Petrol Prices 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.
|Also Check: Petrol Price in Haryana|
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.