Petrol Price In Jalgaon:
With burgeoning vehicle population, petrol consumption has increased over the years in the city of Jalgaon. Oil-Marketing Companies (OMCs) such as Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) operate in the city. The petrol price in Jalgaon across OMCs is largely similar except for slight difference due to the brand and transportation costs.
The city of Jalgaon is situated in the north-west region of Maharashtra. The city is famous for the production of bananas and is popularly known as the Banana Capital of India. Jalgaon economy is also driven by the production of cotton and boasts of world’s largest pulse or dal milling centres. The population of Jalgaon is nearly 7 lakh and is well connected by road, rail and air to some of the major cities such as Mumbai, Pune, Aurangabad, Nashik, Amravati and other cities of India. The city’s transportation system is largely dependant on fuel to aid its economy as well as to commute.
|Also Know: Petrol Price in Maharashtra|
The petrol price in Jalgaon includes various components before it’s sold to the consumers. Both international and domestics factors contribute to the fuel price in Jalgaon. Let’s find out what are the major factors which influence the petrol price in Jalgaon.
|Also Know: Diesel Price In Jalgaon|
Major Components Of The Petrol Price In Jalgaon
As mentioned earlier, fuel prices are influenced by both international and domestic factors. While the global crude oil price and currency exchange rate form the international factor, excise duty levied by the Central Government and the Value Added Tax by the State Government form the domestic factor in affecting the petrol price in Jalgaon. Below is a detailed information of the major components of the petrol price in Jalgaon.
- International Crude Oil Price: The unrefined crude oil is purchased by State-owned oil-marketing companies, which is then refined and sold in India. OMCs buy crude oil by paying the Indian Basket Price, an index of the crude oil import price. More than 70% of crude oil is imported by India, which is refined and sold in various petrol pumps across the country. Whenever there is an increase in the demand for crude oil in the international market, the price of crude oil increases accordingly.
- Currency Exchange Rate: Crude oil is sold in the USD and India buys them in dollars. Any fluctuation in the exchange rate of the USD over the INR, there is a direct impact on the price of petrol price in Jalgaon and other cities in the country.
- Tax On Petrol: While the international crude oil price and the currency exchange rate form the international factor, the domestic factor include the tax on petrol and diesel. The Central Government levies excise duty and the State Government imposes VAT as a tax on fuel. Jalgaon, which is part of the State of Maharashtra attracts 39.95% as VAT and the Central Government levies Rs.19.48 as excise duty on petrol.
- Change In The Demand & Supply Of Crude Oil: Whenever there’s a shortage in crude oil due to lagging imports or issues at the refinery or shortage of fuel inventory, there is a direct impact in the petrol price. As India is largely dependant on fuel for its transportation requirements, any increase in the crude oil price leads to a hike in the petrol price in Jalgaon. Additionally, instances of any shortages in supply of crude oil, OMCs have to bid higher to buy crude oil in the international market leading to an increase in fuel prices in India.
- Profit Margins Of OMCs & Dealer Commission: Refining the crude oil, transporting them and storing are executed by the OMCs for which the companies include their profit margins before it’s sold to the dealers. Dealers, in turn, store and dispense petrol, and maintain the fuel station. A commission is then levied on petrol before it’s sold to consumers.
Pricing Mechanism of Petrol In Jalgaon
Petrol price in Jalgaon and in other regions of India is revised under the mechanism of “dynamic fuel pricing”. India implemented the dynamic fuel pricing mechanism on 16 June 2017. Earlier, fuel prices were updated on a fortnightly basis. However, this hampered any changes to the fuel price in case of a sudden spike in international crude oil prices. This led to the daily revision of fuel prices which is on par with the global crude oil prices.
According to the dynamic fuel pricing mechanism, petrol price in Jalgaon is updated every morning at 6 a.m. IST (Indian Standard Time) in sync with any change in crude oil rates.
How To Track Daily Petrol Price In Jalgaon?
With petrol prices in Jalgaon revised on a daily basis, it becomes quite challenging to track the current petrol price in the city. However, OMCs offer several methods to track the daily petrol price in Jalgaon such as mobile apps, SMS service, respective websites and at the petrol station. Below is the process to find out the petrol price in Jalgaon.
- Daily Petrol Price Through Mobile Apps: With the use of smartphones on the rise, OMCs have launched mobile apps to offer the ease of tracking daily petrol price. IOC has launched the Fuel@IOC app, customers of BPCL can download the Smartdrive app, while HPCL consumers can utilise the MYHPCL mobile app to track the daily petrol price in their respective city.
Daily Petrol Price Through SMS Service: Consumers can make use of SMS services offered by the OMCs. Below is the format for your reference:
- IOC Customers: SMS RSP dealer code to 9224992249.
- BPCL Customers: SMS RSP dealer code to 9223112222.
- HPCL Customers: SMS HPPRICE dealer code to 9222201122.
- Websites of OMCs: Consumers of petrol and diesel can track the daily fuel price through the respective OMCs websites which update the petrol price on a daily basis.
- Fuel Stations: Automated fuel stations update petrol price automatically on a daily basis, while non-automated petrol stations are updated manually. Consumers can track the petrol price on a daily basis while visiting fuel stations.
Does GST Have Any Impact On Petrol Price In Jalgaon?
India moved to a new taxation system for goods and services from 2018-19 financial year called the Goods and Service Tax (GST). Fuel does not come under the ambit of GST, hence, petrol price in Jalgaon is not impacted by the GST. The reason behind fuel being kept out of the GST is because the highest tax slab on GST is 28%, which is quite low compared to the current taxes being levied on petrol and diesel. Besides, the lower taxation will directly impact the revenue of both the Central and State Government.
Also Check Petrol Price in NearBy Cities of Jalgaon
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*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.