Petrol and diesel prices today: Daily petrol price modification is beneficial for various reasons. The first and most significant advantage is that it enables you to swiftly adapt to changes in India’s daily petrol prices of a few pesos. When gasoline prices are reviewed or changed every two weeks, there is a substantial price fluctuation, which puts a lot of additional pressure on the consumer.
Petrol and diesel prices today: Modification
Oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum modify the price of fuel in India based on market conditions abroad. As a result, Indian fuel prices grow along with rising global crude oil prices, and so on. On the other hand, if crude oil prices on the international markets reduce, we see a decline in India’s daily or current fuel prices. In any case, we provide our readers with access to the current petrol prices so they can plan out when they will need to fill up.
There are numerous charges that affect the price of petrol in India.
The stress caused on by the rise in petrol prices seems to never end in India. Are these notable price hikes due to crude oil? Or is there another underlying reason? Even though the price of crude oil continues to decline, the state and federal governments’ levies are to blame for the ongoing increase in gas prices.
It would not be difficult to connect the tax component to the dramatic increase in petrol prices if studies are to be believed.
Government’s Amendment
Since May 2014, the excise taxes have gradually increased. According to data, as of November 2014, the excise tax on petrol had increased by 54%.
There doesn’t seem to be a downward trend in the price of petrol despite the government reducing the excise tax on it in accordance with the Budget 2018. This is as a result of the implementation of the Rs. 8 per litre Road Cess.
It has been demonstrated, though, that when the cost of petrol is factored in together with freight charges, excise duty, dealer commission, applicable VAT, etc., the taxes on petrol end up being higher than the real cost.
Despite the fact that the price of crude oil has drastically declined since 2014, the total taxes levied by the state and federal governments in 2014 were what caused petrol prices to reach their highest level to date. Despite government promises to reduce taxes, we have not yet seen any concrete actions on this front.
Petrol and Diesel Prices Today, August 8: Check fuel rates in different cities
How are the current petrol prices in India set?
The cost of petrol is influenced by numerous factors. One of these is the average of the crude basket for India, to which various taxes are added, including the central excise and the value added tax.
At the moment, the government levies an absurd excise rate of Rs 21 per litre.
If this is decreased, we might get some respite from the absurdly high retail prices for petrol and diesel.
Value-added taxes varies between states.
In areas like Mumbai and New Delhi, the value added tax is relatively high, which has resulted in very expensive prices for both petrol and diesel.
All of these factors are taken into account by the oil marketing companies in India when setting retail rates. Thus, the retail price of petrol in India is currently regulated by the Indian Oil Marketing institution, the largest oil marketing institution in the country.
For instance, it announces the price of petrol each day at six in the morning, which is then adjusted at the nation’s petrol stations. Although they are normally higher than those of Indian Oil Company, BPCL, and HPCL, private sector petrol outlets like Shell establish their own prices as well.
Petrol Prices Today in India: Check for your cities:
New Delhi: ₹96.72
Kolkata: ₹106.03
Mumbai: ₹ 106.31
Chennai: ₹102.74
Gurgaon: ₹ 96.97
Noida: ₹ 96.92
Bangalore: ₹ 101.94
Bhubaneswar: ₹ 103.19
Chandigarh: ₹ 96.20
Hyderabad: ₹ 109.66
Jaipur: ₹ 108.90
Lucknow: ₹ 96.57
Patna: ₹ 107.48
Trivandrum: ₹ 109.73
