Petrol Price in Guwahati
How is the petrol price in Guwahati trending in Guwahati, which is the biggest city in Assam? Do you have an idea? The petrol price is not something that you trade, but you are expected to have a fair amount of knowledge about it if you are a user of petrol despite the place where live in. This page has been designed keeping in mind the petrol consumers from the city of Guwahati and covers various facets of the fuel retailing sector in India.
|Also Know: Diesel Price In Assam|
Monthly Petrol Prices in Guwahati
On the first day of January 2018, the fuel transacted at Rs.71.91 per litre whereas on the closing day of the month it was up almost by Rs.3 per litre. The highest price for the month was Rs.74.98 per litre on 1 January 2018 and the lowest price for the month was Rs.71.91. For December 2017, the lowest price was Rs.70.97 per litre and the highest price was Rs.71.91 per litre. Similarly, for the month of November 2017, the petrol rate in Guwahati was Rs.71.04 per litre on the first day. On the closing day, it increased to Rs.71.15 per litre.
|Also Know: Diesel Price In Guwahati|
How is the Petrol Price revised in Guwahati?
Indian Oil, Hindustan Petroleum and Bharat Petroleum and Shell Oil shall make use of dynamic fuel pricing system to review fuel prices. Earlier, they used to revise fuel prices twice a month. The fuel revision used to happen on 1 and 16 of each month. Dynamic fuel pricing enables oil marketing companies to quickly transfer even slight variations in the INR/USD exchange rate, crude oil rates to the buyers of petrol in Guwahati.
The revision has to be done every day at 6:00 a.m. and the revised price has to be uploaded onto the websites of oil marketing companies for the public. The same can be obtained by visiting the respective websites. The latest petrol price in Guwahati can also be traced through mobile applications, which have been designed by OMCs. Fuel consumers can also make of SMS alert services as well.
What are the benefits of Dynamic Fuel Pricing?
- Market dynamics are quickly transferred to the end users of petrol.
- Operational overheads can be minimized and time can be saved for OMCs.
- The capital, which is required to run day-to-day activities (working capital), could be well-managed by OMCs.
- Cash inflows and cash outflows, which affect the operational efficiency of OMCs, can also be well-managed.
- The fuel retailing sector of the country can be interlinked to the global fuel industry.
Union Budget 2018-2019 vs Petrol Prices in Guwahati
Arun Jaitley, while delivering his speech on the Union Budget 2018-2019, said “The Central Government is willing to withdraw a central tax of Rs.2 per litre on petrol, but we have imposed an additional road cess of Rs.8 per litre.” Despite these radical changes, the petrol price in Guwahati was left unaffected even after the announcement of the Union Budget.
How are Petrol Prices calculated?
The retail selling price of petrol = Refinery transfer price + crude oil rates + central levies + state levies + OMC expenditures + pollution cess + profit margin of oil marketing companies + commission levied by pump dealers
- The refinery transfer price is paid by oil marketing companies. It differs from time to time.
- According to recent reports, the commission charged by pump dealers increased by Rs.1 per litre.
- One barrel of crude oil is presently retailing at $65-$67 and it shall be priced at $70 per barrel in the next 12 months.
- The current central excise duty on petrol presently reduced to Rs.17.34 per litre.
- The VAT on petrol is 32.66% currently charged by the Government of Assam.
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Factors affecting Petrol Prices in Guwahati
Petrol prices are more likely to rise when the price of crude oil increases, the Central Government increases the excise duty, the State Government increases the Value-added Tax and the Indian currency drops against the USD. They will fall when the USD drops against the INR. As on 9 February 2018, the exchange rate of the INR against the USD was Rs.65. This exchange rate is determined on the basis of the overall public debt of the country, bank interest rates set by the RBI, the inflation rate and the monetary policies of the country.
What is the effect of GST on Petrol Prices in Guwahati?
Petrol is supplied by oil marketing companies to retail petrol bunks at a price of Rs.30 per litre. It has been the imposition of the central tax and state levies, which will result in increasing the rate of the fuel to over Rs.80 per litre in metro cities like Mumbai. The tax, which is imposed on petrol, gives a major source of revenue for the government. If GST is levied on petrol even at the highest rate of 28%, the major revenue source for the government is negatively affected.
Also Check Petrol Price in NearBy Cities of Guwahati
*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.