednesday, with diesel still being more expensive than petrol in Delhi. Since returning to the customary practice of daily reviews after a 12-week sabbatical, state-run oil marketing corporations have raised petrol and diesel prices in metros on most days. According to notifications from the state-run Indian Oil Corporation, the country’s largest gasoline retailer, the price of petrol in the national capital is currently Rs 80.43 per litre, while the price of diesel is Rs 80.53 per litre. (Also see: How To Find The Most Up-To-Date Petrol And Diesel Rates In Your City.)
How much is a litre of fuel in Nigeria 2021?
The average price of gasoline in Nigeria in August 2021 was 165 Naira per liter, or roughly 0.4 US dollar. The price dropped by 0.6 percent from the previous month.
What is the cost of 1 litre of petrol?
Despite a drop in global crude pricing, India’s petrol prices have been raised, despite oil staying around three-year highs on hopes of indications of recovery. New Delhi’s petrol prices were Rs 97.76 per litre, Kolkata’s were Rs 97.63 per litre, Mumbai’s were Rs 103.89 per litre, and Chennai’s were Rs 98.88 per litre.
Brent was trading at $74.72 per barrel on the international market, down 0.63 percent, and West Texas Intermediate (WTI) was trading at $72.58 per barrel, down 0.68 percent.
Fuel prices fell somewhat during today’s trading session, but they remained near their three-year highs, thanks to a massive drop in U.S. oil stockpiles and rising economic activity in Germany.
On Wednesday’s trading session, both U.S. crude benchmarks reached their highest levels since October 2018, before marginally falling.
According to the American Petroleum Institute, oil stockpiles in the United States fell by 7.2 million barrels in the week ending June 18. (API).
The last trade sessions have seen the oil price rise due to a dramatic drop in US stocks and anxiety over the future of the Iran nuclear deal.
Germany’s data revealed a gradual increase in fuel demand. The report also demonstrated the most significant improvement in retail conditions since Germany’s reunification three decades ago.
According to official data, US crude inventories fell to their lowest level across the Atlantic since March 2020. Gasoline supplies in the United States also fell unexpectedly.
Why is diesel so expensive?
The cost of diesel fuel is higher. Diesel fuel is subject to a higher federal excise tax than gasoline (24.4 cents per gallon vs. 18.4 cents per gallon for gasoline), and diesel fuel is occasionally subject to a higher state tax.
