Petrol Price In India
Petrol Diesel today
Price of fuel includes excise duty, value added tax (VAT), and dealer commission. VAT varies from state to state. After adding excise duty, dealer commission and VAT, the retail selling price of petrol gets nearly doubled. When international crude oil prices gain, prices in India move higher. It is important for an individual to check the petrol price today to understand the 1 litre price and purchase it accordingly. Various factors impact the price of fuel.
Factors affecting petrol price in India include crude oil cost, demand, taxes, rupee and dollar and refinery consumption ratio. The well-known and popular oil marketing companies in India are Reliance Industries, Essar, Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum. Price at which the petrol dealers/distributors buy from OMCs + Excise duty + Dealer’s Commission + VAT = Retail price of petrol. Fuel prices like petrol do not come under the Goods and Services Tax (GST) ambit.
*Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
City Wise List For Diesel Price
State Wise List For Diesel Price
|Andhra Pradesh||98.27 ₹/L||-7.38|
|Himachal Pradesh||83.36 ₹/L||+0.14|
|Jammu And Kashmir||85.15 ₹/L||+0.11|
|Madhya Pradesh||93.93 ₹/L||0.00|
|Tamil Nadu||94.71 ₹/L||0.00|
|Uttar Pradesh||89.71 ₹/L||0.00|
|West Bengal||92.76 ₹/L||0.00|
|NCT Of Delhi||89.62 ₹/L||0.00|
Petrol Diesel today
Factors affecting Todays Petrol Price In India Cost of Crude Oil – The change in the price of crude oil in the international market directly influences the price of crude oil in the domestic market; this is one of the most important factors responsible for an increase in petrol prices in Indian domestic market. Increase in international demand, low production rate and any political unrest in the crude oil producing countries of the world severely affects petrol price. Increased Demand
– Economic growth in India and other developing countries has also led to the increase in demand for the petrol and other essential fuels in India. The number of people who own private vehicles has gone up in the recent past which has contributed to the increase in demand for petrol in India; this has resulted in the hike in petrol prices in India. Mismatch of Supply & Demand – Oil refinery companies in India face problem to meet the demands of the market due to the high cost of input price of crude oil thus resulting in less supply and more demand for petrol in the country.
An increase in supply results in a decrease in the price of the petrol and vice versa. Oil refining and marketing companies maintain crude oil inventory up to six weeks, which also influences the price of the petrol and petroleum products. Tax Rates – The prices of petrol and other petroleum products varies according to the local government policies which impose taxes on fuels. As and when the government of India raises tax rates on fuels the oil companies in India also increases the price of the petrol to recover losses and maintain marginal profits in the oil business in India.
Rupee to Dollar Exchange Rate – The rupee-dollar exchange rate is also one of the major factors which influence the price of petrol in India. Indian oil companies pay to the oil imported from other countries in terms of dollars, but their expenses are regarding rupee. So, when the price of the crude oil is in the fall but the rupee is also weak against the dollar then it will reduce the gains to the oil refiners. On the other hand, when the rupee strengthens against the dollar and the price of the crude oil is in the fall, then the oil companies tend to gain.
Logistics – Logistics is one of the significant factors in pricing retail fuel. Petrol and diesel transported to longer distances to cities or regions farther from depots will be priced higher than the places nearer to the oil companies storage area. The reason behind the change in the prices of petrol in different cities across India. This difference may be huge between cities that are far from each other. For example, petrol price in Delhi is Rs.72.38 per liter on January 24, 2018, and the same petrol price is Rs. 80.25 per litre in Mumbai.
Various taxes that impact petrol prices in India The fear linked to the rise of petrol prices in India seems to be never ending. Do we blame crude oil for these steep prices hikes? Or, is the root cause something different? Well, the answer lies in the fact that while crude oil continues to remain cheaper, it is the taxes levied by the state and central governments which are actually responsible for the ever rising petrol rates. If studies are to be followed, it would be quite simple to associate the tax factor to the steep hike in petrol prices. Since May 2014, there has been a successive increase in excise duties.
Data reveals that as of November 2014, there has been a 54 percent increase in the excise duty on petrol. In spite of the government slashing excise duty on petrol according to the Budget 2018, yet there seems to be no downward curve when the price of petrol is taken into consideration. This is due to the introduction of Rs. 8 per litre as Road Cess. Daily price revision of petrol has begun from 16th June this year. Petrol Diesel today
It has been observed that the price rise has happened gradually. As petrol does not fall under GST, the price of it varies across states. However, when considering the cost & freight prices along with the excise duty, dealer commission, applicable VAT, etc, it has been found that the taxes on petrol sums up to be more than its actual cost. Although, presently crude oil has become much cheaper compared to what it had been way back in 2014, it is the collective taxes levied by the state and the central government that has caused the petrol prices to rise to what it had been in 2014, the highest till date. Despite promises from the government regarding rolling back the taxes,
we are yet to see some positive efforts on this front. How Petrol Prices Today in India are calculated? Petrol prices are a function of many things. Among these include the average of the India crude basket, to which is added a host of taxes including value added tax, central excise etc. At the moment, we have the excise duty levied by the government, which is a staggering Rs 21 per litre. Should this be reduced we might get some respite from very high retail level of fuel and diesel.
The value added tax, differs from state to state. In cities like Mumbai and New Delhi the value added tax is very high, which has resulted in an extremely high prices for both petrol and diesel. In India, retail prices are determined by the oil marketing companies, bearing all these things in mind. So, the retail price of petrol in India today is determined by the Indian Oil Marketing Company, which is the largest oil marketing company in the country.
For example, it releases the price of petrol everyday at 6 am, wherein it is revised at the petrol pumps in the country. The private sector petrol pumps like Shell also determine their own prices, though they tend to be higher than that of Indian Oil Company, BPCL and HPCL. Why petrol prices today are expensive in India? Petrol Diesel today
The fuel is one of the costliest, when compared to neighboring countries like Pakistan, Bangladesh and Sri Lanka. It maybe recalled that petrol and diesel prices were earlier subsidized by the government, but, the same were aligned to market prices. However, the government has over the years added to excise duty on petrol, which has made it horribly expensive for consumers.
The one reason why excise is added before petrol is retailed at the fuel stations is to mop-up additional resources for social schemes. However, this leave the common burdened with additional rates on the fuel. The government is looking at the possibility of reducing petrol prices over the longer term, however, it would need to find more longer term mechanisms to do so.
One of them is to add some taxes onto Oil and Natural Gas Corporation, which is an oil exploration company. However, these maybe all temporary measures and one needs to find a more durable long-term solution. Where and how to check petrol prices in India today? You can check petrol prices in India, in a number of ways. The most popuar way is to send an SMS. Petrol Diesel today
For example, if you are at an HPCL pump you can send an SMS to: HPPRICE DEALER CODE and send it to 9222201122. For Indian Oil Corporation or IOC send SMS to: Type: RSP DEALER CODE and send it to 9224992249. You can also go online and check a number of websites, that provide you daily rates of the fuel. Remember, that Indian Oil the country’s largest retailer revises fuel prices everyday at 6 am in the morning. So, you are able to check live petrol price everyday after this time.
It is also important to note that bulk of the fuel is supplied by the government owned oil refining companies, including the likes of Indian Oil, Bharat Petroleum and HPCL. There are other private retailers like Shell, which also retail fuel at a slightly higher price. Brands of Petrol Pumps in India India which mainly depends on imports for fuel sells fuels and lubricants for vehicles across the petrol bunks or petrol pumps which are spread across the length and breadth of the country. Petrol Diesel today
The largest oil and gas company in India – Indian Oil Corporation (IOC), owns most of the filling stations and it is followed by Hindustan Petroleum (HP) and Bharat Petroleum (BP). There are six brands of petrol pumps which are currently active in India. They are: Indian Oil Corporation Hindustan Petroleum Bharat Petroleum Shell Reliance Petroleum Essar Oil 1. Indian Oil Corporation The Indian Oil Corporation (IOC) is one of the biggest oil company in India.
It is owned by the government of India and is valued as the most profitable company in the country. IOCL mainly operates most of the petroleum market share through its filling stations, Servo Lubricant oils, natural gas. Petrol Diesel today
Apart from this, it also provides electric charging stations for electric vehicles at its filling stations.
2. Bharat Petroleum Bharat Petroleum is the second-largest oil and gas company in India and stands next to IOCL. It has its refineries located in Kochi and Mumbai. The fuel filling stations of Bharat Petroleum provides world-class services to its customers across the country.
3. Hindustan Petroleum Hindustan Petroleum or HPCL is one of the most trusted brands of fuel filling stations in India. The firm operates two of the major refineries in the country and produces an array of petroleum fuels.
4. Shell Shell, which is operated by Royal Dutch Shell currently has over 100 filling stations in India. Known for its superior quality of fuel, the company has plans to expand the number of petrol filling outlets across many centres in the country.
5. Reliance Petroleum Owned by the Indian conglomerate, Reliance Industries, Reliance Petroleum is one of the largest private sector oil firms in India. Its Jamnagar refinery is touted as one of the largest refineries in India.
6. Essar Oil Essar Oil is part of the Essar Group which was earlier known as Nayara Energy. As of now it has over 1,400 petrol pumps located across India and has plans for expanding its presence by setting up more pumps in the country.
Oil Imports in India India mainly depends on imports when it comes to oil and gas. The country imports close to 82.8% of crude oil and 45.3% of natural gas to meet the domestic requirements. The country’s net foreign exchange for the fiscal year 2017 – 2018 stood at $63.305 billion due to import of crude oil.
The country generated around 35.2 million tons of petrol and its related products from indigenous crude oil production whereas the consumption of petroleum and its substitute products stood at 204.9 million tons. Due to the heavy import of fuel, India occupies the third position when it comes to consumption of oil after the U.S. and China. Petrol Diesel today
Inadequate reserves of petroleum in the country has forced India to depend on imports. The country is slowly turning to use its renewable resources such as wind, solar, biomass, hydroelectric power and so on to achieve energy sufficiency in coming days as it plans to replace the use of petroleum products which contributes greatly towards air pollution.
|Petrol Diesel today||click here|
|home page||click here|