Trend of Petrol Price in Gurgaon for August 2019 (rates per /litre ):
|August 1 Rate||Rs.72.74|
|August 31 Rate||Rs.72.10|
|Highest Rate in August||Rs.72.74 on 1 August|
|Lowest Rate in August||Rs.71.97 on 19,20,21,22 and 23 August|
Monthly Petrol Price Trend in Gurgaon for August 2019:
- Petrol prices in Gurgaon opened at Rs.72.74 for the month of August. This was the highest price recorded in the month as the rates fell in the next few days. International oil prices fluctuated in the first week due to the ongoing trade war between the United States and China.
- The petrol rate in Gurgaon continued to fall in the second week of the month as international oil prices continued to tumble. The rates charged for a litre fell to Rs.72.09 by the end of the week. The fall in the prices was also accounted to concerns of an economic slowdown due to the US – China trade war.
- In the third week of the month, price of petrol remained constant for the first few days before declining further to Rs.71.97. This was the lowest rates charged for a litre in the month. The mentioned price was charged on 19, 20, and 21 August. Disappointing economic data from Europe and China as well as mounting fears of recession played its part in the prices coming down.
- Petrol prices in Gurgaon jumped slightly in the final week of the month before declining again. The prices increased slightly to Rs.72.15 from Rs.71.97 before closing at Rs.72.10 as US crude prices gained due to US stockpiles declining by more than what was expected. The jump in the prices helped ease some of the concerns regarding economic growth due to the US–China trade tensions.
|Also Check: Petrol Price in Haryana|
Trend of Petrol Price in Gurgaon for July 2019 (rates per /litre ):
|Highest Rate in July||Rs.73.19 on 23 and 24 July|
|Lowest Rate in July||Rs.70.86 per litre on 1 July|
Monthly Petrol Price Trend in Gurgaon for July 2019:
- Petrol was priced at Rs.70.86 per litre when the month began - the lowest price recorded during the month – and rose by the end of the week amid additional imposition of excise duty of Rs.2 per litre on petrol announced by the Centre in the 2019 Budget.
- During the second week of July, petrol prices in Gurgaon rose marginally amid inclining crude oil prices in the oil market due to escalating tensions in the Middle East despite supply cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and its allies to keep prices stable.
- While prices of petrol during the third week were stable initially, it increased by the end of the week to close at Rs.73.15 per litre amid rising tensions between the US and Iran after the US Navy shot down an Iranian drone.
- The fourth week of July witnessed a significant rise in petrol prices to touch a monthly high of Rs.73.19 per litre on 23 and 24 July as crude oil prices in the market inclined amid declining US inventories and rising tensions in the Middle East after the US Navy may have shot another Iranian drone.
Trend of Petrol Price in Gurgaon for June 2019 (rates per /litre )
|2nd June||Rs.67.58 per litre|
|30th June||Rs.66.52 per litre|
|Highest Rate in June||Rs.67.58 per litre on 2 June|
|Lowest Rate in June||Rs.66.10 per litre from 16-23 June|
- Petrol opened at Rs.67.58 per litre in June – the highest price recorded for the month amid volatile crude oil market impacted by the ongoing US-China trade war.
- Prices continued to decline during the first and second before incline marginally during the third and fourth week even as crude oil prices moved downwards due to supply cuts led by the OPEC and its allies despite geopolitical tensions in the Middle East.
- Petrol prices were kept unchanged from 16 to 23 June when a litre of petrol in Gurgaon was sold at Rs.66.10, which is also the lowest price recorded during the month.
- Overall, petrol prices in June declined by 1.57% marked largely by the drop in crude oil prices in the international market even as investors awaited the outcome of the G20 summit and expectations of an interest rate cut by the US Federal Reserve to boost the global economy.
Petrol Rate in Gurgaon:
Petrol was sold at an average price of Rs.69.80 per litre in November 2017. The price comprises of crude oil prices, taxes and OMC expenses. Oil marketing companies (OMCs) will revise fuel rates every day at 06:00 a.m. The price once revised will be uploaded in the websites of OMCs. Be advised to check the latest price in Gurgaon before you buy.
Petrol Prices in Gurgaon 2017 (Price per litre)
|Opening Date Price||Rs.70.71||Rs.69.22||Rs.65.38||Rs.63.10||Rs.67.11|
|Closing Date Price||Rs.69.09||Rs.70.62||Rs.69.11||Rs.65.26||Rs.63.35|
The highest rate over the last five months was Rs.70.83 per litre and the lowest price was Rs.63.08 per litre. Petrol prices have increased in September, August and July by 1.98%, 5.40% and 3.31% respectively. They have decreased in June and October by 5.94% and 2.34% respectively.
State Levies – A Comparison
|Haryana||Karnataka||Uttar Pradesh||Andhra Pradesh|
|VAT on Diesel||17.22%||19%||20.19%||30.86%|
|VAT on Petrol||26.25%||30%||32.90%||38.93%|
Source: Petroleum Planning and Analysis Cell (PPAC)
Petrol Rate Comparison among Indian Cities
The following table illustrates the Average Price of Petrol in November 2017:
|Petrol Price per litre||Rs.69.00||Rs.70.80||Rs.72.35||Rs.72.55|
How are Petrol Prices in Noida Revised?
India follows the dynamic fuel pricing system to revise fuel prices currently. What is dynamic fuel pricing? It is a fuel pricing system that reviews fuel rates on a daily basis on the basis of crude oil rates and the currency conversion rate. The system was introduced in June 2017 in India after running a 40-day pilot in five Indian cities. The United States of America (USA), Australia and Russia are other countries that follow the system.
Features of Dynamic Fuel Pricing
- The revision of petrol price is done at 06:00 a.m. every day.
- All automated petrol stations will automatically revise the petrol price.
- All non-automated petrol stations will manually revise the petrol price.
- Dealers can manage working capital effectively.
- The system enables dealers to better manage stock or inventory.
- The fluctuations in crude oil rates and the INR/USD rate can be instantly shifted to end consumers.
Petrol consumers in Gurgaon can track the current petrol price through downloading the mobile applications of oil marketing companies including Indian Oil, Bharat Petroleum and Hindustan Petroleum and Shell Oil. They can request the current price through SMS alerts and customer care support. Like mentioned earlier, oil marketing companies will update their websites after revising the price every day.
How are Petrol Prices in Gurgaon Computed?
The Retail Selling Price of petrol in Gurgaon consists of the following elements:
Crude Oil Cost: Crude oil cost is the price charged by Indian oil marketing companies. As on 14 November 2017, the cost of crude oil per barrel was $62.85. One barrel of crude oil is equal to 159 litres. Freight charges are added to crude oil prices.
Taxes: More than 50% of the retail selling price comprises of the central and state levies. The excise duty imposed on petrol as on 04 November 2017 was Rs.19.48 per litre. The local tax levied on the fuel as on the same date was 26.25% in Haryana.
Refinery transfer price (RTP): Refinery transfer price (RTP) is charged by refineries. After importing crude oil, oil marketing companies will deliver it to refineries for further processing. RTP is paid by OMCs.
OMC Expenses: Expenses incurred by oil marketing companies consist of entry levies, operational costs, marketing expenses, distribution expenses and profit margin of OMCs. The commission charged by dealers and pollution cess are other two components of the RSP.
What are the factors affecting Petrol Prices in Gurgaon?
The exchange rate, crude oil rates and taxes are the elements affecting the petrol price in Gurgaon. The exchange rate is the ratio between the value of the INR and the USD. The Central Bank of India, the Reserve Bank of India fixes the exchange rate. The exchange rate is impacted by several factors including interest parity rates, interest rates, exports and imports, the overall public debt of a country and the inflation rate. There are many factors that influence crude oil prices. The most common factors include seasonal variations, weather conditions, the capabilities of refineries, political moves in oil-producing nations and many more.
The retail Selling Price of Petrol increases if:
- The INR falls against the USD
- Crude oil prices increase
- The central excise duty increases
- The local tax increases
The retail Selling Price of Petrol decreases if:
- The INR gains against the USD
- Crude oil rates decrease
- The local tax (state VAT) decrease
- The central excise duty decrease
Impact of GST on petrol prices in Gurgaon
GST Impact on Petrol Costs in Gurgaon
Let’s take a look at how much is taxed on petrol.
|Excise Duty||Rs.19.48 per litre|
|Commission Charged by Dealers||Rs.2.5 per litre|
|Gross Price before VAT||Rs.51.48 per litre|
|26.25% VAT on gross price||Rs.13.51 per litre|
|Pollution cess at 25p||Rs.0.25 a litre|
|Retail Price of Petrol (RSP)||Rs.65.63 a litre|
21.5% of the retail price of petrol goes towards the state and 32% to the central government. How does GST affect petrol prices in Gurgaon?
If GST is imposed at 12%, the cost per litre will be Rs.38.10.
If GST is imposed at 18%, the cost per litre will be Rs.40.05.
If GST is imposed at 28%, the cost per litre will be Rs.43.44.
The Goods and Services Tax (GST) is a comprehensive tax system introduced in India in July 2017. It is imposed on various types of commodities and services at 5%, 12%, 18% and 28% currently. GST does not affect petrol prices in Gurgaon since petrol has not been included under the GST regime.
|Also Know: Diesel Price In Gurgaon|
Also Check Petrol Price in NearBy Cities of Gurgaon
|Petrol Price in Chandigarh||Petrol Price in Hisar||Petrol Price in Faridabad|
|Petrol Price in Ambala||Petrol Price in Delhi||Petrol Price in Karnal|
*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.