Petrol Price In Belgaum Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 75.68
    Current Petrol Price Per Litre
    Compare Petrol Price in Belgaum (Today & Yesterday)
    Today
    (21 Oct 2019)
    Yesterday
    (20 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 75.68 ₹ 75.68 ₹ 0 ↑
    Petrol Price in Belgaum - Last 10 Days Data
    Date Petrol ( / litre)
    21 Oct 2019 ₹ 75.68
    20 Oct 2019 ₹ 75.68
    19 Oct 2019 ₹ 75.68
    18 Oct 2019 ₹ 75.69
    17 Oct 2019 ₹ 75.69
    16 Oct 2019 ₹ 75.69
    15 Oct 2019 ₹ 75.69
    14 Oct 2019 ₹ 75.74
    13 Oct 2019 ₹ 75.74
    12 Oct 2019 ₹ 75.74

    Petrol Rate Trend

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    Petrol Price in Belgaum

    Belgaum, a city in Karnataka, is for famous many aspects, including industrial activities and IT services. The city has a vast number of petrol users compared to other prime cities in Karnataka. The demand for the fuel is high. Belgaum has a better connectivity as far as the supply of petrol is concerned. You will find at least one fuel retailing center in each locality. A few fuel retailing centers work 24/7 to suffice the fuel requirement of the city. With this introduction, let’s get into the main discussion. The primary intent of this article is to provide the useful information to petrol consumes in Belgaum. The article covers various facets related fuel prices.

    Including Belgaum, petrol prices in all regions of the country are increasing. What could be the reasons for this move? If sources are to be believed, the market price of a barrel of unrefined oil in global marketplaces increased by 20% last year. When crude oil becomes expensive, fuel prices will increase. The commission, which is charged to supply petrol to end users, has been hiked by Rs.1 a litre by fuel suppliers. The Value-added Tax (VAT) has not been reduced in the recent past. Another crucial element that is pushing fuel prices is the recently launched dynamic fuel pricing.

    Today’s Petrol Price in Belgaum

    Today’s petrol price in Belgaum is reliant on the market rate of crude oil and the INR/USD conversion rate. Besides, taxes play a vital role in determining the petrol rate in Belgaum. The taxes, which are levied on petrol, are of two types. The first category is the excise duty and the second category is the Value-added Tax. The excise duty on petrol is charged by the Central Government. On the other hand, the VAT is charged by state governments. The excise duty does not vary from state to state, but the VAT does. As of 27 February 2018, the central tax imposed on petrol was Rs.19.48 a litre whereas the VAT in Karnataka was 30%.

    Excise Duty vs Petrol Price in Belgaum

    More than 50% of the price you pay for buying petrol in Belgaum goes towards central and state taxes. The BJP-led government has revised the central tax nine times since it came to power in 2014. In the month of October 2017, the Central Government had declined the central tax on petrol by Rs.2 a litre. Besides, the Central Government had proposed to reduce it further by Rs.2 a litre in the Union Budget 2018-2019, which was presented in the first week of February 2018. Despite these two recent cuts, petrol prices in Belgaum remained unaffected.

    Dynamic Fuel Pricing vs Current Petrol Prices in Belgaum

    The petrol prices in Belgaum have been growing since the arrival of dynamic fuel pricing. What is dynamic fuel pricing? Primarily, it is a system used to fix and review fuel prices, including petrol prices and diesel prices. In India, all state-owned oil retailing companies adopted this system in June last year. The system requires the revision of fuel prices regularly based on the market rate of crude oil and the exchange rate. This is the reason why the petrol rate in Belgaum is changing each day. Dynamic fuel pricing has also been deployed by advanced markets such as Japan, Australia and the USA.

    Characteristics of Dynamic Fuel Pricing

    • The revision of fuel prices shall be made at 06:00 a.m. each day and the revised prices are made available to customers.
    • There is no waiting period unlike before. In other words, fuel customers will be aligned with the global market performance.
    • Mechanised petrol stations in Belgaum will revise the petrol price without the interference of the workforce under dynamic fuel pricing.
    • Non-mechanised petrol stations in the city are required to review the petrol rate manually.
    • Any changes in the price determinants of petrol shall be instantaneously conveyed to fuel users.
    • The daily fuel revision mechanism helps oil marketing companies to wisely manage cash inflows and outflows.

    How to obtain the Current Petrol Price in Belgaum

    Do you use a smartphone? If yes, you can obtain the latest petrol rate in Belgaum using mobile applications. There are three mobile applications you can use. ‘Fuel@IOC’ is the mobile application developed by Indian Oil Company Limited. The mobile application developed by Bharat Petroleum Company Limited is ‘SmartDrive.’ Similarly, Hindustan Petroleum Company Limited has developed a mobile application called ‘My HPCL.’ You just need to download these applications to trace the fuel price. This is the simplest option you have today.

    Fuel users in Belgaum can also make use of SMS services provided by oil marketing brands. If you are willing to get the petrol price offered by Indian Oil, type RSP and the dealer code and send it to 9224992249. If you are willing to obtain the petrol price offered by Bharat Petroleum, type RSP and the dealer code and send it to 9223112222. If you would like to know the petrol price at Hindustan Petroleum, just type RSP and the dealer code and send it to 9222201122. The dealer code shall be provided by petrol supply stations in your city.

    Breakup of Petrol Price in Belgaum as of 3 February 2018

    Market price of crude oil in global markets, including direct expenses such as freights $65 per barrel or Rs.4,200
    Market price of crude oil per litre (Rs.4,299/159) (One barrel = 159 litres) Rs.26.42 a litre
       
    Evaluation of overheads incurred by oil marketing companies  
    Refinery Transfer Price (RTP), entry levies, landing overheads, operational overheads and other overheads Rs.4.74 a litre
    Profit margin of oil marketing companies, transportation overheads and freight charges Rs.3.30 a litre
    Price of refined fuel Rs.34.46 a litre
       
    Central taxes, including the recently levied road cess Rs.19.48 a litre
    Dealer price Rs.53.96 a litre (This price is quoted to petrol dealers in Belgaum)
       
    Commission charged by fuel dealers Rs.3.59 a litre
    Fuel price (before imposing Value-added Tax) Rs.57.53 a litre
       
    30% VAT levied by the Government of Karnataka  
    Retail selling price of petrol in Belgaum Rs.70.38 a litre

    Note: The data is not accurate. This is just to show the price structure of petrol in Belgaum)

    Influences of Petrol Prices in Belgaum

    • Crude Oil Rates: Unrefined oil or crude oil is a raw material to produce petrol and byproducts of petrol. It is hugely imported by India, which is not an oil-producing country. Since crude oil is retailed in transnational markets, crude oil rates are affected by international political moves, supply, demand etc. The variations in the market price of unrefined oil impacts the buying price of petrol in India.
    • INR/USD: The INR/USD exchange rate hugely impacts the price of the fuel since crude oil is bought from oil-producing nations. How is this rate fixed? In India, the conversion rate of this currency pair is quoted by the Central Bank on a daily basis. The influencers of the INR/USD exchange rate include bank interest rates, imports, exports, public debts, etc.
    • Logistics: Petrol is supplied to retail stations by road. The longer the distance covered, the higher will be the fuel price. The shorter the distance covered, the price of the fuel shall be comparatively lower. But, the transportation cost is not a major influencer of the petrol rate in Belgaum.

    GST vs Fuel Rates in Belgaum

    The GST framework has no effect as far fuel prices are concerned currently as petrol is out of the GST’s purview. If the GST Council brings petrol under the regime of GST, there shall be a sheer fall in fuel rates, including petrol prices. Levies and import duties will exceed the production overhead of petrol. The Goods and Services Tax is imposed at four slabs: 1) 5%, which is the lowest tax slab, 2)12%, 3)18% and 4)28%, which is the highest tax slab.

    In case the GST Council imposes a 12% tax on petrol, the petrol rate in Delhi will dampen to Rs.38 a litre approximately. If taxed at 18%, the approximate fuel price will be Rs.40 a litre. In case the GST Council proposes to tax petrol at 28%, the fuel will be priced at Rs.43.00 a litre approximately in Delhi. These computations are based on assumptions. This is just an example to show the impact of GST on fuel prices in Belgaum. In a nutshell, bringing petrol under the GST framework shall reduce the retail selling price, but it does not stand in favor of the government.

    Also Check Petrol Price in NearBy Cities of Belgaum

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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 Belgaum Today

    • BS VI Petrol and Diesel Likely to Increase Cost

      Beginning April 2020, customers may have to pay more for petrol and diesel as State-run Oil Marketing Companies (OMCs) are looking to pass on the higher cost of producing Bharat Stage 6 complaint petrol and diesel. By passing on the higher cost, OMCs would be able to recover their investments in upgrading their refineries to produce BS VI complaint fuel, a much cleaner fuel compared to the existing fuels. However, the hike would be subject to the approval of the government. More than Rs.30,000 crore have been invested on refineries to upgrade with India set to implement BS 6 emission norms from 1 April 2020. Prices are expected to be hiked anywhere between few paise to about Rs.2 per litre which could be charged under special cess. The Auto Fuel Vision and Policy 2025 in June 2014 had said a 75 paise cess to recover additional investments for producing cleaner fuel.

      It may be noted that petrol and diesel prices rose by Rs.2 per litre after the Central Government, in its 2019 budget, announed to impose an additional special duty of Re.1 per litre towards excise duty and another Re.1 per litre as cess on road and infrastructure.

      19 July 2019

    • Petrol and Diesel Prices Remain Static on Tuesday

      State-owned Oil Marketing Companies (OMCs) kept petrol and diesel prices static on Tuesday across major metro cities of the country. In Delhi and Mumbai, petrol is being sold at Rs.73 and Rs.78,59 per litre while diesel is being retailed at Rs.66.66 and Rs.69.81 per litre, respectively. In Kolkata, petrol is available at Rs.75.04 per litre and diesel costs Rs.68.40 per litre. In Chennai, petrol is available at Rs.75.79 per litre while diesel is being sold at Rs.70.43 a litre. Currently, OMCs revise domestic petrol and diesel prices based on 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, crude oil prices today declined on Tuesday. Brent crude oil futures, the international benchmark, was last seen trading at $71 per barrel or 0.3% lower. It may be noted that prices of petrol and diesel may differ between petrol pumps and cities due to local sales tax and logistics. Revision in fuel prices are effective from 6:00 am IST.

      8 May 2019

    • OMCs hike rates of petrol in the country

      Oil Marketing Companies (OMCs) on Monday hiked the rates of petrol for the first time in 2019. The jump in the prices came after 20 days as international crude oil continued to go upwards. Following the hike in the rates, every litre of petrol cost Rs.68.50 in the national capital i.e., Delhi. In the three other metro cities of the country i.e., Mumbai, Chennai, and Kolkata, the rates charged by OMCs from consumers were Rs.73.95, Rs.71.07, and Rs.70.64 respectively. The hike in the rates came a day after the prices of petrol had touched a 15-month low. It needs to be mentioned here that the rates were trading lower on Sunday than it was in October.  

      On Monday, oil markets were feeling optimistic about the ongoing trade talks between the United States and China. On the back on that, Brent crude gained 69 cents or 1.2 per cent to be trading at 57.75 per barrel. 

      9 January 2019

    • Crude Oil Price Rises May Be Ending Very Soon, Reports Say

      The last three months were one of the worst period for crude oil importers as various factors including the declining output from OPEC nations and the drying up of oil wells in Venezuela had caused crude prices to rise.

      This combined with the US sanctions on Iran meant that crude oil estimates stood at $100 per barrel for the month of November, which had become a major cause of concern for all the major world economies, including India, the largest population with a fast growing economy.

      Over the last few days, crude oil which was trading in green for much of the last few months has finally witnessed a dip, a welcome sign in other terms for importers. There is still speculation, however, on how the market is going to react when the sanctions on Iran officially take hold in just under two weeks.

      Further Saudi Arabia has stepped up to claim that the nation will work towards increasing its output so that it can meet the shortage created by the absence of any trade from Iran. Inventories of the leading oil manufacturers have also risen over the last few days which is leading to news that fuel prices and other energy resources will see their prices dip in the coming weeks.

      23 October 2018

    • No GST is Imposed on Diesel and Petrol Soon

      The government is not willing to levy Goods and Services Tax (GST) on petrol and diesel in the near future, according to a reliable source today. Five petroleum products: aviation turbine fuel, crude oil, natural gas, diesel and petrol; were excluded from the GST framework. People have been debating the issue, including Oil Minister and Road Transport Minister. Sources confirmed that GST shall not be imposed soon on diesel and petrol. The Union Finance Ministry said that it has not been proposed by the government to bring fuels under the GST regime.

      In a meeting held on 4 August 2018, the issue was taken up and discussed. All states opposed the move in a meeting. When GST is levied on two fuels, the Central Government has to incur a loss of Rs.20,000 crore input tax credit, which is earned currently by the government. States want to retain their revenues unaffected. Revenues can be used for contingencies. As of August 2018, excise duty on a litre of petrol was Rs.19.48 whereas excise duty on a litre of diesel was Rs.15.33. Both excise duty and sales tax account for 50% of the actual prices of diesel and petrol.

      23 August 2018

    • Petrol Price to Diminish for three Consecutive Days

      The price of petrol has diminished slightly over the last three days. On Friday 31 May 2018, it was cut by 6 paise per litre. In Delhi, fuel price is Rs.78.29 per litre. In other metro cities, petrol prices were revised lower. In Kolkata, Chennai and Mumbai, the revised petrol prices were Rs.80.92 per litre, Rs81.28 per litre and Rs.86.10 per litre respectively.

      Petrol prices were reduced by fuel retailers for three days in a row after steady rises. On Thursday, fuel retailers reduced the price of rate by 7 paise per litre. Today, fuel companies such as Hindustan Petroleum, Bharat Petroleum and Indian Oil will consider a 15-day rolling average of Arab Gulf diesel rates and Singapore gasoline rates to revise fuel rates on a daily basis.

      1 June 2018

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