Petrol Price In Haldwani Today

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    Petrol Price in Haldwani

    As on 12 June 2018, petrol price in Haldwani, a prime city in Uttarakhand, was Rs.77.85 a litre, including taxes. In some cities, petrol is already retailing at a price more than Rs.80 a litre. Since petrol price is going beyond the reach of fuel consumers throughout India, the government is considering various alternatives to lessen fuel rates. Why have petrol prices increased recently in Haldwani? Over the last five months, petrol rates have increased by Rs.5-6 a litre because of the increased crude oil rates.

    Introduction to Fuel Companies

    The oil industry has enormous scope in India. Indian Oil, Bharat Petroleum and Hindustan Petroleum are the three fuel companies participating in the industry. They are state-run and have established the brand reputation for premier quality products and services. In each Indian city, we can observe HPCL dealers, IOCL dealers and BPCL dealers. The city of Haldwani also has a huge number of fuel dealers to market the fuel to final users. Supply stations are owned and maintained by small business enterprises, which work for a commission.

    Revision of Petrol Price in Haldwani

    Dynamic fuel pricing is used in order to revise the price of petrol in India today. Primarily, it is a mechanism introduced for the revision of fuel prices and is followed in other countries as well. Crude oil costs and the exchange rate are pondered to offer a revised petrol price to customers regularly. The frequency of revision is the prime difference between dynamic fuel pricing and the earlier revision system. Previously, in a month, fuel companies used to review petrol and diesel prices twice.

    Why Dynamic Fuel Pricing?

    • Fuel pricing can be 100% transparent.
    • Stock-related issues can be tackled.
    • Working capital can be easily managed.
    • Petrol can be supplied consistently to end fuel consumers.
    • Cash outflows and cash inflows can also be easily managed.

    How to Trace Today’s Petrol Rate in Haldwani?

    You are advised to make use of either offline sources or online sources in order to trace today’s petrol price in Haldwani. Nowadays, most people use mobile applications such as Fuel@IOC, SmartDrive and My HPCL to get the latest fuel price. Fuel@IOC can be used by IOCL customers whereas My HPCL can be used by HPCL customers. SmartDrive has been designed by Hindustan Petroleum for its customers. By using these mobile applications, which are easy to download and use, you will not only get the current petrol price in Haldwani but also get other details such as your previous transaction history, vehicle insurance details, etc.

    Computation of Petrol Price in Haldwani

    Petrol is being marketed by fuel companies. Therefore, the fuel has to be priced by fuel companies such as IOCL, BPCL and HPCL. As we can observe, there exists a minute variation in the prices fixed at each of these fuel companies. The retail selling price, which is paid by end consumers, includes the cost aspects incurred at every stage. Put simply, the petrol rate is calculated as follows:

    Current petrol rate in Haldwani = crude oil costs + excise duty + VAT + commission for dealers + OMC expenses

    OMCs will incur the cost of crude oil when importing crude oil from overseas markets. This cost aspect is influenced by production cuts, the demand for crude oil in overseas markets, political conditions, weather reports etc. The price is always paid in terms of US dollars. Taxes are a major part of the RSP of petrol. They include Value-added Tax and excise duty. VAT on petrol and diesel will change within the states of India. Excise duty is fixed in terms of rupees whereas VAT is fixed in terms of percentage. OMC expenses and the commission for dealers are also included in the selling price of the fuel in Haldwani.

    Factors Impacting Petrol Price in Haldwani

    Let’s discuss this section more practically. Fuel rates are greatly impacted by indigenous factors and overseas factors. Value-added Tax and excise duty are the internal factors. Crude oil costs and the exchange rate are the external forces. On petrol, excise duty is imposed by the Central Government. On the other hand, states will impose VAT. If the Central Government declines excise duty, fuel brands will decrease fuel prices and vice versa. If the State Government of Uttarakhand increases VAT, fuel entities will increase fuel rates and vice versa.

    Excise duty has been changed several times over the last 4 years. It was Rs.9.20 a litre in the month of November 2014 and was revised to Rs.21.48 a litre in the month of August 2017. In the month of February 2018, excise duty was further revised to Rs.19.48 a litre by the Central Government. According to Petroleum Planning and Analysis Cell, as on 01 April 2018, on petrol per litre, VAT was charged at 29% in Haldwani, the third most populous city in Uttarakhand. The State Government of Uttarakhand has not revised VAT on petrol and diesel recently.

    How does the exchange rate impact the pricing of the fuel in India? We should first understand that crude oil is not a domestic commodity. Since it is bought from other countries, the USD/INR conversion rate makes a big difference to the pricing of petrol in domestic markets. Let’s assume the INR appreciates against the USD, petrol price in Haldwani will increase proportionally. If the local currency weakens against the base currency, fuel prices the city will fall proportionally. One thing we should notice that the effect of the INR/USD exchange rate is minimal.

    GST vs Current Petrol Rate in Haldwani

    GST is a very common terminology in India today. It is a unified tax platform for merchants and customers in the country. GST is levied on anything you buy today except petrol and petroleum products. So, petrol buyers do not pay GST. The Central Government has kept petrol outside the GST system to safeguard its revenues. If petrol is taxed at the highest GST rate (28%), petrol prices will decrease significantly. On petrol, GST may be levied by restructuring the present tax rates.

    Also Check Petrol Price in NearBy Cities of Haldwani

    *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 haldwani

    • Fuel Prices Kept Unchanged Today After Six Straight Hikes

      State-run oil firms kept petrol and diesel rates unchanged today after six consecutive hikes. After yesterday’s revision, petrol prices inclined by 9-11 paise while diesel rates increased by 6-7 paise per litre. Retail price for a litre of petrol were at Rs.71 per litre and diesel prices were at Rs.66.17 per litre in national capital Delhi. In Mumbai, a litre of petrol costs Rs.76.64 per litre and diesel costs Rs.69.30 per litre. Similarly, in Kolkata and Chennai, petrol costs Rs.73.11 per litre and Rs.73.72 per litre, while diesel rates at Rs.67.95 and Rs.69.91 per litre, respectively. In Noida, petrol is available at Rs.70.78 per litre and diesel at Rs.65.32 per litre. In Gurugram, petrol costs Rs.70.78 per litre and diesel costs Rs.65.99 a litre. So far this year, petrol prices have inclined by nearly Rs.2.05 per lite and Rs.2.20 per lire in Delhi and Mumbai respectively. Similarly, diesel prices have gone by Rs.3.25 per litre and 3.47 per litre. On Tuesday, international benchmark Brent Crude Oil Futures were trading at $66.08 a barrel, down by 42 cents or 0.6% from its previous settlement.

      20 February 2019

    • Petrol and Diesel Prices Decline for 4th Consecutive Week

      Petrol and diesel prices were reduced by State-run oil companies for the 4th consecutive week. Petrol and diesel prices have been slashed by 17 paise and 15 paise, respectively. With the cut, the petrol price in Delhi stands at Rs.77.56 per litre, while diesel is being sold at Rs.72.31 per litre. In Mumbai, the price of petrol stands at Rs.83.07 per litre and diesel costs Rs.75.76 a litre. In Kolkata, a litre of petrol is being sold at Rs.79.49 per litre, Rs.80.56 in Chennai and Rs.78.18 in Bengaluru, while diesel is being dispensed at Rs.74.17 in Kolkata, Rs.76.43 in Chennai and Rs.72.70 in Bengaluru. During the last 30 days, petrol and diesel prices have declined by nearly 10% attributed to the decrease in crude oil prices in the global market. Crude oil prices have dropped by nearly 18% after it touched a four-year high early October 2018.

      14 November 2018

    • Petrol Price Receives 8th Consecutive cut in Delhi and Mumbai

      The petrol price was slashed in the national capital by 15 paise on Thursday. With the eighth consecutive cut, the price of petrol in Delhi is Rs.81.10, down from Rs.81.25. Overall, the petrol prices has come down by Rs.1.73 per litre. At the same time, petrol price in Mumbai has decreased from Rs.86.73 to Rs.86.58. The surge in petrol prices since mid-August had been due to unprecedented increase in the crude oil prices. Meanwhile, the price of one litre petrol in Chennai and Kolkata are Rs.84.28 and Rs.82.95 respectively. In early October, Finance Minister Arun Jaitley slashed the fuel prices with an aim to reduce the crunch caused by soaring fuel prices. The price of petrol was reduced by Rs.2.50 per litre.

      26 October 2018

    • Every Litre of Petrol Costs Rs.86.72 in Mumbai

      With Oil Marketing Companies (OMCs) increasing the rates of petrol on Tuesday, petrol prices in metro cities like New Delhi, Mumbai and Chennai touched Rs.79.31, Rs.86.72, and Rs.82.41 respectively. The hike recorded in New Delhi and Mumbai was 16 paise while in Chennai it was 17 paise every litre. The price of petrol has seen a recent surge owing to the spike in global crude prices. It needs to be mentioned that the price of petrol hit an all-time high of Rs.86.56 in Mumbai, the financial capital of the country on Sunday given the hike in global oil prices and the fall of rupee against the US dollar. It is noteworthy to mention that petrol prices in the country have seen a cumulative rise of Rs.4.66 in the last five months.

      11 September 2018

    • Inflation Rate has Increased in June 2018 Since the Government is Reluctant to Cut Excise Duty

      Fuel rates are likely to gain further. The increasing inflation in the month of June 2018 has already made it difficult for the common people to manage their regular expenses. The Reserve Bank of India’s overlook of mounting bank interest rates in order to control the rate of inflation may be an additional problem. As per market analysts, the generous Minimum Support Price (MSP), which was recently unveiled for kharif crops, may supplement fuels to the rate of inflation.

      The Wholesale Price Index, which is computed based on the inflation rate in June, was close to its 3-year high. It was 4.43% last month. Because of an upsurge in both petrol and diesel prices, the rate of inflation increased over the last five months. When the inflation rate increases, the Reserve Bank of India, the Central Bank of India, comes under the pressure to increase bank interest rates. The Central Bank of India increased the interest rate by 25% the previous month. It was confirmed by the analysts at CARE ratings that overseas unrefined oil rates at peak levels will mount the burden on inflation. Price levels are also likely to be impacted by bad weather reports.

      18 July 2018

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