Petrol Prices in Indore
The petrol price was Rs.73.08 per litre at Indian Oil in Indore, the most populous and largest city in Madhya Pradesh, after the daily revision on 31 October 2017. At Hindustan Petroleum, the fuel price was Rs.73.76 on the same date. The fuel price includes the local tax imposed by the government of Madhya Pradesh and the central excise duty of Rs.19.48 per litre, which has recently been revised on 3 October 2017. In October 2017, the fuel was sold at an average rate of Rs.73.50 per litre throughout the month. The petrol rate in Indore is expected to go up marginally over the next month.
Previous Petrol Price in Indore (per litre)
Let’s take a look at the weekly reports for September 2017. On 4 September 2017, the price of petrol in the city was Rs.76.06. On 11 September 2017, the price was Rs.76.75. The price reached to Rs.77.00 on 19 September 2017. The fuel was priced below Rs.77 on 25 September 2017. The fuel was sold at Rs.72.09 on the opening day of August 2017. It was priced less than Rs.70 on the opening day of July 2017. On 1 June 2017, the fuel price in the city was almost Rs.75.
Petrol Price in Indore and other Prime Cities in India
The petrol price cannot be the same across all Indian cities since the fuel is taxed at different rates by state governments. Petrol is taxed at 38.90% in Madhya Pradesh, at 27% in New Delhi, at 30% in Karnataka, at 47.94% in Maharashtra and at 34% in Tamil Nadu. In October 2017, the average price of petrol was Rs.73.90 in Indore, Rs.70.20 in Bangalore, Rs.69.20 in New Delhi, Rs.76.24 in Mumbai and Rs.71.64 in Chennai.
How are Petrol Rates in Indore Revised?
After conducting a 40-day pilot, all state-owned oil marketing companies, which include Bharat Petroleum, Indian Oil, and Hindustan Petroleum, have adopted dynamic fuel pricing system to revise fuel rates (petrol and diesel rates). Dynamic fuel pricing came into effect on 16 June 2017 in India. Therefore, all petrol bunks owned by these three oil marketing entities in Indore have been reviewing the petrol price on a daily since the implementation of dynamic fuel pricing.
Dynamic fuel pricing is alternatively called the daily revision. This new fuel pricing mechanism is also followed in German, the United States of America, Russia and Australia. Fuel pricing is 100% transparent under the new fuel pricing mechanism. Like the fortnightly revision, the petrol price is determined on the basis of crude oil rates and the INR/USD rate. But, the variations in these two determinants are instantly replicated in the retail selling price of petrol under the daily revision system.
This is the reason why petrol is priced differently every day. In the earlier fortnightly revision, fuel prices used to be revised on the first and sixteenth of every month (twice a month) based on the average foreign exchange rate and crude oil prices. Dynamic fuel pricing aligns consumers with market dynamics. It means that consumers will pay the price, which is determined based on the regular movements in the currency exchange rate and crude oil prices.
Quarterly Petrol Price Trend in Indore between October and December 2018
|Opening date price||Rs.89.63 a litre||Rs.82.61 a litre||Rs.75.67 a litre|
|Closing date price||Rs.82.79 a litre||Rs.76.03 a litre||Rs.71.84 a litre|
|Highest price||Rs.89.87 a litre (booked on 4 October)||Rs.82.61 a litre (booked on 1 November)||Rs.75.67 a litre (booked on 1 December)|
|Lowest price||Rs.82.79 a litre (booked on 31 October)||Rs.76.03 a litre (booked on 30 November)||Rs.71.84 a litre (booked on 31 December)|
Quarterly Petrol Price Trend in Indore between October and December
- Petrol price per litre was Rs.89.63 on the 1st, increased by 10 paise per litre on 2nd and decreased by over Rs.5 per litre on 5th of October.
- Fuel rates in Indore stood at Rs.85.10 a litre, Rs.86.02 a litre, Rs.85.27 a litre and Rs.84.11 a litre respectively by the end of the first, second, third and last weeks of October.
- Owing to an excise duty cut of Rs.2.5 per litre and a sales tax cut of Rs.2.5 per litre, the cost of a litre of petrol in Indore was diminished 7.63% to Rs.82.79 a litre on 31 October.
- Between 6 and 31 October, HPCL, IOCL and BPCL declined fuel rates by approximately Rs.2 per litre in line with global oil prices.
- OMCs retailed diesel at a price of Rs.82.61 a litre on the 1st and the price plunged to Rs.82.43 a litre on 2nd, Rs.81.83 a litre on 5th and Rs.81.68 a litre on 7th of November.
- When revised on 14, 21 and 28 November, the petrol was valued at Rs.80.68 a litre, Rs.79.61 a litre and Rs.76.75 a litre respectively.
- Like the earlier month, November also exhibited a 7.96% fall in the price of petrol per litre at all petrol bunks in Indore.
- In November, there were no changes in the central and state levies, the overall overheads spent by oil enterprises and the commission paid to retail fuel suppliers.
- Indian Oil retailed petrol at an average price of Rs.74.87 a litre in the week 1, Rs.73.49 a litre in the week 2, Rs.73.50 a litre in the week 3 and Rs.72.97 per litre in the week 4 of December.
- The closing date price for December was Rs.71.84 a litre, which was also the lowest petrol price in Indore for the quarter ending on 31 December.
- During the quarter, the price of petrol became cheaper by over Rs.17 per litre in Indore prompted by the slow-moving oil market.
- The INR was almost steady against the greenback and this exchange rate left no impact on fuel pricing this quarter.
Note: Crude oil price (Indian Basket) per barrel is considered while revising fuel rates in India.
Quarterly Petrol Price Trend in Indore between July and September 2018
|Opening date price||Rs.81.44 a litre||Rs.82.15 a litre||Rs.84.31 a litre|
|Closing date price||Rs.82.05 a litre||Rs.84.31 a litre||Rs.89.12 a litre|
|Highest price||Rs.82.79 a litre recorded on the 7th||Rs.84.31 a litre recorded on the 31st||Rs.89.12 a litre recorded on the 28th, 29th and 30th|
|Lowest Price||Rs.81.38 a litre recorded on the 5th||Rs.82.15 a litre recorded on the 1st||Rs.84.31 a litre recorded on the 1st|
Petrol Price Trend in Indore in July 2018
- Based on the dynamic fuel pricing mechanism, petrol and diesel prices are revised daily by State-run oil firms in the country.
- The retail price of petrol is fixed taking into account the global crude oil price and the exchange rate of the Indian currency over the U.S. dollar.
- Under this pricing mechanism, the petrol price in Indore on the 1st of July stood at Rs.81.44 per litre.
- On the 5th, petrol recorded its lowest price in Indore with a litre being dispensed at Rs.81.38 per litre.
- However, it increased almost immediately to touch the highest price on the 7th when it was sold at Rs.82.79 per litre.
- The increase in petrol prices in Indore and across other cities was attributed to the slight increase in crude oil prices in the global market.
- Prices began declining in the next couple of weeks in Indore as prices of crude oil softened in the market.
- The closing date price in July for Indore stood at Rs.82.05 per litre, an increase of 61 paise when compared to the opening date price.
- The petrol price trend in Indore in July grew by 0.75% influenced by the marginal incline in oil prices in the global market.
Petrol Price Trend in Indore in August 2018
- In keeping with the daily revision of petrol prices, the petrol price on the 1st of August was increased to Rs.82.15 per litre which is also the lowest price recorded during the month in the city.
- Oil companies hiked petrol prices in Indore and other cities in accordance with the increase in oil prices over the first and second weeks of the month.
- As the U.S. administration pulled out of the Iran nuclear deal, there was a shortage in the supply of crude oil in the market prompting oil prices to increase.
- There was no drop in petrol prices in the country as oil price continued to touch high levels in the last couple of weeks.
- By the end of the month, the petrol price in Indore stood at Rs.82.05 per litre on the 31st of the month.
- Overall, the petrol price trend in Indore in August inclined by 2.63% as crude oil prices soared to new levels.
Petrol Price Trend in Indore in September 2018
- The petrol price in Indore on the 1st of September was kept unchanged when a litre was sold at Rs.84.31 which was also the lowest price registered for the month.
- During the first and second weeks, petrol and diesel prices continued to soar in the back of a steep incline in oil prices.
- The incline in oil prices was primarily due to the geopolitical tensions between the U.S. and Iran as there was a shortage in crude oil supply in the market which led to oil trading at $80 per barrel - a four-year high.
- Also, the rupee depreciated to a record low of Rs.72 over the U.S. dollar influencing the cost to import oil to the country.
- Both of these factors continued to impact the petrol price in Indore and across other cities in the country.
- The closing date price of petrol in Indore stood at Rs.89.12 per litre - the highest petrol price recorded during the course of the month. This price was kept unchanged until the end of the month.
- Overall, petrol prices in Indore during September grew sharply by 5.70% impacted by the steep rise in oil prices coupled with the record depreciation of the Indian currency against the dollar.
Quarterly Petrol Price Trend in Indore Between April and June 2018
|Opening date price||Rs.79.45 a litre (As on 2nd)||Rs.80.45 a litre (As on 14th)||Rs.84.00 a litre|
|Closing date price||Rs.80.27 a litre (As on 24th)||Rs.84.06 a litre||Rs.81.21 a litre (As on 26th)|
|Highest price||Rs.80.27 a litre recorded on 24th||Rs.84.15 a litre recorded on 29th||Rs.84.00 a litre recorded on 1st|
|Lowest price||Rs.79.45 a litre recorded on 2nd||Rs.80.45 a litre recorded on 14th and 18th||Rs.81.21 a litre recorded on 26th|
Petrol Price Trend in Indore in April 2018
- On 2 April 2018, petrol was sold in Indore at Rs.79.45 per litre, a slight increase over the preceding day.
- The rate of Rs.79.45 a litre registered on the 2nd is also the lowest price of the month.
- Petrol prices are revised every day under the ‘Dynamic Fuel Pricing’ mechanism where State-run Oil Marketing Companies (OMCs) fix petrol price on the basis of the international crude oil rate and the currency exchange value.
- Oil companies take into account external and internal factors before fixing the petrol price for a city. External factors include the oil price and the currency exchange value, while internal factors include taxes and other operational costs incurred by oil companies.
- Petrol prices in the first and second in Indore remained steady as the crude oil rate remained stable.
- The highest petrol price during the month was recorded on the 24th with petrol being sold at Rs.80.27 per litre.
- Overall, the petrol price trend in Indore in this month grew by 1.94% influenced by the marginal incline in oil prices.
Petrol Price Trend in Indore in May 2018
- Oil companies kept petrol prices unchanged until the 11th of the month as oil prices remained steady in the international market.
- On 14th, the petrol price was increased to stand at Rs.80.45 a litre, which is also the lowest price of the month.
- Over the course of the third and fourth week, crude oil prices increased sharply and led to the rise in petrol prices.
- The USA’s decision to unilaterally pull out of the nuclear deal with Iran led to speculation that the oil output of Iran could decrease and lead to a shortage in oil in the global market.
- Crude oil prices continued to move upwards significantly on the possibility of a shortage of oil in the market.
- Petrol prices soared to touch an all-time high of Rs.84.15 a litre on the 29th of the month in tandem with the crude oil price which stood at $80 per barrel (the highest for the year till date).
- The petrol price trend in Indore during this month grew significantly by 4.73% largely due to the rise in oil prices which was triggered by geopolitical tensions of a possible shortage in supply of crude oil.
Petrol Price Trend in Indore in June 2018
- On 1st of the month, petrol was available at Rs.84 per litre in Indore, the highest price for the month.
- Crude oil prices continued to be on the rise which prompted the members of the Organisation of Petroleum Exporting Countries (OPEC) and its ally Russia to meet on the 22nd of the month to find ways to stop the rise on oil prices across the globe.
- During the first and second week, petrol prices in Indore declined marginally as oil prices decreased although the rate was still high.
- The OPEC and Russia agreed to raise the output of crude oil to allay fears of a possible shortage in oil supplies.
- Crude oil prices fell over the course of the third and fourth week which led to the reduction of petrol rates announced by oil companies.
- Petrol price fell to the lowest for the month on 26th when the fuel was sold at Rs.81.21 per litre.
- Overall, the petrol price trend in Indore during this month declined by 2.65% largely due to the reduction in crude oil rates in the backdrop of higher output of oil in the global market.
How do I Track the Current Petrol Price in Indore?
Well, customers can easily track the current petrol price in all parts of the city easily as all oil marketing brands designed mobile applications to help customers. Smartphone users can download the mobile application of their choice to get the current petrol price. Customers who are not using smartphones can avail the benefit of the customer care and SMS services offered by all oil marketing companies.
Additional Benefits of Dynamic Fuel Pricing
The following are the additional benefits of Dynamic Fuel Pricing:
- Dealers will be able to adopt the best stock management practices unlike the fortnightly revision.
- The system fosters the automation drive of petrol bunks. It means that all automated petrol stations in Indore can automatically update diesel and petrol rates.
- The working capital of dealers and oil marketing companies can be easily managed.
- The Indian fuel retailing segment can be linked to global markets.
How are Petrol Prices in Indore Computed?
What are the components of the final price of petrol paid by consumers? Well, the final petrol price paid by consumers in Indore includes the cost of crude oil, taxes, excise duty, dealer commission and VAT. Petrol is not a domestic commodity. It is a derivative of crude oil, which is imported by Indian oil marketing companies from transnational oil marketing entities. The cost of crude oil differs from one brand to another. As on 1 November 2017, WTI Crude Oil was priced at $54.38 per barrel. One barrel is equivalent to 159 litres.
How much are you taxed while buying petrol in Indore? Petrol consumers in the city are taxed by both the state and central governments. As on 4 October 2017, the central excise duty was Rs.19.48 per litre and the VAT imposed on petrol in Madhya Pradesh was 38.90%. These two types of taxes account for more than 50% of the retail selling price of petrol. Dealer commission is another component. It was increased by 43% on 1 August 2017 by state-run oil marketing companies.
Which are the Factors Affecting Petrol Costs in Indore?
Petrol prices in Indore are impacted by three important factors, which include the cost of crude oil, the INR/USD exchange rate and taxes. Crude oil purchased on a contractual basis. If the exchange rate of the INR appreciates against the USD on the date of purchase, the cost price of crude oil reduces; if the USD gains against the INR, then the cost price of crude oil increases. Eventually, the retail petrol price is affected. Similarly, ups and downs in the tax imposed by the central and state governments lead to variations in the final petrol price in the city.
GST vs Petrol Prices in Indore
Does GST impact petrol rates in Indore? It does not impact. GST has been levied on all types of goods and services that are sold within the nation except five petroleum products. Did you know this? What will happen if GST is levied on petrol? The petrol will dampen by 20-30% even if GST imposed at the highest rate of 28%. Though petrol prices will be cheaper for consumers, the government stands to lose the major revenue source. The current GST rates should be reworked to bring petrol under the GST regime.
Also Check Petrol Price in NearBy Cities of Indore
|Petrol Price in Ratlam||Petrol Price in Jabalpur||Petrol Price in Bhopal|
|Petrol Price in Nagpur||Petrol Price in Vadodara||Petrol Price in Raipur|
*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.