Petrol Price In Faridabad Today

  • Today's Petrol Price ( 19 Oct 2021 )

    ₹ 103.07
    Current Petrol Price Per Litre

    Compare Petrol Price in Faridabad (Today & Yesterday)

    Rate Change
    Petrol ( / litre) ₹ 103.07 ₹ 103.07 ₹ 0 ↑

    Petrol Price in Faridabad - Last 10 Days Data

    Date Petrol ( / litre)
    18 Oct 2021 ₹ 103.07
    17 Oct 2021 ₹ 103.07
    16 Oct 2021 ₹ 103.07
    15 Oct 2021 ₹ 103.07
    14 Oct 2021 ₹ 102.73
    13 Oct 2021 ₹ 102.39
    12 Oct 2021 ₹ 102.39
    11 Oct 2021 ₹ 102.39
    10 Oct 2021 ₹ 102.1
    09 Oct 2021 ₹ 101.81

    Petrol Rate Trend

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    Petrol Price in Faridabad

    The most populous city in Haryana, Faridabad is also the largest city in the State. Closer to the National Capital of Delhi, the city has grown at a tremendous pace in the last decade. As a major industrial hub of Haryana, petrol has become an essential commodity for both commercial and personal use.

    Faridabad’s transportation requirements are well supplemented by public and private vehicles. With the consumption of petrol on the rise, the commodity has become an important component of the common man’s monthly financial budget.

    Also Know: Diesel Price In Faridabad

    Petrol prices are not static and keeps changing on a daily basis. Why? There are several components which affect the petrol price in Faridabad and in across cities in India. Each of these components is external and internal in nature. Let’s analyse each of these components in detail and how the petrol price is derived before it’s sold in the Retail Selling Price (RSP).

    Major Components of the Petrol Price in Faridabad

    India depends on oil-producing countries to supply petrol in the country. Nearly 80% of petrol, in its crude form, is imported which makes it an expensive product. State-owned oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum import crude or unrefined oil which is then refined and sold in the country. While the crude oil rate and the exchange rate of the US dollar are the external components, operational costs, taxes and dealer commission form the internal factors.

    • Crude Oil Prices: Oil-producing countries sell crude oil in the international market and factors such as production cuts, shortage of supply, higher demand and geopolitical tensions lead to an increase in the crude oil prices. However, instances of an increase in production, ease of geopolitical tensions reduce the crude oil price in the global market. The price of crude oil forms the base of the petrol price and any change in the cost impacts the price we pay for a litre of petrol in Faridabad.
    • US Dollar Exchange Rate: Crude oil is purchased in US dollars and any fluctuations in its value over other currencies influences the crude oil rate. Since India buys crude oil in US dollars, an appreciation of the dollar over rupee increases the prices of the crude oil and vice versa. Therefore, any change in the US dollar rate has a direct impact on the price of petrol in the city.
    • Profit Margin & Operational Costs: Since Oil-Marketing Companies (OMCs) purchase crude oil and transport it from oil-producing countries, this is then refined and transported to various petrol stations across the country. OMCs, add their profit margin and operational costs to the petrol before it’s sold to the consumer.
    • Petrol Taxes: Currently, petrol attracts excise duty by the Central government and local sales tax or Value Added Tax (VAT) by the State is included in the petrol price. In India, the excise duty on petrol is similar across cities which is currently charged at Rs.19.48 for a litre of petrol. The state of Haryana charges 26.25% on a litre of petrol as VAT. Taxes on petrol are the largest components in the petrol price.
    • Dealer Commission: State oil companies fix the dealer commission which is based on the increase or decrease in operating costs like wages and electricity as well as working capital and investment returns. The dealer commission on petrol is Rs.3.63 per litre recorded on 3 June 2018.

    Petrol Price Breakup:

    Let’s look at an example to understand the breakup of the petrol price. The table below offers the petrol price recorded on 3 June 2018.

    Sl.No. Component Price
    1 International Crude Oil Price + Ocean Freight Charges $78.30 per barrel = Rs.32.98/Litre (considering $1=66.96 and 1 barrel oil = 159 litres)
    2 Profit margin of Oil Companies, transportation, refining, and operational costs Rs.5.32/Ltr
    3 Central Excise Duty + Road Cess Rs.19.48/Ltr
    4 Dealer Commission Rs.3.63/Ltr
    5 Value Added Tax (VAT) Rs.16.12/Ltr
    Total Retail selling price of petrol in Faridabad Rs.77.53/Ltr

    Why do Petrol Prices Change Daily?

    India moved to a new pricing mechanism known as the ‘dynamic fuel pricing’. Under the new pricing mechanism, petrol prices are revised daily at 6 a.m. taking into account the previous day’s crude oil rate and the US dollar exchange rate. This lets the oil companies pass on the changes, either an increase or decrease, to the end consumer.

    Prior to the daily petrol price revision, India followed the fortnight revision in petrol prices. Under this previous method, oil companies fix the petrol price based on the average fortnight crude oil rate and the exchange rate of the US dollar. However, this did not let oil companies revise the petrol price in case of a steep incline or decline in the global crude oil price leading to losses. This prompted to change the fortnight pricing mechanism to the daily revision method.

    Ways to Track the Current Petrol Price in Faridabad

    Since petrol prices are revised on a daily basis, it might be a challenge to know the latest petrol price in a city. To address this concern, oil companies have launched several ways to track the current petrol price.

    • Smartphone Applications: With an increased use of smartphones by customers, oil companies have developed and launched mobile apps to track the petrol price in Faridabad and in across cities in India. Indian Oil has launched the ‘Fuel@IOC’ app, Bharat Petroleum has the ‘SmartDrive’ app, while the Hindustan Petroleum ‘MY HPCL’ app can help you track the current petrol price of a city.
    • Services via SMS: Consumers can track the current petrol rate via SMS service offered by oil companies. The process below will help you to find the latest fuel price in a city.
      • IOC: SMS RSP Dealer Code to 9224992249.
      • HPCL: SMS HPPRICE Dealer code to 9222201122.
      • BPCL: SMS RSP Dealer code to 9223112222.
    • Oil Companies’ Website: Oil companies update the latest petrol price in their respective website on a daily basis. The website offers the petrol price of Faridabad and in across cities in India.

    Trading of goods and service come under the new taxation regime known as the Goods and Service Tax (GST). However, petroleum products such as petrol and diesel are exempted from the GST. The revenue generated by the Centre and the State by taxing fuel is higher; however, the highest tax slab in the GST is lower compared to the current taxes on fuel. Hence, by bringing petrol under the GST, it will drastically impact the government’s exchequer.

    Also Check Petrol Price in NearBy Cities of Faridabad

    *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 Faridabad Today

    • Diesel prices remain constant as OMCs resist revising the prices

      While international crude oil prices continued to fall, Oil Marketing Companies (OMCs) resisted the temptation of revising diesel prices in the country. This comes after a period of five days when the rates of diesel were hiked continuously in the country. While the rates remained constant on Wednesday, experts believe that in the upcoming days, diesel rates in the country would fall massively due to the fact that international crude oil prices have fallen to its lowest level since last year. Since the month of October, crude oil prices have fallen by over 40 per cent.

      As of Wednesday, the rates of diesel in the national and financial capital of the country i.e., Delhi and Mumbai were Rs.63.83 and Rs.66.79 respectively. In the city of joy i.e., Kolkata and Chennai, the southern metropolitan city, consumers had to pay Rs.65.59 and Rs.67.38. In non-metro cities like Noida and Gurugram, OMCs charged consumers Rs.63.27 and Rs.63.89 respectively for every litre of diesel.

      27 December 2018

    • Petrol Price Falls Below Rs.80 Per Litre in Mumbai

      The petrol price in Mumbai fell below Rs.80 per litre mark on Tuesday. Petrol in Mumbai costs Rs.79.62 per litre and diesel is being sold at Rs.72.13 a litre. Prices of petrol had touched a high of Rs.91.34 per litre on 4 October 2018 in Mumbai in the back of soaring crude oil prices in the international market. In Delhi, petrol costs Rs.74.07 per litre, while diesel costs Rs.68.89 per litre. Fuel prices have witnessed a decline by up to 45 paise today according to the data available on the Indian Oil Corporation Ltd. (IOCL) website. In Chennai and Kolkata, petrol is being sold at Rs.76.88 per litre and 76.06 a litre, respectively, while diesel is retailing at Rs.72.77 per litre and Rs.70.74 a litre, respectively. In November, so far, petrol prices have declined by nearly Rs.5.50 per litre and diesel by up to Rs.5 per litre across major metro cities of the country. The reduction in fuel prices comes amid the decline in crude oil prices in the global market after it touched a four-year high of $80 per barrel early October, while it's trading at $59.04 per barrel currently.

      27 November 2018

    • Markets Fall with a Devalued INR and Rising Fuel Prices

      The stock markets opened low on Thursday with a downfall of 614.47 Sensex points. The segment for metal had been on the rise for a few early trading sessions, while the stock indices for other industry lines were reported to be low. The Indian rupee, the INR, continued to downfall against the USD and on Wednesday, it slashed to an all-time low of 73.76 an USD.

      Fuel prices continued to climb in sync with overseas crude oil prices and on Thursday, 4 October 2018, petrol price was up by 15 paise to Rs.84 a litre whereas diesel price was also up by 20 paise to Rs.75.45 a litre in Delhi. The INR/USD exchange rate slashed as a result of a steep increase in the price of overseas unrefined oil. The public sector oil marketing companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum can now accumulate a fund of $10 billion from transnational markets in order to meet the running expenses.

      12 October 2018

    • 65% Pay Rise Unites Gujarat MLAs After Arm Over Fuel Rates

      Acrimonious scenes were witnessed in the Gujarat assembly between the opposition party leaders and the ruling BJP-Government, but the session finished on Wednesday with the two competing parties combining their hands to provide a 65% salary rise to representatives. The revised salary structure shall be effective from the month of December 2017. The assembly of Gujarat approved a bill in order to enhance the allowance and salary of 182 legislators, consisting ministers. According to the latest provision, a representative in the state of Gujarat shall get a salary of Rs.1,16,316 up from Rs.70,727. The deputy speakers, the speakers and the ministers shall get Rs.1.32 lakh as compared to their earlier salary of Rs.80,000. The salary of Gujarat MLAs was not revised since 2005, said Pradeepsinh Jadeja, who is the home minister of the Government of Gujarat. Independent MLA, Jignesh Mevani, said “This shall assist me to pay more to the peons working at my office. At the same time, the government must also finish contract and pre-determined pay system.”

      20 September 2018

    • PIL on Daily Price Revision can be Treated as a Representation

      The Central Government has been asked by the Delhi High Court to consider the PIL on the daily price revision as a representation. A team of Acting Chief Justice Gita Mittal and Justice C Hari Shankar said that supplicant had not protested the Central Government about this issue. Pooja Mahajan, a Delhi-based designer, had filed a plea, which is against the regular revision of petrol rates in India. The petition, which was filed through an advocate, suspected that the Central Government was circuitously governing petrol rates. During the Karnataka Assembly Election, petrol prices were not increased by the government.

      25 July 2018

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