Diesel Price in Hisar
The city of Hisar is situated in the Indian state of Haryana and is closer to the National Capital, New Delhi. Since Hisar is in close proximity to the National Capital Region, the city is rapidly growing in terms of size and population. In the recent past, Hisar is known as the country’s largest galvanised iron manufacturing city. The city also has a huge presence of steel industry units. With the rise in population and industrialisation, transportation mainly depends on fuel to aid its economy.
People of Hisar depend on the public transport system and utilise buses as a major mode of commuting between places. However, private vehicles such as four-wheelers and two-wheelers also form the main part of the city’s vehicular traffic. With the city’s vehicular traffic increasing by the day, fuel consumption have increased in tandem with the demand. Let’s review the factors which affect or impact fuel prices in the city of Hisar.
|Also Know: Petrol Price In Hisar|
The diesel price in Hisar is influenced by two main factors - international and domestic. While the international factors include the price for a barrel of crude oil in the global market as well as the exchange rate of the USD over INR, domestic factors include taxes, profit margins and dealer commission. Below is a detailed analysis of both the factors.
|Also Check: Diesel Price in Delhi|
Factors Which Influence the Diesel Rate in Hisar
The Oil-Marketing Companies (OMCs) such as Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) import nearly 70% of crude oil to the country. These companies purchase crude oil in USD and then sell it in INR. Any fluctuations in crude oil rates, directly impact the diesel price.
- International Factor: As mentioned, the global crude oil price is the biggest component in determining the diesel rates in Hisar and other cities of India. Oil-producing countries sell crude or unrefined oil in the global market and in turn, countries such as India refine, transport and sell refined oil in the market. The global crude oil price is influenced by any production cuts, demand for crude oil, seasonal variations, etc. The price for a barrel of crude oil increases when there’s a rise in the demand for the commodity and the oil-producing countries declare a cut in production. Other main influence in determining fuel prices is the exchange rate of the USD over other emerging currencies. Whenever, there’s a decrease in the value of the US dollar, the price of diesel decreases accordingly.
- Domestic Factor: The current diesel price in Hisar is also influenced by domestic factors such as taxes, profit margins and dealer commission. OMCs add their profit margins which includes their marketing costs, freight and other charges and sell diesel to dealers or petrol pump owners. Then comes the two main domestic factors, the taxes levied by the State and the Centre. The Central Government charges excise duty, while the State implies Value Added Tax (VAT), which together represent more than 50% of the diesel rate in Hisar. While the Centre charges excise duty of Rs.15.33 for a litre of diesel, the State Government of Haryana levies 17.22% as VAT. Apart from these charges, dealers add their commission and other charges such as pollution cess as surcharge. All of this put together form the retail selling price of diesel in Hisar.
How Often are Diesel Prices Revised in Hisar?
The diesel price in Hisar is revised on a daily basis under the new ‘dynamic fuel pricing’ mechanism. The new pricing mechanism takes into account the current crude oil price and foreign currency exchange rate before its revised every day at 6 a.m. IST. This system of daily revision help fuel companies to offset any surge in the international crude oil price. The diesel price is updated automatically at any of the automated petrol pumps, while it’s manually updated in non-automated fuel stations.
Calculation of Diesel Rate in Hisar
Diesel rate in Hisar = Cost of Crude oil + Taxes + Dealer Commission + OMCs Profit Margin
How to Check Daily Diesel Price in Hisar?
Since diesel prices are changed on a daily basis, there are several methods to track the daily diesel price in Hisar. OMCs have launched smartphone mobile apps, SMS services, online portal updates and can also be tracked by visiting their respective petrol pumps.
For those who wish to download and use smartphone mobile apps, IOCL customers can take advantage of the ‘Fuel@IOC’ app, BPCL customers can use the ‘SmartDrive’ app, while HPCL customers can utilise the ‘My HPCL’ to track daily fuel rates in a city. Customers can also use the services of SMS to get the current diesel rate. Below is the process for your reference.
- IOCL: SMS RSP dealer code to 9224992249.
- HPCL: SMS HPPRICE dealer code to 9222201122.
- BPCL: SMS RSP dealer code to 9223112222.
Customers can also visit OMCs respective online portal to find daily fuel rates of several cities in India. Besides, customers can call the customer care of the respective oil companies to track the fuel price.
Is the Diesel Price in Hisar Similar to Other Cities?
While the Centre charges excise duty on diesel, which remains similar across cities, the State’s VAT differs. The State of Haryana implies a different VAT on diesel compared to other cities, hence, the diesel price in Hisar is not similar to other cities in the country.
Is GST Applicable on Diesel in Hisar?
The Goods and Service Tax (GST) is the current taxation system in India. All commodities and services come under the framework of the GST. However, petroleum products including diesel and petrol have been kept away from attracting GST. Both the Centre and states rely on the revenue generated from the sale of diesel and petrol in the country. The taxes currently charged on diesel is much higher than the highest tax slab of the GST. Hence, to avoid losses on the Centre and states exchequer, diesel does not come under the ambit of the new taxation system. Therefore, GST is not applicable on diesel in Hisar.
Also Check Diesel Price in NearBy Cities of Hisar
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