Diesel Price in Jaipur
Jaipur is the capital city of Rajasthan. The city has seen tremendous a growth rate in all aspects, including commercial productions. The steady distribution of diesel is extremely important. Otherwise, commercial activities will be negatively impacted. The oil companies in India have a major role to play in ensuring the consistent distribution of diesel, petrol and even petroleum products. Diesel can be used for several purposes unlike petrol. The pricing of diesel is done considering the regular variations in the currency value and crude oil costs.
Previous Diesel Price in Jaipur
The average price of diesel in the city of Jaipur was Rs.67.40 per litre in March 2018. The fuel was sold at Rs.68.63 per litre at the beginning of February 2018. At the end of the month, it dropped to Rs.66.56 per litre. On 6 February 2018, the highest fuel price was recorded at Rs.68.75 per litre. The lowest price was logged at Rs.66.56 per litre on 25 February 2018. On 1 January 2018, the fuel rate was Rs.63.89 per litre. It was up 6.76% to Rs.68.52 per litre on the closing day. The lowest price was recorded at Rs.63.89 per litre and the highest price at Rs.68.52 per litre.
|Also Know: Petrol Price In Jaipur|
A Study of State and Central Taxes
There are two forms of taxes, which are imposed on diesel. The excise duty is the first category and the second category is the local tax. The Government of India (GOI) levies the excise duty whereas the Value-added Tax (VAT) is charged by respective state governments. As of February 2018, the central levy on diesel had been Rs.15.33 per litre. It was Rs.17.33 per litre in August 2018. Four years ago, the excise duty on diesel was Rs.3.46 per litre.
|VAT on Diesel as of 4 September 2017||States|
|Also Check: Diesel Price in Jodhpur|
Dynamic Fuel Pricing vs Diesel Price in Jaipur
Indian fuel retailers have been asked to follow the dynamic fuel pricing methodology in order to update fuel prices. This system is called dynamic fuel pricing system. India introduced it in the month of June after executing a 40-day trial in 4 cities. Therefore, fuel prices in Jaipur will change daily based on overseas crude oil rate variations under dynamic fuel pricing. It is a fully revised form of the previous fuel revision methodology. It is advantageous to oil selling companies, dealers, fuel buyers, the state government and the central government.
Why Dynamic Fuel Pricing
- Dynamic fuel pricing will align diesel users to overseas market dynamics. Speculative market elements can be reduced.
- The fuel retailing sector in India may be aligned to international markets. The new system reduces the influence of the working capital on fuel companies.
- The daily revision system attracts the contribution of privately-held companies in the fuel retailing sector. Therefore, the best practices may be launched in the fuel retailing sector.
- It also minimizes the political pressure on fuel pricing, thereby brings 100% transparency in the revision of the diesel price in Jaipur.
- The daily revision system is basically an international practice followed in several advanced markets such as Japan, Australia and the United States of America.
- There are a few countries where fuel rates will vary twice or thrice in a single day.
Why have Diesel Prices in Jaipur decreased?
- Last year, crude oil prices have gone up by 14%. In India, retail fuel dealers have increased their commission recently by Rs.1 per litre.
- Since the arrival of the daily price revision methodology, the petrol and diesel prices in Jaipur have gone up by 8%.
- Oil-extracting companies have announced a production cut last year.
Tracing Current Diesel Rates in Jaipur
Is it difficult to trace today’s diesel rate in Jaipur? It is easy! Fuel consumers from the city of Jaipur are advised to utilise mobile applications, which have been designed by Indian Oil Company, Bharat Petroleum Company and Hindustan Petroleum Company. SmartDrive is provided by Bharat Petroleum whereas My HPCL by Hindustan Petroleum. Fuel@IOC is provided by Indian Oil. Fuel users can also consider SMS services to obtain recent fuel prices in Jaipur.
Assessment of Diesel Price in Jaipur
The diesel rate in Jaipur will be assessed by oil marketing companies in the country. The price will be reset based on the movements in the price influencers. In general, the diesel price encompasses the central levy, the local tax (VAT), the commission levied by dealers, the cost of crude oil, the pollution cess etc. As of 26 March 2018, the cost of crude oil per litre worked out to be Rs.26.40 per litre. The overall amount of expenses spent by OMCs worked to be Rs.8.40 per litre. The Central Government’s tax was Rs.15.33 on diesel per litre.
Why do Diesel Prices Change in Jaipur?
The diesel price in Jaipur will change if there are any changes in the INR-USD conversion rate and the cost price of crude oil. Since unrefined oil is globally transacted, the value of the currency of India against the price of the currency of the United States of America makes a huge impact. This conversion ratio is not domestically governed. It is sensitive to many forces including fabrication cuts, domestic and international politics, etc. Oil companies should rise fuel prices in Jaipur if the Government of India hikes the central levy. Conversely, they will reduce fuel rates if the government decreased the central-level tax.
GST vs Diesel Rate in Jaipur
Let’s first understand the GST? In India, it is primarily a tax system that levies tax at 5%, 12%, 18% and 28% on goods and commodities. The earlier indirect taxes have been subsumed under the GST system. The GST Council has been formed to govern the GST system. As of now, diesel and petrol are not taxed under the GST structure. The GST Council has kept them outside. As we all know, diesel and petrol will earn a major chunk of revenues. If diesel is taxed at the current GST rates, the diesel price in Jaipur is anticipated to drop by 22-27%. It will be a huge drop.
Also Check Diesel Price in NearBy Cities of Jaipur
*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.