Today Petrol & Diesel Rate In India

Petrol & Diesel Prices updates Every Day 6.00AM

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Today Petrol and Rate in India

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.

How is retail price of fuel calculated in India?

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.

Why do fuel prices differ in states and cities 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.

What are the various factors affecting fuel prices in India?

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.