Today's Diesel Price in Bihar

How to Check Diesel Prices in Bihar?

The different methods to check diesel prices in Bihar are mentioned below:

• Mobile applications: Download mobile applications to get the current fuel rates in Bihar. Use either My HPCL or SmartDrive or Fuel@IOC.

• SMS services: Obtain the latest fuel prices in Bihar through SMS services offered by Indian Oil, Bharat Petroleum and Hindustan Petroleum.

• Online services: Make a visit to the official websites of either Hindustan Petroleum, Bharat Petroleum or Indian Oil.

Who will gain from Dynamic Fuel Pricing?

The daily fluctuations in crude oil costs and the exchange rate are instantly transferred to fuel consumers under the dynamic fuel pricing approach. This is a key benefit. Oil marketing enterprises will easily reduce the minimum capital required to run daily operations.

Both cash receipts and payments can be effectively managed. Automated diesel stations can easily revise fuel rates as dynamic fuel pricing fosters the automation drive.

What are the Factors that Impact Diesel Prices in Bihar? 

The different factors that impact diesel prices in Bihar are mentioned below:

• Rupee-Dollar Exchange Rate: Since crude oil is traded in US dollars, the exchange rate between the Indian rupee and the US dollar affects the cost of importing oil.

• Dealer Commission: Oil marketing companies provide a commission to petrol pump owners, which is also included in the final price.

• State Government Taxes (VAT): The state government of Bihar imposes a Value Added Tax (VAT) on diesel. This tax rate can vary from state to state.

• Central Government Taxes (Excise Duty): The central government levies an excise duty on diesel, which is a fixed amount and does not change with the price of oil.

• Crude Oil Price: India imports over 85% of its crude oil, making international oil prices a major factor in determining the cost of diesel. Fluctuations in the global market, due to supply and demand, geopolitical events, or natural disasters, directly impact the price of diesel in India.

Computation of Diesel Price in Bihar

Retail price of diesel in Bihar = Crude oil costs + OMC overheads + local taxes + state taxes + commission to dealers

GST vs Today's Diesel Rate in Bihar

Today's diesel price in Bihar will remain unaffected by GST, which has been introduced in India last year. GST does not tax diesel currently.

Petrol is also not taxed under GST. The imposition of GST will drop the diesel price and revenues.