Diesel Price In Meerut Today

  • Today's Diesel Price (09 Dec 2022)

    ₹ 89.51
    Current Diesel Price Per Liter

    Compare Diesel Price in Meerut (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Diesel ( / litre) ₹ 89.51 ₹ 89.51 ₹ 0 ↑

    Diesel Price in Meerut - Last 10 Days Data

    Date Diesel ( / litre)
    09 Dec 2022 ₹ 89.51
    08 Dec 2022 ₹ 89.51
    07 Dec 2022 ₹ 89.51
    06 Dec 2022 ₹ 89.51
    05 Dec 2022 ₹ 89.51
    04 Dec 2022 ₹ 89.51
    03 Dec 2022 ₹ 89.51
    02 Dec 2022 ₹ 89.51
    01 Dec 2022 ₹ 89.51
    30 Nov 2022 ₹ 89.51

    Diesel Rate Trend

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    Diesel Price in Meerut

    Diesel has turned to be a costlier commodity in India. The opposition leaders are pressuring the government to decline the fuel rate for buyers. There are two options that can be domestically enforced to bring down the diesel price in Meerut. The diesel users from the city of Meerut may expect a drop in the central tax. The second option is that you may also expect a fall in the Value-added Tax (VAT) in Uttar Pradesh again.

    Historical Diesel Prices in Meerut

    The price tag of diesel was Rs.60.40 a litre on the opening day of January 2018. It then climbed to Rs.64.15 a litre in the subsequent month. On 01 March 2018, the fuel price was at Rs.62.57 a litre in Meerut. During the first fortnight of April 2018, diesel traded with an average price of Rs.64.80 a litre.

    Excise Duty on Diesel in Meerut – A Comparison

    Months November 2014 August 2017 February 2018
    Excise Duty on Diesel Rs.3.46 a litre Rs.17.33 a litre Rs.15.33 a litre
    Also Know: Diesel Price in Uttar Pradesh

    VAT on Diesel in Meerut – A Comparison

    Petroleum Planning and Analysis Cell has unveiled a report on 01 April 2018. According to which, the Value-added Tax (VAT) on diesel per litre in Uttar Pradesh was 16.99%. Similarly, the VAT was charged at 28.60% in Andhra Pradesh, 18.82% in Goa, 25.53% in Gujarat, 14.33% in Himachal Pradesh, 18.28% in Bihar, 12.50% in Arunachal Pradesh and 18.25% in Karnataka.

    Overview of Dynamic Fuel Pricing

    India joins Australia, Japan, the USA and Russia with the introduction of dynamic fuel pricing, which is a fully streamlined fuel revision framework. It was adopted last year by fuel retailers, which include BPCL, IOC and HPCL. These fuel retailers should revise the diesel rate each day at 06:00 a.m. in consideration with the exchange ratio and crude oil rates. After the revision, they should update their official websites with the revised price.

    Dynamic fuel pricing offers many benefits to OMCs, which are able to manage their operations effectively and efficiently. They will also be able to dampen their overall running costs. The system also allows them manage their cash budget with accuracy. Fuel pricing is done without the involvement of the central government and the state government.

    Use Mobile Applications to Trace Today’s Diesel Price in Meerut

    Name of the oil company Name of the mobile application
    Indian Oil Company Fuel@IOC
    Hindustan Petroleum My HPCL
    Bharat Petroleum SmartDrive

    Use SMS services to trace Today’s Diesel Price in Meerut

    Name of the oil company Text to be entered Text to be sent to
    Indian Oil Company RSP, give a space, enter the dealer code 9224992249
    Hindustan Petroleum RSP, give a space, enter the dealer code 9222201122
    Bharat Petroleum RSP, give a space, enter the dealer code 9223112222

    Computation of Diesel Price in Meerut

    The current diesel rate is the sum of the cost of unrefined oil, central taxes, state taxes, pollution cess and the dealer’s commission. As of April 2018, the cost of a litre of unrefined oil stood at Rs.26; the expenses incurred by OMCs were estimated to be Rs.10.30 a litre; on diesel per litre, the excise duty was revised to Rs.15.33; and the VAT was fixed at 16.99% in Uttar Pradesh. The commission charged by dealers was Rs.2.51 a litre.

    Factors Affecting Diesel Price in Meerut

    • Exchange rate: The USD/INR exchange rate represents the value of the USD against the value of the currency in India. Daily variations in the exchange rate will have a big impact on current fuel prices in Meerut. How? Fuel companies require crude oil to produce either petrol or diesel or petroleum products. It is purchased in international markets by paying in US dollars. If the USD gains the value against the local currency, the cost price of unrefined oil will appreciate. On the other hand, if the INR gains the value against the USD, the market value of unrefined oil will fall proportionately. Thus, the current fuel rates in Meerut will change accordingly.
    • Crude oil cost: Cost of crude oil increases when oil exporting nations declare a production cut and the weather does not support the production of crude oil. It also gains when the demand for the oil increases in global markets. Any changes in crude oil rates will proportionately impact the petrol price in Meerut. Let’s consider an example. Crude oil prices have gone up to $65 a barrel recently in overseas markets. Due to which, the diesel rates in Meerut and other cities in India have broken their previous highs. It has also been expected to go up marginally in the near future.
    • Taxes: Like mentioned earlier, on diesel, two categories of taxes are charged. The Central Government imposes the excise duty universally on diesel. In case of the Value-added Tax (VAT), it varies from within Indian regions. Fuel corporations have to reset the fuel price in tandem with these two forms of taxes. They will hike the fuel rate when the Central Government increases the excise duty. The same action is enforced when the State Government of Uttar Pradesh increases the Value-added Tax (VAT) on diesel.

    Influence of GST on Diesel Price in Meerut

    How are diesel buyers taxed currently? Well, they are not taxed under the GST, which is a recently announced tax framework in India. As you know, the GST Committee has been established to govern the functioning of the GTS tax framework. The Committee has fixed the tax slabs. As of now, the highest tax slab is 28% and the lowest tax slab is 5%. Other two tax slabs include 18% and 12%. In Meerut, if diesel is taxed at 28%, the highest GST tax slab, the fuel price will drop by 20-25%. Consumers will be happy, but the Central Government is not willing to lose its revenues. This is the reason why diesel is outside the scope of the GST as on date. The fuel may be included. Undoubtedly, the GST Committee makes the necessary changes to ensure that the enforcement of the GST framework does not impact the Central Government’s revenues.

    Also Check Diesel Price in NearBy Cities of Meerut

    *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.

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