Petrol & Diesel Prices updates Every Day 6.00AM
Petrol price in Mumbai is more volatile and revised daily. Due to variations in prices putting more burden on customers pocket were their planned budget is out of the box. We can see there is up’s and down’s in crude oil prices as per the market demand & supply.
Diesel price in Mumbai is also more volatile and revised daily. Due to a price hike transporter and commercial business are increasing their prices, down the line all things are putting lots of pressure on consumers.. We can see there is up’s and down’s in crude oil prices as per the market demand & supply.
Excise duty on petrol Rs 32.98 & on diesel is Rs 31.83 in 2020
Other Cities Petrol & Diesel Prices
Today Petrol and Rate prices in India are revised on a daily basis. With effect from June 15, 2017 petrol prices are revised daily unlike the previous practice of revising petrol prices every fortnight. In India, petrol prices are revised by the oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on the international prices. These prices are revised at 6 am every day by the oil marketing companies.
Final retail selling price in India is the sum of cost of crude oil, excise duty, VAT and Dealer commission. Retail fuel prices in India end up more than double the cost of crude oil due to taxes levied by central and state governments.
Excise duty is indirect tax levied by central government on certain goods. India now has the highest taxes on fuel in the world! The government has recently raised the excise duty on petrol by a steep Rs.10 and on diesel by Rs.13 per litre to mobilize revenue collections at a time when the global oil prices are extremely low. After the latest hike, the excise duty on petrol increased to Rs.32.98 per litre from existing Rs.22.98 per litre. In case of diesel, the duty was raised to Rs.32.83per litre from Rs.18.83 per litre.
VAT (value added tax) levied by state is at over Rs.16 on petrol and diesel. Together, both taxes account for 69% of the final retail price in India.
Domestic petrol prices vary from state to state in India as VAT varies in different states. The reason behind difference in fuel rates in different cities is Logistics. Logistics also plays an important role in influencing the retail price of fuel. Petrol and diesel transported to longer distances farther from depots will be priced higher than the places nearer to the oil companies’ storage area.
Various factors impact the fuel prices in India. These include Rupee to Dollar exchange rate, Cost of crude oil, demand for fuel and etc. The rupee-dollar exchange rate is 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 in rupees. The change in the price of crude oil in the international market directly influences the price of crude oil in the domestic market. Prices move higher when international fuel prices gain. The increase in demand for Today Petrol and Rate prices in India has also resulted in hike in fuel prices.