Petrol Prices in Gujarat
Gujarat is a developed state that has a huge number of petrol-run vehicles. The number of petrol consumers is massive. The consumption of petrol in the state has increased over the last five years. There are many petrol related topics to discuss. In the following sections, a few important topics related to petrol are discussed:
How often are Petrol Rates/Petrol Prices in Gujarat Revised?
You may not have noticed that petrol prices across the state are revised on a daily basis. The daily revision is also called ‘dynamic fuel pricing’. The new system combats the drawbacks of the earlier revision. For instance, in the earlier system, there was no transparency with respect to fuel pricing. Petrol dealers were facing issues related to stock management.
Under the daily revision, the current petrol rate is marked to market dynamics. If prices of crude oil fall today, the petrol rate will fall tomorrow. Similarly, if the USD gains against the Indian currency, the cost of petrol will gain. In simple words, any changes in overseas crude oil prices and the currency conversion rate of the USD to the INR will directly affect the final price of petrol in Gujarat, and so does with other states.
Fuel rates will be automatically revised by automated petrol pumps and manually by non-automated bunks. For the reference of fuel consumers like you, each petrol station will display price updates at 06:00 a.m. every day. The daily revision is in practice since the last four months and has been well-received by consumers and dealers.
Trends in Petrol Prices in Gujarat
The first four days of the daily revision have seen a declining trend. Since 21 June 2017 until 3 October 2017, there was an increasing trend in prices. As we know, the cost of petrol shall vary marginally from one brand to another. In all prime cities of Gujarat including Ahmadabad, the petrol price was comparatively cheaper at Hindustan Petroleum followed by Indian Oil, Bharat Petroleum, and Shell Oil as on the latest date.
Comparison between Petrol Price in Gujarat and other States
The latest price that was offered at Indian Oil was Rs.67.66. At Bharat Petroleum, it was Rs.67.72. It was Rs.68.8 at Shell Oil. At Hindustan Petroleum, it was Rs.67.62 as on the latest date, which is 12 October 2017. This is applicable to the entire state of Gujarat. In Karnataka, the price of petrol is costlier at Shell Oil followed by Bharat Petroleum, Hindustan Petroleum, and Indian Oil. In Maharashtra, the average price for the last ten was Rs.77.28 until 12 October 2017.
Quarterly Petrol Price Trend in Gujarat Between October and December 2018
|Opening date price||Rs.82.90 a litre||Rs.76.49 a litre||Rs.69.93 a litre|
|Closing date price||Rs.76.66 a litre||Rs.70.27 a litre||Rs.66.31 a litre|
|Highest price||Rs.83.14 a litre booked on the 4 October 2018||Rs.76.49 a litre booked on the 1 November 2018||Rs.69.93 a litre booked on the 1 December 2018|
|Lowest Price||Rs.76.66 a litre booked on the 30 and 31 October 2018||Rs.70.27 a litre booked on the 30 November 2018||Rs.66.31 a litre booked on the 31 December 2018|
Petrol Price Trend in Gujarat Between October and December 2018
- Prices of petrol and diesel in India are based on the Dynamic Fuel Pricing mechanism which includes the 14-day average of the global crude oil price and the exchange rate of the rupee over the US dollar.
- Oil marketing companies revise petrol prices daily under this method and is effective from 6:00 am.
- Based on this methodology, the petrol price in Gujarat on 1 October stood at Rs.82.90 per litre with rising crude oil prices impacting the high rate.
- Prices rose to touch the highest on 4 October when a litre of petrol in Gujarat was sold at Rs.83.14 per litre when the Centre announced to cut excise duty on fuel to ease the burden on customers.
- Excise duty of Rs.1.50 per litre and a further subsidy of Rs.1 by oil companies offered some respite to consumers which eventually led to the lowest rate of Rs.76.66 per litre on 30 October.
- Overall, prices in October declined by 7.52% attributed to the cut in excise duty coupled with a slight depreciation of the US dollar over the rupee.
- On 1 November, petrol was priced at Rs.76.49 per litre, which was also the highest price recorded for the month.
- During the month, petrol prices continued to drop in tandem with the decline in crude oil prices in the international market.
- By the end of the month, Gujarat witnessed a decline in petrol prices by 8.13% mainly influenced by the significant drop in oil prices in the market.
- On 1 December, a litre of petrol in Gujarat was sold at Rs.69.93 – the highest price recorded in the month.
- While prices fluctuated, the trend indicated a decline in prices during the month as the crude oil price fell from a record high of $80 per barrel to $56 per barrel.
- The lowest price for the month was recorded on 31 December when the petrol was sold at Rs.66.31 per litre.
- Overall, the petrol price trend in Gujarat in December dropped by 5.04% influenced by the significant decline in crude oil prices and the appreciation of the Indian currency over the US dollar.
Petrol Price Trend in Gujarat between July and September 2018
|Opening date price||Rs.74.88 per litre (5 July)||Rs.75.66 per litre (2 August)||Rs.77.75 per litre|
|Closing date price||Rs.75.53 per litre||Rs.77.73 per litre||Rs.82.59 per litre|
|Highest price||Rs.76.00 per litre observed on the 16th||Rs.77.73 per litre observed on the 31st||Rs.82.59 per litre observed on the 30th|
|Lowest price||Rs.74.88 per litre observed on the 1st||Rs.75.66 per litre observed on the 1st||Rs.77.75 per litre observed on the 1st|
Petrol Price Trend in Gujarat in July 2018
- In July, fuel pricing was carried out every single day at all fuel distribution outlets across the state of Gujarat.
- Despite a city or a state, the retailing rate of petrol per litre encompasses the costs of oil marketing companies (OMCs), the cost price of petroleum per litre and the taxes. Thus, the OMCs are required to reset the price of petrol considering these cost elements.
- Except for the crude oil cost, no other cost elements have been revised in July. Since oil-producing economies export crude oil to India, the exchange rate makes a big difference to the pricing of petrol.
- In Ahmedabad, Surat, Rajkot, Gandhinagar, Vadodara, Jamnagar, Bhavnagar, Navsari and other cities in Gujarat, the trend in petrol price was determined bearing in mind the dollar-rupee conversion rate and oil prices.
- It was reported by the OMCs that petrol prices in Gujarat were unwavering between 1 July and 5 July, travelled upwards between 7 July and 14 July and moved downwards in the third week.
- At the beginning of the month, the fuel was valued at Rs.74.88 per litre and at the end of the month, the fuel price increased by 0.86% at Rs.75.53 per litre in Ahmedabad, the capital city of Gujarat.
Petrol Rate Trend in Gujarat in August 2018
- Petrol rates in Gujarat were seen surging in the first 5-7 days of August.
- Irrespective of the variations in the exchange rate and global oil prices, fuel rates across all parts of the state were not changed in the second week by Hindustan Petroleum, Bharat Petroleum and Indian Oil.
- As per the official notification, a litre of petrol was valued at Rs.76.41 as of 16 August. The fuel corporations continued to market petrol at the same price until the 19th August.
- Remarkably, fuel consumers bought petrol at a price of Rs.76.89 a litre between the 21st and 23rd August and Rs.76.89 a litre on the 24th, 25th and 26th respectively.
- Just alike other states, in Gujarat also, fuel companies accelerated fuel rates continually in the final week.
- As the percentage of the downfall in the rupee’s value against the dollar has surged this month, the rate of growth in the prices of petrol in Gujarat increased to 2.73% from 0.86%.
- According to the notification declared by Indian Oil, petrol rates surged by 3.80% over the last two months. Other two OMCs also announced the same trend.
Petrol Price Trend in Gujarat in September 2018
- The system of dynamic fuel pricing was deployed to revisit petrol rates in Gujarat this month also.
- Unlike the previous months, fuel prices were not declined since the crude oil price bounced back and the dollar continued to appreciate.
- So, at Rs.82.59 a litre, the highest rate was recorded on the last day of the month in various cities in Gujarat such as Gandhinagar, Surat, Vadodara, Navsari, Ahmedabad, Rajkot, Jamnagar, etc.’
- The oil corporations recorded a growth rate of over 6% in September as the average price of petroleum surged by over $5 per barrel and the prime currency gained by a big margin.
- The Centre collected an excise duty of Rs.19.48 on petrol per litre throughout the quarter. It did not revise its tax even though a countrywide bandh was observed in the week 2.
- While BJP-ruled Gujarat did not decline its Value-added Tax (VAT) on petrol, Karnataka, Andhra Pradesh, West Bengal and Rajasthan cut their VAT in response to the bandh.
- Over the three months, the commission imposed by fuel dealers and the expenses expended by the OMCs remained unrevised at Rs.3.66 per litre and Rs.3.82 per litre respectively.
Quarterly Petrol Price Trend in Gujarat between April and June 2018
|Opening date price||Rs.73 a litre||Rs.73.98 a litre (As on 14th)||Rs.77.43 a litre|
|Closing date price||Rs.73.81 a litre||Rs.77.49 a litre||Rs.74.72 a litre|
|Highest price||Rs.73.81 a litre recorded on 24th||Rs.77.57 a litre recorded on 29th||Rs.77.43 a litre recorded on 1st|
|Lowest price||Rs.73 a litre recorded on 1st||Rs.73.98 a litre recorded on 14th||Rs.74.72 a litre recorded on 6th|
Petrol Price Trend in Gujarat in April 2018
- Petrol price trend depends upon the movement of overseas crude oil rates and the currency conversion rate on a daily basis. The factors that affect the pricing of diesel domestically include sales taxes and central taxes.
- Petrol rates in all parts of Gujarat will increase when the central government increases excise duty and the State Government of Gujarat increases sales tax. In April 2018, these two forms of taxes were not revised.
- On the 1st, the exchange rate of the domestic currency against the currency of the United States of America was Rs.65.13. It was revised to Rs.66.47 on 30th. It clearly indicates that the INR fell by 2.05%.
- In April 2018, the crude oil rate per barrel was estimated to be $69.30. It was higher compared to the previous month. Considering the variations in these two parameters, petrol rates in Gujarat were increased by 1.10%.
- For the month, the highest and lowest petrol rates in the state were Rs.73.81 a litre and Rs.73 a litre. The percentage of the growth rate was almost the same in all the major cities of Gujarat, including Ahmedabad, Surat, Rajkot and Gandhinagar.
Petrol Price Trend in Gujarat in May 2018
- Like the first month, the pricing of petrol in the state of Gujarat was done on the basis of dynamic fuel pricing in this month also. Because of the steady global influencers, fuel rates in Gujarat were not revised during the first ten days of the month.
- In sync with crude oil prices in global markets, fuel companies such as Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Private Limited increased petrol rates in the state during the last two weeks.
- At Indian Oil, petrol rate per litre stood at Rs.73.98 on the 14th. The price was further accelerated to Rs.75.73 a litre on the 21st and Rs.77.41 a litre on 28th. Compared to the last month, the growth rate was higher.
- The impact of the currency conversion rate (INR/USD) was reported to be negligible. The INR/USD currency conversion rate is determined based on many aspects, including the imports and exports between India and the USA, the rate of inflation, the bank interest rates fixed by the RBI, etc.
- Petroleum Planning and Analysis Cell confirmed that the cost of unrefined oil per barrel in this month was up by $6. As a result, in Gujarat, petrol rates were increased by 4.74%.
Petrol Price Trend in Gujarat in June 2018
- The opening date price for this month was Rs.77.43 a litre. Almost the same price was offered in all the fuel stations across the state of Gujarat.
- As the crude oil market was sluggish this month, the cost of crude oil per barrel moved downwards gradually. Therefore, on the 4th, the fuel price was dropped to Rs.77.11 a litre, Rs.76.98 a litre on the 5th, Rs.76.87 a litre on the 6th, and Rs.76.78 a litre on the 7th.
- By the end of the second week of the month, petrol price in Gujarat was further reduced to Rs.75.51 a litre on the 15th. The fuel was sold at Rs.75.33 a litre on the 21st.
- Like other states, petrol rates were also down by 3.49% in the state of Gujarat triggered by the decreased cost of unrefined oil per barrel.
- Between April 2018 and June 2018, petrol rates in the state were increased to Rs.74.72 a litre from Rs.73 a litre as per fuel companies. For this quarter, the highest petrol rate was recorded at Rs.77.43 a litre on the 1st June 2018, while the lowest petrol rate was booked at Rs.73 a litre on the 1st April 2018.
Quarterly Petrol Price Trend In Gujarat between January and March 2018
|Opening date price||Rs.69.38 per litre||Rs.72.65 per litre||Rs.71.18 per litre|
|Closing date price||Rs.72.52 per litre||Rs.71.12 per litre||Rs.72.87 per litre|
|Highest rate||Rs.72.52 per litre booked on 23 January||Rs.72.97 per litre booked on 6 February||Rs.72.87 per litre booked on 31 March|
|Lowest rate||Rs.69.38 per litre booked on 01 January||Rs.71.11 per litre booked on 25 February||Rs.71.18 per litre booked on 01 March|
|% Change||4.33% up||2.15% down||2.32% up|
Trend in Petrol Price in Gujarat in January 2018
- The opening price of petrol was Rs.69.38 per litre as on 01 January 2018. This was also the lowest recorded petrol rate in Gujarat for the month.
- In the first week of January, a slight increase was seen in petrol prices on a day-to-day basis. Petrol was sold at Rs.69.42, Rs.69.5 on 2nd and 4th of the month before settling at Rs.69.87 on 07 January. The gradual increase in petrol prices was mainly due to the decrease in the value of USD. The U.S dollar lost its value by 0.35% and 0.05% on 2nd and 4th of January.
- Petrol prices continued to surge and hit Rs.70.28 on 11 January as the value of the USD continued to decline and the price of crude oil increased to $67.66 per barrel in the Indian basket.
- The highest petrol prices for the month was recorded on 23 January when petrol was priced at Rs.72.52 per litre. On the same day U.S dollar value fell by 0.02% and there was no significant drop in the crude oil price in the INdian basket. Crude oil was sold at Rs.67.51 on 23 January which made petrol expensive in the country.
- Overall, a upward curve was noticed in petrol prices for the month of January as the prices pick up by 4.33%.
Trend in Petrol Rate in Gujarat in February 2018
- Petrol price opened at Rs.72.65 per litre on 01 February 2018 which was a Rs.0.13 increase compared to the previous day.
- By the end of the week, on 7 February, petrol was priced at Rs.72.97 per litre.
- However, on 6 February the highest petrol rate of Rs.72.97 per litre was recorded for the month.
- The next fews days, petrol prices fell gradually and hit Rs.72.54 on 13 February as the dollar value reduced by 0.11%, 0.27%, and 0.32% on 13, 14, and 15 of February.
- The lowest petrol price Rs.71.11 per litre for the month was recorded on 25 February.
- Overall, the trend in petrol prices fell by 2.15% for the month of February.
Trend in petrol prices in Gujarat in March 2018
- On 01 March 2018, petrol was booked at Rs.71.18 per litre. This was also the lowest recorded petrol rate for the month.
- Petrol prices in Gujarat increased in the first few days of the month and traded at Rs.71.2 on 5th and Rs.71.99 on 6th and 7th of the month, as the USD rate fell by 0.29%, 0.19%, and 0.04% on 05, 06, and 07 March respectively.
- Though by 13 March, petrol prices picked up and sold at Rs.72.07, it quickly fell to Rs.71.69 by 21 March. The increase in USD value by 0.19% had led to the fall in petrol prices.
- The month ended with petrol trading at Rs.72.87 per litre on 31 March 2018. This was also the highest petrol rate recorded for the entire month.
- The overall trend in petrol prices was an upward curve as the rates picked up by 2.32%.
How are Petrol Rates in Gujarat Computed?
The following formula is used to compute the final price petrol, which is charged to consumers from all cities of Gujarat:
The final price of petrol = cost of unrefined oil (including freights) + refinery transfer price + profit margin of oil marketing companies + VAT + customs duty + excise duty + commission charged by petrol dealers + pollution cess
The cost of crude oil is the price charged by transnational oil companies to oil marketing companies in India. A barrel of crude oil, which is equivalent to 159 litres, costs $50 currently. Freight charges are the expenses incurred by oil marketing companies for shifting crude oil from overseas ports to Indian ports. The refinery transfer price is remitted again by oil marketing entities.
The price, which is charged to dealers, comes with a profit margin added by OMCs. Excise duty is the tax component imposed by the Indian government. Currently, it is Rs.19.48 a litre. Petrol is taxed at 28.96% by the state government of Gujarat. Excise duty remains the same across the country, but VAT changes from state to state. The commission charged by dealers will fluctuate from one dealer to another within all cities of Gujarat.
Factors affecting Petrol Prices in Gujarat
Why is petrol priced differently at different time zones? It is due to variations in domestic factors and international factors. Prices of crude oil in global markets, the exchange rate, and the tax element have a direct impact on retail selling price of petrol in Gujarat. Needless to say, if any of these components goes up, the petrol cost will increase. In the same way, if any of these components slashes, the petrol rate will dampen.
Let’s understand what impacts the cost of crude oil, which is imported by Indian oil companies from foreign oil companies. The primary influencers include changes in the currency conversion rate, climate conditions, political events in oil-producing countries, and the quantum of demand for oil from evolving nations. For instance, during the rainy season, all activities related to crude oil extraction are likely to be adversely affected.
How does GST Impact Petrol Prices in Gujarat?
Goods and Services Tax (GST) is a consolidated indirect tax platform. It is applicable to all types of services and goods that are transacted. Petrol and petroleum products do not fall under the regime of GST. However, all industry participants continue to pay the existing tax slab. If petrol is brought under the regime of GST, petrol prices will be cheaper for consumers, but the state and central governments stand to lose their revenues drastically.
Petrol Costs vs. Diesel Cost in Gujarat
As on the latest date, the average price of petrol was Rs.69.68. The average price of diesel was Rs.61.02 in Gujarat. The state government of Gujarat has cut VAT on petrol by 4% recently. With this reduction, the price of petrol was reduced by Rs.2.72 in the state. The government of Gujarat stands to lose 2,000 crore with this move.
Also Check Petrol Price in NearBy Cities of Gujarat
|Petrol Price in Ahmedabad||Petrol Price in Rajkot||Petrol Price in Surat|
|Petrol Price in Jamnagar||Petrol Price in Vadodara|
*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.