Petrol Price In Hosur Today

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    Petrol Price in Hosur

    Hosur is a commercial city in the Indian state of Tamil Nadu. The city has produced a huge number of petrol users over the last decade. Do you think the petrol price in Hosur is reliant on domestic factors such as demand and supply? It is not! Petrol is extracted from unrefined oil, which is borrowed from oil-producing economies. Therefore, the petrol rate in Hosur is not interlinked to the domestic supply and demand conditions like other commodities. It is offered each day considering the previous day’s exchange rate and crude oil prices. Today’s petrol price in Hosur, i.e., 6 March 2018, is Rs.76.46 per litre. It consists of state and central levies and expenses disbursed by oil marketing companies.

    Analysis of Petrol Prices in Hosur

    During the first week of March 2018, petrol in the city traded with an average price of Rs.76.20 per litre. The fuel was sold at Rs.75.58 per litre on the first day of March 2018. Today, it climbed to Rs.76.46 per litre. Within a span of seven days, the fuel price accelerated by 88 paise per litre. Let’s now look at historical prices. On 2 April 2017, the fuel rate was Rs.70.56 per litre and further increased to Rs.72.48 per litre during the first week of May 2017. When reviewed on 1 June 2017 and 1 July 2017, the fuel rates were Rs.71.22 per litre and Rs.66.67 per litre respectively.

    The fuel rate in the city further increased to Rs.68.96 per litre on the opening day of August 2017. It then climbed to Rs.73.11 per litre on the opening day of September 2017. The fuel traded at Rs.74.72 per litre on the first day of October 2017. As the Central Government reduced the excise duty by Rs.2 per litre on 3 October 2017, the fuel rate fell to Rs.72.97 per litre on the first day of November 2017. On 1 December 2017, it increased to Rs.73.07 per litre. Over the next month, it had been up by 80 paise. During the first week of February 2018, petrol in Hosur was sold at Rs.77.17 per litre.

    Central Taxes and VAT in Hosur

    Petrol users pay two types of taxes on petrol: 1) the central tax and 2) the state tax. In the Union Budget 2018-2019, the central tax has been revised to Rs.19.48 on petrol per litre. The lately announced road cess is also included in the central tax. It is charged commonly in all Indian states. The Government of Tamil Nadu charges the VAT on petrol at 34%. The state tax in Tamil Nadu is high compared to neighboring states such as Karnataka and Goa.

    Revision of Petrol Price in Hosur

    The fortnightly-based revision has now been replaced by dynamic fuel pricing or the daily revision system. Instead of revising fuel rates twice a month, oil marketing entities will revise each day under this system. How is the revision done? The revision is done by considering the closing price of unrefined oil and the value of the INR against the dollar. After 06:00 a.m. each day, oil marketing entities are necessitated to offer the new price for fuel consumers through online and offline means. They have been following the same practice since June 2017.

    All stakeholders of the fuel retailing sector are benefited from the daily revision mechanism, including OMCs, petrol consumers in Hosur, dealers and the Central Government. Working capital can be efficiently monitored by OMCs, which also can handle stock levels better. They can ensure the steady supply of petrol to customers. Downs and ups shall be rapidly transmitted to fuel buyers in the city. Unlike the earlier fortnightly-based revision, there is no waiting period of 15 days to get revised fuel prices.

    Ways to Track Today’s Fuel Price in Hosur

    If you are a petrol user in Hosur, track the latest petrol price using mobile applications. This option holds appropriate for smartphone users. Mobile applications are offered by Hindustan Petroleum, Bharat Petroleum and Indian Oil. If you are not using smartphones, consider the facility of SMS services. You just need to send an SMS requesting the current petrol price in Hosur. Or else, consider visiting the website of either Bharat Petroleum or Indian Oil or Hindustan Petroleum to get the revised fuel price in the city.

    Computation of Today’s Petrol Rate in Hosur

    Petrol price in Hosur today = Crude oil rates + OMC expenses + central tax + state tax + commission + pollution cess + profit margin of OMCs

    • Cost of Crude Oil = The cost of Brent crude oil was $65.57 per barrel as of 6 March 2017. The exchange rate of the USD against the INR was 64.88. Using this information, we can assess the market price of crude oil per litre, which is Rs.26.75.
    • OMC Expenses = Oil marketing companies pay the refinery transfer price, operational overheads, entry levies, freights etc. It will be Rs.8 per litre according to calculations.
    • Central Tax: The Central Government revised the central tax in the Union Budget 2018-2019 that has been presented during the first week of February 2018. A central tax of Rs.19.48 is charged on petrol per litre. It will be continually monitored by the Central Government.
    • VAT: The State Government of Tamil Nadu imposes the Value-added Tax on petrol at 34%. It is computed on the price, which is quoted to dealers.
    • Commission and Pollution cess: Petrol suppliers in Hosur will impose a 7% commission on petrol per litre. The pollution cess on petrol per litre is 25 paise.

    Forces affecting Petrol Cost in Hosur

    Crude oil prices and the USD/INR conversion rate influence the fuel price a lot. If crude oil rates increase, the fuel price will increase. On the contrary, if crude oil rates fall, then the fuel price will fall. If the USD boosts against the domestic currency, the fuel price will increase. If the domestic currency boosts against the USD, then the fuel rate in Hosur will decline. Domestic influencers include the VAT and the excise duty. When the Central Government increases the excise duty, the fuel price will increase and vice versa. When the VAT increases, the fuel price in Hosur will increase and vice versa.

    Effect of GST on Current Petrol Price in Hosur

    The present GST taxation system has no effect as far as the petrol rate in Hosur is concerned. Petrol is out of the GST regime currently. The GST Council may consider bringing petrol under GST. But, revising the existing GST rates is the biggest problem for the GST Council. What will happen if GST is charged on petrol? The price of the fuel will fall by 30-40% in Hosur at 28% GST. If the GST Council plans to impose GST on petrol, additional taxes should be levied on petrol to offset the losses for state governments.

    Also Check Petrol Price in NearBy Cities of Hosur

    *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 Hosur Today

    • Diesel Prices Increased by 5-6 paise across the Metropolitan Cities

      The rates of petrol in the country were hiked on Tuesday. State-run Oil Marketing Companies (OMCs) increased the rates by 5-6 paise across the metropolitan cities. The rates of petrol were increased after three days of hiatus. In the national capital, every litre was retailed for Rs.73.13 after the prices were hiked by 5 paise. In Mumbai, consumers were required to pay Rs.78.70 for a litre of petrol as the rates were increased by 5 paise. In Kolkata and Chennai, OMCs charged Rs.75.15 and Rs.75.90 per litre respectively.

      It needs to be mentioned here that the rates of petrol across the major cities have witnessed a hike of 5-8 paise per litre in the last week. In the international oil market, Brent crude oil was trading at $71.82 per barrel while US West Texas Intermediate (WTI) was trading at $63.43 per barrel. The futures of both the crude oil were down since the last close. While Brent crude was down by 0.31%, US WTI crude was down by 0.07 points.

      30 April 2019

    • Petrol Prices Hikes by 14-15 paise per litre on Thursday

      State-owned oil companies increased petrol prices by 14-15 paise, while diesel rates were hiked by 16-18 paise per litre across major metro cities of the country. After the revision, petrol costs Rs.71.15 per litre and diesel costs Rs.66.33 per litre in national capital Delhi, up by 15 and 16 paise per litre, respectively. In Mumbai, a litre of petrol is available at Rs.76.79 per litre, while diesel costs Rs.69.30 per litre, inclining by 15 and 17 paise per litre, respectively. People of Kolkata and Chennai must pay Rs.73.25 per litre and Rs.73.87 per litre for a litre of petrol, while diesel in these metros costs Rs.68.12 per litre and Rs.70.09 per litre, respectively. In Noida and Gurugram, petrol is available at Rs.70.89 per litre and Rs.71.75 per litre and diesel rates were at Rs.65.46 per litre and Rs.65.77 per litre, respectively. Worth mentioning is that petrol and diesel prices are revised daily under the dynamic fuel pricing mechanism which considers the global crude oil price as well as the rupee-dollar exchange rate. Today, international benchmark Brent Crude oil futures were trading at $67.14 per barrel, inclining by 6 cents compared to its previous settlement.

      21 February 2019

    • India Looking to Use Basmati Rice as an Alternative to Fuel Trade With Iran

      On the 4th of November, the US sanctions on Iran officially took effect and with it came the directive that no country in the world can conduct trade with the middle-east nation without facing penalties. However, this changed after the US announced a few countries like India among others can continue trading with the nation without using the dollar as a way to make the trade.

      Now, India wants to make the most of the waiver and is considering paying for the same with Basmati rice. According to data from 2017-18, India imported $4.7 billion worth of basmati rice to various countries in the world.

      Iran stands in pole position with the trade, selling up to $905 million worth of basmati rice to the nation. As the trade isn’t allowed to happen in dollars or through SWIFT, India is looking to use the commodity as a conduit for its oil imports. India’s basmati trade with Iran was burgeoning, however, the latest sanction has allowed India to forge a new path for itself in exchange for oil.

      15 November 2018

    • Petrol and Gas Stations to Remain Shut on October 22, DPDA Calls for Strike

      The Delhi Petrol Dealers Association(DPDA) has called for a strike on the 22nd of October, to protest against the refusal of cutting down VAT on fuel. Delhi government has refused to cut down the VAT on petrol and diesel due to which the prices in the National Capital Region is comparatively higher than the neighboring states of Haryana and Uttar Pradesh.

      When the Central Government had announced the price cut of Rs.2.50 on petrol and diesel, 12 states implemented the same, almost immediately while the State Government of Delhi refused to reduce the VAT amount on fuel.

      On Tuesday, the 16th of October, while the price of petrol was at Rs.80.24 per litre in Uttar Pradesh and Rs.81.47 per litre in Haryana, prices were higher in New Delhi at Rs.82.83 per litre. The prices of petrol was the highest in Mumbai at Rs.88.29 per litre on Tuesday, while Chennai stood at a close second with Rs.86.10 per litre for petrol. In Kolkata, petrol was priced at Rs.84.65 per litre.

      17 October 2018

    • Petrol More Expensive in India Compared to Other Countries

      Crude oil has reached more than $80 per barrel in the global market due to which petrol and diesel prices have also reached record highs in the country.

      Prices have been rising consistently for the last two weeks and almost every other country in the world is also facing the brunt of this.

      Neighbouring countries like China, Nepal, Sri Lanka, and Pakistan, and others have all been dependent on imports from Iran, and this has caused a supply issue. The sanctions imposed on Iran by the US is also one of the main reasons why oil prices are on the incline.

      Iran - which is an OPEC member and the third largest oil supplier to India - is hit by the sanctions and this has caused the country’s main ally - India - to manage the oil supply demand. This comes after the US President Donald Trump’s statement where he threatened that any country doing business with Iran would not be doing business with the United States.

      11 September 2018

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