Petrol Price In Chandigarh Today

Petrol Price in Chandigarh

Chandigarh is a union territory in India and serves as the capital of two states - Haryana and Punjab. The city is one of the oldest planned cities in post-independence India and is famous for its modern architecture and urban planning. Spread over an area of 114 sq.km, the city is well served by the public transportation system as well as private vehicles.

With a burgeoning population, Chandigarh’s transportations depend on fuel to aid its economy. The city has the largest number of vehicles per capita in the country and the vehicle density in the city has only increased in the recent past and petrol has become an important commodity.

State-owned Oil-Marketing Companies (OMCs) such as Indian Oil, Bharat Petroleum and Hindustan Petroleum operate nearly 90% of the petrol pumps in Chandigarh. Since India imports crude or unrefined oil from the Organisation of Petroleum Exporting Countries (OPEC), the petrol price in Chandigarh and other cities are relatively higher. There are several components which determine the Retail Selling Price (RSP) of petrol in India. Here’s an analysis of each of these components and how the petrol pricing is computed.

Quarterly Petrol Price Trend in Chandigarh Between October and December 2018

Petrol Price Trend in Chandigarh Between October and December 2018

• Petrol prices are determined by the crude oil price and the exchange rate of the rupee against the US dollar.
• Prices are fixed daily by State-run oil firms who include the 14-day average price of the crude oil and the exchange rate of rupee-dollar under the ‘Dynamic Fuel Pricing’ method.
• On 1 October, petrol was priced at Rs.80.67 per litre, a record high after the crude oil price touched a four-year high in the international market.

• On 4 October, petrol rates in Chandigarh rose to touch the highest when a litre of the fuel was dispensed at Rs.80.90, prompting the Union government to cut the excise duty levied on the sale of fuel in the country.
• While the government cut excise duty of Rs.1.50 per litre on both petrol and diesel, it asked oil firms to further reduce Rs.1 per litre as fuel subsidy.
• By the end of October, petrol prices in Chandigarh declined by 6.83% attributed to the drop in crude oil prices as well as due to the excise duty cut.
• Petrol was priced at Rs.75.00 per litre in Chandigarh on 1 November – the highest recorded price of the month.
• The steep petrol prices were attributed to the high crude oil prices which were influenced by the geopolitical tensions between the US and China over trade between the two nations.

• On 30 November, petrol was sold at Rs.68.94 per litre, which was the lowest rate recorded during the month.
• Overall, petrol prices in Chandigarh in November declined by 8.08% amid declining crude oil prices.
• In December, petrol was priced at Rs.68.60 per litre on the first day of the month, also, the highest price registered during the month.
• Crude was trading around $56 per barrel late December amid declining geopolitical tensions. The crude oil was down from trading around $80 per barrel early October.
• The petrol price trend in December in Chandigarh declined by 5.6% influenced by the significant fall in the global crude oil prices as well as due to the slight appreciation of the rupee over the US dollar.

Calculation of the Petrol Price in Chandigarh

Petrol Price in Chandigarh = Global Crude or Unrefined Oil Cost + Taxes (Excise Duty & Value Added Tax) + Dealer Commission + Pollution Cess

While the above calculation offers a broad understanding of the petrol pricing in India, let’s look at these in detail.

• Global Crude Oil Cost: As mentioned, India purchases crude oil from oil-producing countries and the cost of crude oil is dynamic in nature which changes based on several factors such as increased demand, shortage in supply, production cuts or geopolitical tensions. Any of these factors impact the price we pay for a litre of petrol in Chandigarh. Since India buys crude oil in US dollars, any change in the exchange rate affects the petrol price in Chandigarh as well as other cities in the country.
• Taxes on Petrol: Petrol rates include taxes charged by the central and the states. While the centre levies excise duty of Rs.19.48 per litre, the VAT levied by the Chandigarh administration is 19.76%.
• Dealer Commission: Fuel stations or petrol pumps are operated to store and dispense fuel to consumers for which the dealers take a cut as commission which is included in the petrol price before its sold to the end consumer.
• Pollution Cess: The centre charges 25p for a litre of petrol throughout the country in an effort to go green.

Petrol Price Trend in Chandigarh between July 2018 and September 2018

Petrol Price Trend in Chandigarh in July 2018

• India is one of those countries following dynamic fuel pricing to reset the rates of diesel and petrol. Government no longer controls fuel pricing as it has deregulated both petrol and diesel.
• In Chandigarh, the capital city of Haryana, petrol rates have been reset in July under dynamic fuel pricing, also called the daily revision system.
• The price revision of petrol has to be carried out considering the USD/INR rate and transactional unrefined oil rates. If the rupee is down, fuel price in Chandigarh is up. If the rupee is up, fuel rate is down.
• The rupee was not stable against the greenback. It was observed to be down in the entire month of July 2018 in Chandigarh. The unrefined oil market was also listless.
• Owing to these factors, the cost of petrol in the capital city of Haryana increased just by 1.12% at the HPCL, BPCL and IOCL petrol distribution centers.
• In other cities of Haryana also, the similar trend was observed. As far as July 2018 is concerned, the central and state levies were not revised.
• On 16 July 2018, the fuel was priced at Rs.73.97 per litre, which was the highest rate for July 2018.

Petrol Price Trend in Chandigarh in August 2018

• The daily revision system was used by fuel entities this month. Petrol rate in the city of Chandigarh was Rs.73.48 per litre on 1 August 2018.
• On the 3rd and the 4th respectively, the commodity was priced at Rs.73.71 per litre and Rs.74.7 per litre. The price increased to Rs.74.25 paise per litre on the 7th.
• The lowest fall in the overhead of unrefined oil shall be transferred to end customers. In the first 10-13 days of the month, the base currency gained and the petroleum cost per barrel decreased.
• So, they have neither increased nor decreased the fuel rate in the second week. The commodity was valued at Rs.74.25 per litre on 7, 8, 9 and 10 August 2018.
• OMCs continued retailing the fuel at Rs.74.25 per litre until the end of the second week of August 2018.
• Also, the fuel was sold by OMCs at a price of Rs.74.38 per litre on 17-19 August 2018 in the capital city of Haryana.
• As the rupee depreciated, once again petrol rate in Chandigarh amplified by 2.95%.
• The lowest rate stood at Rs.73.48 per litre whereas the highest rate stood at Rs.75.65 per litre this month.

Petrol Price Trend in September 2018 in Chandigarh

• The price of petrol per litre mounted steadily since the petroleum cost bounced back and the poor INR.
• At Rs.75.76 per litre, fuel users bought petrol on 1 September 2018. Further, the price jumped to Rs.76.21 per litre on the 3rd, Rs.76.56 per litre on the 6th, Rs.77.39 per litre on the 8th per litre and Rs.77.73 per litre on the 10th.
• The price of petrol in the capital city of Haryana stood at Rs.78.25 per litre on 14 September, Rs.79 per litre on 17 September and Rs.79.16 per litre on 19 September.
• At Indian Oil petrol stations, HPCL petrol stations and BPCL petrol stations, the rate of petrol per litre was raised by Rs.4.60.
• In this month, the average petroleum rate accelerated by almost $5 per barrel. The base currency once again remained stronger. Therefore, fuel prices in Haryana’s capital soared by above 6%.
• The sales tax on petrol in Haryana was steady at 25.44% and the central levy also remained unaffected at Rs.19.48 per litre.
• Even the changes in these two tax forms shall be considered for fuel pricing. If the Government of Haryana decides to reduce the state tax by one rupee per litre, the RSP of petrol has to be reduced by one rupee per litre.
• Despite a nationwide strike on 10 September 2018, the pricing of petrol was not influenced by the Centre and State Government of Haryana.

Quarterly Petrol Price Trend in Chandigarh Between April and June 2018

Petrol Price Trend in Chandigarh in April 2018

• The petrol price in Chandigarh on 1 April 2018 stood at Rs.70.90 per litre - the lowest petrol price of the month in the union territory.
• Petrol price remained steady during the first and second with slight variations due to the fluctuations in the global crude oil rate.
• Fuel prices in India are revised every day in tandem with the crude oil rate and the currency exchange rate of the US dollar over rupee.
• State-run fuel companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revise the petrol price on a daily basis under the ‘Dynamic Fuel Pricing’ mechanism where oil companies include the preceding day’s crude oil rate and the exchange value of the US dollar.
• Petrol prices in Chandigarh during the third and fourth continued to incline; however, the increase was not significant.
• The highest petrol price registered during the month in Chandigarh stood at Rs.71.81 per litre on 24 April 2018 influenced by the slight rise in crude oil rate.
• Overall, the petrol price trend in the month reflected an upward trend of 1.23% impacted by the marginal rise in oil prices in the international market.

Petrol Price Trend in Chandigarh in May 2018

• Fuel companies kept petrol prices unchanged until 11 May 2018 which stood at Rs.71.77 per litre, also the lowest price recorded in the month.
• The steady petrol price in Chandigarh was influenced by the stable crude oil price in the global market.
• However, post 11th fuel prices inclined sharply as the crude oil price rose significantly due to a possible shortage in supply in the backdrop of possible sanctions on Iran by the US.
• With apprehension of a possible crunch in supply, crude oil prices rose considerably which led to petrol prices touching a new high of Rs.75.46 per litre on the 29 May 2018.
• Along with a weaker rupee over the US dollar and the rise in crude oil prices, petrol prices in Chandigarh as well as across the country rose to touch peak levels.
• The petrol price trend in Chandigarh in May 2018 reflected a significant upward trend of 5.05% largely due to the considerable rise in oil prices.

Petrol Price Trend in Chandigarh in June 2018

• With crude oil prices on the rise, members of the Organisation of Petroleum Exporting Countries and its key ally Russia decided to meet on 22 June 2018 to tackle the growing concerns over high fuel prices across the world.
• On 1 June 2018, petrol was sold at Rs.75.33 per litre which was also the highest petrol price in Chandigarh of the month.
• Over the course of the first and second week, petrol prices declined although it was marginal.
• By mid-June 2018, petrol prices in Chandigarh fell by Rs.1.86 per litre impacted by the decline in crude oil prices.
• The fall in crude oil prices was influenced by the decline in geopolitical fears over a shortage of supply.
• On 22 June 2018, the OPEC and Russia agreed to raise the production of crude oil to allay fears over a possible crunch in supply.
• By the end of the month, petrol prices in Chandigarh registered its lowest cost which stood at Rs.72.66 a litre on 27 June 2018 and continued till the end of the month.
• Overall, the petrol price trend in June 2018 in the union territory fell by 3.55% largely to the OPEC agreeing to increase the supply of oil in the international market which led to the fall in crude oil rates.

All the above components determine the petrol price in Chandigarh and any changes impact the current petrol price.

Quarterly Petrol Price Trend In Chandigarh between January and March 2018

Trend in Petrol Price in Chandigarh in January 2018

• The leading oil companies in India, namely HPCL, BPCL and IOC declared the average opening price of petrol of Rs.67.30 per litre as on 01 January 2018. This was also the lowest petrol price recorded for the month.
• During the first week of January, the prices of petrol slightly increased as the oil-producing countries have slightly accelerated the price Brent Crude oil.
• The highest petrol price of the month of Rs.70.13 per litre was booked on 06 January.
• By 20 January, petrol prices had hit Rs.69.14. The increase in petrol rates was mainly because the value of USD fell for three consecutive days on 17, 18, and 19 of January by 0.2%, 0.03%, and 0.06%, respectively.
• The fuel price closed at Rs.70.13 on 31 January 2018.
• The overall incline in the fuel price for the month of January was 4.04%.

Trend in Petrol Rate in Chandigarh in February 2018

• Petrol was valued at Rs.70.25 per litre on 01 February 2018.
• As oil exporting countries a steady growth in the demand for unrefined oil during the first week of the month, petrol prices did not fluctuate much.
• The highest petrol price of Rs.70.57 per litre was recorded on 6th of the month.
• Though the Union Budget was introduced in india, it did not have any impact on the oil and natural gas industry. Therefore significant increase or decrease in petrol prices was not seen.
• On 25 February, the lowest petrol price of Rs.68.77 per litre for the month was recorded.
• Apart from the drop in the value of the USD, no other factors have impacted the fuel rate except the crude oil price of Indian Basket, which declined to $63.54 a barrel.
• An overall declining trend was noticed in petrol prices as the fuel fell by 2.15%.

Trend in Petrol Prices in Chandigarh in March 2018

• On the first day of the month, petrol was priced at Rs.68.83 per litre which was an increase of 6 paisa from the previous day. This was also the lowest petrol price tracked in this month.
• On 2 and 3 of the month, petrol was booked at Rs.Rs.69 and Rs.69.24 respectively.
• No significant changes in petrol prices was noted throughout the month of March as the crude oil price did not fluctuate majorly and the drop in URD rate was ignorable.
• On 21 and 22 March, petrol price stood at Rs.69.44 and Rs.6949 respectively.
• The highest petrol prices was noted on 26 March when the fuel was sold at Rs.70.73 per litre.
• As mentioned earlier the crude oil’s demand was stable throughout the month and the unrefined oil price stood at $63.80 a barrel.
• Overall, petrol prices declined by 2.69% for the month of March.

Why do Petrol Price Change Daily in Chandigarh?

Under the new ‘dynamic fuel pricing’ mechanism, petrol rates are revised daily. Until July 2017, petrol prices were revised fortnightly taking the average global crude oil price and the US Dollar exchange rate; however, this mechanism did not allow retailers to increase or decrease the price in case of incline or decline in the crude oil prices, which is dynamic in nature.

To offset any losses, the new pricing was introduced to sell petrol at the previous day’s crude oil price and the US dollar exchange rate in the market. Therefore, any increase in the global crude oil price will increase the current petrol price in India and vice versa.

How to Check Petrol Price Daily in Chandigarh?

With the new pricing mechanism in place, the current petrol price is more or less different compared to the previous day’s price. It’s quite challenging to know today’s petrol price in a city; however, OMCs have developed several ways to check petrol price daily.

• Via Smartphone Apps: Oil companies have launched their respective mobile apps to track or check the petrol price on a daily basis. IOC has launched the ‘Fuel@IOC’ app, BPCL customers can take advantage of the ‘SmartDrive’ app, while HPCL has launched the ‘MY HPCL’ app to check the current petrol rate in a particular city.
• Via SMS: For those who would like to utilise the SMS facility. The process below will help you track the current fuel price.
  • IOC: SMS RSP dealer code to 9224992249.
  • HPCL: SMS HPPRICE dealer code to 9222201122.
  • BPCL: SMS RSP dealer code to 9223112222.
• Via Website: Additionally, customers can visit OMCs respective website to check the current petrol price in a city.

What is the Breakup of the Petrol Price?

The table below offers the breakup of the petrol price in Chandigarh and how each of these components contributes to the retail selling price of petrol. The price is taken as on 3 June 2018.

Petrol Vs. Diesel Rate in Chandigarh

Petrol prices are comparatively higher than diesel. The tax on petrol is much higher than diesel making the petrol dearer. During April 2018, the average petrol price in Chandigarh stood at Rs.71.37 per litre, while diesel stood at Rs.63.43 per litre. The average difference between the two extensively utilised fuel is Rs.7.94 per litre.

Why is GST not Applicable on Petrol?

The Goods and Service Tax (GST) was introduced on 1 July 2017 which is applicable on sale of goods or services in the country. However, petroleum products, electricity and alcoholic beverages are exempted from the GST. This is due to state governments losing out on the revenue generated through the sale of petroleum products in the state. If petrol is brought under the ambit of the GST, the petrol price in Chandigarh will reduce drastically as the current taxes on petrol is much higher compared to the highest tax slab in the GST.

Also Check Petrol Price in NearBy Cities of Chandigarh

*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.