Petrol Price In Amravati Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 80.17
    Current Petrol Price Per Litre
    Compare Petrol Price in Amravati (Today & Yesterday)
    Today
    (21 Oct 2019)
    Yesterday
    (20 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 80.17 ₹ 80.17 ₹ 0 ↑
    Petrol Price in Amravati - Last 10 Days Data
    Date Petrol ( / litre)
    21 Oct 2019 ₹ 80.17
    20 Oct 2019 ₹ 80.17
    19 Oct 2019 ₹ 80.17
    18 Oct 2019 ₹ 80.17
    17 Oct 2019 ₹ 80.17
    16 Oct 2019 ₹ 80.17
    15 Oct 2019 ₹ 80.17
    14 Oct 2019 ₹ 80.22
    13 Oct 2019 ₹ 80.22
    12 Oct 2019 ₹ 80.22

    Petrol Rate Trend

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    Petrol Price In Amravati

    Amravati, the 6th most populous metropolitan area in the state of Maharashtra, is spread over 71 square miles with a population of over a million recorded as of 2011. Amravati is known for its educational institutions and boasts of a high literacy rate of 93%. While public and private transport is available, many prefer to commute through two-wheelers and four-wheelers. The city is growing at a tremendous pace and infrastructures such as roads are being developed in tandem with the growth of the city. With the increasing use of vehicles in the city, the consumption of petrol has increased as well.

    State-owned oil companies such as Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) operate in the city. The petrol price in Amravati offered by these oil companies are relatively similar; however, there can be slight variations due to transportation cost and the brand.

    Also Know: Diesel Price In Amravati

    Let’s look at some of the factors and understand how daily petrol prices are determined in Amravati.

    Also Check: Petrol Price in Nashik

    Factors Affecting The Petrol Price In Amravati

    Fuel price in India varies from state to state depending on the VAT tariff. Both domestic and international factors influence the petrol price in India. While domestic factors such as the Central and the State taxes, fuel pump dealer commision, transportation charges, and the profit margins of oil companies influence the petrol price, international factors such as the price of Indian Crude Oil Basket and the dollar to rupee conversion rate affect the prices of petrol.

    1. Indian Crude Basket Price: The Indian Crude Basket price is the price at which State-owned oil companies like IOCL, BPCL and HPCL purchase fuel from oil-producing countries. The price of global crude oil is influenced by the demand and supply as well as the exchange rate of the USD over INR. India imports over 70% of its crude oil which is then refined and transported. The Oil Marketing Companies (OMC) pay the Refinery Transfer Price (RTP) to the refinery for the refined fuel. The OMCs then sell the refined fuel to dealers before they retain a profit margin.
    2. Taxes: Two main taxes are levied on petrol in India - Central Government’s Excise Duty and the State’s Value Added Tax (VAT). One of the biggest factor affecting the petrol price in Amravati is the Excise Duty. Presently, the Central Government levies Rs.19.48 for a litre of petrol. The last revision of the Central Excise Duty was in February 2018, when the tax was decreased by Rs.2 per litre of petrol. The second major tax levied on fuel, which is one of the major factor impacting the petrol price in Amravati is the VAT levied by the State Government. The VAT differs from state to state and respective governments decide the tax rate for fuel. In Amravati, the State Government of Maharashtra levies 38.93% VAT for a litre of petrol.
    3. USD/ INR Exchange Rate: Trading of oil in the global market is done through the US dollar. India buys crude oil in USD and sells them in INR. Therefore, the petrol price in Amravati and other cities is influenced by the fluctuating exchange rate. Petrol prices decrease whenever the Rupee gains over the USD and vice versa.
    4. Oil Marketing Companies’ Profit Margins: Nearly 90% of oil market share is held by the three State-owned OMC such as the Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum. These OMCs refine the crude oil and transport the extracted petrol to dealers in India. Before petrol is sold to the dealers, OMCs add the refining, transportation and marketing costs to the cost of the crude oil.
    5. Petrol Dealer Commission: Fuel station dealers buy petrol from their respective OMCs, store and maintain the petrol stations before it’s sold to the consumers. They add costs involved in transporting the fuel and other maintenance costs to the Retail Selling Price (RSP) of petrol. Typically, OMCs decide the dealer margins and is revised once in a year.
    6. Demand And Supply Pattern: Fuel prices in India and cities such as Amravati is influenced by the demand as well as the supply of petrol in the country. Developing countries such as China and India usually have a high demand for fuel compared to other countries. When there are high demand for fuel, the petrol price increases as well. In a country like India, where transportation is entirely dependant on fuel, there is bound to be a shortage in supply of fuel. Oil marketing companies will have to bid at a higher price which in turn is passed on to the end customers.

    Why Is Petrol Price In Amravati Different From Other Cities?

    While the Indian Basket price for crude oil remains the same across cities, petrol price in Amravati is determined by the VAT levied by the Maharashtra State Government as well as the operating costs to transport fuel to the city. The VAT differs from state to state, hence, the reason why the petrol price in Amravati is different from other cities.

    What is Dynamic Fuel Pricing & is it Applicable To Amravati?

    Petrol prices in Amravati and other cities of India is determined by the ‘Dynamic Fuel Pricing’ or commonly known as daily price revision of fuel prices. From 16 June 2017 onwards India moved to Dynamic Fuel Pricing mechanism where petrol prices are determined daily, which are updated by 6 a.m daily at all petrol pumps in Amravati.

    Methods To Find Out Today’s Petrol Price In Amravati

    OMCs are offering the services of mobile apps and SMS to find out petrol prices in Amravati on a daily basis. Customers may consider mobile apps such as SmartDrive or My HPCL or Fuel@IOC to find out the petrol price on a daily basis.

    As for the SMS service, consumers can send SMS to get today’s petrol price in Amravati. Below are the steps to send an SMS for the petrol price.

    • Indian Oil Corporation: Consumers should type RSP, provide a space and then enter the dealer code and the SMS should be sent to 9224992249.
    • HPCL: Consumers should type RSP, leave a space and then the dealer code and sent to 9222201122.
    • BPCL: Consumers filling petrol from BPCL fuel stations, should type RSP, provide a space and then the dealer code. The SMS needs to be sent to 9223112222.

    Apart from the mobile apps and SMS service, one can visit the OMC’s respective website and find out today’s petrol price in Amravati.

    GST On Petrol Price In Amravati

    Presently, all goods and services come under the ambit of the Goods and Services Tax (GST) introduced in India on 1 July 2017. However, the GST is not applicable on petroleum products including petrol and diesel. The revenue of both the Central and the State Government comes from the taxes levied on petrol, hence, bringing petroleum products under GST would incur losses as the tax on petrol is marginally higher than the highest tax slab of GST. Because of the impact, petrol price in Amravati does not come under the framework of the GST.

    Also Check Petrol Price in NearBy Cities of Amravati

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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.

    News about Petrol Price In Amravati

    • Petrol, Diesel Prices Hiked for the Fourth Consecutive Day

      State-owned Oil Marketing Companies (OMCs) hiked petrol and diesel prices today for the fourth consecutive day across major metro cities of the country. Petrol prices increased by 9 paise per litre while diesel rates increased by 8 to 9 paise per litre. In Delhi, petrol costs Rs.70.37 per litre while diesel costs Rs.64.19 per litre. In the financial capital of Mumbai, petrol is being sold at Rs.76.06 per litre and diesel is being sold at Rs.67.30 per litre. In Kolkata, petrol is available at Rs.72.63 per litre and diesel is available at Rs.66.11 a litre. In Chennai, petrol costs Rs.73.10 per litre and diesel costs Rs.67.90 a litre. In Delhi, Mumbai and Kolkata, diesel rates increased by 8 paise per litre and in Chennai by 9 paise a litre.

      Petrol and diesel rates are proportional to the international crude oil prices and are determined by its prices and the rupee-dollar exchange rate. Prices of petrol and diesel are revised on a daily basis under the dynamic fuel pricing mechanism which considers the 15-day average price of crude oil and the rupee-dollar exchange rate. In the international oil market, oil prices declined on Friday however it posted their second consecutive week of gains amid trade discussion between the presidents of the US and China this weekend as well as on expectation of supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies. The September Brent crude futures declined by 93 cents to close at $64.74 a barrel and August Brent futures ended unchanged at $66.55 per barrel.

      4 July 2019

    • Crude Oil Prices Drop as Stock Markets Plunge to Highest Lows Since 2011

      Oil prices fell on Thursday as Asian shares plunged after Wall Street biggest daily decline since 2011 while spreadbetters pointed out at a slowdown in European markets. Brent crude oil futures were seen holding at $75.82 a barrel - a 0.5% drop from its previous closing figure. US West Texas Intermediate (WTI) also saw its prices drop to $66.44 per barrel - which again is a 0.5% drop from the previous closing figures.

      Commodities analyst at Phillip Futures, a Singapore-based brokerage firm has said that global oil benchmarks have been hit hard since the start of Q4 2018. This has apparently happened due to a fall in market confidence as well as weaker economic projections beyond 2018 and a massive sell-off in global equities.

      Whether or not, crude oil price drop is a good thing, people in India will rejoice the latest trend, as fuel prices have dropped considerably from the all time high figures hit during the beginning of this month. The central government which had introduced a Rs.2.50 per litre tax cut had indicated that fuel prices are set for a fall in the near future and it has now been vindicated after a two months of backlash it faced from both consumers as well as the opposition parties.

      29 October 2018

    • Fuel Rates in India Cut For 7th Consecutive Day

      Fuel rates in India were reduced for the 7th consecutive day across Delhi, Mumbai, Chennai and Kolkata. Petrol prices were cut by 13 paise in Delhi and Kolkata and 12 paise in Mumbai, while in Chennai petrol prices were down by 14 paise. The petrol rate in Delhi stands at Rs.77.83 per litre, Rs.80.47 per litre in Kolkata, Rs.85.65 a litre in Mumbai, while in Chennai, the petrol price is Rs.80.80 a litre. During the last seven days, petrol prices have reduced by 60 paise a litre in Delhi, 63 paise a litre in Chennai, while in Mumbai and Kolkata, the petrol price has come down by 59 paise per litre. Fuel rates in India have been cut despite an increase in the global crude oil price. This is due to the increase in production of crude oil by the US and the expectation of a surge in supply of crude oil by the OPEC.

      5 June 2018

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