Petrol Rate In Haryana:
Find the current Haryana petrol price and factors affecting petrol prices in India. The below petrol price trend in Haryana offers insights such as the highest and lowest petrol prices recorded during a month.
Trend of Petrol Price in Haryana for September 2019 (rates per litre)
|Highest Rate in September||Rs.69.34|
|Lowest Rate in September||Rs.67.80|
September - Week 1 (1-7):
- Petrol price in Haryana opened at Rs.68.05 on 1st September, unchanged from the previous day’s closing price. The state-run oil marketing companies decided not to change petrol rate for six consecutive days.
- After staying static for the next few days, petrol dropped by 3 paise, recording Rs.68.02 per litre. Meanwhile, in the international oil market, crude gained after US confirmed possible talks with Beijing regarding trade pact may happen soon.
- Petrol slumped further, primarily due to weak demand of the oil, thereby closing the week at Rs.67.85 per litre. The overall performance of petrol in Haryana was -0.29%, trending downwards.
September 2019 – Week 2 (8 – 14):
- The rates of petrol opened at Rs.67.80 per litre in Haryana on 8 September. The rates were down by 5 paise since the previous day’s closing price.
- In the international oil market, the futures of crude oil dropped after participants reduced positions due to a weak trend. Petrol price in Haryana increased gradually after remaining constant for a day as there was a sharp drop in US inventories.
- Price of petrol closed the week at Rs.68.04 per litre after recording a fair hike. The overall performance of petrol in the state was –0.01%. The prices are expected to shoot up in the coming days given the current trend.
September 2019 – Week 3 (15-21):
- In Haryana, petrol prices opened the third week of September at Rs.68.10 per litre. The rates witnessed an increase of 6 paise from the previous day’s closing price.
- Petrol prices remained constant for the next day before increasing by 13 paise on 17 September to cost Rs.68.23 per litre. Due to the drone attack on Saudi Arabia’s Aramco oil refinery, the prices saw a substantial increase in the following days.
- The Petrol price in Haryana closed at Rs.69.34 per litre. This is the highest recorded price for the fuel in the month so far. Petrol’s overall performance for the month in the state was 1.89%.
Trend of Petrol Price in Haryana for August 2019 (rates per litre):
|Highest Rate in August||Rs.68.83|
|Lowest Rate in August||Rs.67.89|
August 2019 – Week 1 (1-7):
- Petrol price in Haryana was at Rs.68.83 per litre when the week began – the highest price registered during the week – amid a slight incline of crude oil prices in the international oil market due to the falling US inventories and the ongoing trade war between the US and China.
- Prices of petrol in Haryana continued to decline over the week to touch the lowest price of the week when a litre was available at Rs.68.30 on 6 August and remained untouched until the end of the week attributed by the marginal decline of crude oil prices in the market.
- Overall, the week witnessed petrol rate in Haryana declining by 0.77% influenced by the slight decrease in crude oil prices which was due to the falling US inventories signaling a weaker demand and after the US administration said it’ll impose additional tariffs on Chinese imports escalating tensions between the two countries.
August 2019 – Week 2 (8-14):
- Petrol price in Haryana opened at Rs.68.26 per litre on 8 August, recording a 4 paise drop from previous day’s closing price.
- Petrol dipped further by 14 paise on the next day, standing at Rs.68.14 per litre. The dip was primarily due to the ongoing US-China trade tensions, fuelled further by Trump administration’s decision to impose more tariffs on Chinese imports. Rise in US inventories was also one of the primary reasons for the dip.
- Petrol rate in Haryana dropped marginally in the next few days before stabilising at Rs.68.03 per litre. The overall performance compared to the opening day was -1.16% trending downwards. Meanwhile, in the international oil market, crude prices dropped due to possible supply cuts amidst looming global economic crisis.
August 2019 – Week 4 (22-31):
- Petrol price in Haryana opened at Rs.67.89 per litre on 22nd August, unchanged from previous day’s closing price and its lowest recorded price for the month of August. After stabilising for the next few days, petrol prices went up marginally, recording Rs.68.11 per litre on 26 August. In the international oil market, crude gained after US inventories recorded a substantial slump.
- Petrol rate in haryana were slashed by 6 paise, recording Rs.68.05 per litre. Petrol remained unchanged till the end of the week and closed the month with the same price.
- Overall, petrol’s performance in Haryana was -1.13%, trending downwards. In the international oil market, crude slumped after concerns about the strength of US economy.
Trend of Petrol Price in Haryana for July 2019 (rates per litre):
|Highest Rate in July||Rs.69.40|
|Lowest Rate in July||Rs.66.61|
July 2019 – Week 1 (1-7):
- Petrol price in Haryana recorded at Rs.61.21 per litre on 1 July, a slight increase compared to previous day’s closing price. The surge was primarily due to major oil marketing companies deciding to revise petrol and diesel prices.
- Petrol opened at Rs.66.67 per litre on 2 July. This sharp increase in petrol prices could be attributed to the revision of petrol and diesel prices. Petrol remained unchanged for the next few days until 6 July.
- Petrol rate in Haryana closed at Rs.68.97 per litre on 7 July, its highest recorded price in the week. This massive surge was majorly due to the Government announcing to increase the excise duty and road and infrastructure cess on petrol and diesel by Rs.2 per litre. This led to an incline of 12.67% in Haryana petrol prices.
July 2019 – Week 2 (8-14):
- Petrol price in Haryana remained similar to that of previous day’s closing price, recording at Rs.68.97 per litre. The prices remained stagnant as traders analysed the ongoing US-China tension that might affect the global economy.
- Prices slumped a bit on 9 July, recording at Rs.68.92 per litre and remained unchanged for the next few days amidst the ongoing geopolitical tensions.
- Haryana petrol price saw a substantial hike on 14 July, which stood at Rs.69.09 per litre. The hike could be attributed to the ongoing tensions in the Middle East. Brent crude prices were up by 0.6%. On the other hand, US oil manufacturers in the Gulf of Mexico were forced to resort to massive supply cuts in the wake of tropical storm.
July 2019 – Week 3 (15-21):
- Petrol in Haryana recorded at Rs.69.21 per litre, a 12 paise increase compared to its previous day’s closing rate. The price hike was primarily due to the ongoing US-China trade crisis and Middle East tensions, thereby outweighing the resumption of oil production in the Gulf of Mexico following the Hurricane Barry fiasco, which prompted supply cuts from US oil producers.
- Petrol prices further increased on the next day and stood at Rs,69.27 per litre. However, the global oil market looked a bit uncertain following China’s report of its slow economic growth, which could possible loosen crude oil demand globally. Other than that, US-China trade tensions also contributed to the gradual price hike.
- Petrol in Haryana closed the week at Rs.69.35 per litre, the highest price recorded in the month of July (till 21 July). The hike happened amidst the gradual increase in US stockpiles, which was outweighed by the ongoing Iran-US tensions. The deteriorating situation kept the petrol trending upwards. Also, the ongoing speculation is that there could be a possible spike in petrol prices if the US-Iran tension deteriorates.
July 2019 – Week 4 (22-28):
- Petrol in Haryana opened at Rs.69.35 per litre on 22 July, a 9 paise hike from previous day’s closing price. However, in the international crude oil industry, prices dipped owing to International Energy Agency (IEA) statement that it would act quickly if required to keep the market afloat amid Middle East skirmishes and supply cuts.
- Petrol prices increased marginally on the next day by Rs.0.05, standing at Rs.69.40 per litre on 23 and 24 July, the highest for the month of July. The rise was primarily due to a speculated drop in US inventories and ongoing Middle East tensions. The US navy claiming that they have shot down an Iranian drone may have also affected petrol prices globally, thereby leading to the hike. However, after staying stable for a couple of days, petrol prices started to drop.
- Petrol price in Haryana slumped soon afterwards, closing the week at Rs.69.15 per lite on 28 July. The slump could be attributed to the weak demand of petrol among investors. Goldman Sachs had earlier slashed its 2019 oil demand projection, thereby lowering its outlook for fuel use. International Energy Agency or IEA predicted that petrol prices are unlikely to go up in the next few days or weeks due to poor demand and a glut in the international crude oil industry.
Trend of Petrol Price in Haryana for June 2019 (rates per litre)
|Highest Rate in June||Rs.71.04|
|Lowest Rate in June||Rs.69.80|
|Overall Performance||Decline to increase|
June 2019 – Week 1 (2-8):
- Petrol price in Haryana for June opened at Rs.71.04 per litre, recording a sharp increase of Rs.3.27 than the previous day’s price.
- Following the price surge, prices dipped on the following day with the lowest being recorded at Rs.70.60 on 8 June.
- The fall in petrol prices was primarily due to a gradual decline in global crude prices.
June 2019 – Week 2 (9-15):
- The first day of the second week didn’t witness any change in the prices and were recorded similar to the first week’s closing day’s price, which stood at Rs.70.60 per litre.
- Petrol price in Haryana remained stable on the second day well, however prices dipped on the following days with the week closing at Rs.70 per litre.
- The slump could be attributed to the investors assessing a possible global economic slowdown.
June 2019 – Week 3 (16-22):
- Petrol price in Haryana further dropped by 0.05 paise on the first day of the third week i.e. 16 June, recording at Rs.69.85 per litre.
- The prices stabilised thereafter with the week closing at Rs.69.80 per litre.
- The drop could be attributed to the ongoing US-China trade war as analysts feared a looming global economic slowdown.
June 2019 – Week 4 (23-30):
- The first day opened with the same price as the closing day of the previous week i.e. Rs.69.80.
- Petrol price in Haryana surged in the following days with the highest being recorded on 30 June at Rs.70.15.
- Overall, Haryana petrol prices saw a decrease of 1.15%. The prices dipped initially due to the G20 summit and OPEC meeting but increase by the end of the month owing to US oil stock cuts.
Petrol Prices in Haryana vs. other metro cities
The petrol price in the capital is Rs.68.38 per litre while in Chennai, it is Rs.70.85 a litre; in Haryana, it is Rs.67.94 a litre; and in Kolkata, it is Rs.73.62 per litre as on 4th October 2017. New Delhi has the less price fixed for petrol compared to other Indian metro cities. It is mainly because of the moderate state VAT on petrol levied by the government.
How Frequently are Petrol Prices in Haryana Revised?
As we all know, state-run oil marketing companies in India have quit the 15-year-old fortnightly based price revision and have adopted a new fuel pricing mechanism called dynamic fuel pricing. The system was introduced in June 2017. However, all petrol stations in all cities of the Haryana state are currently updating fuel prices on a daily basis.
The new pricing system is good for consumers who are mapped to market dynamics. Any variations in global crude oil prices and the currency conversion rate are instantly transmitted. This was not the case in the previous daily price revision mechanism.
Each bunk in Haryana will revise petrol and diesel rates at 06:00 a.m. every day and the updated rates will be made accessible to customers. They can get the latest prices through online or offline means. The primary objective behind the new pricing system is to make fuel pricing more transparent.
How are Petrol Prices in Haryana calculated?
Well, the retail selling price of petrol in Haryana is assessed based on a few considerations such as the cost of unrefined oil in overseas markets, refinery expenses, the central excise duty, the state VAT on petrol, the dealer’s commission. Currently, a barrel of oil costs approximately $50. This is subject to change. The cost of OMC is estimated to be Rs.9.34 per litre that is added to the cost oil per litre.
The central excise duty imposed by the central government and the state VAT imposed by the Haryana government are added to the price, which is charged to petrol retailers. The recent cut in the central excise duty was Rs.2.00 per litre of petrol and diesel on 4th October 2017. The state VAT imposed on petrol by the local government is currently 26.25% with effect from 1st September 2017.
Factors Affecting the Cost of Petrol in Haryana
The cost of crude is the biggest factor influencing the RSP of petrol in any part of the country. Oil is always traded in the base currency, which is the USD. India is an oil importing country. If the base currency strengthens against the local currency, the purchasing cost of oil will go up; if it falls against the local currency, then buying cost of oil will be diminished. As a result, the RSP of petrol in Haryana is proportionately impacted by the cost.
The state VAT, which varies from state to state and the central excise duty, which is the same across the country have a direct impact on the final price. If the local and central governments amend any changes, the petrol price in Haryana will be adjusted accordingly. Variations in the dealer’s commission can affect the price in an imperceptible margin.
GST Impact on Fuel in Haryana
Goods and Services Tax (GST) is a new, unified, comprehensive taxation platform for Indian taxpayers. The government implemented it in the month of July 2017. What happened in Haryana soon after the execution of this platform? If sources are to be believed, in Haryana, high-speed diesel sales are down nearly about 30% because of slashed demand from fuel retailers and trucks.
The demand for trucks has come down radically under GST. It is because of new stocks that cannot be moved in the similar value as prior GST. Goods transport agencies are excluded, but the receivers of such services are required to deposit a tax of 5%.The oil and natural gas industry remains unpretentious by GST entirely. The compliance cost would have hiked by 200% and petrol prices in Haryana would have been approximately Rs.43.10 per litre if GST was levied on petrol at 28%.
Petrol Rate vs. Diesel Rate in Haryana
As on 4th October 2017, the cost of diesel is Rs.56.79 a litre while the cost of a litre of petrol is Rs.67.94. The difference between the two fuels is Rs.11.15. Both fuels had an upward trend for the last ten days, which is between 26th September 2017 and 4th October 2017.
For the next few months, prices are expected to go up marginally considering the latest trends. GST may or may not be imposed on petrol. Home delivery of fuels may be brought into practice.
Also Check Petrol Price in NearBy Cities of Haryana
|Petrol Price in Gurgaon||Petrol Price in Hisar||Petrol Price in Faridabad|
|Petrol Price in Karnal||Petrol Price in Ambala||Petrol Price in Chandigarh|
*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.