Petrol Price In Jammu And Kashmir Today

Petrol price in Jammu and Kashmir today is updated daily under the ‘Dynamic Fuel Pricing’ method. Here, you can check the current petrol price in Jammu and Kashmir. You can also find todays petrol price with quarterly price trends in Jammu and Kashmir. The new petrol rate in Jammu and Kashmir is updated daily at 6:00 am IST.

Get to know how petrol prices in Jammu and Kashmir are calculated also how it compares to other states. You can find the current Jammu and Kashmir petrol price and factors which affect petrol prices in India.

  • Today's Petrol Price ( 28 Jan 2022 )

    ₹ 100.34
    Current Petrol Price Per Litre

    Compare Petrol Price in Jammu And Kashmir (Today & Yesterday)

    Rate Change
    Petrol ( / litre) ₹ 100.34 ₹ 100.34 ₹ 0 ↑

    Petrol Price in Jammu And Kashmir - Last 10 Days Data

    Date Petrol ( / litre)
    27 Jan 2022 ₹ 100.34
    26 Jan 2022 ₹ 100.34
    25 Jan 2022 ₹ 100.34
    24 Jan 2022 ₹ 100.34
    23 Jan 2022 ₹ 100.34
    22 Jan 2022 ₹ 100.34
    21 Jan 2022 ₹ 100.34
    20 Jan 2022 ₹ 100.34
    19 Jan 2022 ₹ 100.34
    18 Jan 2022 ₹ 100.34

    Petrol Rate Trend

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    Petrol Price in Jammu and Kashmir

    Petrol prices in Jammu and Kashmir are revised on a daily basis similar to other states in the country. Petrol is extensively utilised by private vehicles which constitute two-wheelers and four-wheelers. In the recent past, fuel consumption in the State has increased significantly with the rise in vehicular density. Various components influence the revision in petrol prices in the State.

    The daily revision method in petrol prices is known as the ‘Dynamic Fuel Pricing’ mechanism which takes into account the crude oil and currency exchange rate, and taxes and other operational costs. With more than 70% of crude oil being imported from oil-producing countries, petrol has become an essential commodity in the country.

    What are the main factors which influence the change in petrol prices in Jammu and Kashmir? What is the computation of the petrol price in Jammu and Kashmir? How to track the current petrol price in the State? Let’s understand each of these questions and how it affects consumers across the State.

    Major Factors Which Impact the Petrol Price in Jammu and Kashmir

    While external factors include the crude oil rate and the US dollar exchange value, internal factors include taxes, profit margin and operational costs incurred by oil companies, and the commission to fuel station owners.

    • Global Crude Oil Price: The crude oil price is dynamic in nature and fluctuates due to shifts in demand for oil especially in emerging economies such as India and China. Additionally, in times of geopolitical tensions, the cost of crude oil is disrupted. India purchases crude oil from oil-producing countries making crude oil an essential commodity in the country. The crude oil rate is the primary component while pricing petrol in a city. An instance of a rise in crude oil rate increases the petrol price and vice versa.
    • US Dollar Exchange Rate: Trading of crude oil typically happens in US dollars and any fluctuations in the currency exchange rate over rupee impacts the cost to buy crude oil in the global market. When the US dollar depreciates over rupee, the cost to purchase crude oil in the international market decreases. Likewise, if the dollar appreciates over rupee, the crude oil rate increases. This translates to fluctuations in the petrol price in a state like Jammu and Kashmir.
    • Profit Margin & Dealer Commission: Once crude oil is shipped to the country, it’s then refined and supplied across the country. State-run oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum operate more than 90% of petrol pumps across the state of Jammu and Kashmir. Prior to selling petrol at its Retail Selling Price (RSP), oil companies include their profit margin and other operational costs. Additionally, commission to dealers (petrol pump owners) is added to the final selling price of petrol. If these charges are revised, the petrol price differs accordingly.
    • Taxes on Supply of Petrol: Currently, the supply of petrol attracts Centre’s excise duty and the respective State’s sales tax or Value Added Tax (VAT). Taxes on petrol form the largest component while pricing the fuel. The excise duty on petrol is Rs.19.48 per litre, while the government of Jammu and Kashmir levies VAT at 27.69%. A revision in tax rates leads to changes in petrol prices.

    Why are Petrol Prices in Jammu and Kashmir Revised Daily?

    As mentioned, petrol prices in Jammu and Kashmir and across the nation are revised every day. This method of daily revision is known as the ‘Dynamic Fuel Pricing’ mechanism. Under his method, fuel companies include the previous day’s crude oil rate and the US dollar exchange value to interpret the final selling price of petrol in a city. With this method, oil companies can pass on any benefit to the customer immediately. Also, if there’s a rise in crude oil prices, it is passed on to the consumer, which avoids losses to oil companies. Fuel companies update the current petrol price daily at 6:00 a.m. IST.

    Before the ‘Dynamic Fuel Pricing’ mechanism was introduced, fuel companies used to follow the fortnightly pricing method. The average crude oil rate of the preceding fortnight and the currency exchange value is considered to fix the petrol price in a city. However, this led to losses if the crude oil rate increases as oil companies had to wait a fortnight to pass on the increase. Likewise, if the rate of crude oil decreases, customers had to wait a fortnight to take advantage of the lower price. Hence, the fortnightly mechanism was stopped and the ‘Dynamic Fuel Pricing’ method was introduced.

    How to Find the Current Petrol Price in Jammu and Kashmir?

    Now that we are aware of the factors which influence the change and the daily revision in fuel prices, let’s find out how customers can track the most recent petrol price in Jammu and Kashmir.

    • Smartphone Apps: With the advent of smartphones, information is easily accessible. Oil companies have launched their respective mobile apps to offer the latest petrol price in a city. Bharat Petroleum has launched the ‘SmartDrive’ app, Hindustan Petroleum has introduced the ‘MY HPCL’ app, while India’s largest oil company, Indian Oil offers services through its ‘Fuel@IOC’ app.
    • SMS: For those looking to take advantage of the SMS service, the process below will enable customers to track the current petrol price in a city.
      • Bharat Petroleum: SMS RSP Dealer Code to 9223112222.
      • Hindustan Petroleum: SMS HPPRICE DEALER CODE to 9222201122.
      • Indian Oil: SMS RSP DEALER CODE to 9224992249.
    • Fuel Company’s Website: The respective fuel company update their website with the most recent petrol price in Jammu and Kashmir. Also, customers can track the current petrol in other cities in the country as well.

    Calculation of the Petrol Price in Jammu and Kashmir

    To understand how the petrol price is calculated, let’s take the petrol price recorded on 3 June 2018 in Srinagar, the capital of Jammu and Kashmir.

    Sl.No. Component Price
    1 Crude Oil Price + Freight Charges $78.30 per barrel = Rs.32.98/Litre (considering $1=66.96 and 1 barrel oil = 159 litres)
    2 Oil Companies’ Profit margin, transportation, refining, and other operational costs Rs.8.10/Ltr
    3 Centre’s Excise Duty + Road Cess Rs.19.48/Ltr
    4 Commission to dealers Rs.2.53/Ltr
    5 State’s Value Added Tax (VAT) + 25p Pollution Cess with surcharge Rs.17.72/Ltr
    Total Retail selling price of petrol in Srinagar Rs.80.80/Ltr

    Why is GST Not Applicable in Petrol in Jammu and Kashmir?

    All goods and services come under the ambit of the Goods and Service Tax (GST); however, petrol and diesel have been exempted from attracting GST. Since the highest tax slab of the GST is lower than the current taxes which includes excise duty and VAT, the revenue could significantly reduce. Therefore, petrol and diesel currently do not come under the framework of the GST. If petrol comes under the GST, the final selling price of petrol will considerably decrease.

    Also Check Petrol Price in NearBy Cities of Jammu and Kashmir

    *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 Jammu And Kashmir

    • Petrol Prices Remain Constant in the Metropolitan Cities

      Oil Marketing Companies on Friday kept the rates of petrol constant across all the major cities of the country. In New Delhi, the national capital of the country every litre of petrol was retailed for Rs.69.93 while in the commercial capital consumers were required to shell out Rs.75.63. In the other two metro cities of the country i.e., Kolkata and Chennai, the rates charged for a litre were Rs.72.19 and Rs.72.64 respectively. The rates of petrol in the country have been on a downward trend since May 29 and has seen a drop of Rs.1.69 per litre so far this month.

      In the international oil market, crude price went up on Friday. The futures of Brent crude oil were up by 39 cents or 0.6% since the last close to be trading at $64.84 per barrel. It needs to be mentioned here that the rates of fuel in the country are revised daily by state-run Oil Marketing Companies (OMCs) as per the dynamic pricing scheme. The rates are fixed after taking into account global crude prices on a 15-day average and the value of rupee against the US dollar. It is noteworthy to mention here that India imports 80% of its total oil needs.

      26 June 2019

    • Brent Crude Oil May Trade in the Range of $66 - $70 per barrel

      Crude oil in the international oil market is expected to remain under pressure amid escalating US-China trade war and increasing US oil inventories. Due to the trade war between the two nations, oil markets have been under pressure, which has made investors concerned about the global economy slowdown as well as the global oil demand growth for the reminder of the year. Prices of crude oil declined significantly last week amid increasing US inventories and weak demand from refineries. Last week, international benchmark Brent crude oil futures fell by nearly 7%, declining below $70 per barrel to close the week at $67.47 per barrel on 24 May 2019. US inventories inclined by 4.7 million barrels for the week ending on 17 May, to 476.8 million barrels, the highest since July 2017. Also, geo-political tensions in the Middle East along with the ongoing supply cuts by the OPEC that began from January 2019 is expected to boost the oil market. 

      29 May 2019

    • Indian Oil Corporation Q3 Net Declines by 91% Due to Low Oil Prices

      India’s leading oil marketing company Indian Oil Corporation reported a 91% decline in net profit for the quarter ending on 31 December 2018. The company said it net profit came is at Rs.716.82 crore amid huge inventory losses due to falling oil prices in the international market. The company said it sustained losses as it sold petrol and diesel at lower price as crude oil prices declined significantly by almost a third in October 2018. IOC has bought crude oil at a higher price in the earlier months, which led to the losses incurred during the said quarter. Gain in inventory arises when a company buys crude oil at a price, but by the time it refines and transport the fuel to refinery, the rates move up.

      The company sold 67.256 million tonne of products, including exports, during the first nine months of 2018-19 fiscal year. IOC will raise $900 million via an overseas bond issue to meet its requirements towards working capital. The government, which holds 54.06% stake in IOC is expected to participate in the share buyback.

      31 January 2019

    • State-owned Oil Companies Gaining from the Drop in Fuel Prices

      The price of crude oil has finally started plummeting after being high for months. This is indeed a welcome news and in India, the biggest gainers of this price drop have been the state-owned petrol and diesel retailers. As per reports, the current margin on each litre of fuel sold, which is the difference between the retail selling price and the final refinery transfer price, is Rs.6.07 and Rs.4.75 for petrol and diesel respectively. The corresponding figures over the past year were Rs.1.80 and Rs.2.18. This high profit in the margins has also caused the stock prices of these retailers to shoot up.

      In the month of October, in order to tackle the rapidly climbing fuel prices, the Central Government of India had decided to reduce the excise duty on per litre of petrol and diesel by Re.1. It had also urged the state retailers to subsidise the fuel costs to achieve a further reduction in the fuel retail prices. In India, the three big oil marketing companies - IOCL, HPC, and BPCL have a current combined market capitalisation of Rs.2.41 lakh crore.

      7 December 2018

    • Students Affected by Fuel Price Hikes, Considering Quitting Vehicles Altogether

      Fuel rates have reached the Rs.90 per litre limit in some cities in the country with most other tier-1 cities looking like following suit. This is causing most students in the country on their toes, with some even struggling to manage their expenses as they are now required to add this into their budget.

      Our outings have stopped, says an outstation student - Abhilash Shinde - from Gujarat as he struggles to make sense of the fuel prices which have risen continuously. Divya Dalvi, a student from Nashik has said that her expenses on food, travel, and books have risen and that she has to factor in fuel expenses into her monthly budget.

      She further said that she had to drop her guitar classes as there are other travel expenses as she now requires her bike to remain busy with the placement season.

      Nameet Pansare, a biking enthusiast, is also second guessing himself after fuel prices have been rising and he is now considering chucking away his long ride plans. Not just these, there are millions more who are troubled by the rising petrol and diesel prices and the central government still hasn’t taken steps to curb the rising prices.

      4 October 2018

    • Farmers are Overburdened by Fuel Rate Rise

      The fuel rate hike has made the lives of farmers tough. The agricultural industry is heavily dependent on diesel. Agriculturists rent tractors and other agricultural equipment. The usage of diesel is extremely important from tilling, sowing and ploughing and shipment of products to markets. Farmers said the people who rent out their tractors have increased the rent owing the higher diesel price. Previously, the hourly rent of a tractor was Rs.500, which was increased to Rs.600 earlier this calendar year. On Monday, the hourly rent of a tractor increased to Rs.700.

      C Duraisamy, a farmer from Idikarai, said, “The disc has to be run for 3 hours, the rotavator for 90 minutes and the tiller for 45 minutes for an acre of land. The total usage of tractor is 5 hours and 15 minutes. As the hourly rent of tractor has increased by Rs.100, the total hike per an acre of farmland is Rs.525.” R Ganesh, another agriculturist from Chettipalayam said, “The hike in diesel prices increased the agricultural expenses. Some tractor owners have increased the hourly rent of their tractors up to Rs.900.”

      12 September 2018

    • INR Drops to Lifetime Low of 70.26 against the USD

      The INR, which is the currency of India, dropped to a lifetime drop of 70.26 versus the USD, the base currency or the greenback early trade on Thursday, 16 August 2018. The plunge of the Turkish lira disseminated a drop in the INR. The downfall in the Turkish lira spread the fear that Turkey’s economic fall may spread other countries. The influence of the INR depreciating is not restricted to purchasing capacities of the country. The slip in the value of the currency shall soon commence inflating household expenses and hollow the individual budgets.

      The depreciating INR is likely to impact the prices of iron, fertilizers, crude oil and medicines. For instance, the prices and petrol and diesel are likely to be impacted by a falling INR. One of the biggest imported commodities in India is crude palm, which influences the prices of edible oils. When the price of crude palm increases, the retail selling price of edible oils also increases. The prices of fast moving consumers goods such as detergents, shampoos, soaps, deodorants, etc.

      17 August 2018

    • People Should Act since Fuel Prices have Increased Terribly – Mamata Banerjee

      Mamata Banerjee, Chief Minister of West Bengal, said steadily increasing fuel prices are troubling people across the country. She urged the Central Government to quickly take proper actions to reduce fuel prices for the benefit of the common public and the poor. The government has to react soon without giving a room for further hikes. Last week, the ruling party’s youth wing withdrew rallies in many districts of West Bengal in order to gripe versus the sharp hike the price of fuels across the nation.

      29 May 2018

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