Diesel Price in Udaipur
Udaipur is a famous city in Rajasthan. The city has grown tremendously in terms of commercial activities. Therefore, the average monthly consumption of diesel has also increased. What is the diesel price in Udaipur now? Do you think the fuel price has increased because of its increased demand? If you say yes, you are completely wrong. In India, the fluctuations in the demand for diesel have no impact on the pricing of diesel. Diesel was bought at an average price of Rs.71 per litre during the first 15 days of May 2018.
A Quick Glance at OMCs
Hindustan Petroleum, Bharat Petroleum and Indian Oil are the leading fuel enterprises, which distribute the fuel through dealers. Udaipur has a good network of HPCL dealers, BPCL dealers and Indian Oil dealers. Fuel dealers charge a certain percentage of commission. HPCL, BPCL and IOCL run more than 90% of diesel supply centers in Udaipur, which also has a few fuel stations run by Shell Oil and Reliance. Each fuel center will offer a different fuel price triggered by the brand identity and transportation overheads.
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Introduction to Dynamic Fuel Pricing
Dynamic fuel pricing is a system introduced to determine and reset the fuel price on the basis of overseas factors such as the price of crude oil and the value of the USD/INR pair. Since crude oil costs and the exchange rate change regularly, fuel companies will price the fuel on a daily basis. The revised rate will be made available to the public through online and offline modes. Dynamic fuel pricing in India has been implemented to combat the drawbacks of the earlier fuel pricing revision framework.
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How to Check Diesel Prices in Udaipur Online
HPCL, BPCL and IOCL have their own official websites. The official website of Indian Oil is www.iocl.com whereas the official website of Bharat Petroleum is https://www.bharatpetroleum.com. HPCL’s official website is http://www.hindustanpetroleum.com. You can get the updated price regularly. Online portals will also exhibit the fuel rate. If you are not interested in using online options, offline methods can be used. For instance, send an SMS request in a prescribed format and get the fuel rate immediately.
How to Check Fuel Rates in Udaipur Using mobile applications
Most people use mobile applications widely. Fuel@IOC, My HPCL and SmartDrive are offered by Indian Oil, Hindustan Petroleum and Bharat Petroleum at no cost. These have been fully customised for the benefit of fuel users and can be used only by the users of Android and Apple operating systems.
Computation of Diesel Price in Udaipur
Current diesel rate in Udaipur = Crude oil expenses + taxes + commission for dealer
- Crude Oil Costs: Crude oil is the most significant commodity in emerging countries like India, Latin America and China. It is priced based on its demand and supply. Now, India has now emerged as one of the biggest importers of crude oil. The pricing of crude oil in India is different. Brent and WTI crude oil prices are taken into account to fix the fuel price. It will change on the commodity market. In January 2018, prices were up reasonably whereas in February 2018 they were down.
- Taxes: Taxes are levied by the State and Central Governments. In May 2018, excise duty on diesel was Rs.15.33 per litre. On diesel, the Value-added Tax was 24.28%. From time to time, both categories of taxes are revised. For example, Arun Jaitley revised the existing tax structure on diesel in the month of February 2018.
- Commission for Dealer: They are paid a fixed amount of commission for distributing the fuel. The commission charged by fuel dealers per litre was Rs.2.51 in the month of May 2018. It can also be changed if needed.
Factors affecting Diesel Price in Udaipur
Both internal and external forces affect diesel rates in Udaipur. Excise duty is an internal factor. Any variations in excise duty have a direct impact on fuel rates. VAT is another internal factor. When it is revised by the concerned state government, fuel entities have to make necessary changes. External factors also impact fuel rates significantly. They encompass the costs of unrefined oil, political conditions, the exchange rate, production capabilities etc.
What is an exchange rate? An exchange rate expresses the value of one currency against another. Similarly, the USD/INR currency pair expresses the value of the currency of India against the USD. It is one of the flexible currency pairs. If the currency of India depreciates against the currency of the USA, diesel price in Udaipur will also increase. If the currency of India appreciates against the USD, then diesel price in this city falls.
GST Impact on Diesel Price in Udaipur
GST is a form of tax levied on goods and services in India. Currently, it has been imposed at different states. Some goods and services will fall under the tax bracket of 5%. Another category of goods and services will fall under the tax slab of 12%. GST is also levied at 18% and 28%. Interestingly, diesel is not taxed under the GST framework because of the execution of GST on this particular commodity is expected to reduce the fuel rate. When the fuel rate falls down, the funds of the Central Government are affected.
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*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.