Petrol Price In Jabalpur Today

  • Today's Petrol Price ( 19 Oct 2021 )

    ₹ 113.67
    Current Petrol Price Per Litre

    Compare Petrol Price in Jabalpur (Today & Yesterday)

    Rate Change
    Petrol ( / litre) ₹ 113.67 ₹ 113.67 ₹ 0 ↑

    Petrol Price in Jabalpur - Last 10 Days Data

    Date Petrol ( / litre)
    18 Oct 2021 ₹ 113.67
    17 Oct 2021 ₹ 113.67
    16 Oct 2021 ₹ 113.67
    15 Oct 2021 ₹ 113.67
    14 Oct 2021 ₹ 113.31
    13 Oct 2021 ₹ 112.94
    12 Oct 2021 ₹ 112.94
    11 Oct 2021 ₹ 112.94
    10 Oct 2021 ₹ 112.63
    09 Oct 2021 ₹ 112.01

    Petrol Rate Trend

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    Petrol Price in Jabalpur

    Petrol price in Jabalpur, a metropolitan city in the Indian state of Madhya Pradesh, is always on a higher side compared to other Indian states. The higher taxes collected by the state government on the sale of petrol is one of the components that is making petrol price dearer in the city.

    For a common man, the metrics of petrol pricing are difficult to understand. However, a detailed look at the major components would give a better idea about how petrol is priced in Jabalpur and why it varies on a daily basis.

    Discussed below is all such information one needs to know about petrol pricing in Jabalpur.

    Factors Affecting Petrol Rate in Jabalpur

    Various domestic and international elements influence petrol price in Jabalpur, just like in other Indian cities. Domestic factors that affect petrol price in the city are central and state government taxes, logistic charges, profit margins of oil companies and dealer’s commission. International factors that influence petrol rate on a daily basis include the price of Indian crude basket and rupee to dollar exchange rate.

    Unlike international factors, domestic factors do not show much effect on petrol price on a day-to-day basis. As and when there is a revision in the aforementioned components, petrol rate will get affected.

    • Price of Indian crude basket: Indian crude basket is the price at which Indian oil companies purchase fuel from oil producing countries. As India imports over 70% of its crude oil requirements from other countries. Price of Indian crude basket plays a key role in petrol pricing. Moreover, with the implementation of dynamic fuel pricing mechanism, petrol prices in Jabalpur are being aligned with crude oil prices in the global market on a daily basis.

    Today’s petrol price in Jabalpur will be calculated based on yesterday’s Indian crude basket price.

    • Currency exchange rate: Oil trading typically happens in US dollars. Even India purchases crude oil in US dollars then converts the dollars to rupees for petrol price computation. Thus the fluctuating nature of dollar shows some impact on petrol prices on a daily basis. Whenever the rupee strengthens, petrol price decreases and vice versa.
    • Central government taxes: The excise duty levied by the central government on petrol is one of the major factors that affect petrol price in Jabalpur at domestic level. Currently, the excise duty levied on petrol is Rs.19.48 per litre. The rate remains the same across all Indian states. The previous revision of excise duty on petrol was announced in February 2018 when the tax was reduced by Rs.2 per litre of petrol.
    • State tax on petrol: Each state government in the country levies a different value added tax (VAT) on petrol. The rates are decided by respective state governments and are levied as a percentage on petrol price per litre.

    With regards to Jabalpur, Madhya Pradesh state government currently levies 36.22% VAT on every litre of petrol sold in the state.

    • Profit margins of oil companies: The profit margins of Indian oil marketing companies (OMCs), which incur the refining and transportation costs of crude oil, is another component of petrol pricing. However, they do not affect the prices on a regular basis.

    The three state-owned oil companies in India, including Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum, occupy 90% of Indian oil market share. They purchase crude oil from other countries and refine it to extract petrol. They thus add refining, transportation and marketing costs to the cost price of crude oil before selling it to petrol dealers.

    • Petrol dealer’s commission: Petrol station dealers purchase refined petrol from the OMCs and bring it to their respective stations. They thus add fuel transportation charges, station maintenance costs, etc., to the cost price of petrol before selling it to the end consumers. The oil companies typically decide dealer’s margin and revise the same once every year.

    Breakdown of Petrol Price in Jabalpur, Madhya Pradesh

    Using the factors listed above, let’s see how the petrol rate in Jabalpur on 2nd May 2018 was calculated.

    S.NO Component Price
    1 International crude oil price along with ocean freight charges $80.56 per barrel = Rs.33.51/Litre (considering $1=66.14 and 1 barrel oil = 159 litres)
    2 Oil company’s margin, transportation, refining and freight cost Rs.2.17/Ltr
    3 Excise duty Rs.19.48/Ltr
    4 Dealer’s commission Rs.3.60/Ltr
    5 Value added tax (VAT) Rs.21.56/Ltr
    Total Retail selling price of petrol at Jabalpur Rs.80.32/Ltr

    Frequently Asked Questions (FAQs) on Petrol Price in Jabalpur

    1. Why does petrol price in Jabalpur change on a daily basis?
    2. Petrol price in Jabalpur changes on a daily basis due to the dynamic fuel pricing mechanism. The pricing model revises the petrol price across the country based on previous day’s international crude oil price and currency exchange rate. The revised priced will be updated at all the petrol stations in Jabalpur by 6 a.m. every day.

    3. Why are petrol prices in Jabalpur higher compared to other Indian cities?
    4. An important factor that affects petrol price is the value-added tax (VAT) levied by state governments. Since Madhya Pradesh government levies the second highest tax rate in the country, Petrol prices in Jabalpur are higher in the city compared to other cities.

    5. Where do I find the cheapest petrol in Jabalpur?
    6. Petrol price across the city of Jabalpur remains the same with just minute differences. However, the state-owned fuel pumps including Indian Oil, Hindustan Petroleum, and Bharat Petroleum offer best petrol price in Jabalpur compared to private counterparts like Essar and Shell. Indian Oil offers the cheapest petrol in Jabalpur.

    Also Check Petrol Price in NearBy Cities of Jabalpur

    *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 Jabalpur Today

    • Petrol and Diesel Prices Reduced for the 12th Consecutive Day

      State-run Oil Marketing Companies (OMCs) reduced petrol and diesel prices for the 12th consecutive day on Monday across all four major metro cities in the country. Prices were reduced in the range of 30-20 paise per litre in the back of declining crude oil prices in the global market. In Delhi, petrol prices were reduced by 30 paise per litre and now is available at Rs.79.75 a litre as per a price notification by State-run OMCs. Diesel prices were reduced by 20 paise to stand at Rs.73.85 per litre. With 12 consecutive reductions in fuel prices in the country, petrol prices have declined by Rs.3.08 per litre, while diesel has reduced by Rs.1.84 per litre. The current prices are off their record highs of Rs.84 per litre for petrol and Rs.75.45 for a litre of diesel on 4 October 2018. The Union government had announced a reduction in excise duty of Rs.1.50 per litre and asked OMCs to subsidise Rs.1 towards both petrol and diesel. The cut in prices led to a fall in fuel prices across the country only to increase immediately even as the global crude oil prices moved upwards. However, beginning 18 October 2018, oil prices have declined and the rupee has appreciated as well.

      31 October 2018

    • Government Applying Taxes on Fuel the Right Idea, Say Experts

      Fuel prices in the country have reached unprecedented levels with diesel already hovering way above its highest ever rate, with petrol closely following on its heels.

      Fuel, to begin with is manufactured in crude form and is then taken over by Oil Manufacturing Companies (OMCs) who make petrol, diesel and other oils from the elementary form.

      The government levies a VAT on all oil imports that reach the country, and with the current situation where prices don’t look like falling, people are asking for a drop in the taxes. However, many a traders and economists aren’t very impressed with the idea. Their argument is that such taxes are a major part of the country’s money generation efforts, and not allowing the government to collect them will be detrimental to the country.

      What is being suggested instead is increasing the competition in the sector which keeps all companies competing against each other, and hence fuel prices will remain slightly more attainable for the large masses.

      Considering India is one of the highest consumers of fuel in all forms, a healthy competition could go a long way from the near monopolies that some of the Oil Manufacturing Companies (OMCs) are currently exerting.

      4 September 2018

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