Petrol Price In India Today

Petrol Rate in India:

Find the current petrol rate and factors affecting petrol prices in India. The below petrol price trend in India offers insights such as the highest and lowest petrol prices recorded during a month.

Trend of Petrol Price in India for November 2021 (Rates per litre):

November – Week 1 (1 to 7)

• Petrol prices opened the month of November standing at the rate of Rs.109.71 per litre in India. There was an increase in the price of the liquid gold when compared to the previous closing rate.
• The lowest price of the fuel was recorded from the 4th of November to the 7th of November wherein a litre of petrol was being traded at the rate of Rs.104.01. The highest price of the fuel was recorded on the 2nd and 3rd of November when it was being traded at the rate of Rs.110.08 per litre.
• Petrol closed the first week of November standing at the rate of Rs.104.01 per litre. The overall performance of the fuel witnessed a decline of -5.20% during the month in India.

November – Week 2 (8 to 14)

• In India, petrol price opened the second week of November at Rs.104.01 per litre. There was no change in the price of petrol when the rate was compared to the closing price of the previous week.
• The price of petrol remained unchanged in the country over the week as state-owned Oil Marketing Companies (OMCs) decided to keep the rates stagnant.
• Petrol price in India closed the week at Rs.104.01 per litre. The overall performance of the fuel in the country was one of decline with the percentage change standing at -5.20%.

November – Week 3 (15 to 21)

• Petrol price in India at the start of the third week of November was Rs.104.01 per litre. No change was recorded in the price of the fuel when compared to previous week’s closing price.
• In the country, the price of petrol remained unchanged over the week. Since the excise duty of petrol was slashed by the central government on November 4, state-owned Oil Marketing Companies (OMCs) have kept the rates stagnant.
• Petrol closed the week at Rs.104.01 per litre. The overall performance of the fuel witnessed a declining trend with the percentage change being -5.20%.

November – Week 4 & 5 (22 to 30)

• Petrol prices opened the month of November standing at the rate of Rs.109.71 per litre in India.
• The lowest price of the fuel was recorded from the 4th of November to the 30th of November wherein a litre of petrol was being traded at the rate of Rs.104.01. The highest price of the fuel was recorded on the 2nd and 3rd of November when it was being traded at the rate of Rs.110.08 per litre.
• The overall performance of the fuel witnessed a decline of -5.20% during the month in India.

Trend of Petrol Price in India for October 2021 (Rates per litre):

October – Week 1 (1 to 7)

• The petrol price in India opened the month of October standing at the rate of Rs.101.89 per litre. When compared to the closing price of the previous month, there was a hike of 23 paise per litre.
• After maintaining steady price range for elongated periods over the previous month, petrol witnessed consecutive hikes in the price in the month of October. The highest price of the fuel was recorded on the 7th of October wherein a litre of petrol was being traded at the rate of Rs.103.24. The lowest price of the fuel was recorded on 1 October when it was being traded at the rate of Rs.101.89 per litre.
• Petrol closed the first week of October standing at the rate of Rs.103.24 per litre. The overall performance of the fuel witnessed an incline of 1.32% during the month in India.

October – Week 2 (8 to 14)

• The petrol price in India opened the month of October standing at the rate of Rs.101.89 per litre. The second week started with petrol standing at the rate of Rs.103.54 per litre. The fuel witnessed an inclining trend going into the second week and witnessed a hike of 30 paise per litre when compared to the closing price of the first week.
• Petrol rates witnessed consecutive hikes in the month of October. The highest price of the fuel was recorded from the 11th to the 14th of October wherein a litre of petrol was being traded at the rate of Rs.104.44. The lowest price of the fuel was recorded on 1 October when it was being traded at the rate of Rs.101.89 per litre.
• Petrol closed the second week of October standing at the rate of Rs.104.44 per litre. The overall performance of the fuel witnessed an incline of 2.50% during the month in India.

October – Week 3 (15 to 21)

• Gold opened the month of October standing at the rate of Rs.101.89 per gram in India. There has been an inclining trend in the price of the yellow metal over the month.
• Petrol rates opened the third week in the month of October standing at the rate of Rs.105.14 per litre. The highest price of the fuel was recorded on the 21st of October wherein a litre of petrol was being traded at the rate of Rs.106.54. The lowest price of the fuel was recorded on 1 October when it was being traded at the rate of Rs.101.89 per litre.
• Petrol closed the third week of October standing at the rate of Rs.106.54 per litre. The overall performance of the fuel witnessed an incline of 4.56% during the month in India.

October – Week 4 & 5 (22 to 31)

• Gold opened the month of October standing at the rate of Rs.101.89 per gram in India. There have been consecutive hikes in the price of the fuel over the month.
• Petrol rates opened the fourth week in the month of October standing at the rate of Rs.106.89 per litre. The highest price of the fuel was recorded on the 31st of October wherein a litre of petrol was being traded at the rate of Rs.109.34. The lowest price of the fuel was recorded on 1 October when it was being traded at the rate of Rs.101.89 per litre.
• Petrol closed the month of October standing at the rate of Rs.109.34 per litre. The overall performance of the fuel witnessed an incline of 7.31% during the month in India.

Trend of Petrol Price in India for September 2021 (Rates per litre):

September – Week 1 (1 to 7)

• The price of petrol in India opened the month of September standing at the rate of Rs.101.39 per litre. When compared to the closing price of the fuel of the previous week, there was a drop of 16 paise in the price.
• The highest rate of the liquid gold for the month was recorded from the 1st to the 4th of September wherein a litre of the fuel was being traded at the rate of Rs.101.39. The lowest price of the fuel was recorded from 5th to 7th September where it stood at the rate of Rs.101.23 per litre.
• Petrol rate closed the first week of September being traded at the rate of Rs.101.23 per litre. The overall performance of the fuel witnessed a decline of –0.16% during the month of September in India.

September – Week 2 (8 to 14)

• The price of petrol in India opened the month of September standing at the rate of Rs.101.39 per litre. When compared to the closing price of the fuel of the previous week, there was a drop of 16 paise in the price.
• The petrol rate stood steady from 1 to 4 September at the rate of Rs.101.39 per litre. This is also the highest recorded price of the fuel during the month. The petrol price dropped by 16 paise per litre again and was being traded at the rate of Rs.101.23 per litre from the 5th of September to the 14th of September. This is the lowest recorded price of the fuel for the month.
• Petrol closed the second week of the month standing at the rate of Rs.101.23 per litre. The overall performance of the fuel witnessed a drop of –0.16% during the month of September in India.

September – Week 3 (15 to 21)

• The petrol price in India opened the month of September standing at the rate of Rs.101.39 per litre. When compared to the closing price of the fuel of the previous month, there was a drop of 16 paise in the price.
• The petrol rate stood steady from 1 to 4 September at the rate of Rs.101.39 per litre. This is also the highest recorded price of the fuel during the month. The petrol price dropped by 16 paise per litre again and was being traded at the rate of Rs.101.23 per litre from the 5th of September to the 21st of September. This is the lowest recorded price of the fuel for the month.
• Petrol closed the second week of the month standing at the rate of Rs.101.23 per litre. The overall performance of the fuel witnessed a drop of –0.16% during the month of September in India.

September – Week 4 & 5 (22 to 30)

• The petrol price in India opened the month of September standing at the rate of Rs.101.39 per litre.
• The petrol rate stood steady from 1 to 4 September at the rate of Rs.101.39 per litre. The petrol price dropped by 16 paise per litre again and was being traded at the rate of Rs.101.23 per litre from the 5th of September to the 27th of September. This is the lowest recorded price of the fuel for the month. The price increased towards the end of the month and recorded the highest price on 30 September when a litre of petrol was being traded at Rs.101.66.
• Petrol closed the month of September standing at the rate of Rs.101.66 per litre. The overall performance of the fuel witnessed an incline of 0.27% during the month in India.

Trend of Petrol Price in India for August 2021 (Rates per litre):

August – Week 1 (1 to 7)

• The price of petrol in India opened the month of August standing at the rate of Rs.101.90 per litre. When compared to the closing price of the fuel of the previous week, there were no changes in the price.
• Throughout the first week of the eighth month of the year, the petrol rate stood stable at the rate of Rs.101.90 per litre. In this regard, it should be noted that there has been no rise or drop in the price of the liquid gold since the 17th of the previous month.
• The overall performance of the fuel was stable during the first week of the month in India.

August – Week 2 (8 to 14)

• The price of petrol in India opened the month of August standing at the rate of Rs.101.90 per litre. When compared to the closing price of the fuel of the previous week, there were no changes in the price.
• Throughout the first two week of the month, the petrol rate stood stable at the rate of Rs.101.90 per litre. In this regard, it should be noted that there has been no rise or drop in the price of the liquid gold since the 17th of the previous month.
• The overall performance of the fuel was stable during the first two weeks of the month in India.

August – Week 3 (15 to 21)

• The price of petrol in India opened the month of August standing at the rate of Rs.101.90 per litre. When compared to the closing price of the fuel of the previous week, there were no changes in the price.
• There has been no rise or drop in the price of the liquid gold since the 17th of the previous month. The petrol price stood steady and was being traded at the rate of Rs.101.90 per litre throughout the first three weeks of the eighth month of the year.
• The overall performance of the fuel was stable during the month of August in India.

August – Week 4 & 5 (22 to 31)

• The price of petrol in India opened the month of August standing at the rate of Rs.101.90 per litre. When compared to the closing price of the fuel of the previous week, there were no changes in the price.
• There has been no rise or drop in the price of the liquid gold since the 17th of the previous month. The petrol price stood steady and was being traded at the rate of Rs.101.90 per litre till the 21st of August followed by which it witnessed a drop. The lowest recorded price for the month was Rs.101.55 per litre.
• Petrol rate closed the month of August being traded at the rate of Rs.101.55 per litre. The overall performance of the fuel witnessed a decline of –0.34% during the month of August in India.

Trend of Petrol Price in India for July 2021 (Rates per litre):

July – Week 1 (1 to 7)

• Petrol price in India continued to increase, even after crossing the Rs.100 mark.
• Petrol closed the week at Rs.100.27 per litre.
• Petrol prices have been on the rise since May 4 and since the oil marketing companies revised their price.

July – Week 2 (8 to 14)

• The price of petrol in India opened the second week of July standing at the rate of Rs.100.62 per litre on 8th July. When compared to the closing price of the fuel of the previous week, there was a rise of 35 paise in the price.
• The price of the fuel witnessed a hike till 12th of July and then stood steady at the rate of Rs.101.25 per litre till the end of the week. This was also the highest recorded rate for the month. The lowest rate was recorded from 1st July when the rate stood at Rs.98.87 per litre.
• The overall performance of the fuel witnessed an incline of 2.41% for the month in India.

July – Week 3 (15 to 21)

• The price of petrol in India opened the third week of July standing at the rate of Rs.101.60 per litre on 15th July. When compared to the closing price of the fuel of the previous week, there was a rise of 35 paise in the price.
• The price of the fuel stood at Rs.101.60 per litre on 15th and 16th July. It increased by 30 paise again on the 17th of July and stood stable at this price point till 21st July. This was the highest recorded rate of petrol during the month. The lowest rate was recorded from 1st July when the rate stood at Rs.98.87 per litre.
• The overall performance of the fuel witnessed an incline of 3.06% for the month in India.

July – Week 4 and Week 5 (22 to 31)

• The price of petrol in India opened the fourth week of July standing at the rate of Rs.101.90 per litre on 22nd July. When compared to the closing price of the fuel of the previous week, there was no changes in the price.
• The liquid gold was being traded at the rate of Rs.101.90 per litre from the 17th of July and stood stable at this price point till the end of the month. This was the highest recorded rate of petrol during the month. The lowest rate was recorded from 1st July when the rate stood at Rs.98.87 per litre.
• The overall performance of the fuel witnessed an incline of 3.06% for the month in India.

Trend of Petrol Price in India for June 2021 (Rates per litre):

June – Week 1 (1 to 7)

• In India, a litre of petrol was retailed for Rs.94.55 at the start of the opening week of June. The price of the fuel was up by 26 paise when the rate was compared to the closing price of the previous week.
• Petrol price in India remained stagnant over the first three days of the month before increasing gradually. The hike in the rates saw gold record its highest price for the month till date on 7th June when a litre cost Rs.95.37.
• The overall performance of petrol in the country witnessed an inclining trend. The percentage change recorded in the rates stood at 0.86%.

June – Week 2 (8 to 14)

• Petrol price in India opened the month of June standing at the rate of Rs.94.55 per litre. When compared to the closing price of the previous month, the fuel recorded a hike of 26 paise.
• The price stood steady for the first 3 days of the month and then started witnessing hikes. The lowest price was recorded on the first 3 days wherein it stood at Rs.94.55 per litre. The highest rate was recorded on 14th June wherein the fuel was being traded at the rate of Rs.96.47 per litre.
• In the month of June, the overall performance of the fuel witnessed a hike of 2.03% in India.

June – Week 3 (15 to 21)

• In India, the price of petrol opened the third week of June standing at the rate of Rs.96.47 per litre. When compared to the closing price of the fuel from the previous week, there were no changes in the price.
• Petrol continued to witness an upward trend in the price and the highest rate for the month was recorded on 21st June wherein a litre of the fuel was being traded at the rate of Rs.97.28. The lowest rate was recorded from 1st June to 3rd June when the rate stood at Rs.94.55 per litre.
• The overall performance of the fuel witnessed an incline of 2.89% for the month in India.

June – Week 4 (22 to 28)

• In India, the price of petrol opened the fourth week of June standing at the rate of Rs.97.56 per litre. When compared to the closing price of the fuel from the previous week, there was a rise of 28 paise in the price.
• The liquid gold continued to witness an upward trend in the price. It’s highest rate for the month was recorded on 28th June wherein a litre of the fuel was being traded at the rate of Rs.98.52. The lowest rate was recorded from 1st June to 3rd June when the rate stood at Rs.94.55 per litre.
• The overall performance of the fuel witnessed an incline of 4.20% for the month in India.

June – Week 5 (29 to 30)

• The price of petrol in India opened the fifth week of June standing at the rate of Rs.98.87 per litre on 29th June. When compared to the closing price of the fuel of the previous week, there was a rise of 35 paise in the price.
• The price of the fuel stood steady during the last 2 days of the month. The highest rate for the month was recorded on 29th and 30th June when a litre of the fuel was being traded at the rate of Rs.98.87. The lowest rate was recorded from 1st June to 3rd June when the rate stood at Rs.94.55 per litre.
• The overall performance of the fuel witnessed an incline of 4.57% for the month in India.

Trend of Petrol Price in India for May 2021 (Rates per litre):

May – Week 1 (1 to 7)

• The month of May opened with the petrol price in India standing at Rs.90.44 per litre. When compared to the closing price of the previous month, there were no changes in the price of the fuel.
• The price of the fuel was stable till 3rd May followed by which it witnessed hikes in the price till the end of the week. It recorded the highest price on 7th May wherein it was being traded at the rate of Rs.91.33 per litre. The lowest price was recorded from 1st to 3rd May.
• The overall performance of petrol in India witnessed an increase of 0.98% during the week.

May – Week 2 (8 to 14)

• The month of May opened with the petrol price in India standing at Rs.90.44 per litre. When compared to the closing price of the previous week, there were no changes in the price of the fuel.
• The price of the fuel stood at Rs.91.33 per litre at the beginning of the second week. This was the rate on 8th and 9th May followed by which it witnessed hikes in the price till the end of the week. It recorded the highest price on 14th May wherein it was being traded at the rate of Rs.92.40 per litre.
• The overall performance of petrol in India witnessed an increase of 2.17% during the week.

May – Week 3 (15 to 21)

• The 3rd week of May opened with the petrol price in India standing at Rs.92.40 per litre on 15 May. When compared to the closing price of the previous week, there were no changes in the price of the fuel.
• The price of the fuel witnessed constant hikes over the week. The lowest price for the week was recorded on the 15th of May. The highest price was recorded on 21st May wherein a litre of the liquid gold was being traded at the rate of Rs.93.10.
• The overall performance of petrol in India witnessed an increase of 2.94% during the third week of the month.

May – Week 4 (22 to 28)

• The fourth week of May opened with the petrol price in India standing at Rs.93.10 per litre on 22 May. When compared to the closing price of the previous week, there was a hike of 19 paise in the price of the fuel.
• The price of the fuel witnessed constant hikes over the week. The lowest price for the week was recorded on 22nd of May. The highest price was recorded on 27th and 28th May wherein a litre of the liquid gold was being traded at the rate of Rs.93.74.
• The overall performance of petrol in India witnessed an increase of 3.65% during the third week of the month.

May – Week 5 (29 to 31)

• The fifth week of May opened with the petrol price in India standing at Rs.94.00 per litre on 29 May. When compared to the closing price of the previous week, there was a hike of 26 paise in the price of the fuel.
• The price of the fuel was steady on 29th and 30th May wherein it was being traded at the rate of Rs.94.00 per litre. Followed by that, it witnessed a hike of 29 paise and closed the month being traded at the rate of Rs.94.29 per litre. This is also the highest recorded rate for the fuel during the month.
• The overall performance of petrol in India witnessed an increase of 4.26% during the month of May.

Trend of Petrol Price in India for April 2021 (Rates per litre):

April – Week 1 (1 to 7)

• The month of April opened with the petrol price in India standing at Rs.96.60 per litre. When compared to the closing price of the previous month, there were no changes in the price of the fuel.
• The price of the liquid gold was stable and was being traded at the rate of Rs.96.60 per litre throughout the first week of the month in India.
• The second wave of COVID-19 in India has some influence on the price of the fuel in the country. The overall performance of petrol in India was stable during the first week of the fourth month of the year.

April – Week 2 (8 to 14)

• In India, a litre of petrol cost Rs.90.60 at the start of the second week of April. Compared to previous week’s closing price, there was no change in the price of the fuel.
• With oil companies keeping the price of the fuel unchanged throughout the week, petrol closed the week at the same price.
• Petrol’s overall performance in the country remained stable.

April – Week 3 (15 to 21)

• The month of April opened with the petrol price in India standing at Rs.90.60 per litre. When compared to the closing price of the previous month, there were no changes in the price of the fuel.
• The price of the liquid gold was stable till 14th of April wherein it was being traded at the rate of Rs.90.60 per litre. The prices dropped to Rs.90.44 per litre on the 15th of April which is also the lowest recorded price of the fuel for the month.
• The overall performance of petrol in India witnessed a drop of –0.17%.

April – Week 4 (22 to 28)

• The month of April opened with the petrol price in India standing at Rs.90.60 per litre. When compared to the closing price of the previous month, there were no changes in the price of the fuel.
• The price of the fuel was stable and was being traded at the rate of Rs.90.60 per litre from 1 April to 14 April. Followed by that, it witnessed a drop of 16 paise and stood steady at Rs.90.44 per litre.
• The overall performance of petrol witnessed a drop of –0.17% during the month in India.

April – Week 5 (29 to 30)

• The month of April opened with the petrol price in India standing at Rs.90.60 per litre. When compared to the closing price of the previous month, there were no changes in the price of the fuel.
• The price of the fuel was stable and was being traded at the rate of Rs.90.60 per litre from 1 April to 14 April. Followed by that, it witnessed a drop of 16 paise and stood steady at Rs.90.44 per litre.
• The overall performance of petrol in India witnessed a drop of –0.17% during the month.

Trend of Petrol Price in India for March 2021 (Rates per litre):

March – Week 1 (1 to 7)

• The rising petrol price in India came to a halt in the first week of March.
• Petrol price stayed stable at Rs.91.21 per litre.
• Meanwhile, the central government is planning to cut taxes on petrol and diesel ahead of upcoming assembly polls o provide the much-needed respite to consumers.

March – Week 2 (8 to 14)

• Petrol price in India remained same as the first week of March.
• Petrol stayed stable at Rs.91.21 per litre.
• Meanwhile, the central government is planning to cut taxes on petrol and diesel ahead of upcoming assembly polls o provide the much-needed respite to consumers.

March – Week 3 (15 to 21)

• Petrol price in India remained same for the third week straight.
• Petrol stayed stable at Rs.91.21 per litre.
• Meanwhile, speculations are that the central government is planning to cut taxes on petrol and diesel ahead of upcoming assembly polls o provide the much-needed respite to consumers.

March – Week 4 (22 to 28)

• For the fourth week of March, petrol price in India opened at the same rate at which it closed the third week, that is, Rs.91.21 per litre.
• However, the prices dropped on 25th March, wherein it was being sold at the rate of Rs.90.82 per litre.
• The highest recorded price for the liquid gold in India is Rs.91.21 and the lowest rate is Rs.90.82.
• The week closed at the same rate on 28th of March 2021. The overall performance of the fuel witnessed a drop of -0.43% in India.

March – Week 5 (29 to 31)

• Petrol price in India opened the final week of March at Rs.90.82 per litre. There was no change in the price of the fuel when the rate was compared to what was charged at the end of the previous week.
• The fuel recorded its lowest price for the month on the penultimate day of the month. A litre of petrol was retailed for Rs.90.60 on 30th March.
• Petrol closed the month at the same price after the rate didn’t see any change on the final day. The overall performance recorded a declining trend with the percentage change being -0.66%.

Trend of Petrol Price in India for February 2021 (Rates per litre):

February – Week 1 (1 to 7)

• Petrol price in India stood at Rs.86.34 per litre on the 1st of February as prices continued to rise.
• Petrol closed the week at Rs.86.99 per litre.
• The overall percentage change was 0.75%.

February – Week 2 (8 - 14)

• Petrol price in India continued to rise, closing the week at Rs.88.77 per litre.
• This was the highest recorded price for the month of February.
• The overall percentage change for petrol was 2.81%.

February – Week 3 (15 - 21)

• Petrol price in India continued to rise, closing the week at Rs.90.62 per litre.
• This was the highest recorded price for the month of February.
• The overall percentage change for petrol was 4.95%.

February – Week 4 (22 - 28)

• Petrol price in India continued to rise, closing the month at Rs.91.21 per litre.
• This was the highest recorded price for the month of February.
• The overall percentage change for petrol was 5.64%.

Trend of Petrol Price in India for January 2021 (Rates per litre):

January – Week 1 (1 to 7)

• Petrol price in India stood at Rs.83.71 per litre on the 1st of January.
• Petrol prices increased in the next few days, closing the week at Rs.84.20 per litre.
• The overall percentage change was 0.58%.

January – Week 2 (8 - 14)

• Petrol price in India stood at Rs.84.20 per litre on the 8th of January as prices continued to rise.
• Petrol prices increased in the next few days, closing the week at Rs.84.70 per litre.
• The overall percentage change was 1.18%.

January – Week 3 (15 - 21)

• In India, petrol was retailed for Rs.84.70 per litre on 15th January. When the price charged for a litre was compared to what was charged on the final day of the previous week, there was no change in the rates.
• Petrol price in India climbed over the week and recorded its highest price for the month till date on 19th January with a litre being retailed for Rs.85.24.
• The price of the fuel didn’t see any change until the end of the week and closed at Rs.85.24 per litre. The overall performance recorded an inclining trend with the percentage change being 1.82%.

January – Week 4 (22 - 28)

• Petrol price in India stood at Rs.85.24 per litre on the 22nd of January as prices continued to rise.
• Petrol closed the month at Rs.86.34 per litre.
• The overall percentage change was 3.14%.

Trend of Petrol Price in India for December 2020 (Rates per litre):

Trend of Petrol Price in India for November 2020 (Rates per litre):

Trend of Petrol Price in India for October 2020 (Rates per litre):

Trend of Petrol Price in India for September 2020 (Rates per litre):

Trend of Petrol Price in India for August 2020 (Rates per litre):

Trend of Petrol Price in India for July 2020 (Rates per litre):

Trend of Petrol Price in India for June 2020 (Rates per litre):

Trend of Petrol Price in India for May 2020 (Rates per litre):

Trend of Petrol Price in India for April 2020 (Rates per litre):

Trend of Petrol Price in India for March 2020 (Rates per litre):

Trend of Petrol Price in India for February 2020 (Rates per litre):

Trend of Petrol Price in India for January 2020 (Rates per litre):

Also Check Petrol Price in Metro Cities

Budget 2019: Central Government Hikes Excise Duty on Petrol, Diesel by Re.1 (Date:5th July'19)

The Central Government has decided to increase an additional excise duty on petrol and diesel by Re.1 per litre. Finance Minister Nirmala Sitharaman made the announcement in her maiden Budget speech today. Petroleum products, being a huge source of revenue for the government’s exchequer and an increase will certainly hurt consumers. With the additional levy, petrol and diesel prices in the country will increase by a sharp margin. On 4 July, petrol was priced Rs.70.51 per litre in Delhi and Rs.76.15 per litre in Mumbai, while diesel was sold at Rs.64.33 per litre in Delhi and Rs.67.96 per litre in Mumbai.

Currently, the excise duty on petrol is Rs.17.98 per litre, while the Value Added Tax (VAT) levied on petrol amounts to Rs.14.98 per litre. The overall rate charged to dealers amounts to Rs.32.96 per litre. As for diesel, the central government charges Rs.13.83 per litre as excise duty and Rs.9.47 per litre as VAT, while the price charged to dealers is Rs.23.30 per litre. In has been a practise in the past to cut excise duty on petrol and diesel whenever crude oil prices increases; however, since 2014, the government has been increase duties leading to an increase in revenue for the central government.

Petrol is an essential commodity in our day-to-day life. We use it mainly for the purpose of transportation. The price, which is charged at petrol pumps, is the retail price of petrol for consumers. Have you ever questioned yourself that how petrol rates in India are computed? Which are the influencers of the cost of petrol? Whether or not petrol has been covered under the regime of GST? These are very important questions from the stance of petrol users someone like you. Let’s get into the discussion.

Daily Revision of Petrol and Petrol Price in India (Dynamic Fuel Pricing)

How are petrol and petrol prices in India determined today? We have a new fuel pricing mechanism in place called dynamic fuel pricing, which is also called daily revision of fuel rates. The new pricing system was introduced in India on 16th June 2017 after conducting a long 40-day trial in five cities - Chandigarh, Udaipur, Jamshedpur, Puducherry, Vishakhapatnam.

Under this system, fuel rates are revised on a daily basis considering global crude oil rates and the rate of currency conversion. The system is in practice across 58,000 petrol bunks in India. The system brings transparency and addresses complexities involved in the previous fortnightly-based revision. It lets fuel users pay market-determined prices despite the impact.

Petrol and petrol rates are revised at 06:00 a.m. every day.

There are two categories of petrol bunks:

1. Automated, which automatically modify rates with no human intervention and
2. Non-automated, which manually revise. Only 20% out of 58,000 petrol bunks are automated and the rest are non-automated. The revised rates shall be displayed at bunks for the public.

How to Check Petrol Prices in India every day?

State-owned oil marketing entities account for at least 90% of retail fuel stations in India. Renowned oil brands such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL), and Indian Oil have strategically designed a few initiatives that help consumers spot the latest rates.

Here is How You Can Track Petrol Prices Regularly:

Mobile app You can also download Bankbazaar App and check the prices instantly on your smartphone.

Impact of GST on Oil and Natural Gas Industry

The Goods and Services Tax (GST) is a unified indirect tax platform that was implemented in July 2017.As on today, the oil and natural gas industry has been kept outside the GST regime. What would have been the impact on the industry if GST was imposed?

The cost of compliance would have doubled as the industry had to comply with the present and GST tax structures. The implementation of GST would have resulted in non-creditable tax, which means the participants of the industry had to pay GST upon the purchase of plant and machinery. They would not have been able to obtain credit on saleable products. Moreover, upstream corporations would have been adversely affected by a hike in the tax rate from 15% to 18%.

With respect to the segment of gas utilities, gas marketers would have faced complexities since they had to remit GST on transmission rates. GST excludes five petroleum derivatives - natural gas, high-speed diesel, crude oil, motor spirit and aviation turbine fuel while it covers other commodities such as kerosene, LPG, fuel oil, naphtha.

GST Impact on Petrol Prices in India

Let’s take a look at how much is taxed on petrol.

32% of the retail price of petrol goes to the central government and 21.5% to the state. The central government gets Rs.21.48 and the state Rs. 14.15 if the RSP is 65.63. This is the current scenario.

What is the impact of GST on petrol prices in India? Let’s take an example of the capital city, Delhi.

A litre of petrol costs Rs.70.56 in Delhi as on 28th September 2017. It will fall to Rs.30.85 a litre when we take out Rs.21.48 paid as the excise duty a litre, the state government’s 27% VAT, Rs.3.24 remitted as commission to dealers. If GST is imposed on petrol, how much do we pay?

Here goes the calculation:

· In case 12% GST on petrol, a litre of petrol costs Rs.38.10.

· In case 18% GST on petrol, the cost of petrol per litre is Rs.40.05.

· In case 28% GST, which is the highest rate fixed till date, the cost in the city is Rs. 43.44 per litre.

Petrol prices in India would have cheaper for consumers, but the revenue source for both the governments would have been adversely affected. Let’s wait till the next turn.

Industry Stakeholders

It is important to understand the participants of the oil and natural gas industry to understand how petrol prices in India are determined. They include:

• Oil production and exploration corporations: These corporations are liable for producing oil in its crude form. The major participants of this segment include Crain India, Reliance Industries, Oil and Natural Gas Corporation (ONGC), Oil India. Only 25% of the country’s oil requirements is met through these companies and the rest through importing.

• Oil Marketing Corporations: Oil marketing companies, also called refineries, manage everything from the stage of crude oil till the delivery of saleable fuel to dealers. This segment consists both public and private sector companies such as Reliance Industries, Essar, Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Private Corporate.

• Dealers: Owners of petrol bunks are called dealers who can be individuals or business entities. They sell petrol to end customers after adding their margins and local taxes.

Components of Petrol Prices in India

How is the RSP computed? The computation of RSP is based a few considerations, which are:

1.Cost of crude oil plus cost and freight charges

The cost of crude oil is the biggest component of the RSP. Oil manufacturing companies pay crude oil prices in addition to the cost and freight charges to buy oil from overseas companies. India is one among the biggest importers of crude oil.

2.Refinery transfer price (RTP)

Refinery transfer price is the cost incurred by OMCs to convert crude oil into refined petrol. In other words, RTP is a fee charged by refineries to OMCs to convert oil into refined petrol.

3.OMCs profit margin

OMCs retain the possession of oil until it is refined and then they sell refined petrol to local dealers after adding a profit margin.

4.Central and state taxes

Tax on petrol is imposed by the state and the central. The central excise duty is the same across the nation while the component of VAT varies within states.

5. Dealer commission

Local dealers or petrol bunk owners sell petrol to end customers after adding their commission per litre of petrol. Dealer commission may slightly vary.

All the aforementioned components get added to the final price. The variable components of petrol prices in India are transportation costs and the state VAT.

Breakup of Petrol Prices in India

The INR has strengthened against the USD recently. The crude oil price floats around $48 at present. The cost of one barrel, which is equivalent to 159 litres, is Rs.3210 that means a litre of oil costs you Rs.20.19. Crude oil prices are also marked to market dynamics. With this information, let’s now take a closer glimpse at the breakup of petrol prices in India as on 24th August 2017.

This is how the retail selling price of petrol is computed in India.

VAT on Petrol Prices in India

The tables listed below gives you an idea about effective rates of VAT imposed on petrol by Indian states as on 1st September 2019. The data has been released by the Petroleum Planning and Analysis Cell (PPAC).

Factors Impacting Petrol Prices in India

The cost of petrol in India is impacted by the following factors:

1. Crude oil prices

The pricing of crude oil is often what impacts petrol rates the most. Crude oil, also called unrefined oil, is an international commodity. The market for which is dynamic in nature. The most common influencers of the cost of oil include:

• Demand and supply: The law of demand applies even for petrol prices, which increase when there is an increased demand for oil and decrease if there is a decreased demand.
• Future supplies and reserves: An inadequate amount of oil reserves increases the oil cost that in turn impacts fuel rates.
• Political events: Crude oil pricing is affected by wars, natural calamities, new government regulations.
• Demand from leading economies: The oil price boosts when there is a larger demand from leading economies of the world.

2. Taxes

As discussed earlier, petrol is taxed by centrally and by the state. Petrol prices in India will change in proportion to changes in the central excise duty and the state VAT.

3. Refinery Consumption Ratio

This is a very important consideration. Crude oil when imported by OMCs is sent to refineries for further processing. A lower refinery consumption ratio leads to a lower quantity of refined petrol for sale and, thus increases the cost of petrol.

4. Currency Conversion Rate

The USD is the base currency to buy raw oil. If the USD strengthens against the INR, the buying cost of oil shall go up; when it weakens, the cost will be declined. Ups and downs in oil impact the buying cost of petrol as a result.

Determinants of Bunk Prices

1. Seasonal condition

Seasonal conditions in oil producing countries have a direct impact on extracting raw oil. Oil manufacturing companies cannot have the same productivity throughout all seasons. A drop in productivity gives a boost to the buying cost of raw oil at global markets, thereby affects petrol prices at bunks.

2. Weather reports

Weather reports differ from seasonal conditions. Crude oil once purchased by OMCs is transported to refineries. When bad weather reports interrupt transportation activities, we are left with an inadequate quantum of refined petrol for consumption.

3.Restricted refining capabilities

There exists a dearth of refined petrol when refineries limit their refining capabilities due to high running expenses. So, usable oil is short in supply, leading to a price hike at bunks.

4.Devaluation of USD

As we know, crude oil is traded in US dollars. Oil manufacturing companies tend to tweak prices if the USD weakens against the major currencies of the world.

LPG, Domestic LPG, CNG, Kerosene

• Liquified Petroleum Gas (LPG) is a composition of commercial propane and commercial butane. It can be extremely dangerous. The way it is utilised, shifted, and bottled should be paid extreme importance. LPG, under moderate pressures, can be readily liquified.

• Domestic LPG is a composition of hydrocarbons that are vaporous at usual temperature. Hydrocarbons can be stockpiled in cylinders and liquified at temperate pressure. Domestic LPG is a gas with no colors and not dangerous. The gas connection at homes should be done with utmost care.

• Compressed natural gas (CNG), a fuel, can be utilised in lieu of propone, gasoline, diesel fuel. CNG ignition foodstuffs lesser detrimental gases than other fuels. In the event of a spill, it is harmless compared to other fuels. It can be discovered above oil repositories.

• Kerosene, also called paraffin, is a combustible liquid and utilised as a fuel for power, heat, light. It is usually a multipurpose fuel and can be used effectively, carefully in order to get incredible results. Kerosene is famous among people for cost-effectiveness.

Also check Today's Petrol Price in the most popular Indian cities

Frequently Asked Questions on Petrol Price

• What is the retail price of fuel?

  The retail price of fuel encompasses the product’s cost, the operating expenses of the state government, excise duties, taxes, margins.

• Who manages bunk prices in India?

  In June 2010 and October 2014, the Indian government has deregulated diesel and petrol prices. Both central and state governments have no direct control over fuel price in India. Now, they are market determined. The components of pump prices today are global crude prices, transportation and refinery costs, VAT, excise duty.

• Why do fuel prices vary from one country to another?

  Fuel prices vary from one country to another due to the following reasons:

  • Currency variations
  • Government subsidies for fuel
  • Government tax rates and excise duty
  • Availability of crude oil
  • Market speculation
  • Government regulations related to petroleum products
• Does the US exchange rate impact fuel prices?

  The world’s crude oil is traded in US dollars. Due to which, fluctuations in currency exchange rates shall definitely impact fuel prices. For instance, if the Indian rupee falls against the US dollar, the purchasing price of crude oil for India may increase.

• Why is diesel rate lower than petrol price in India?

  The agricultural sector consumes diesel. The sector employs more than 40% of Indians and accounts for 14% of gross domestic product (GDP). Diesel price is lower than petrol rate since it is subsidised by respective governments. Petrol is used for non-economic activities.

• Why has the Indian government not imposed GST on diesel and petrol?

  Diesel and petrol are major revenue sources for both state and central governments. Currently, the central excise duty is 23% and the state government VAT is 34%. If the central government had imposed GST on petrol and diesel, the government would have generated 28% tax. This is the biggest value of GST that would have affected the revenue.

• Which are the factors affecting natural gas prices?

  Natural gas prices are influenced by net imports, underground storage levels, natural gas production, economic conditions, weather, petroleum prices.

• Why do fuel prices differ within Indian states?

  Petrol rates differ within Indian states because of three vital factors: 1) tax regulations, 2) transportation expenses, 3) political health. India has different tax regulations across the states. Both central and state governments tax petroleum derivatives differently. A state with a lower tax rate has a lower price charged for petrol and diesel. Transportation expenses even impact petrol prices. The distance covered from refineries to dealers gets added. A shorter distance covered has a lower price charged compared to a longer distance. Political stability is another important consideration. A shift in rolling government may alter existing tax structures and subsidies either through a hike or through a drop.

• How Shell petrol differs from other brands?

  Well, there is no difference in terms of quality. Quantity may differ as Shell petrol price is a little more than Bharat Petroleum Petrol price, HP petrol price or Indian Oil petrol price.

*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.

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