Petrol Price in Assam
People seeking petrol rates in Assam can find out all they need to know here. Taking into consideration two important cities of Assam - Guwahati and Silchar - we can determine trends experienced in the north-eastern state. As on 13 June 2018, petrol prices in Guwahati and Silchar stood at Rs.78.57 a litre and Rs.78.68 a litre respectively. There exists a difference of 11 paise a litre owing to brand differences.
A Comparative Analysis of Petrol Prices in Guwahati and Silchar
On 01 January 2018, petrol was valued at Rs.71.99 a litre Guwahati. The same price was observed in Silchar. By the end of the first month, petrol rates soared to Rs.74.96 a litre in Guwahati and Silchar respectively. In the month of February 2018, fuel rates were declined by Rs.1.61 a litre in both cities. Fuel rates were up by Rs.2.01 a litre and Rs.1.81 a litre Guwahati and Silchar respectively. In April 2018 and May 2018, petrol rates were increased in sync with overseas aspects. Over the last five months, petrol price in Assam has increased by over Rs.8 per litre.
The business of fuel companies is to extract petrol and petroleum products and sell them through fuel dealers. There are three state-owned fuel companies in India. They include HPCL, IOCL and BPCL. HPCL is headquartered in Mumbai and has about 25% market share in the country. BPCL is also headquartered in Mumbai, the capital city of Maharashtra. Indian Oil Company has its registered office in Mumbai but is headquartered in Delhi.
Revision of Petrol Price in Assam
Each state has a different price structure because of Value-added Tax (VAT). The revision of fuel prices will occur using a mechanism called dynamic fuel pricing today. Dynamic fuel pricing is a daily revision system, which will take into account the exchange rate and crude oil rates. Fuel companies have adopted this system in June 2017. It is also followed in a few developed countries, including Japan, Australia and the United States of America.
Quarterly Petrol Price Trend in Assam Between October and December 2018
|Opening date price||Rs.86.30 a litre||Rs.79.21 a litre||Rs.72.11 a litre|
|Closing date price||Rs.79.40 a litre||Rs.72.48 a litre||Rs.68.19 a litre|
|Highest price||Rs.86.56 a litre booked on the 4 October 2018||Rs.79.21 a litre booked on the 1 November 2018||Rs.72.11 a litre booked on the 1 December 2018|
|Lowest Price||Rs.79.40 a litre booked on 30 and 31 October 2018||Rs.72.48 a litre booked on the 30 November 2018||Rs.68.19 a litre booked on the 31 December 2018|
Petrol Price Trend in Assam Between October and December 2018
- Crude oil and the rupee-dollar exchange rate form the two main factors which influence the petrol and diesel prices in the country apart from any revision of taxes levied on the sale of fuel.
- Prices are revised daily under the ‘Dynamic Fuel Pricing’ mechanism, which considers the oil price and the exchange rate of the Indian currency.
- Based on this pricing method, petrol was priced Rs.86.30 per litre on 1 October in Assam, a record high due to the rising crude oil prices in the international market.
- Prices rose to the highest on 4 October when a litre of petrol was sold at Rs.86.56 per litre amid crude oil trading around $80 per barrel.
- Excise duty of Rs.1.50 per litre was cut by the Central government and asked oil companies to further reduce Rs.1 per litre as fuel subsidy.
- During the month, petrol prices in Assam declined gradually when it was at its lowest on 30 and 31 October.
- By the end of the month, the petrol price trend in Assam in October declined by 7.99% attributed to the fall in crude oil prices as well as due to the cut in taxes.
- On 1 November, the petrol price in Assam stood at Rs.79.21 per litre, registering the highest price during the month.
- Crude oil prices were trading higher on the back of the trade war between the US and China, which led to record highs of fuel prices across the globe.
- Petrol rates in Assam recorded its lowest price of the month on 30 November when a litre of petrol was sold at Rs.72.48 per litre.
- The petrol price trend in Assam during November dropped by 8.50%, declining in tandem with the fall in crude oil prices in the international market.
- On 1 December, petrol was priced Rs.72.11 per litre, recording the month’s highest price in Assam.
- Crude oil prices softened to trade around $56 per barrel late December, down from $80 per barrel early October. This led to a significant fall in petrol and diesel rates in the country.
- During December, petrol prices in Assam declined by 5.43% influenced by the sharp decline in crude oil prices as well as due to a slight appreciation of rupee over the US dollar.
Quarterly Petrol Price Trend in Assam between July and September 2018
|Opening date price||Rs.77.75 a litre||Rs.78.68 a litre (As on 2 August 2018)||Rs.80.86 a litre|
|Closing date price||Rs.78.55 a litre||Rs.80.86 a litre||Rs.85.78 a litre|
|Highest price||Rs.79.04 a litre||Rs.80.86 a litre||Rs.85.78 a litre|
|Lowest price||Rs.77.75 a litre||Rs.78.68 a litre||Rs.80.86 a litre|
Petrol Price Trend in Assam in July 2018
- The stat-run companies have followed dynamic fuel pricing in order to update petrol rates in Assam for all the 31 days of July 2018.
- Fuel pricing, under dynamic fuel pricing, shall occur taking into account the INR’s conversion rate versus the greenback (the USD) and oil rates in the overseas market.
- Fuel rates have shown a mixed reaction this month. While they have increased in the first 6-7 days of July, oil corporations have slid fuel rates across state in the third week of the month.
- Therefore, the deviation between the highest rate (Rs.79.04 per litre) and the lowest rate (Rs.77.75 a litre) is just Rs.1.29 per litre. This is not a big difference compared to the earlier month.
- While the internal factors remained stable, the transactional influencers have caused a price rise of Rs.1.30 per litre (a growth rate of 1.02%).
- Fuel companies in various parts of Assam such as Guwahati, Dispur, Nagaon, Golaghat, Sivasagar, Haflong, Tinsukia, Tezpur, etc., also reported the same growth rate.
- It can be interpreted that the USD has gained over the INR minutely. Conversely, there was a slight increase in crude oil rates per barrel.
Petrol Rate Trend in Assam in August 2018
- On 1 August, petrol rate in Dispur, the capital city of Assam, was booked at Rs.78.68 a litre. The price was increased by 7 paise a litre the next day. In the first week, petrol rates in Assam (all regions of Assam) were up by 71 paise a litre.
- Indian Oil, which is a leading brand in the fuel industry in India, retailed petrol at a price of Rs.79.34 a litre in Dispur between 7 August and 15 August.
- The fuel was sold by the company at a rate of Rs.79.47 per litre between 16 August and 19 August, Rs.79.88 a litre between 21 August and 23 August and Rs.79.97 a litre between 24 August and 26 August.
- For the remaining days of the month, the company soared the fuel price in Assam with the changes in the exchange rate (USD/INR) and global oil rates.
- Considering the daily exchange rate, it can be said that the Indian currency kept decreasing by a small margin over the USD.
- Because of which, fuel rates in Assam have increased to Rs.80.86 a litre from Rs.78.68 a litre. In other words, all the three public sector companies have soared the fuel rate at over 2.50% throughout the state.
Petrol Price Trend in Assam in September 2018
- Right from the beginning of September, crude oil costs have begun increasing in response to the increasing overseas demand.
- In September, the degree at which the domestic currency, the INR, has slid against the currency of the USA, the USD, has been higher compared to July and August.
- Thus, we can notice frequent changes in petrol prices in Dispur and the remaining cities in the state of Assam this month.’
- At Rs.80.86 per litre, the fuel was sold on the first and second days of the month. On the fourth and fifth days of the month, the fuel was marketed a price range of Rs.81.72 per litre.
- Between 7 September and 10 September, the rate of petrol per litre stood at Rs.82.43. Likewise, on the 11th and 12th of September, the price was reset to Rs.82.43 a litre.
- The price was revised at Rs.84.14 a litre on the fifteen and sixtieth days of the month, Rs.84.69 a litre on the eighteenth and ninetieth days of the month and Rs.84.86 a litre on the twenty first and twenty second days of the month.
- It was further reset at Rs.85.41 a litre on the twenty fifth and twenty sixth of the month and Rs.85.78 a litre between 28 September and 30 September.
- As the overseas currency (the USD) has appreciated by a big margin over the indigenous currency and crude oil rates have risen by over $4 per barrel, petrol rates in Assam accelerated by 6.08% in September.
Quarterly Petrol Price Trend in Assam between April and June 2018
|Opening date price||Rs.75.80 a litre||Rs.76.73 a litre||Rs.80.55 a litre|
|Closing date price||Rs.76.73 a litre||Rs.80.61 a litre||Rs.77.66 a litre|
|Highest price||Rs.76.77 a litre recorded on the 24th||Rs.80.70 a litre recorded on the 29th||Rs.80.55 a litre recorded on the 1st|
|Lowest price||Rs.75.80 a litre recorded on the 1st||Rs.76.73 a litre recorded on the 3rd||Rs.77.66 a litre recorded on the 27th|
Petrol Price Trend in Assam in April 2018
- Dynamic fuel pricing was used throughout the month of April 2018 in order revalue the price of petrol per litre. Crude oil rates and the exchange rate are taken into consideration to revise the fuel rate regularly.
- The average petrol rate per litre stood at Rs.75.99 for the first days of the month. Between 9 April 2018 and 14 April 2018, the fuel was marketed at an average price of Rs.76.05 per litre.
- Similarly, for the third and fourth weeks of the month, petrol price in Dispur, which is the capital city of Assam, increased minutely in tandem with the overseas influencers.
- Fuel companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum will also adjust the fuel price if the government revises excise duty.
- As far as this month is concerned, excise duty was not revised by the government. Sales tax was also not revised by the State Government of Assam.
- Just because of the variations in the crude oil rate, petrol prices in Assam were up marginally.
- At Rs.76.77, the highest fuel price was recorded, while the lowest fuel price for the month stood at Rs.76.73.
Petrol Price Trend in Assam in May 2018
- Since the Karnataka Government declared its assembly election in the month of May 2018, both diesel and petrol prices across the state were not changed.
- This is the reason why the fuel was retailed at a price of Rs.76.73 a litre between 01 May 2018 and 11 May 2018 in Dispur, which is the capital city of Assam.
- The fuel companies increased the price of petrol during the third and fourth weeks of May 2018 considering the changes in the exchange rate and the cost of crude oil.
- On the 14th, petrol price in Assam per litre was Rs.76.91. It increased to Rs.77.46 on the 17th and Rs.78.76 on the 21st. After the 24th, the fuel rate in the state was above Rs.80 per litre.
- Excise duty remained unchanged at Rs.17.48 on petrol per litre. Sales tax also remained unchanged at 22.71% this month.
- As the cost of crude oil per barrel increased by $6, petrol prices in Assam were up 5.05% to Rs.80.61 in May 2018.
- The highest and lowest fuel rates for the month stood at Rs.80.70 and Rs.76.73 respectively. The highest rate was booked on 29 May 2018 whereas the lowest rate was booked on 03 May 2018.
Petrol Price Trend in Assam in June 2018
- The crude oil market was slow this month. Therefore, in international markets, the price of crude started decreasing. The steadily decreasing crude oil rate caused the downward trend.
- Between 01 June 2018 and 05 June 2018, the fuel price was above Rs.80 per litre in the city of Dispur.
- The fuel rate remained steady at Rs.78.49 a litre on the 16th, 17th and the 18th. It was constant at Rs.77.66 a litre on the 27th, the 28th, the 29th and the 30th.
- In June 2018, the average price of crude oil a barrel dropped to $73.85 from $75.31. Fuel rates in the state fell as a result.
- Indigenous factors such as excise duty, OMC expenses, Value-added Tax and the profit ratio of OMC were not revised.
- Like mentioned earlier, petrol was priced under the system of dynamic fuel pricing throughout the quarter.
- For the whole quarter, the highest price stood at Rs.80.55 whereas the lowest price stood at Rs.75.80.
- The opening date for the month of April 2018 was Rs.75.80. For the month of June 2018, the closing date price was Rs.77.66. It means that the petrol price in Assam increased by 2.45% during this quarter.
Why Dynamic Fuel Pricing?
- Dynamic fuel pricing streamlines the fuel revision system and brings transparency.
- Petrol prices cannot change by big margins like earlier.
- It allows fuel entities to maintain their working capital better.
- Any downs and ups in crude oil rates may be quickly transferred to end customers.
- The fuel segment in India may be interlinked with the global crude oil market.
Smart ways to get Today’s Petrol Price in Assam
There are different options available for tracing the latest petrol price in Assam. The easiest way is using mobile applications offered by fuel enterprises. If you want to get the fuel price offered at Hindustan Petroleum in your city, consider using My HPCL. If you want to obtain the price offered at Bharat Petroleum, consider downloading SmartDrive. Customers of Indian Oil Company may use its mobile application called Fuel@IOC. You need to have a smartphone to make use of this facility.
There are other options for non-smartphone users. BPCL, HPCL and IOCL also provide SMS services.. Customers just have to send an SMS request to the respective fuel brand in a prescribed format. You will get the response instantly. They can also visit the website of HPCL, BPCL and IOCL that upload the revised fuel prices on a daily basis. Listed below are the official websites:
IOCL - https://www.iocl.com
BPCL - https://www.bharatpetroleum.com
HPCL - http://www.hindustanpetroleum.com
Computation of Petrol Price in Assam
Petrol price is computed by fuel companies. The computation is very simple. Fuel companies will add the expenses that are incurred at every phase. Major cost aspects include costs of crude oil, the overheads incurred by oil marketing companies, excise duty or central taxes, Value-added Tax (VAT) or state taxes, commission for fuel dealers, etc.
As on 03 June 2018, the cost of a litre of crude oil was Rs.32.98; excise duty on petrol per litre was Rs.19.48; Value-added Tax on petrol per litre was 30.80%; the total amount of the expenses spent by OMCs was Rs.5.40 a litre; and the commission charged by fuel dealers was Rs.3.63 a litre.
Factors Affecting Petrol Price in Assam
- Exchange rate: Crude oil is vastly borrowed by India from other markets. So, the exchange rate has an important role to play. If the conversion rate of the USD against the Indian currency weakens, crude oil costs will accelerate. On the other hand, if the conversion rate of the USD against the INR strengthens, crude oil rates will diminish. Finally, fuel prices are impacted in domestic markets.
- Taxes: VAT and excise duty are two types of taxes, which are domestically controlled. States will impose VAT. Excise duty is collected by the Central Government. Any ups and downs in taxes will have a direct impact. For instance, if there is a cut in excise duty today, tomorrow’s petrol price in Assam will be adjusted accordingly. If the State Government of Assam announces a cut in VAT, fuel companies have to reset fuel rates.
- Crude oil costs: The higher the demand for crude oil, the higher will be the cost of crude oil. The lower the demand for crude oil, the lower will be the cost of unrefined oil. Political scenarios, weather conditions and production cuts will impact the pricing and supply of unrefined oil.
GST vs Petrol Price in Assam
Goods and Services Tax (GST) has not been imposed on petrol and petroleum sub-products. Therefore, it does not affect the pricing of petrol and diesel. The revenue sources for states and the Central Government are negatively impacted when petrol is brought under the GST mechanism. Opposition party leaders have questioned the government for not bringing petrol and diesel under GST. In fact, the government is now evaluating several options to tax petrol at GST rates. The final decision has to be taken by the concerned authorities.
*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.