Today’s Petrol Price in India’s Capital, Delhi
Petro Price in Delhi is ... today.
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Change In Prices of Petrol in Delhi, India (Today & Yesterday)
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Last 10 days Petrol Rate in Delhi, India
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Petrol Price in Neighboring Cities of Delhi
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Petrol Price in India Today – Mar 29 2023 in New Delhi is ...
In India, petrol prices have been revised daily with effect from June 15, 2017. This was a marked departure from the earlier practice of every fortnight revising petrol prices. Price Of Petrol in Indian Metro Cities today.
Daily Petrol Prices Revision in India
For a variety of factors, the Daily Gas Prices Revision is a safer proposition. The first and foremost is that it helps you quickly absorb a few countries’ shifts in India’s daily petrol prices. There is a wide variation in prices as petrol prices are revised or changed every fortnight, which puts considerable additional pressure on the customer. Petrol prices in India are revised by the oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on international prices.
So as international crude oil prices are gaining, India’s petrol prices are going higher and so on. On the other hand, if crude oil prices drop on international markets, there is a decline in India’s regular or current oil prices. In any case, we provide the regular fuel prices to our readers to plan their petrol filling requirements accordingly.
Factors affecting Today Petrol Price in India
Crude Oil Cost – The shift in crude oil price on the international market directly impacts the domestic market price of crude oil; this is one of the most significant factors responsible for increasing petrol prices on the domestic Indian market. An increase in global demand, low production rate, and any political instability in the world’s crude oil-producing countries severely affect the oil rates.
Increased demand – The rise in demand for petrol and other critical fuels in India has also resulted from India’s economic growth and other developing countries. In the recent past, the number of individuals who own private vehicles has risen, which has led to India’s increased demand for petrol; this has resulted in India’s spike in petrol prices.
Supply & Demand Mismatch – India’s Oil refinery companies face meeting market demands due to the high cost of crude oil input prices, resulting in less supply and more demand in the country for petrol. An increase in production contributes to a reduction in the price of fuel and vice versa. Oil refining and distribution firms manage oil inventories for up to six weeks, which also influences petrol and petroleum products’ prices.
Tax Rates – Petrol and other petroleum products prices differ according to local government policies enforcing fuel taxes. The oil firms in India also increase the price of oil to recover losses and sustain marginal profits in India’s oil companies, as and when the government of India increases tax rates on fuels.
Rupee to Dollar Exchange Rate – The rupee-dollar exchange rate is also one of the major factors that influence India’s price of petrol. Indian oil companies pay for the oil imported from other countries in terms of dollars, but their expenses are regarding the rupee. So, when the price of crude oil is in the fall, but the rupee is also weak against the dollar, it will reduce the oil refiners’ gains. On the other hand, when the rupee strengthens against the dollar and the price of crude oil is in the fall, the oil companies tend to gain.
Logistics – One of the important reasons for pricing retail fuel is logistics. Petrol and diesel transported over longer distances to cities or regions further from depots would be priced higher than those closer to the oil companies’ storage area. The reason behind the change in petrol prices in various cities across India. This difference may be enormous between towns that are far from each other. For example, the petrol price in Delhi is Rs.72.38 per litre on January 24, 2018, and the same petrol price is Rs. 80.25 per litre in Mumbai.
Various taxes that impact petrol prices in India
There seems to be no end to the fear associated with the rising price of petrol in India. Do we blame these steep price hikes on crude oil? Or, is something different about the root cause? The response lies in the fact that while crude oil remains cheaper, it is actually the taxes imposed by the state and central governments responsible for the ever-increasing petrol prices.
It would be effortless to link the tax factor with a sharp increase in petrol prices if research were to be followed. A successive increase in excise duties has been observed since May 2014. Data shows a 54 percent increase in the excise tax on petrol as of November 2014.
Despite the government cutting the excise duty on petrol according to the 2018 Budget, when the price of petrol is taken into account, there seems to be no downward curve. This is due to Rs. 8 per litre being imposed as Road Cess.
The daily price revision for petrol started this year on 16 June. It has been noted that there has been a gradual price hike. Since petrol does not come under GST, it varies in price across states. However, it was found that when considering the cost & freight rates along with the excise duty, dealer commission, relevant VAT, etc., the taxes on petrol amounted to more than its actuation.
While crude oil has now become much cheaper relative to what it was back in 2014, the combined taxes imposed by the state and central government have caused the price of petrol to rise to what it was in 2014, the highest to date. Despite the government’s promises to roll back taxes, we are yet to see any positive efforts on this front.
How are Petrol Prices Today in India calculated?
Petrol prices are a result of many factors. These include the Indian crude basket average, to which a host of taxes, including value-added tax, central excise, etc., are added.
We have an excise duty imposed by the government now, which is a whopping Rs 21 per litre. We can get some respite from very high retail petrol and diesel rates if this is reduced.
The proportion of value-added tax varies from state to state. The value-added tax is very high in cities such as Mumbai and New Delhi, which has resulted in an exceptionally high price for both petrol and diesel.
In India, the oil marketing firms decide retail prices, taking all these things into account. So, the Indian Oil Marketing Firm decides the retail price of petrol in India today,
E.g., at 6 am, it releases the price of petrol every day, wherein it is revised at the country’s petrol pumps. Petrol pumps like Shell in the private sector often decide their own costs, although they appear to be higher than the Indian Oil Company, BPCL and HPCL.
Why are petrol prices today high in India?
In comparison with neighbouring countries such as Pakistan, Bangladesh and Sri Lanka, fuel is one of the most expensive commodities. It recalled, perhaps, that the government had historically subsidized petrol and diesel prices, but they were also consistent with market prices.
Over the years, though, the government has applied to the fuel excise duty, which has made it horribly expensive for customers.
The one explanation why excise is introduced is to mop up extra money for social schemes before petrol is retailed at fuel stations. This, however, leaves the common burden of additional fuel tariffs.
The government is looking at the possibility of reducing petrol prices over the longer term, but to do so, more longer-term mechanisms will need to be identified. One of them is adding some taxes to Oil and Natural Gas Corporation, an oil exploration company. However, these may be all temporary measures, and one needs to find a more durable long-term solution.
Where and how to check petrol prices in India today?
You can check petrol prices in India in many ways. The most popular way is to send an SMS. For example, if you are at an HPCL pump, you can send an SMS to HPPRICE DEALER CODE and send it to 9222201122.
For Indian Oil Corporation or IOC, send SMS to Type: RSP DEALER CODE and send it to 9224992249.
You can also go online and check several websites that provide you with daily rates of fuel. Remember that Indian Oil, the country’s largest retailer, revises fuel prices every day at 6 AM. So, you can check the live petrol price every day after this time.
It is also important to note that the bulk of the fuel is supplied by the government-owned oil refining companies, including Indian Oil, Bharat Petroleum and HPCL. There are other private retailers like Shell, which also retail fuel at a slightly higher price.
Brands of Petrol Pumps in India
India, which mainly depends on imports for fuel, sells fuels and lubricants for vehicles across the petrol bunks or petrol pumps that are spread across the country’s length and breadth. The largest oil and gas company in India – Indian Oil Corporation (IOC), owns most of the filling stations and is followed by Hindustan Petroleum (HP) and Bharat Petroleum (BP).
There are six brands of petrol pumps that are currently active in India. They are:
- Indian Oil Corporation
- Hindustan Petroleum
- Bharat Petroleum
- Reliance Petroleum
- Essar Oil
Indian Oil Corporation
The Indian Oil Corporation (IOC) is one of the biggest oil companies in India. It is owned by India’s government and is valued as the most profitable company in the country. IOCL mainly operates most of the petroleum market share through its filling stations, Servo Lubricant oils, natural gas. Apart from this, it also provides electric charging stations for electric vehicles at its filling stations.
Bharat Petroleum is the second-largest oil and gas company in India and stands next to IOCL. It has its refineries located in Kochi and Mumbai. The fuel filling stations of Bharat Petroleum provide world-class services to its customers across the country.
Hindustan Petroleum or HPCL is one of the most trusted brands of fuel filling stations in India. The firm operates two of the major refineries in the country and produces an array of petroleum fuels.
Shell, which Royal Dutch Shell operates, currently has over 100 filling stations in India. Known for its superior quality of fuel, the company has plans to expand the number of petrol filling outlets across many centres in the country.
Owned by the Indian conglomerate Reliance Industries, Reliance Petroleum is one of India’s largest private sector oil firms. Its Jamnagar refinery is touted as one of the largest refineries in India.
Essar Oil is part of the Essar Group, which was earlier known as Nayara Energy. It has over 1,400 petrol pumps located across India and has plans for expanding its presence by setting up more pumps in the country.
Oil Imports in India
When it comes to oil and gas, India primarily relies on imports. To satisfy domestic requirements, the nation imports close to 82.8 percent of crude oil and 45.3 per cent of natural gas. For the fiscal year 2017-2018, the country’s net foreign exchange stood at $63.305 billion because of crude oil imports. Around 35.2 million tons of petrol and its associated products were produced by the nation from indigenous crude oil production. In contrast, the consumption of petroleum and its substitute products stood at 204.9 million tons.
Due to the heavy import of fuel, India occupies the third position when it comes to oil consumption after the U.S. and China.
The country’s insufficient petroleum reserves have forced India to rely on imports. In the coming days, the country is increasingly turning to use its renewable resources, such as wind, solar, biomass, hydroelectric power, and so on, to achieve energy sufficiency. It aims to replace the use of petroleum products that contribute significantly to air pollution.
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Which city has the lowest petrol rate in India?
Goa has the lowest petrol rate in India at ₹ 54. 94r per litre.
Crude oil costs crashed in 2020 throughout the severest phase of the Covid-19 pandemic. But the costs of petrol and diesel did not come down in India.