Petrol Price In Jammu Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 74.85
    Current Petrol Price Per Litre
    Compare Petrol Price in Jammu (Today & Yesterday)
    Today
    (21 Oct 2019)
    Yesterday
    (20 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 74.85 ₹ 74.85 ₹ 0 ↑
    Petrol Price in Jammu - Last 10 Days Data
    Date Petrol ( / litre)
    21 Oct 2019 ₹ 74.85
    20 Oct 2019 ₹ 74.85
    19 Oct 2019 ₹ 74.85
    18 Oct 2019 ₹ 74.84
    17 Oct 2019 ₹ 74.84
    16 Oct 2019 ₹ 74.84
    15 Oct 2019 ₹ 74.84
    14 Oct 2019 ₹ 74.89
    13 Oct 2019 ₹ 74.89
    12 Oct 2019 ₹ 74.89

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    Petrol Price In Jammu

    Since 75% of the crude oil consumption in India is dependent on import, it is very normal for the fuel rates to see some fluctuations. No wonder, the petrol price in Jammu has experienced highs and lows over the last few years. However, crude oil isn’t the only factor involved in the pricing. Even though it is one of the key components, there are a few other aspects taken into account before determining the petrol rate in any region in India.

    This article focuses mainly on the various factors that affect the petrol rates in Jammu and the various ways through which the prices are decided in India. But before that here is a quick introduction about Jammu and its economy.

    Jammu is the biggest city in the division of Jammu and of course, the winter capital of J&K (Jammu & Kashmir). This city features various small industries and manufactures as well as exports electronic goods, carpets, Kashmiri shawls, electrical, etc.

    Jammu contributes about 0.76% to India’s overall GDP and ranks as the twentieth state in terms of contribution. The three primary components of Jammu’s GSDP (Gross State Domestic Product) are:

    • Manufacturing and Industry
    • Services
    • Agriculture and allied sector

    Factors That Affect The Petrol Price In Jammu

    Though there are multiple factors that affect the fuel rates in India, the important ones are mentioned below:

    1. Cost Of The Crude Oil

    Whenever there is an incline in the petrol prices, an important factor that is involved here is “crude oil.“ The cost of the crude oil in the current international market plays a key role in the domestic market as well.

    Increased demand for crude oil, political interventions, and low production levels in any of the oil-producing countries have a major impact on the nations they supply to.

    2. Increase In Demand

    When there is an increase in demand for a commodity, its price is certain to increase too. This is a general rule and therefore, fuel is no exception. As far as some developing nations like China and India are considered, the demand is turning higher and higher, which becomes another important factor for the petrol prices to go up.

    3. Tax

    The rates of not only petrol but also other petroleum products vary based on the tax norms set by the local governments. Whenever the Indian Government increases the taxes on fuels, the OMCs (Oil Marketing Companies) have no choice than to increase their rates. They do this to recover from their losses while keeping their profit margins.

    4. Imbalance In the Demand-Supply Cycle

    This is another factor that affects the overall fuel prices in any region in India. Whenever the Oil Companies have the problem of meeting the needs of petrol, there will certainly be a shortage in the overall production and supply from the refineries too. This, in turn, raises the crude oil’s cost, which again, backfires on the fuel rates.

    5. Increasing Population

    It is well known that countries like India and China top in the list of over-population. A major issue with this also falls on the supply-demand chain of a gasoline product.

    With an increased population, the demand for any commodity will be higher, and so are its prices.

    What Pricing System Does Jammu Follow?

    As of now, every region in India, even including Jammu, follows the mechanism of “dynamic fuel pricing.“ This was implemented on June 16, 2017 considering the drawbacks of the existing pricing system.

    Before this methodology came into effect, India followed the “fortnight pricing mechanism.“ According to this system, the prices were updated on the first and sixteenth day of every month at 8:00 a.m. IST (Indian Standard Time) based on the previous days’ market performances, international crude oil rates, and CER (Currency Exchange Rates).

    However, this had a lot of issues. There was no transparency in the system, the governments could easily affect or influence the Oil Marketing Companies, and sometimes, they incurred heavy losses.

    Therefore, to overcome all of these, the concept that most developed countries followed, was implemented, which was none other than the – dynamic pricing. According to this system, the prices are updated every morning at 6:00 a.m. based on the latest market trends.

    Does GST Have An Influence On The Petrol Rates In Jammu?

    Since GST has not yet been brought for a commodity like fuel, petrol rates have no influence under it. Even if the Government of India decided to bring GST for petrol and diesel, they have to think over various things and moreover, this is a huge step, which will require a good amount of time.

    Also Check Petrol Price in NearBy Cities of Jammu

    *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

    • Increase in Fuel Prices Prompts WPI Inflation to Incline

      As per the latest data released by the Centre today showed an incline in the wholesale inflation rate from 2.93% prompted by fuel, electricity as well as household items like vegetables and dairy products’ prices rose. In January, WPI inflation declined to a 10-month low of 2.76% due to subdued fuel prices. Also, retail inflation increased to 2.57% this month after declining to a 19-month low of 1.97% recorded in January. The data revealed that the persistent drop in price growth has bottomed out amid rebound in petrol and food rates. The Reserve Bank of India (RBI), which determines rates based on factors in core inflation, had reduced the repo rate by 24 basis points to 6.25% last month. It’s to be seen if the RBI, in its next monetary policy meeting, could consider lowering the repo rate but the possibility seems low.

      14 March 2019

    • Government Won’t Fall into Giving Subsidies, a Top Government Official Says

      In the wake of crude oil prices rising in the global market, fuel prices in India have skyrocketed as well, with both petrol and diesel trading at their highest ever rates with no end to be seen in sight. Sensing the outrage against the government, the petroleum ministry led by Dharmendra Pradhan cut petrol and diesel prices by Rs.1.50 per litre while also asking state-run Oil Marketing Companies (OMCs) such as Indian OIl Corporation, Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL) to reduces fuel prices by Rs.1 per litre as well.

      With fuel prices still continuing to rise, the government is being expected to bring in more subsidy to offset the rising prices. However, an official from the petroleum ministry has said that the subsidy introduced last week was just an isolated, one-time incident and that it won’t entertain any more requests for price cuts.

      The ministry is of the impression that cutting fuel prices by a few rupees will bring down the revenue the government generates by up to Rs.25,000 to Rs.30,000 crore - which is in the $4 - $5 billion range. Following this statement share prices of various OMCs rose by 19%, with HPCL recording this number, while that of BPCL went up by 7%.

      15 October 2018

    • Petrol Prices Hikes, Diesel Kept Unchanged

      State-run oil marketing companies (OMCs) hiked petrol prices across four major metro cities in the country, while diesel prices were kept unchanged today. Oil companies increased petrol prices by 6 paise per litre in Delhi, Mumbai and Kolkata, while it was hiked by 7 paise in Chennai. Petrol is being sold at Rs.82.22 per litre in Delhi, Rs.89.60 in Mumbai, Rs.84.07 in Kolkata and Rs.85.48 in Chennai. The new rates are applicable from 6:00 am. As mentioned diesel prices have been kept unchanged today. Diesel costs Rs.73.87 per litre in Delhi, while in Mumbai, Kolkata and in Chennai, the fuel is being sold at Rs.78.42, Rs.75.72 and Rs.78.10, respectively. Fuel prices may vary from state to state because of a difference in local tax or VAT. The hike in fuel prices is mainly attributed to the rise in crude oil rates and the drop in the exchange rate of the rupee over the US dollar. Oil companies have increased fuel prices almost daily for the last few weeks except on 5th and 12th September. The international crude oil price inclined of the third time in a row amid speculations of low US inventories and strong demand in the US for petrol.

      21 September 2018

    • Karnataka Transport Corporation proposes to increase the bus fare

      Chief Minister, H D Kumaraswamy, proposed to increase fuel rates fifteen days ago. Now, Bangalore Metropolitan Transport Corporation (BMTC) has decided to increase the bus fare. Addressing the reporters on Wednesday, D C Thammanna, the Transport Minister, revealed that the proposal of reducing bus fare has been submitted to the government. He further said that the decision whether to increase or decrease the bus fare will finally be taken by the government. It was decided to increase the bus fare since the three wings – North Western Karnataka Board, North Eastern Karnataka Road and Bangalore Metropolitan Transport Corporation (KSRTC) – are not making profits.

      As on the 5th July 2018, petrol price per litre increased by Rs.1.14 per litre whereas diesel price per litre increased by Rs.1.12. Siddaramaiah, the former Chief Minister of Karnataka, advised the present Chief Minister, H D Kumaraswamy, to withdraw the decision of increasing fuel rates. It was finally decided by H D Kumarswamy to hike the prices of diesel and petrol by 2%.

      25 July 2018

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