Petrol Price In Bhubaneswar Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 72.32
    Current Petrol Price Per Litre
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    Petrol ( / liter) ₹ 72.32 ₹ 72.32 ₹ 0 ↑
    Daily Petrol Rates
    Date Petrol ( / liter)
    21 Oct 2019 ₹ 72.32
    20 Oct 2019 ₹ 72.32
    19 Oct 2019 ₹ 72.32
    18 Oct 2019 ₹ 72.32
    17 Oct 2019 ₹ 72.32
    16 Oct 2019 ₹ 72.32
    15 Oct 2019 ₹ 72.32
    14 Oct 2019 ₹ 72.37
    13 Oct 2019 ₹ 72.37
    12 Oct 2019 ₹ 72.37

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    Petrol Prices in Bhubaneswar

    Bhubaneswar is the capital city of Odisha. It is the largest city with a population over 1.73 million. Like other prime cities in India, the number of motorists in Bhubaneswar is growing at a rapid rate. This is the reason why the consumption of petrol in the city is huge. Petrol is not domestically produced. It is derived from crude oil, which is an international commodity.

    Bhubaneswar has a good number of petrol bunks owned by Indian Oil, Hindustan Petroleum and Bharat Petroleum. The petrol rates offered by these three companies is almost the same. There can be a minute difference because of the brand and transportation costs. It is the state VAT that makes the petrol price to differ from one city to another.

    How are Petrol Prices in Bhubaneswar Revised?

    India joins the United States of America and Australia that revise fuel prices on a daily basis. Revising fuel rates on a daily basis is called dynamic fuel pricing or the daily revision. As per this model, all petrol bunks whether automated or non-automated will revise petrol rates in Bhubaneswar every day. The revision is done at 06:00 a.m. manually by non-automated bunks. The revision is automated in case of automated bunks.

    After the daily fuel revision came into effect on 16 June 2017, petrol prices in the city have slashed considerably. Dynamic fuel pricing has a direct impact on the financial health of any state since it influences consumers. Since 16 June 2016, petrol prices have diminished and it is the fuel consumers who are benefiting the most out of this move. This will in turn help to build a positive impact on some means of transportation and worldwide trade.

    Benefits of Dynamic Fuel Pricing

    Like the previous revision system, dynamic fuel pricing is based on the currency exchange rate and crude oil prices. Any variations in these two determinants can be easily and instantly transmitted to end petrol consumers. In other words, consumers are aligned to market dynamics. Fuel pricing is 100% transparent under the daily revision model that also allows dealers to adopt the best inventory management practices.

    The price revision for any day becomes effective from 06:00 a.m. after 16 June 2017. Oil marketing companies will keep informed dealers about the next day’s rate at 08:00 p.m. Petrol consumers in Bhubaneswar can access the revised prices of petrol either through mobile applications created by all oil marketing companies or through online portals. Customers can also avail the benefit of customer care services offered by oil marketing entities.

    Trends in Petrol Costs in Bhubaneswar

    The petrol rate in the city indicated a decreasing trend during the first three weeks of the daily revision. It started growing marginally later on. Between July 2017 and August 2017, petrol rates witnessed a growing trend. In October 2017, petrol was sold at an average price of Rs.67.50 in Bhubaneswar, the capital city of Odisha. Petrol was priced at Rs.68.15 per litre on the first day of September 2017 and at Rs.69.53 per litre on the last day of the month.

    In August 2017, the petrol rates in the city have grown by 5.44%. The highest price in the month was Rs.68.24 and the lowest price was Rs.64.53. In July 2017, the lowest price was Rs.62.39 and the highest price was Rs.64.56. In June 2017, the petrol rate in Bhubaneswar has fallen by 5.99%. The lowest price in the month was Rs.63.27 and the highest price was Rs.67.06. In May 2017, the highest price was Rs.68.19 and the lowest price was Rs.65.44.

    Average Price Comparison

    Let’s take the average price of petrol in Mumbai, New Delhi, Bangalore, Chennai and Bhubaneswar. The average petrol rate in the capital city of Odisha was Rs.67.50 in October 2017. In New Delhi, it was Rs.68. In Mumbai, petrol was sold at an average rate of Rs.75.70. In Chennai, it was Rs.71.20. In Bangalore, it was Rs.69.70. The petrol price in Bhubaneswar is less compared to all these prime Indian cities. As on 4 October 2017, the state VAT imposed on petrol and diesel was 26%.

    How are Petrol Prices in Bhubaneswar Calculated?

    The retail selling price of petrol includes the following cost elements:

    Cost of crude oil: The price paid by Indian oil marketing companies to purchase crude oil is called the cost of crude oil. Freight charges are also included in the cost price of crude oil, which is remitted to overseas oil marketing companies.

    Refinery transfer price (RTP): The imported unrefined oil will be shifted to refinery stations for further processing. The cost charged by refineries to convert crude oil into petrol is called refinery transfer price. It is expected to remain constant for some period of time.

    Taxes: The retail selling price includes the state VAT imposed on petrol by the local and central governments. Petrol is taxed at 26% in Odisha. The central excise duty on petrol as on 4 October 2017 was Rs.19.48 per litre.

    Other cost elements in the price structure of petrol include the profit margin of oil marketing companies, entry taxes and operational expenses incurred by oil marketing companies, the commission charged by dealers, marketing expenses, transportation costs and pollution cess.

    Influences of Petrol Prices in Bhubaneswar

    Petrol prices in Bhubaneswar are affected by the exchange rate, the cost of crude oil and the tax levied on petrol. The exchange rate of the INR against the USD makes a big difference to the cost price of crude oil. The Reserve Bank of India determines the exchange rate, which is impacted by interest rates, inflation rates and the overall debt of a nation. Similarly, the cost of crude oil is affected by seasonal fluctuations, weather conditions and global political events.

    The cost of crude oil will marginally increase when the Indian currency depreciates against the USD. As a result, the petrol rate goes up. When the INR appreciates against the USD, the petrol rate diminishes. Another important factor affecting petrol rates in Bhubaneswar is the state VAT, which was 26% in Odisha as on 4 October 2017. The excise duty levied by the central government also impacts. Recently, it was revised on 4 October 2017.

    How does GST Impact Petrol Costs in Bhubaneswar?

    Currently, all goods and services are taxed under the regime of GST that was introduced in India on 1 July 2017. GST has been imposed on all kinds of goods and services except five petroleum products including petrol. All petrol consumers in the city continue to pay the tax under the current slab. The highest rate fixed by the GST Council is 28%. The current petrol rate in Bhubaneswar will dampen by 20-30% even if GST is imposed on petrol at the highest rate. Moreover, the central and state governments stand to lose the major source of revenue.

    *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.

    Also Check Petrol Price in NearBy Cities of Bhubaneswar

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    News about Petrol Price In Bhubaneswar

    • Petrol and Diesel Prices Set for a Sharp Rise

      On 2 May 2019, the US administration stopped the waiver on countries like India and China from importing Iranian oil. India imports nearly 80% of its crude and a large portion comes from Iran. Iran was supplying nearly 4% of the overall market supply; however, with the US sanction, that 4% of oil supply will be cut off. This means, oil prices are expected to rise significantly, and with-it petrol and diesel prices will rise in tandem. Crude oil prices, since early this year, has been on the rise, significantly. From about $50 per barrel, crude oil is trading around $70 per barrel currently. With the similar price range during August 2018, petrol and diesel prices were around Rs.78 and Rs.70 per litre; however, that’s not the case presently. This is because of the ongoing elections in the country. Once the elections are over, oil companies are expected to sharply increase fuel prices in the country to make for the losses.

      9 May 2019

    • Petrol and Diesel Prices Record Highest Price since Mid-August, Hits the Rs.90 mark in Mumbai

      While the whole country is affected by the steep prices of petrol and diesel, the city of Mumbai has comparatively taken a bigger hit as petrol reaches a record high of Rs.90.22 per litre. The reason for the highest recorded price for fuel in India is mainly due to the drop of the rupee against the dollar by 5-6%. Brent Crude, the oil conglomerate who provides crude oil to more than half the world at subsidised rates, saw its crude oil reach a record high of $80 per barrel from $71, the highest since 2014.

      While Mumbai suffers from petrol prices hitting the Rs.90 mark, National Capital Region of New Delhi is hit with a record high pricing of diesel at Rs.78.69 per litre, while in other metros, Rs.78.68 per litre is the current rate. Since mid-August the prices of petrol and diesel have increased by Rs.5.58 per litre and Rs.5.3 per litre respectively.

      1 October 2018

    • Rising Fuel Prices and a Falling Rupee Costs the Government Billions of Dollars

      Over the last two weeks, crude oil prices and subsequently fuel prices have been on the rise. Most of which is due to the rise in demand for crude while supplies have been hit significantly.

      Panama, one of the OPEC nation, and Iran have both seen their output decline, the former due to a decreasing reserve and the latter due to the sanctions imposed by the United States.

      All the latest development have hit India heavily with fuel prices rocketing to previously unseen levels and a billion lives affected due to this. As per reports on the 12th of September, the rupee hit a new low of Rs.72.73 per dollar in the exchange market.

      Further reports have stated all the rise in fuel prices and the fall of the rupee has cost the government Rs.22,700 crore in tax revenue. There were other complications as well including the effect of this on the country’s fiscal deficit.

      This has also led the country’s stock exchanges such as the BSE, NSE, and NIFTY have also fallen as a result of this with more decline expected on the cards.

      17 September 2018

    • Reduction in Petrol Prices Less Than Half the Rate of Rise Recorded Earlier

      Petrol prices in India have been on a downward trend in the last 13 days after it had reached record levels for sixteen straight days in May 2018. However, to the end consumer, the reduction in petrol prices has been slow. The reduction in petrol prices is less than half the rate of rise which it recorded earlier. Prices of petrol have been declined from 30 May reflecting a slip of 2.35% in Delhi. However, when compared to the rise, which stood at 5.5%. Petrol prices stood at Rs.76.58 a litre in Delhi, a drop by 20 paise compared to the previous day. In the financial capital of Mumbai, petrol prices recorded its highest in May; however, the reduction in this month has been slow.

      12 June 2018

    • Petrol Prices Fall Marginally

      Petrol prices fell slightly for two days in a row after 16 successive hikes. Indian Oil confirmed that petrol rates in Delhi, Chennai, Kolkata and Mumbai were down by 7 paise per litre. The oil company declared a rise of 60 paise per litre across metros. On Wednesday, petrol price was lowered by 1 paise per litre in Chennai, Mumbai, Kolkata and Delhi.

      On Thursday, petrol price was Rs.78.35 per litre in Delhi, Rs.81.35 per litre in Chennai, Rs.80.98 per litre in Kolkata, and Rs.86.16 per litre in Mumbai. In this month, petrol prices hiked by Rs.3.68 per litre in Mumbai, Rs.3.72 per litre in Delhi, Rs.3.66 per litre in Kolkata and Rs.3.92 per litre in Chennai. Over the last 16 days, petrol prices have been increased by Rs.3.22 per litre in the four Indian metros. There will be a deviation in petrol prices offered in different states.

      31 May 2018

    • Maintaining a close watch on Petrol Prices – says Dharmendra Pradhan

      Dharmendra Pradhan, Oil Minister, today did not commit on reducing the central excise duty on petrol and diesel. Both fuels reached the highest price, telling simply that the central government is keeping a close observation on the condition. Today, in Delhi, the price of petrol accelerated to Rs.71.57 a litre and it is the highest rate since the end of 2014. The rates of petrol are virtually reaching Rs.80 a litre in Mumbai. In Delhi, the petrol price climbed to Rs.71.56 a litre today. The Oil Minister said that the government diminished the excise duty on October by Rs.2 per litre. A few states reduced the state-VAT, including Uttar Pradesh, Maharashtra, Gujarat and Haryana. Other states are yet to reduce the same.

      18 January 2018

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