• Diesel Price In Belgaum Today

    Daily Diesel Rates
    Date Diesel ( / liter)
    13 Dec 2018 ₹ 65.03
    12 Dec 2018 ₹ 65.03
    11 Dec 2018 ₹ 65.03
    10 Dec 2018 ₹ 65.24
    09 Dec 2018 ₹ 65.97
    08 Dec 2018 ₹ 65.97
    07 Dec 2018 ₹ 65.97
    06 Dec 2018 ₹ 66.38
    05 Dec 2018 ₹ 66.82
    04 Dec 2018 ₹ 66.82

    Diesel Price in Belgaum

    Have you observed the latest diesel price in Belgaum? If yes, what is the pattern? Is it increasing? Or, is it falling? You may not observe the same trend because of dynamic fuel pricing, which has been introduced in India last year. For a few days, you may observe a falling trend. A growing trend may also be observed for a few days. It all depends on the movements in the exchange rate and crude oil rates. These two components are primarily involved in the Retail Selling Price of diesel in Belgaum.

    Historical Diesel Prices in Belgaum

    Today’s diesel price in Belgaum is Rs.63.98 a litre. This price consists of a central tax of Rs.15.33 a litre and a Value-added Tax of Rs.10.37 a litre in Belgaum. The central tax, the VAT, remains unchanged throughout India. The Value-added Tax changes within the states of India. During the first fifteen days of March 2018, in Belgaum, the average diesel rate was more than Rs.64 a litre. It further fell to Rs.63.80 a litre during the second fortnight of March 2018. The fuel was priced at Rs.60.81 a litre on the first day of January 2018 and at Rs.65.31 a litre on the opening day of February 2018.

    Also Know: Diesel Price in Bangalore

    Impact of Dynamic Fuel Pricing on Fuel Prices in Belgaum

    Under the dynamic fuel pricing system, the revision of fuel rates in Belgaum will take place on a daily basis. The revision is done by oil companies at 06:00 a.m. on the basis of two important aspects, which include unrefined oil rates and the USD/INR conversion rate. The oil companies then upload the revised diesel rate onto their websites for fuel consumers to refer. Like India, other advanced nations like Japan, the USA and Russia are presently using this mechanism.

    Why Dynamic Fuel Pricing?

    The dynamic fuel pricing system offers significant benefits over the earlier system. The industry participants such as OMCs, the government, fuel dealers and consumers will be immensely benefited from the mechanism. Unlike before, diesel users in the city of Belgaum cannot face stock-related issues. Fuel pricing will be fully translucent. The key benefit of the system is that the OMCs will instantaneously transfer the disparities in daily unrefined crude oil prices and the exchange rate.

    The oil selling corporations, including Indian Oil Corporation Limited, Bharat Petroleum Corporations Limited and Hindustan Petroleum Corporation Limited will be able to manage working capital efficiently. The efficient management of working capital will in turn help OMCs to diminish regular expenses. The OMCs will also be able to design the cash budget appropriately and the time required to manage day-to-day activities.

    How do I Trace Today’s Diesel Rate in Belgaum?

    Diesel users can be of two types: 1) retail customers, who can be the owners of diesel-run vehicles; and 2) institutional customers, who can be the owners of production units in Belgaum. Both individual and retail users of diesel in the city may consider using mobile applications in order to trace the latest fuel price in Belgaum. They can also accumulate the latest information related to general insurance schemes. As of now, My HPCL, SmartDrive and Fuel@IOC are in use. They all provide premium features.

    Assessment of Diesel Price in Belgaum

    • Oil companies will set and revise fuel rates. Firstly, they will purchase unrefined oil from OPEC countries. The price is paid in dollars. It will vary based on global market conditions such as the supply and demand pattern, the economics of India and oil-producing countries etc. In March 2018, the market price of crude oil was $65. It worked out to be Rs.4,200.
    • In the process of converting crude oil into diesel, the oil companies incur several expenses that are further included. The OMC cost shall be Rs.8.30 a liter as of March 2018, including the refinery transfer price, freight charges, operational expenses, etc.
    • Both the state-level and central-level taxes are further added. The central tax is commonly levied in India on diesel. In March 2018, the central levy was Rs.15.33 a litre. The Value-added Tax was levied at 19%. The dealer’s commission on diesel per litre in March 2018 was Rs.2.58 a liter in the city. Finally, the Retail Selling Price of diesel is computed adding all the cost elements.

    Factors Affecting Diesel Price in Belgaum

    • Exchange Rate: The dollar-rupee exchange rate is the biggest factor affecting the diesel rate in Belgaum. This is the reason why diesel is priced differently each day. The cost of crude oil slides when the INR appreciates against the dollar. It gains when the INR depreciates against the dollar. Eventually, the fuel rates in the city get affected.
    • Cost of Crude Oil: If there a hike in the cost of crude oil, the RSP will increase. On the other hand, if there is a drop in the crude oil’s price, then RSP will fall. In January 2018, the steadily growing crude oil rates have made the diesel prices in Belgaum to reach their previous highs.
    • Taxes: Taxes can be nationally governed. Oil companies tend to increase the diesel price when the Central Government mounts the central tax on the fuel. They will reduce the fuel rate when the Central Government decreases the excise duty on the fuel. Similarly, if the Government of Karnataka increases the VAT on diesel, the current diesel price in Belgaum will increase. On the other hand, the fuel rate will decrease if the Government of Karnataka decreases the VAT.

    Goods and Services Tax vs Today’s Diesel Price in Belgaum

    As far as the diesel price in Belgaum is concerned, the Goods and Services System has no effect. The GST is not applicable to diesel as of now. The GST Council has kept it outside to keep the earnings of the government unaffected. It may consider bringing petrol and diesel shortly. The Council must completely rework on the present tax structure to assure that the diesel price will not be lowered.

    Also Check Diesel Price in NearBy Cities of Belgaum

    Diesel Price In Bellary Diesel Price In Udupi Diesel Price In Mysore Diesel Price In Gulbarga
    Diesel Price In Kozhikode Diesel Price In Coimbatore Diesel Price In Mangalore Diesel Price In Shimoga

    *Disclaimer: BankBazaar makes no guarantee or warranty on the accuracy of the data provided on this page, the prevailing prices are susceptible to change and provided on an as-is basis. We accept no liability for any loss arising from the use of the data contained on this website.

    News about Diesel Price In Belgaum Today

    • Diesel Prices Have Been cut for the Fifth Consecutive Day

      Fuel prices have been on the rise the last month or so with a billion lives affected by the increase in prices. However, latest trend state that prices have been cut, and on Sunday, the 21st of October, diesel prices were cut, and hence helped maintain the 5th straight day’s rate cut.

      Diesel prices, which had hit Rs.80 per litre mark in some cities have seen a drop in the last few days. In Delhi diesel traded at Rs.74.92 per litre, while the same in Mumbai remained at Rs.78.54 per litre. Kolkata and Chennai, the other two metro cities, saw diesel sell at Rs.76.77 per litre and Rs.79.22 per litre respectively.

      This fall could also be contributed to the stabilising price of crude oil, which had been on the rise for the previous few weeks. Nearly all the metro cities sae diesel prices drop by at least Rs.0.25 per litre. Saudi Arabia has come forward and said that it is going to increase its crude output to offset the lack of sufficient trade from Venezuela and Iran.

      23 October 2018

    • GST Not to be Levied on Diesel and Petrol

      According to a trusted source, the government is not interested in imposing Goods and Services Tax (GST) on diesel and petrol in the near future. When GST was implemented last year, crude oil, diesel, petrol, aviation turbine fuel and natural gas were excluded from the GST purview. Talks have been going on this issue. According to the Union Finance Ministry, fuel consumers continue to pay the existing taxes and no GST is implemented on fuels. This issue was taken up and discussed in a meeting organised on 4 August 2018.

      Even states have opposed this initiative in the meeting as the implementation of GST will bring down the revenue. The government is most likely to lose a revenue of Rs.20,000 crore input tax credit, which is presently accumulated. States opposed this move because they want to keep their revenues unaffected as they can use the revenues for contingencies. Currently, excise duty has been levied at Rs.19.48 on petrol per litre. On the other hand, it has been imposed at Rs.15.33 on diesel per litre. If GST is required to be levied, both sales tax and value-added tax should be substituted.

      23 August 2018

    • Diesel Rates have Fallen Minutely for 3 days Continuously

      Diesel rates have fallen minutely for 3 days in a row. On Friday, they were reduced by 5 paise per litre and were revised to Rs.69.20 per litre. Similarly, diesel prices stood at Rs.71.75 per litre in Kolkata, Rs.73.67 per litre in Mumbai and Rs.73.06 per litre in Chennai respectively. Fuel rates depicted an upward trend for the past 16 days and fell for three days after that.

      Fuel companies, on Thursday, dropped diesel rates by 5 paise per litre. They make use of 15-day rolling average of Singapore gasoline rates and Arab Gulf diesel rates in order to compute fuel prices on a daily basis. The falls in the prices of unrefined oil recorded in the previous days will be considered for the forthcoming days. Since May 2018, diesel rates have been up by Rs.3.38 per litre.

      1 June 2018

    • Diesel Rate Soar Across Metro Cities As Crude Oil Gushes On Demand

      The Diesel rates have soared across all the states of India, hitting the highest in Mumbai at Rs. 64.48 per litre. This has happened due to the ever-growing demand for the crude oil and other production cuts that are led by the OPEC (Organization of the Petroleum Exporting Countries). According to the latest information from the official website of Indian Oil Corporation – iocl.com, the diesel rates are at Rs. 60.66/litre in Delhi, Rs. 64.48/litre in Mumbai, Rs. 63.32/litre in Kolkata, and Rs. 63.92/litre in Chennai respectively. These charges are effective from 6 AM as of 9 January 2018. On Tuesday (2 January 2018), the State Oil Companies recorded the highest price in diesel since September 2014. Due to the fact that diesel is not within the bounds of goods ; service tax, their rates differ for each state.

      The diesel price rose drastically after the sudden hurricane-induced closure of the oil refineries in the United States earlier. This made the Central Government to cut off excise duties by two rupees per litre on diesel from 4 October 2017. However, this celebration was not for long. The latest increase in the crude oil charges has expunged that gain for customers. In fact, a few states like Gujarat & Maharashtra have requested the center to cut off the local duties as well as reduce the VAT on diesel. But, this doesn’t seem to be working.

      9 January 2018

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