Diesel Price in Solapur
Diesel price is rapidly growing in Solapur, a prime town in Maharashtra. As of 15 May 2018, it was Rs.71.05 a litre. The price encompasses the central levy of Rs.15.33 and VAT as well. The Government of India imposes the central tax whereas VAT is being levied by the State Government of Maharashtra. There are two types of taxes in Maharashtra. In Mumbai, Navi Mumbai and Thane, VAT will be collected at 24.86%. In other parts of the state, the state-level levy will be imposed at 21.97%, a recent report confirms. Therefore, within the cities of Maharashtra, diesel rates shall deviate.
Dynamic Fuel Pricing in Solapur
Do you know how diesel is priced today? It is on the basis of dynamic fuel pricing, which is a system deployed to reset the price of fuels such as diesel and petrol. Fuel companies like Indian Oil, Hindustan Petroleum and Bharat Petroleum shall consider the value of the INR versus the USD and the buying price of unrefined oil to value the fuel. One of the prime features of dynamic fuel pricing is that it gives an opportunity to the Indian OMCs to value and revalue the fuel transparently. Every fuel center will announce the updated price sharp at 06:00 a.m.
|Also Know: Petrol Price In Solapur|
Methods to Trace Today’s Diesel Price in Solapur
Today’s diesel rate in Solapur may be tracked using both online and offline sources. Today, most fuel buyers would like to make use of online sources such as websites and mobile applications. Each oil company has its own official website. Fuel users can visit the website of their fuel company to get the current fuel rate in Solapur. Fuel entities will update their websites regularly. Websites are the trusted sources unquestionably. Mobile applications are also in use. They are three in number: 1) SmartDrive 2) My HPCL and 3) Fuel@IOC. SmartDrive is offered by BPCL. Fuel@IOC is provided by Indian Oil Company. My HPCL is crafted and offered by Hindustan Petroleum.
A few customers like to use SMS services to get the latest diesel price in Solapur. How does this work? To get the rate offered at Indian Oil, you have to just type RSP, provide a space, furnish the dealer code and then forward this message to 9224992249. To get the price offered at Bharat Petroleum, you have to type the same text and send it to 9223112222. Finally, to get the fuel rate provided at Hindustan Petroleum, the request message should be forwarded to 9222201122. Revised fuel rates will be instantly sent by the respective fuel corporation.
Assessment of Diesel Price in Solapur
Firstly, we should understand the relevance of fuel corporations. What do they do? They purchase crude oil and translate it into diesel. Finally, they will sell diesel in Solapur via a huge network of supply stations. At every phase, costs are spent by these oil brands. To arrive at the selling price, costs spent at each stage are added. The primary cost aspects include unrefined oil expenses, pollution cess, excise duty, Value-added Tax, commission paid to fuel suppliers etc.
The crude oil price (Indian basket) will be considered to be the benchmark. If the crude oil rate per barrel is $65, the cost of refined oil per barrel in Indian rupees is assessed by multiplying 65 by the USD/INR currency rate. Then, it is divided by 159 to compute the crude oil price per litre. Then, excise duty and VAT are imposed as prescribed by the Government of India and the State Government of Maharashtra. The commission paid to dealers is also added. It was Rs.2.51 on diesel per litre in May 2018.
Factors Impacting Diesel Price in Solapur
- USD/INR Exchange Rate: This is an exciting currency pair traded on the Forex market. This currency pair describes the monetary value of the base currency against the local currency. We can see the variations in this currency pair on a daily basis. The Reserve Bank of India retains the authority to declare the value of this widely traded currency pair. It is one of the factors impacting fuel rates. The impact of this factor is trifling. When the USD depreciates versus the INR, undoubtedly, we can envision a rise in fuel prices. If the USD appreciates against the local currency, we can then expect a fall in fuel rates.
- State and Central Taxes: Whenever required, the central-level levy can be restructured by the Central Government. We have seen this occurring many times. Since 2014, the current BJP-Government has changed the excise duty to lessen the fuel price. On diesel, the excise duty has been revised in October 2017 and February 2018. The concept is very simple. HPCL, IOCL and BPCL will decline fuel rates in Solapur when the government declares a drop in the central tax. They will enhance the price offer if the government rises the central tax.
- Crude Oil Expenses: This is completely a global element. When oil-marketing countries hike the price, in India, fuel rates will increase. On the contrary, fuel prices will be declined if oil-marketing nations decrease the price. Thus, diesel prices in Solapur are getting reviewed every day. Many factors affect the pricing of crude oil. For instance, an announcement of production cut causes a hike in crude oil costs. Oil-marketing countries also consider accelerating crude oil costs if there is a rise in the demand for this particular commodity.
Should the GST Regime be Levied on Diesel?
Fuel consumers pay a huge amount of taxes to buy diesel. Taxes have been projected to be 52% of the marketing price of diesel. The GST regime, which was implemented in India in the month of July 2017, does not take into account diesel presently. What are the consequences of imposing the GST realm on this commodity? Diesel price in Solapur will deteriorate by Rs.25-29 a litre if the GST is collected at 28%. This is not a good choice since the government has to suffer massive losses.
Also Check Diesel Price in NearBy Cities of Solapur
|Diesel Price In Pune||Diesel Price In Nanded||Diesel Price In Mumbai||Diesel Price In Thane|
|Diesel Price In Kolhapur||Diesel Price In Amravati||Diesel Price In Sangli||Diesel Price In Jalgaon|
*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.