Petrol and Diesel Prices Today: For several reasons, daily petrol and diesel prices revision is preferable. The first and most important benefit is that it enables you to quickly adjust to variations of a few pesos in India’s daily petrol costs. There is a significant price variance when petrol prices are reviewed or adjusted every two weeks, which puts a lot of additional pressure on the consumer.
Based on the prices outside of India, oil marketing firms like Indian Oil, Bharat Petroleum, and Hindustan Petroleum adjust the price of petrol in that country. Therefore, when crude oil prices rise globally, Indian petrol prices also rise, and so on. On the other side, we observe a decline in India’s daily or current fuel prices if crude oil prices on the global markets fall. In any event, we give our readers access to the daily petrol prices so they may schedule their needs for filling up with petrol correctly.
Various levies that have an impact on Indian petrol prices
In India, the anxiety brought on by the increase in petrol prices appears never-ending. Do these significant price increases result from crude oil? Or is there a different root cause? The reason why petrol prices keep going up is because of the taxes imposed by the state and federal governments, even while crude oil prices continue to be cheaper.
If studies are to be believed, it would not be difficult to link the tax component to the sharp increase in petrol prices.
The excise taxes have gradually increased since May 2014. Data shows that the excise levy on petrol has increased by 54% as of November 2014.
Despite the government lowering the excise tax on petrol in accordance with the Budget 2018, there doesn’t appear to be a downward trend in the price of petrol. This is because the Road Cess of Rs. 8 per litre was implemented.
Petrol price revisions have been happening every day since June 16 of this year. The price increase has been seen to occur gradually. Petrol prices vary between states because it is not subject to the GST.
However, it has been shown that the taxes on gas add up to be more than its actual cost when taking into account the cost and freight charges as well as the excise duty, dealer commission, relevant VAT, etc.
Even though the price of crude oil has significantly decreased since 2014, the state and federal governments’ combined taxes are what have driven up petrol prices to their highest level to date, which they reached in 2014. We have yet to see any effective measures on this front, despite government vows to cut back the taxes.
How are today’s Indian petrol prices determined?
Numerous factors influence the price of petrol. One of these is the average of the India crude basket, to which a variety of levies, such as the value added tax and the central excise, are added.
Currently, the government is charging an outrageous excise fee of Rs 21 per litre.
We might see some relief from the extremely high retail level of fuel and diesel if this is reduced.
Each state has a different value-added tax.
Value added tax is quite high in cities like Mumbai and New Delhi, which has led to highly high costs for both petrol and diesel.
The oil marketing corporations in India take all of these considerations into account when deciding on retail prices. The Indian Oil Marketing organisation, the largest oil marketing organisation in the nation, thus sets the retail price of petrol in India today.
For instance, every day at six in the morning, it announces the price of petrol, which is then changed at the nation’s petrol stations. Private sector gas stations like Shell set their own pricing as well, albeit they are typically higher than those of Indian Oil Company, BPCL, and HPCL.
Petrol Rates Today in India (7 August): Check for your cities
Petrol and Diesel Prices Today in India: Check for your cities:
- New Delhi: ₹96.72
- Kolkata: ₹106.03
- Mumbai: ₹ 106.31
- Chennai: ₹ 102.63
- Gurgaon: ₹ 97.04
- Noida: ₹ 96.65
- Bangalore: ₹ 101.94
- Bhubaneswar: ₹ 103.19
- Chandigarh: ₹ 96.20
- Hyderabad: ₹ 109.66
- Jaipur: ₹ 108.48
- Lucknow: ₹ 96.47
- Patna: ₹ 107.24
- Trivandrum: ₹ 109.73
