Petrol Price in Aurangabad
Are you a petrol user from Aurangabad? If yes, here is something important to notice. We are in 2018 now. The previous year has produced many major events with respect to fuel pricing. In the post mid-June, the new system for revising fuel prices was adopted whereas in July the GST system came into effect. These are the two major events, which should be brought to the attention of petrol consumers from Aurangabad, a city in the Indian state of Maharashtra. This page discusses various petrol related topics in detail. Let’s begin the discussion.
|Also Know: Diesel Price In Aurangabad|
Dynamic Fuel Pricing – A New Initiative for the Fuel Price Revision
Since 16 June 2017, all oil marketing companies (OMCs) – Indian Oil, Shell Oil, Bharat Petroleum and Hindustan Petroleum - have been reviewing the petrol price in Aurangabad under the new system called dynamic fuel pricing. This new system has been in use in a few advanced countries such as Japan, Russia, Australia and the United States of America (USA). The dynamic fuel pricing mechanism considers the INR/USD exchange rate and overseas crude oil rates to revise the fuel price. It instantly transits the variations in the currency conversion rate and crude oil prices to end customers. This is the reason why the fuel is priced differently everyday in Aurangabad.
|Also Check: Petrol Price in Kolhapur|
Dynamic Fuel Pricing from the Stance of Oil Marketing Companies
Of course, the new system fosters the automation drive of petrol pumps in the city. All automated petrol bunks can automatically revise the fuel price whereas non-automated bunks have to do it manually. Everyday, the fuel price is revised at 06:00 a.m. and the revised price shall be displayed for the benefit of consumers. The latest petrol price in Aurangabad can be traced using both online and offline modes. How? All oil marketing entities have developed the unique mobile applications for tracking the latest petrol rate in Aurangabad. If you are a smartphone user, these tailor-made mobile applications can be downloaded. If not, you can check online by visiting the websites of OMCs.
Benefits of Dynamic Fuel Pricing
The Dynamic Fuel Pricing system offers the following benefits to OMCs:
- Inventory management can be easier.
- The Indian fuel retailing sector can be interlinked to overseas markets.
- Consumers can be aligned to market dynamics.
- OMCs can effectively manage working capital, the net difference between current assets and current liabilities.
Petrol Price in Aurangabad – A Comparative Analysis
|Last Crice changed||Petrol Rate in Aurangabad (per litre)|
|02 April 2017||Rs.70.79|
|01 May 2017||Rs.75.46|
|01 June 2017||Rs.76.42|
|01 July 2017||Rs.72.39|
|01 August 2017||Rs.72.64|
|01 September 2017||Rs.76.36|
|01 October 2017||Rs.77.81|
|01 November 2017||Rs.74.29|
|01 December 2017||Rs.74.55|
The current petrol price in Aurangabad is hovering around Rs.78.09 per litre. The price includes the tax imposed by both the central and state governments and crude oil prices majorly. These tax components are subject to change. The government recently revised the excise duty on fuel rates in October 2017. Moreover, a few states have also revised the component of Value-added Tax (VAT) recently.
Quarterly Petrol Price Trend in Aurangabad between January and March 2019
|Opening date price||Rs.73.88/litre||Rs.75.91/litre||Rs.76.78/litre|
|Closing date price||Rs.76.12/litre||Rs.76.68/litre||Rs.77.74/litre|
|Highest price||Rs.76.3/litre recorded between 22nd and 28th||Rs.76.68/litre recorded on 28th||Rs.77.79/litre recorded on 24th, 25th, 26th and 27th|
|Lowest price||Rs.73.58/litre recorded on 4th, 5th and 6th||Rs.75.33/litre recorded on 11th, 12th and 13th||Rs.76.78/litre recorded on 1st, 2nd and 3rd|
Quarterly Petrol Price Trend in Aurangabad Between October and December 2018
|Opening date price||Rs.90.83 a litre||Rs.83.96 a litre||Rs.77.49 a litre|
|Closing date price||Rs.84.13 a litre||Rs.77.83 a litre||Rs.73.88 a litre|
|Highest price||Rs.91.07 a litre booked on the 4 October 2018||Rs.83.96 a litre booked on the 1 November 2018||Rs.77.49 a litre booked on the 1 December 2018|
|Lowest Price||Rs.84.13 a litre booked on 30 and 31 October 2018||Rs.77.83 a litre booked on the 30 November 2018||Rs.73.88 a litre booked on the 31 December 2018|
Petrol Price Trend in Aurangabad Between October and December 2018
- The petrol price in Aurangabad on 1 October stood at Rs.90.83 per litre, prices fixed based on the ‘Dynamic Fuel Pricing’ mechanism by State-owned Oil Marketing Companies (OMCs).
- OMCs revise fuel prices daily under this pricing mechanism, which considers the 14-day average price of crude oil and the rupee-dollar exchange rate.
- Petrol rates in Aurangabad rose in the first week to touch the highest price of Rs.91.07 per litre on 4 October on the back of the rising crude oil prices.
- Excise duty of Rs.1.50 per litre and fuel subsidy of Rs.1 per litre were cut from the petrol prices to offer some respite to consumers.
- This brought down the rates of petrol in Aurangabad and it touched the lowest at Rs.84.13 per litre on 30 and 31 October.
- Overall, petrol rates in Aurangabad declined by 7.38% attributed the slight decline in crude oil prices as well as due to the cut in taxes.
- On 1 November, petrol was priced Rs.83.96 per litre in Aurangabad – the highest price recorded during this month.
- Crude oil prices were trading higher amid geopolitical tensions between the US and China over trade between the country as well as due to the US deciding to pull out of the Iran Nuclear Deal.
- Oil supply in the international market declined due to a limited supply from Iran prompting oil to trade higher in the market.
- By the end of the month, oil prices slightly declined which led to petrol prices in Aurangabad to fall recording a 7.31% downward trend during November.
- The petrol rate in Aurangabad on 1 December stood at Rs.77.49 per litre, which was also the highest recorded price of the month.
- While crude oil prices were around $80 per barrel in early October, it dropped significantly to $56 per barrel in late December, which led to a steep fall in petrol rates.
- By the end of the month, petrol prices in Aurangabad declined by 4.66% owing to the sharp decline in oil prices along with the marginal appreciation of the Indian currency over the US dollar.
Quarterly Petrol Price Trend in Aurangabad between July and September 2018
|Opening date price||Rs.82.07 a litre||Rs.83.98 a litre||Rs.85.66 a litre|
|Closing date price||Rs.82.92 a litre||Rs.85.66 a litre||Rs.90.33 a litre|
|Highest price||Rs.85.04 a litre recorded on the 21st||Rs.85.66 a litre recorded on the 31st||Rs.90.33 a litre recorded on 28th, 29th and the 30th|
|Lowest Price||Rs.82.07 a litre recorded on the 1st||Rs.83.98 a litre recorded on the 1st||Rs.85.66 a litre recorded on the 1st|
Petrol Price Trend in Aurangabad in July 2018
- On the 1st of July, the petrol price in Aurangabad stood at Rs.82.07 per litre in accordance with the daily revisions in fuel prices across the country by State-run Oil Marketing Firms.
- Oil companies arrive at the final selling price of diesel in Aurangabad and other cities by taking into account the crude oil price in the international market and the exchange rate of the Indian currency over the U.S. dollar.
- The diesel price set on the 1st of July was also the lowest price registered for the month in Aurangabad.
- During the first and second weeks, petrol prices in the city fluctuated in tandem with the crude oil price variations.
- On the 21st, petrol prices in Aurangabad inclined to touch the highest price when a litre was sold at Rs.85.04.
- However, it declined by the end of the month and closed at Rs.82.92 per litre as oil prices softened.
- The petrol price trend in Aurangabad in September grew by 1.03% attributed to the slight incline in crude oil prices.
Petrol Price Trend in Aurangabad in August 2018
- In accordance with the daily revision of petrol prices in the country, the petrol price in Aurangabad on the 1st of August was hiked to touch Rs.83.98 per litre - the lowest price for the month.
- Since the crude oil prices continued to rise, the petrol price in the city was hiked accordingly by oil companies.
- The increase in crude oil prices was primarily due to geopolitical tensions between the U.S. and Iran after the former pulled out of the Iran nuclear deal.
- This led to a shortage in the supply of oil in the market leading to a steep rise in the crude oil price in the international market.
- Prices continued to incline during the third and fourth weeks as it touched the highest price on the 31st when a litre of petrol in Aurangabad stood at Rs.85.66.
- Overall, the petrol price trend in Aurangabad soared by 2.01% influenced by the steep rise in oil prices in the global market.
Petrol Price Trend in Aurangabad in September 2018
- On the 1st of September, the petrol price in Aurangabad stood at Rs.85.66 per litre, which was also the lowest diesel price in Aurangabad for the month.
- Prices increased over the course of the first and second weeks as there was no softening of geopolitical tensions between the U.S. and Iran.
- The crude oil price per barrel rose to a four-year high of $80 due to the shortage in the supply of oil mainly from Iran.
- Additionally, the Indian currency witnessed a record drop of Rs.72 over the U.S. dollar which influenced the price rise in both petrol and diesel across the country.
- Some state such as Rajasthan, West Bengal, Karnataka and Andhra Pradesh announced a reduction in the local sales tax or VAT which offered some respite to consumers.
- However, by the end of the month, the cut was wiped out as oil prices continued to impact the petrol prices across the country.
- On the 28th, the highest petrol price in Aurangabad was recorded when a litre was dispensed at Rs.90.33. This was kept unchanged until the end of the month.
- The diesel price trend in Aurangabad in September grew significantly by 5.45% mainly due to the sharp increase in oil prices coupled with the record depreciation of the Indian currency.
Petrol Price Today in Aurangabad – How is that computed?
The price paid by end consumers is the retail selling price, also called as the final price. How is that assessed? Or, what are the components of the final price? As mentioned earlier, the fuel price is computed in sync with the exchange rate and crude oil rates, which are highly volatile in nature. They change everyday. The exchange rate is a base, but not a price determinant.
The retail selling price includes the excise duty, the VAT component, the cost of crude oil, the overheads incurred by OMCs, the profit margin of OMCs and the commission charged by dealers. The excise duty on petrol was recently reduced to Rs.19.43 per litre in October 2017 by the central government and the VAT was reduced by Rs.2 per litre in the same month by the state government of Maharashtra.
Quarterly Petrol Price Trend in Aurangabad Between April and June 2018
|Opening date price||Rs.80.13 a litre (As on 2nd)||Rs.81.16 a litre (As on 14th)||Rs.84.61 a litre|
|Closing date price||Rs.80.94 a litre (As on 24th)||Rs.84.67 a litre||Rs.81.90 a litre (As on 26th)|
|Highest price||Rs.80.94 a litre recorded on 24th||Rs.84.75 a litre recorded on 29th||Rs.84.61 a litre recorded on 1st|
|Lowest price||Rs.80.13 a litre recorded on 2nd||Rs.81.16 a litre recorded on 14th and 18th||Rs.81.90 a litre recorded on 26th|
Petrol Price Trend in Aurangabad in April 2018
- On the 2nd of the month, petrol was sold at Rs.80.13 per litre in Aurangabad. This was also the lowest price for the month.
- State-run Oil Marketing Companies (OMCs) such as Bharat Petroleum, Hindustan Petroleum and Indian Oil fix petrol prices on a daily basis under the ‘Dynamic Fuel Pricing’ mechanism.
- The international crude oil price and the currency exchange rate of the US dollar over rupee to arrive at the final selling price of the petrol in a city.
- Petrol prices during the first and second week in Aurangabad remained steady as the global crude oil price were stable.
- However, petrol prices continued to increase marginally and by mid-April, the petrol price in the city increased by 20 paise per litre.
- Petrol prices rose to post the highest rate for the month at Rs.80.94 per litre recorded on the 24th of the month, an increase of 81 paise a litre compared to the opening price.
- During the month, the petrol price trend in Aurangabad grew by 1.01% influenced by the marginal increase in the international crude oil price.
Petrol Price Trend in Aurangabad in May 2018
- Fuel companies kept petrol prices in Aurangabad and other cities unchanged until the 11th of the month as the global oil price remained steady.
- On 14th of the month, the petrol price was revised in Aurangabad and was available at Rs.81.16 per litre, a slight increase over the preceding day.
- Until the second week, petrol prices were under the price of Rs.81 per litre with a marginal incline in tandem with the increase in oil prices.
- However, on 21st the petrol price increased sharply to be sold at Rs.82.91 per litre, an increase of Rs.1.75 a litre as oil prices rose significantly.
- With the US administration’s decision to exit the nuclear deal with Iran, there was apprehension that the supply could decline from the former.
- Crude oil prices moved upwards considerably which led the petrol price to touch an all-time high on the 29th of the month. The petrol price in the city on the 29th stood at Rs.84.75 a litre, this was also the highest petrol price for the month and the quarter.
- With petrol prices touching new highs, the trend during the month reflected a sharp incline of 4.33% largely impacted by the rise in oil prices in the global market.
Petrol Price Trend in Aurangabad in June 2018
- Global crude oil prices remained high due to the geopolitical fears of a possible shortage in supply.
- On the 1st of the month, petrol was available in Aurangabad at Rs.84.61 per litre, which was also the highest price for the month.
- Fuel prices, including petrol, started to decline marginally as the global crude oil price declined slightly.
- The members of the Organisation of Petroleum Exporting Countries (OPEC) and its key ally Russia met on the 22nd to discuss ways to tackle the rising crude oil prices in the market. They agreed to increase the production of oil to offset the threat of a potential shortage in supply.
- Petrol prices continued to move downwards in the city and by the 22nd, the price declined by Rs.2.25 a litre in tandem with the fall in oil prices.
- The lowest petrol price in Aurangabad during the month was recorded on the 26th when it was sold at Rs.81.90 a litre.
- Overall, the petrol price trend in Aurangabad in June declined significantly by 3.21% mainly due to the possible increase in the supply of oil which led to the fall in crude oil rates in the global market.
Factors affecting the Petrol Price in Aurangabad
The Fuel’s Price is affected by the following factors:
Exchange Rate: The exchange rate of the USD against the INR is very crucial. The USD is the base currency for overseas transactions. The exchange rate is determined on the basis of monetary policy, interest rates, public debt, the overall performance of a nation and inflation. When the value of the USD appreciates against the INR, the price of crude oil increases. When the value of the INR gains against the USD, the price of the crude oil falls. Ultimately, the final fuel price shall be impacted.
Global Crude Oil Prices: Crude oil is a global commodity and is always bought in the USD. Needless to say, the variations in crude oil prices shall impact the price of petrol in Aurangabad. As on 09 January 2018, US Crude was priced at $62.92 per barrel whereas Brent Crude oil was priced at $67.68 per barrel. The cost of crude oil shall vary on the basis of the supply and demand pattern, global economics and politics, seasonal conditions and many other factors.
Excise and VAT: Excise is levied on both petrol and diesel by the central government whereas the VAT is imposed by state governments. Any variations in these two tax elements will proportionately impact the fuel price in Aurangabad. As on the latest date, the excise duty was Rs.19.48 per litre on petrol per litre whereas the VAT was 47.94% in Maharashtra.
Petrol Price in Aurangabad vs GST
Does the new tax system impact the current petrol price in Aurangabad? It does not! Since both petrol and diesel have been kept outside the purview of the GST system, fuel consumers continue to pay the similar price. The imposition of the GST system on petrol and diesel at the current tax rate shall harm the revenue source for the government. The current GST rates should be readjusted to impose on petrol and diesel. It can be a reality soon.
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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.