Petrol Price in Assam Today (Mar 28 2023)
Petrol Price in Assam is ...
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Last 10 days Petrol Rate in Assam
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Petrol Price in All Cities of Assam Today
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State-wise Petrol Prices[ninja_tables id=”10009552″]
Petrol Prices in Major Cities[ninja_tables id=”10009553″]
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Procedure to Compute Petrol Prices in Assam
Fuel companies determine the price of petrol. The calculation is straightforward. The costs incurred at each phase will be added by the fuel companies. Crude oil prices, oil marketing company overheads, excise duty or central taxes, Value-Added Tax (VAT) or state taxes, commission for fuel distributors, and so on are all major cost factors.
On June 3, 2018, the price of a litre of crude oil was Rs.32.98; the excise duty on petrol per litre was Rs.19.48; the value-added tax on petrol per litre was 30.80%; the total amount of OMCs’ costs was Rs.5.40 per litre; and the commission charged by fuel dealers was Rs.3.63 per litre.
Elements Impacting Petrol Prices in Assam
- Exchange rate: India borrows a lot of crude oil from other markets. As a result, the exchange rate plays an important role. Crude oil prices will rise if the US dollar’s exchange rate against the Indian rupee falls. On the other hand, if the US dollar’s exchange rate against the Indian rupee increases, crude oil prices will fall. Finally, domestic markets have an effect on fuel prices.
- Taxes: The VAT and excise duty are two kinds of domestically regulated taxes. VAT will be imposed by the states. The central government is in charge of collecting excise duty. Tax increases and decreases will have a direct effect. For example, if excise duty is reduced today, the price of gasoline in Assam will be adjusted accordingly tomorrow. Fuel companies must reset fuel rates if the Assam State Government announces a VAT reduction.
- Crude oil costs: The greater the demand for crude oil, the higher the price of crude oil will be. The cost of unrefined oil will be lower as demand for crude oil declines. Unrefined oil price and supply will be affected by political situations, weather conditions, and production cuts.
How are Petrol Prices in Assam Responding to GST?
Petrol and petroleum sub-products are exempt from the Goods and Services Tax (GST). As a result, the price of gasoline and diesel is unaffected. When petrol is brought under the GST mechanism, it has a negative effect on state and federal revenue sources. Opposition leaders have questioned why the government has not included gasoline and diesel in the GST. In fact, the government is currently weighing a number of options for taxing gasoline at GST rates. The concerned authorities must make the final decision.
Petrol and Diesel Prices Likely to Increase
During the 2019 Lok Sabha elections, state-run Oil Marketing Companies (OMCs) kept petrol and diesel prices low; however, now that the elections are over, expect prices to rise in the coming months. Late in December 2018, India’s crude oil basket was trading at around $58 per barrel, but by April 2019, it had risen to nearly $70 per barrel, a 23 percent increase. During the same time period, fuel prices increased by about 4%, from nearly Rs.74 per litre to Rs.77. Diesel prices increased by about 6%. With the Organization of Petroleum Exporting Countries (OPEC) and its allies agreeing to maintain supply cuts, and US sanctions against Iran and Venezuela, crude oil prices are expected to rise. OMCs are expected to pass on the increase, which was stalled unit the elections were over, in the next few months to recover any losses they might have incurred. In India, fuel prices are proportional to the crude oil prices as it depends on more than 80% of crude requirement through imports.
Fuel Prices Becomes Cheaper on Tuesday
Petrol and diesel prices in the country’s major metro cities were lowered on Tuesday. Petrol became 14-16 paise cheaper per litre, while diesel became 10-11 paise cheaper per litre. Petrol costs Rs.70.44 per litre in Delhi, while diesel costs Rs.65.51 per litre. In Mumbai, petrol costs Rs.76.08 per litre, down from Rs.76.22 per litre the day before, and diesel costs Rs.68.59 per litre, down from Rs.68.70 per litre the day before. Petrol is now priced at Rs.73.11 per litre and diesel at Rs.69.20 per litre, respectively, down 16 and 11 paise per litre. Petrol costs Rs.72.55 per litre in Kolkata, and diesel costs Rs.67.29 per litre.
Fuel prices hit record highs in India for a couple of months till 4 October 2018. Petrol prices had touched Rs.84 per litre in the national capital Delhi, and it breached Rs.91 per litre in Mumbai. Fuel prices are proportional to the crude oil prices in the international market and the rupee-dollar exchange rate. On Tuesday, US oil prices had gone up amid possible tightening oil supply even as the US was looking to initiate curbs on Venezuela as well as due to production cuts by the OPEC. International benchmark Brent Crude oil Futures has yet to trade after closing 0.4% down in the last session.
Crude oil futures jump by 0.32 per cent
In futures trading on Thursday, crude oil prices rose to Rs. 3,753 per barrel. Speculators increased their bets despite a weak trend abroad, resulting in a 0.32 percent increase. The Multi Commodity Exchange saw 6,286 lots of company turnover for crude for delivery in February. The rise in crude oil futures was largely due to increased bets by participants, but the gains were limited due to a weak global market trend.
Brent and West Texas Intermediate (WTI) crude prices fell 0.31 and 0.29 percent on Thursday, respectively. Brent crude and WTI crude were trading at 60.95 dollars per barrel on the New York Mercantile Exchange.