Petrol Price in Jamshedpur
You are on the right page if you are one of those seeking to update your knowledge on fuel prices in Jamshedpur, the largest city in Jharkhand. The population of the city was 1.33 million as per the latest reports and is growing steadily. The consumption of petrol is also growing day-by-day in response to the growing demand for fuel-efficient petrol-run automobiles.
Today Petrol Price in Jamshedpur – An exception to the law of demand
According to economics, the price of a commodity increases when it gains demand. Conversely, the price of a commodity falls when it loses demand. This law is not applicable to the petrol price in Jamshedpur since the petrol price determinants are not domestically governed. The exchange rate and crude oil prices determine how much should be the petrol rate per litre in India, which minutely varies from city to city owing to the variations in the commission charged by dealers and the Value-added Tax (VAT) levied by state governments.
The petrol price today in Jamshedpur, i.e., on 12 February 2018, is Rs.73.71 per litre at Indian Oil Company Limited after the daily revision. The price comprises of the central tax of Rs.19.48 per litre and the VAT of Rs.18.07 (approximately) per litre. The exchange rate of the INR/USD was Rs.64.27 as of 12 February 2017. The commission of Rs.3.59 per litre is also included in the retail selling price of petrol in Jamshedpur. The dealer’s commission and the central levies were recently revised on 1 February 2018.
Quarterly Petrol Price Trend in Jamshedpur Between October and December 2018
|Opening date price||Rs.82.23 a litre||Rs.76.27 a litre||Rs.70.91 a litre|
|Closing date price||Rs.76.41 a litre||Rs.71.19 a litre||Rs.67.95 a litre|
|Highest price||Rs.82.42 a litre booked on the 4 October 2018||Rs.76.27 a litre booked on the 1 November 2018||Rs.70.91 a litre booked on the 1 December 2018|
|Lowest Price||Rs.76.41 a litre booked on 30 and 31 October 2018||Rs.71.19 a litre booked on the 30 November 2018||Rs.67.95 a litre booked on the 31 December 2018|
Petrol Price Trend in Jamshedpur Between October and December 2018
- Petrol was available at Rs.82.23 per litre in Jamshedpur on 1 October based on the ‘Dynamic Fuel Pricing’ mechanism which considers the 14-day average price of crude oil and the rupee-dollar exchange rate.
- State-run Oil Marketing Companies (OMCs) revise petrol and diesel rates based on this pricing mechanism, which are the two main factors which influence the prices of petrol in the country.
- On 4 October, petrol prices were at its highest when a litre was sold at Rs.82.42 per litre, influenced by the sharp rise in crude oil rates in the international market.
- Prices declined the next day as the Centre announced a cut in the excise duty levied on the sale of fuel in the country.
- While the government cut Rs.1.50 per litre under the excise duty, it asked OMCs to cut further Rs.1 per litre as fuel subsidy.
- By the end of the month, petrol rates in Jamshedpur declined by 7.08% amid declining crude oil prices as well as due to the cut in excise duty.
- On 1 November, petrol rates in Jamshedpur stood at Rs.76.27 per litre, recording the month’s highest price owing to the high cost of crude oil.
- Crude oil prices are dynamic in nature and any geopolitical tensions often lead to a rise in crude oil prices in the market.
- While the crude oil was trading higher, it declined significantly towards the end of the month, making petrol prices in Jamshedpur to fall.
- The petrol price trend in Jamshedpur during November declined by 6.67% attributed to the sharp fall in crude oil prices in the international market.
- Petrol was priced Rs.70.91 per litre, the highest price registered during the month on the back of a high crude oil rate.
- While crude oil prices were trading around $80 per barrel early October, it declined significantly to $56 per barrel late December.
- Prices declined to touch the lowest price of the month when a litre of petrol in Jamshedpur stood at Rs.67.95 per litre on 31 December.
- Overall, petrol prices in Jamshedpur during December fell by 4.18% influenced by the steep fall in crude oil prices as well as due to the slight incline of the rupee over the US dollar.
Quarterly Petrol Price Trend in Jamshedpur between July and September 2018
|Opening date price||Rs.75.87 a litre||Rs.76.49 a litre||Rs.78.13 a litre|
|Closing date price||Rs.76.39 a litre||Rs.78.13 a litre||Rs.81.84 a litre|
|Highest price||Rs.76.39 a litre recorded on the 30th||Rs.78.13 a litre recorded on the 31st||Rs.81.84 a litre recorded on 28th, 29th and the 30th|
|Lowest Price||Rs.75.87 a litre recorded on the 1st||Rs.76.49 a litre recorded on the 1st||Rs.78.13 a litre recorded on the 1st and 2nd|
Petrol Price Trend in Jamshedpur in July 2018
- Petrol prices in Jamshedpur in July opened at Rs.75.87 per litre, also, the lowest price registered for the month.
- Fuel prices, including petrol and diesel, are revised daily under the dynamic fuel pricing method by State-run oil companies.
- Oil companies include the global crude oil rate and the exchange rate of the rupee over the U.S. dollar, crude oil is traded in U.S. dollars, to arrive at the selling price of petrol in Jamshedpur or other cities in the country.
- In accordance with the daily revision, petrol prices in Jamshedpur were hiked over the course of the first and second weeks.
- When the crude oil price is trading higher, oil companies pass on the increase to consumers and vice versa.
- By the end of the month, petrol prices in the city rose to touch Rs.76.39 per litre on the 30th recording the highest price for the month.
- Overall, petrol prices inclined by 0.68% due to the marginal increase in crude oil prices in the international market.
Petrol Price Trend in Jamshedpur in August 2018
- On the 1st of August, petrol was sold at Rs.76.49 per litre in Jamshedpur. This is also the lowest rate recorded during the course of the month.
- Prices were hiked until the 7th when a litre of petrol was sold at Rs.76.98 and kept unchanged until the 15th of the month.
- Oil companies hiked the petrol price in Jamshedpur by 10 paise on the 16th and kept increasing over the next couple of days.
- The hike in petrol prices comes amid the increase in oil prices in the overseas market marked by geopolitical tensions between the U.S. and China over possible trade war between the two nations.
- Petrol prices continued to rise by the end of the month to touch the highest price on the 31st when a litre of petrol was sold at Rs.78.13.
- The petrol price trend in August in the city grew by 2.15% primarily due to the steep incline in the crude oil prices in the international market.
Petrol Price Trend in Jamshedpur in September 2018
- Petrol prices were kept unchanged in the 1st and 2nd when a litre was available at Rs.78.13 per litre in Jamshedpur - the lowest price of the month.
- Over the course of the first and second weeks, fuel prices continued to grow upwards due to geopolitical tensions between the U.S and Iran as the U.S. administration decided to pull out of the Iran nuclear deal.
- With possible sanctions on Iran, the supply of oil lowered in the global market prompting oil prices to increase significantly.
- Also, the Indian currency witnessed a record drop in its exchange rate as the U.S. dollar was valued at Rs.72 influencing the rise in petrol and diesel priced across the country.
- While the crude oil price rose to touch a four-year high of $80 per barrel, the rupee depreciation led to record highs of both petrol and diesel priced in the country.
- By the end of the month, the petrol price in Jamshedpur rose to touch Rs.81.84 per litre, which was also the highest price recorded in the city and kept unchanged until the end of the month.
- Petrol prices in Jamshedpur grew sharply by 4.75% influenced by the steep incline in crude oil prices in the international market coupled with the record drop in the exchange rate of the Indian currency over the U.S. dollar.
The Revision of Fuel Prices in Jamshedpur
Fuel prices in Jamshedpur are currently revised on a daily basis by all oil marketing companies in India, including Hindustan Petroleum, Indian Oil, Bharat Petroleum and Shell Oil. The daily revision system has been in place since post mid-June 2017. It is technically referred to as dynamic fuel pricing. Other developed countries that follow the system of dynamic fuel pricing include the United States of America, Japan, Russia and Australia.
The system of dynamic fuel pricing requires all the oil marketing companies in India to revise the petrol price in Jamshedpur based on the exchange rate of the INR against the USD and overseas prices of crude oil. These two price determinants tend to fluctuate everyday in global markets. So, any downs and ups are quickly transferred to the buyers of petrol in Jamshedpur under dynamic fuel pricing.
Quarterly Petrol Price Trend in Jamshedpur Between April and June 2018
|Opening date price||Rs.74.37 a litre (As on 2nd)||Rs.75.14 a litre (As on 14th)||Rs.77.88 a litre|
|Closing date price||Rs.75.01 a litre (As on 24th)||Rs.77.93 a litre||Rs.75.73 a litre (As on 26th)|
|Highest price||Rs.75.01 a litre recorded on 24th||Rs.77.99 a litre recorded on 29th||Rs.77.88 a litre recorded on 1st|
|Lowest price||Rs.74.37 a litre recorded on 2nd||Rs.75.14 a litre recorded on 14th and 18th||Rs.75.73 a litre recorded on 26th|
Petrol Price Trend in Jamshedpur in April 2018
- On 2 April 2018, petrol was available at Rs.74.37 per litre in Jamshedpur, this was also the lowest price for the month.
- Fuel prices are revised daily by State-run oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum.
- Oil companies fix the petrol price under the ‘Dynamic Fuel Pricing’ mechanism by including the international crude oil price and the currency exchange rate of the US dollar over rupee.
- During the course of the first and second week, petrol price in the city remained steady with a slight incline in tandem with the increase in crude oil prices.
- By mid-April, fuel companies had hiked the petrol price in Jamshedpur by 16 paise per litre on sync with the rise in crude oil rates.
- Crude oil rates continued to move upwards which led petrol to post the highest price on the 24th of the month when petrol was sold at Rs.75.01 a litre.
- During the course of the month, the petrol price trend in Jamshedpur in April grew by 0.86% influenced by the incline in oil prices in the global market.
Petrol Price Trend in Jamshedpur in May 2018
- Fuel companies kept petrol prices in Jamshedpur unchanged until the 11th of the month as the crude oil rate remained stable.
- On 14 May 2018, petrol was sold at Rs.75.14 a litre in the city as fuel companies began the revision of petrol prices as oil prices started to incline.
- Petrol prices until the mid of the month remained largely steady before it began to increase sharply due to geopolitical fears of a possible shortage in supply of crude oil.
- As the US administration pulled out of the nuclear deal with Iran, there were fears that supply from Iran could reduce and affect the global supply.
- Iran supplies nearly 4% of crude oil in the international market which led to the apprehension of a potential fall in supplies.
- By the end of the third week, petrol prices increased significantly by Rs.1.86 per litre as the global crude oil rose to $80 per barrel.
- Petrol prices in Jamshedpur and across other cities in the country rose to touch an all-time high on the 29th with the fuel being sold at Rs.77.99 per litre in the city.
- The petrol price trend in the month reflected an upward trend of 3.72% largely due to the considerable rise in oil prices in the global market.
Petrol Price Trend in Jamshedpur in June 2018
- Oil prices in the international market continued to be on the rise as geopolitical fears continued to impact the oil rate.
- On 1 June 2018, petrol was sold at Rs.77.88 per litre in the city, a slight reduction in prices although it wasn’t significant. This was also the lowest price of the month in Jamshedpur.
- Petrol prices remained stable during the first week with slight variations which was in tandem with the fluctuations in crude oil rates.
- With the significant rise in oil prices, the members of the Organisation of Petroleum Exporting Countries and its key ally Russia met on the 22nd and agreed to increase the production of oil to offset the possibility of a shortage in supply.
- By the 22nd of the month, petrol prices fell by Rs.1.78 per litre on the possibility of an increase in supply by the OPEC and Russia.
- Petrol prices fell to post the lowest rate for the month on the 26th of the month when the fuel was retailed at Rs.75.73 a litre in the city.
- Overall, petrol prices during the month in the city declined significantly by 2.86% impacted by the fall in crude oil rates in the global market.
Is Dynamic Fuel Pricing advantageous? How is the Petrol Price in Jamshedpur affected by Dynamic Fuel Pricing?
Yes, dynamic fuel pricing is beneficial for both fuel consumers and oil marketing companies. Petrol is priced transparently. This is a key benefit for fuel buyers. The daily price revision system enables oil marketing companies (OMCs) to mechanically fix and revise fuel prices, thereby helping them save money and time. Besides, OMCs ensures operational efficiency through properly managing cash outflows and cash inflows and working capital.
Methods to obtain the Latest Petrol Price in Jamshedpur
Today’s Petrol Rate in Jamshedpur can be derived using any one of the following methods:
- Fuel consumers may send an SMS request to get fuel prices. The SMS service is offered by all the three OMCs. An SMS request can be sent to 9224992249 for obtaining the petrol price offered by Indian Oil, 9223112222 for obtaining the petrol price offered by Bharat Petroleum, and 9222201122 for obtaining the petrol price offered by Hindustan Petroleum.
- Fuel consumers can visit the website of Indian Oil, which is www.iocl.com, or the website of Bharat Petroleum, which is www.bharatpetroleum.in, or the website of Hindustan Petroleum, which is www.hindustanpetroleum.com to get daily updates on fuel prices in Jamshedpur.
- Fuel consumers can download the mobile application offered by Indian Oil, which is ‘Fuel@IOC’, the mobile application offered by Bharat Petroleum, which is ‘SmartDrive’, and the mobile application offered by Hindustan Petroleum, which is ‘My HPCL’.
Petrol Price computation
We arrive at the retail selling price of petrol by adding the following cost factors:
- Cost of crude oil: Crude oil is a global commodity. The price of crude oil is quoted in the global commodity market. As of 12 February 2018, a barrel of crude oil (159 litres) was retailing at $66-$67. This price is divided by 159 to arrive at the cost price of a litre of unrefined oil in India, which is approximately Rs.26.40.
- Central and state levies: The retail selling price of petrol includes the excise duty of Rs.19.48 per litre and the VAT of Rs.17.94 per litre as of 12 February 2018.
- OMC expenses: The retail selling price of petrol consists of the expenses incurred by OMCs. As of 12 February 2018, the expenses incurred by OMCs are envisioned to be Rs.7.98 per litre approximately. The price also includes a dealer’s commission of Rs.3.59 litre per.
Factors affecting Petrol Prices in Jamshedpur
Petrol prices in Jamshedpur are affected by the currency conversion rate (INR/USD exchange rate), central and state taxes, and crude oil rates. For instance, when the base currency, the USD, appreciates against the domestic currency, INR, crude oil prices climb. On the other hand, when the base currency depreciates against the INR, then crude oil prices fall. Eventually, fuel rates are affected.
Current Petrol Price in Jamshedpur vs GST
Petrol and its byproducts are currently not taxed under the Goods and Services Tax regime. They have been kept outside the purview of the GST regime to ensure the revenue source for the central and state governments remains unaffected. The GST Council has to rework on the prevailing tax rates to bring petrol and its derivatives under the GST mechanism. But, the GST Council has to take the final decision in consultation with the Central Government and the Finance Ministry.
*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.