Petrol Prices in Agra
Agra is a notable tourist destination in Uttar Pradesh. As we all know, the demand for petrol-run vehicles is growing in the entire country. There are 81 petrol bunks in Agra scattered across all parts of the city. Hindustan Petroleum, Bharat Petroleum and Indian Oil are the three renowned oil marketing companies operating across the city. Do you know the recent trends in petrol prices?
What was the petrol price in Agra in October 2017? This a tough question to answer unless we take the average price. The average price for the month was Rs.70.80 per litre. Petrol was priced at Rs.69.07 on the first day of April 2017, Rs.70.48 on the first day of May 2017, Rs.69.60 on the opening day of June 2017, Rs.66.28 on the first day of July 2017 and Rs.68.37 on the opening day of August 2017.
Petrol Prices in Agra and other notable cities in India
Let’s make a comparative study of the average price of petrol in different cities. In October 2017, in Bangalore, the capital city of Karnataka, petrol was sold at an average price of Rs.69.70 per litre. In New Delhi, the capital city of India, it was Rs.68.70. On an average, petrol was priced at Rs.75.50 in Mumbai, the capital city of Maharashtra. In Chennai, the capital city of Tamil Nadu, the fuel was priced at Rs.71.20 per litre.
How are Petrol Prices in Agra Revised?
The price revision of petrol is an important aspect of the fuel retailing sector. The revision is done on the basis of the exchange rate and overseas crude oil rates. Since 16 June 2017, all Indian oil marketing companies have been reviewing the fuel rates in Agra under the new fuel pricing system called dynamic fuel pricing. Petrol rates across the country have slashed considerably after the implementation of dynamic fuel pricing.
The United States of America, Australia and Russia also use dynamic fuel pricing. The new revision system addresses the drawbacks of the earlier fortnightly revision. Earlier fuel pricing was not transparent. With the daily revision in place, it is possible. No government can interfere with fuel pricing under dynamic fuel pricing.
The new system fosters the automation drive of petrol bunks. The price revision is done automatically by all automated bunks. In non-automated bunks, the price revision is done manually at 06:00 a.m. every day. The daily revision transmits the regular movements in the exchange rate and crude oil rates to end petrol customers. In other words, customers are aligned to market dynamics.
How are Petrol Prices in Agra Computed?
The petrol price directly or indirectly affects almost every Indian. Any decrease or increase in the petrol price is widely debated. As mentioned in the earlier section, the petrol price is revised on a daily basis. Many people do not understand the price structure of petrol and the cost elements that add up to the Retail Selling Price (RSP).
Retail Selling Price of petrol: The final price of petrol is computed based on a lot of elements. The average rate of unrefined oil of the Indian Basket is computed every day. RSP is computed in dollars per barrel. The Retail Selling Price (RSP) of petrol in Indian rupees relies on the exchange rate.
Crude oil to petrol: Petrol is derived from crude oil. Refinery expenses, the cost of crude oil and freight charges are added to the cost price of unrefined oil. In other words, the Refinery Transfer Price (RSP) is the price remitted by oil marketing companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum. OMCs then add their profit margins and sell it to dealers.
Taxes: The central excise duty and the state VAT are the two types of taxes imposed on petrol. The price charged to dealers includes these taxes. The central excise duty was Rs.19.48 per litre as on 4 October 2017. The state VAT in Uttar Pradesh was 32.90% as on the same date. The commission charged by dealers is also added.
All these prices add up to the final selling price of petrol, which is paid by petrol customers. This is how petrol prices in Agra assessed.
What are the Factors Affecting Petrol Prices in Agra?
Petrol prices are not the same across the country. In Maharashtra, the petrol price is high whereas in Goa it is less. Why? It is due to the fluctuations in the state VAT imposed on petrol. As on 4 October 2017, in Maharashtra, the state VAT was 47.94%. In Goa, it was 17%. Similarly, the central excise duty directly affects the price of petrol. On 3 October 2017, the excise duty was reduced by Rs.2 per litre. After the revision, petrol rates in Agra were down by Rs.2 per litre.
The exchange rate of the INR against the USD is another influencer. On the purchase date of crude oil, the exchange rate of the local currency against the base currency is determined by the Reserve Bank of India, which is also called the Central Bank of India. If the INR appreciates against the USD, the cost of crude oil reduces; if the USD appreciates against the INR, the cost price of crude oil increases. Eventually, the Retail Selling Price is affected.
Does GST Affect Petrol Prices in Agra?
The Goods and Services Tax (GST) does not impact petrol rates in the city as petrol is not included under the purview of GST. If GST is to be imposed on petrol, the current GST rates have to be modified. Presently, all types of goods and services are taxed at 5%, 12%, 18% and 28%. The highest GST rate is 28%. If GST is imposed on petrol at 28%, the revised petrol price will be Rs.45 per litre. The move will adversely affect the government.
*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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