Petrol Price in Bhopal
The petrol price is relentlessly increasing across the country, including the city of Bhopal. Did you know? There are several noticeable changes that have taken place over the last one year. This page gives the latest information related to petrol and has been individualized for petrol users from the city of Bhopal. It covers various elements connected to petrol, including its pricing and tax policies.
Trends in Petrol Price in Bhopal
Many fuel buyers would like to know the present and expected trends in petrol rates in the city of Bhopal though it is not a tradable commodity. Here is a quarterly analysis. The first week of April 2018 commenced with an average price range of Rs.79.40 per litre. The final selling price, also called the Retail Selling Price, has two tax components.
The first tax component is the central duty, which is presently charged on petrol at Rs.19.48 per litre by the Government of India. The VAT, which stands for the Value-added Tax, is another tax element charged differently in different states. As per the data released by the Petroleum Planning and Analysis Cell, on petrol, the State Government of Madhya Pradesh levies a 36.22% VAT as of 1 April 2018.
|January 2018||February 2018||March 2018|
|Opening day price||Rs.74.82||Rs.78.85||Rs.77.34|
|Closing day price||Rs.78.71||Rs.77.28||Rs.79.09|
The New Year started with a price tag of Rs.74.82 per litre in Bhopal. At the end of the first month, the fuel price soared by 4.94%. The closing day price in February 2018 was down 2.03% to Rs.77.28 per litre. In March 2018, the fuel price was up 2.19% to Rs.79.09 per litre. Petrol prices in Bhopal have increased to Rs.79.09 per litre from Rs.74.82 per litre between January 2018 and March 2018. They are expected to grow due to dynamic fuel pricing. If the fuel rates are to be reduced in Bhopal, either the Central Government or the State Government of Madhya Pradesh has to decay the tax.
Quarterly Petrol Price Trend in Bhopal between October and December 2018
|Opening date price||Rs.89.58 a litre||Rs.82.56 a litre||Rs.75.64 a litre|
|Closing date price||Rs.82.74 a litre||Rs.75.99 a litre||Rs.71.80 a litre|
|Highest price||Rs.89.83 a litre registered on the 4th||Rs.82.56 a litre registered on the 1st||Rs.75.00 a litre registered on the 3rd|
|Lowest price||Rs.82.74 a litre registered on the 31st||Rs.75.99 a litre registered on the 30th||Rs.71.80 a litre registered on the 31st|
Petrol Price Trend in Bhopal between October and December 2018
- At IOCL petrol pumps in Bhopal, consumers bought a litre of petrol by paying a price of Rs.89.58 on 1 October. The price increased by 11 paise per litre the next day.
- On 4 October, the RSP of a litre of petrol was Rs.89.83 and decreased to Rs.84.73 a litre on 5 October as the excise duty was cut by Rs.2.5 per litre by the Centre and the sales tax by Rs.2.5 per litre by the State Government of Madhya Pradesh.
- Between 6 and 17 October, fuel prices in Bhopal were on a rise. After 17 October, prices began falling until the end of the month.
- Compared to September, the price of unrefined oil a barrel fell by over $2 and the INR was down slightly against the dollar.
- In November, petrol prices in Bhopal were above Rs.75.99 per litre but below Rs.82.56 a litre. They fell by 7.95% in the same month as oil rates dropped to $65.40 a barrel from 80.08 a barrel.
- For the first ten days of November, oil companies sold petrol at an average price of 82 per litre. Between 11 and 20 November, the average fuel rate fell to Rs.80.43; and for the last ten days of the month, the average fuel price was almost Rs.77.88 a litre.
- The highest and lowest prices were noted at Rs.82.56 a litre and Rs.75.99 a litre on 1 November and 30 November respectively.
- Domestic factors such as sales tax, excise duty, dealer’s commission, OMC overheads, etc., had no influence on fuel pricing in November.
- Indian Oil Company offered petrol at a price of Rs.75.64 a litre on 1 December, Rs.75.32 a litre on 2 December, Rs.75 a litre on 3 December and Rs.74.78 a litre on 4 and 5 December in the capital city of Madhya Pradesh.
- By the end of week 2, under dynamic fuel pricing, the RSP was diminished to Rs.73.28 a litre; and by the completion of week 3, the price further soared to Rs.73.47 a litre.
- Towards the end of the last month of the quarter, petrol rates in the city transmitted downwards. In the end, December closed with a 5.07% downfall.
- Under dynamic fuel pricing, the benefit of declining oil rates was transferred to end consumers in Bhopal.
- In other words, petrol consumers paid a price of Rs.71.80 per litre on 31 December, which was Rs.19 lower than the price offered on 1 October.
A Glimpse at the State and Central Taxes on Petrol in Bhopal, the Capital City of Madhya Pradesh
The excise duty is a common tax whereas the VAT will vary. These can be changed whenever needed. Since the formation, the BJP Government has reviewed the central levy many times. In November 2014, the tax was Rs.9.20 on petrol a litre, and in August 2017, it was Rs.21.48 per litre. The Central Government declined it to Rs.19.48 per litre in February 2018. The VAT in Madhya Pradesh on petrol is lower compared to Maharashtra but is higher compared to Karnataka, Jharkhand, Kerala, Manipur and Manipur. If the petrol price in Bhopal is Rs.77.34 per litre, Rs.38 goes towards these two categories of taxes approximately.
Fuel Pricing Methodology Used in Bhopal
Fuel companies have to use a certain methodology to reset fuel rates. Today, they adhere to dynamic fuel pricing. It is a fuel reviewing methodology launched in India in 2017. Fuel companies such as IOL, which stands for Indian Oil Company; BPCL, which stands for Bharat Petroleum Corporation Limited; and HPCL, which stands for Hindustan Petroleum Corporation Limited, will consider resetting the petrol rate in Bhopal based on the conversion rate (rupee vs dollar) and the market price of crude oil. They will no longer take into account the fortnightly averages.
Before dynamic fuel pricing, the revision of fuel prices in Bhopal used to fall on the 1 and 16 of every month. Put alternatively, there used to be two revisions in a month. Due to which, fuel rates used to change in a big margin. Because of the arrival of dynamic fuel pricing, the petrol price in Bhopal is instantly changed regularly and the new price is declared at 06:00 a.m. at all state-own oil companies in the city. Therefore, be sure to check the latest price before you buy.
Quarterly Diesel Price Trend in Bhopal between July and September 2018
|Opening date price||Rs.71.12 per litre||Rs.72.58 per litre (As of 2 August)||Rs.74.00 per litre|
|Closing date price||Rs.71.46 per litre||Rs.74.00 per litre||Rs.78.48 per litre|
|Highest price||Rs.72.10 per litre||Rs.74.00 per litre||Rs.78.48 per litre|
|Lowest price||Rs.71.12 per litre||Rs.71.58 per litre||Rs.74.00 per litre|
Diesel Price Trend in July in Bhopal
- In July, trend in diesel price in Bhopal, the capital city of Madhya Pradesh, has been identified on the basis of the daily variations in fuel prices.
- Owing to dynamic fuel pricing, petrol and diesel prices shall be reviewed considering the transactional elements like the rate of petroleum per barrel and the dollar’s exchange rate versus the Indian currency.
- The opening date and closing date prices stood at Rs.71.12 per litre and Rs.71.46 per litre for the month. Fuel price offered on the sixtieth of July has been considered to be the highest fuel rate.
- Both downward and upward trends can be seen in the month of July in the capital city of Madhya Pradesh.
- Though the month has seen an inclining trend, the rate of growth in fuel prices in Bhopal just below 0.50% as crude oil rate per barrel fell to $73.47 from $73.83 this month.
- On the first July, one dollar was equivalent to Rs.68.47 and on the last day of the month, it stood at Rs.68.52. This was another motive behind a growth rate of 0.47%.
Diesel Rate Trend in August in Bhopal
- Between 1 August and 31 August, daily fuel prices were reviewed according to the methodology of dynamic fuel pricing.
- Fuel rates in Bhopal were on the rise in the first few days of the month. They were neither increased nor decreased by all the 3 Indian oil corporations: Indian Oil, HPCL and Bharat Petroleum.
- Except for the sixteenth and the twentieth, the prices of diesel in the city retained unchanged in the second week. Other cities in Madhya Pradesh also, there were no changes in the rate of diesel in the same period.
- As of 26 August, diesel rate a litre was Rs.72.91. The price increased by 30 paise per litre the next day.
- For the four days of August, fuel rates increased by over 20 paise per litre. On 31st, the closing date of the month, diesel rate in Bhopal was registered at Rs.74 per litre.
- The growth was almost 2% this month. Fuel pricing was not impacted much by the cost of unrefined per barrel, which was seen moving downwards.
- The upward trend was caused by a substantial rise in the dollar’s value against the Indian rupee.
Diesel Price Trend in September in Bhopal
- Fuel companies soared the selling price of diesel per litre by Rs.2 a litre in the week 1. They further increased the fuel rate by Rs.1.30 per barrel the following week.
- On the eightieth and the ninetieth of September, the fuel was sold at a price tag of Rs.77.90 per litre across all fuel stations in the capital city.
- While diesel rate had been steady at Rs.78.17 per litre on the 25th and the 26th, the price was increased by 12 paise per litre on the 27th.
- In September, the state-run companies accelerated the rate of the fuel by almost Rs.4.50 per litre in tandem with overseas factors as mentioned above.
- The average price of the Indian Crude Basket dropped to $77.88 per barrel from $72.53 per barrel. It was a massive drop that produced a growth rate over 6% this month.
- On 10 September, the Congress Party ran a nationwide bandh to protest against expensive diesel and petrol.
- But, the pricing and price revision of diesel in the city remained uninfluenced by the strike. The Centre denied cutting the excise duty on diesel immediately.
- The closing date price for the month of September stood at Rs.78.48 a litre that was also the highest diesel rate for the second quarter of the financial year 2018-2019.
- The sales tax and the excise duty, which are the domestic influencers, stood at Rs.15.33 and 23.22% on a litre on diesel this quarter.
Quarterly Petrol Price Trend in Bhopal between April 2018 and June 2018
|Opening date price||Rs.79.27 a litre||Rs.80.18 a litre||Rs.83.96 a litre|
|Closing date price||Rs.80.18 a litre||Rs.84.02 a litre||Rs.81.14 a litre|
|Highest price||Rs.80.22 a litre recorded on the 24th||Rs.84.10 a litre recorded on the 29th||Rs.83.96 a litre recorded on the 1st|
|Lowest price||Rs.79.27 a litre recorded on the 1st||Rs.80.18 a litre recorded on the 1st||Rs.81.14 a litre recorded on the 1st|
Petrol Price Trend in Bhopal in April 2018
- In April 2018, the revision of petro rates in Bhopal, which is the capital city of Madhya Pradesh, was done under dynamic fuel pricing.
- The fuel was valued at Rs.79.27 a litre on the 1st. In the following day, the fuel rate increased to Rs.79.39 per litre. Petrol was retailed at Rs.79.53 a litre on the 3rd and the 4th.
- For the first half of the month, the highest fuel price stood at Rs.79.52 a litre, while the highest fuel rate stood at Rs.80.22 a litre for the second half of the month.
- Petrol rates in Bhopal remained unaffected at Rs.79.53 a litre on the 3rd and the 4th and Rs.80.18 a litre during the last week of the month.
- In this month, the INR dropped against the USD by 2.05% and the average cost of unrefined oil per barrel was estimated to be $69.30.
- All the three state-run fuel companies in the capital city of Madhya Pradesh increased the fuel rate by 1.14% in April 2018 in correlation with the price of crude oil and the INR/USD exchange rate.
Petrol Price Trend in Bhopal in May 2018
- The Karnataka State assembly election was declared in the month of May 2018. Petrol rates not only in Karnataka but also in other Indian states were constant during the first 11 days of May 2018.
- Bhopal was no different. Petrol rate per litre in Bhopal was reported to be Rs.80.18 a litre as on 01 May 2018. The state-owned fuel enterprises extended the same price tag until the 11th.
- During the second week of May 2018, the fuel was sold at an average price of Rs.80.95 a litre. The average fuel rate increased to Rs.83.31 a litre for the third week.
- The lowest and highest fuel rates were Rs.80.18 a litre and Rs.84.10 a litre for the month. The growth rate for the month stood at 4.78%.
- Like the previous month, the USD strengthened against the INR slightly. But, the exchange rate’s impact was minimal on fuel rates.
- For this month, the upward trend was caused by the cost of crude oil. No other aspects were considered to determine the trend.
Petrol Price Trend in Bhopal in June 2018
- Hindustan Petroleum, Bharat Petroleum and Indian Oil started decreasing petrol rates in the capital city of Madhya Pradesh in this month.
- As on 01 June 2018, petrol price in Bhopal was Rs.83.96 a litre. In the following day, it further dropped to Rs.83.82 a litre.
- By the end of the first week, the fuel rate per litre was Rs.83.28. The fuel rate was further slid to Rs.82.02 a litre on the 14th. During the second half of June 2018 also, petrol prices in the city of Bhopal moved downwards.
- In June 2018, petrol rates in Bhopal were slashed by 3.35% by all the three state-owned fuel entities in sync with the global influencers.
- It must be noted that the domestic influencers such as excise duty and Value-added Tax (VAT) were not considered for revising petrol prices in this city.
- The lowest and highest petrol prices for this quarter stood at Rs.79.27 a litre and Rs.83.96 a litre respectively. For the whole quarter, the growth rate stood at 2.35%
Trend in Petrol Price in Bhopal between January and March 2018
|Opening date price||Rs.74.86 a litre||Rs.78.83 a litre||Rs.77.39 a litre|
|Closing date price||Rs.78.71 a litre||Rs.77.26 a litre||Rs.79.07 a litre|
|Highest price||Rs.78.71 a litre booked on 31st||Rs.79.16 a litre booked on 6th||Rs.79.07 a litre booked on 31st|
|Lowest price||Rs.74.86 a litre booked on 1st||Rs.77.27 a litre booked on 25th||Rs.77.39 a litre booked on 1st|
Trend in Petrol Price in Bhopal in January 2018
- More than 90% of fuel centers in Bhopal, the capital city of Madhya Pradesh, are owned by Hindustan Petroleum, Bharat Petroleum and Indian Oil.
- Since dynamic fuel pricing is in place, the fuel companies will offer the revised petrol price every day at 06:00 a.m.
- Fuel pricing is done on the basis of crude oil overheads and the exchange rate. The fuel entities increase the fuel rate when the crude oil overheads increase and the USD devalues against the Indian currency.
- On the FX market, the currency pair of USD/INR was down during the first week, up during the second week and again down in the third week. By the end of January, the USD/INR decreased to Rs.63.56.
- Crude oil costs have accelerated in January 2018 due to the increased demand for the commodity. Thus, petrol rates in the city of Bhopal have also soared by 5.14% this month.
- If there is a change in the excise duty, the fuel price is directly impacted. The Central Government had reduced the excise duty by Rs.2 per litre in October 2017.
- But, it was not changed in this month. Moreover, the state-level tax also remained unchanged by the local government.
Trend in petrol price in Bhopal in February 2018
- Petrol prices in Bhopal were expected to fall after the declaration of the budget. Interestingly, the opening date price just increased by 12 paise a litre.
- Both the exchange rate and crude oil expenses have depicted a mixed reaction. As a result, February produced both the upward and downward trends as far as the petrol rate in Bhopal is concerned.
- On 1st, petrol was valued at Rs.78.83 a litre, Rs.78.88 a litre on 2nd, Rs.78.89 a litre on 3rd, Rs.78.96 a litre on 4th, Rs.79.09 a litre on 5th, and Rs.79.16 a litre on 6th and 7th respectively.
- But, during the second and third weeks, fuel prices have fallen across the city of Bihar. In the end, there was a 1.99% price fall across the city of Bhopal.
- It was triggered primarily by a gained USD. The USD/INR was valued at Rs.63.95 as of 1st. The currency pair gained it price to Rs.65.22 on 28th.
- We cannot ignore crude oil costs, which were down in this month because of the demand pattern in overseas marketplaces.
Trend in petrol price in Bhopal in March 2018
- The INR reasonably appreciated versus the greenback, the USD, in March. To some extent, fuel rates in Bhopal were influenced by this currency pair in March.
- In emerging countries, the commodity gained a decent amount of demand. Therefore, the prices of WTI and Brent crude oils have increased.
- Based on these parameters, Indian Oil, Hindustan Petroleum and Bharat Petroleum climbed the fuel rate.
- Petrol was priced at Rs.78.23 per litre on 6th, 7th and 8th. The offer jumped to Rs.78.31 on 14th and Rs.78.36 a litre on 26th. Overall, in this month, the growth rate was estimated to be 2.17%.
- Compared to January, the growth rate in March was low because of the minute changes in the global parameters.
- For the entire quarter, the highest rate was enumerated at Rs.69.07 a litre whereas the lowest rate at Rs.74.86 a litre.
- Be noted that no changes have been detected with regard to the excise duty and the Value-added Tax. As of 31st March, in Bhopal, the VAT was enforced at 36.22%.
Will Dynamic Fuel Pricing Benefit Oil Companies in India?
Yes. It is a better move from the perspective of OMCs, which can depreciate the money and time needed to administer regular business activities. As a result, the profit margin will increase. As far as the petrol price in Bhopal is concerned, there cannot be a big lapse. OMCs also can uninterruptedly distribute the fuel to users through supply centers. They can even be able to estimate the cash outflows and cash inflows for a certain period of time.
Options to Track Today’s Petrol Price in Bhopal
Today’s petrol price in Bhopal can be tracked using offline and online methods. There are certain online portals that provide daily updates. The best thing you can do is to make use of the mobile applications designed by IOCL, HPCL and BPCL to obtain the latest petrol price in Bhopal. According to recent reports, many fuel users across the state of Madhya Pradesh have downloaded SmartDrive, a mobile app by BPCL; Fuel@IOC, a mobile app by Indian Oil; and My HPCL, a mobile app by Hindustan Petroleum. This has been a good option for smartphone users. Or else, you can check the current petrol rate in Bhopal sending an SMS request to OMCs.
How is the RSP of Petrol Determined?
- The Retail Selling Price of petrol is offered to petrol buyers in the end. OMCs will determine this price in the following phases:
- Phase 1: OMCs compute the buying price of crude oil, which is a major cost element. The cost of crude oil per litre = USD/INR exchange rate X market price of crude oil per barrel / 159
- Phase 2: The expenses incurred by OMCs will be added to the cost of unrefined oil. They encompass primarily RTP, running expenses, landing costs etc.
- Phase 3: Taxes are added. This is a major segment of the current fuel prices in Bhopal. They have been estimated to be Rs.37 per litre as of early April 2018.
- Phase 4: Finally, the local dealers in Bhopal add their commission. Besides, a pollution cess of 25p per litre is added.
Factors Impacting Current Fuel Prices in Bhopal
- Taxes: Taxes impact the fuel rates in the city heavily. For instance, if the central tax increases, the RSP of petrol will increase and vice versa. Similarly, if the VAT increases at a state-level, the fuel price will increase and vice versa. This aspect can be domestically controlled.
- Crude Oil Rate: Recently, crude oil rates have soared. Therefore, the petrol prices not only in Madhya Pradesh but also in other states have accelerated to their all-time highs. Put simply, any movements in crude oil rates will directly affect the fuel rates in Bhopal.
- Exchange Rate: The conversion rate of the Indian rupee against the prime currency, the USD, makes a huge change to the fuel price since crude oil is a global commodity and is priced in dollars.
GST vs Petrol Price in Bhopal
The GST has nothing do with the petrol prices in India since diesel and petrol have been excluded by the GST committee members. In India, petrol and diesel are a primary basis of revenues to both the State Government of Madhya Pradesh and the Government of India. The GST committee members decide to include petrol under the framework of the GST, then the current petrol rate in the city will decay by Rs.20-25 per litre. Will the government do it? It can be done by making necessary changes.
Also Check Petrol Price in NearBy Cities of Bhopal
|Petrol Price in Delhi||Petrol Price in Indore||Petrol Price in Raipur|
|Petrol Price in Mumbai||Petrol Price in Pune||Petrol Price in Nagpur|
*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.