Petrol Price In Jharkhand Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 71.67
    Current Petrol Price Per Litre
    Compare Petrol Price in Jharkhand (Today & Yesterday)
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    (21 Oct 2019)
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    Petrol ( / litre) ₹ 71.67 ₹ 71.67 ₹ 0 ↑
    Petrol Price in Jharkhand - Last 10 Days Data
    Date Petrol ( / litre)
    21 Oct 2019 ₹ 71.67
    20 Oct 2019 ₹ 71.67
    19 Oct 2019 ₹ 71.67
    18 Oct 2019 ₹ 71.66
    17 Oct 2019 ₹ 71.66
    16 Oct 2019 ₹ 71.66
    15 Oct 2019 ₹ 71.66
    14 Oct 2019 ₹ 71.71
    13 Oct 2019 ₹ 71.71
    12 Oct 2019 ₹ 71.71

    Petrol Rate Trend

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    Petrol Prices in Jharkhand

    After the daily revision, the petrol price in Ranchi, the capital city of Jharkhand, was Rs.70.84 per litre on 03 November 2017. The components of the price are crude oil prices, the state and central levies and the exchange rate. The fuel price in Jamshedpur, the second largest city in Jharkhand, was Rs.70.65 per litre after the daily revision on 3 November 2017. Let’s make a comparative analysis of petrol prices in three major cities in Jharkhand.

    Petrol Price in Ranchi (per litre)

    On the first day of October 2017, the fuel price in Ranchi was Rs.71.95. On the closing day of the month, the fuel price diminished to Rs.70.67. The highest fuel price was Rs.70.05 and the lowest fuel price was Rs.69.99 in the month. The price has fallen by 1.81% in October 2017. In September 2017, the highest petrol price was Rs.71.87 and the lowest price was Rs.70.77. The petrol price was up by 1.53% in the month. In August 2017, the highest rate was Rs.70.69 and the lowest price was Rs.69.99. The price was down by 1.81%.

    Petrol Prices in Jamshedpur and Dhanbad (per litre)

    Between 4 September 2017 and 11 September 2017, the fuel rate in Jamshedpur increased to Rs.71.62 from Rs.71.08. The fuel price reduced to Rs.71.71 from Rs.71.79 between 19 September 2017 and 25 September 2017. In Dhanbad, between 04 September 2017 and 11 September 2017, the petrol rate increased to Rs.71.56 from Rs.71.01. The fuel price then decreased to Rs.71.64 from Rs.71.73 in the city between 19 September 2017 and 25 September 2017. The fuel rate in all the cities in Jharkhand was more or less the same.

    How are Petrol Prices in Jharkhand Revised?

    Dynamic fuel pricing has been adopted in India after running a 40-day pilot in five Indian cities. Since 16 June 2017, all petrol stations across the state have been revising fuel prices (petrol and diesel rates) on a daily basis. Dynamic fuel pricing is alternatively referred to as the daily revision. The United States of America, Japan, Australia and Germany also follow the daily revision system. India joins these countries with the introduction of dynamic fuel pricing.

    The fuel pricing is done in sync with global crude oil prices and the INR/USD conversion rate on a daily basis. Therefore, daily variations in the INR/USD exchange rate and crude oil prices can be instantly shifted to end consumers. In the earlier fortnightly revision, the fuel pricing was based on the average price of crude oil rates and the exchange rate. This is how dynamic fuel pricing differs from the fortnightly revision.

    Since the daily revision encourages the automation drive of petrol bunks, all automated petrol stations in Jharkhand can automatically revise fuel prices. On the other hand, non-automated petrol stations will revise petrol prices manually. After the daily revision at 06:00 a.m., revised petrol prices will be displayed by each petrol bunk for the benefit of customers.

    Quarterly Petrol Price Trend in Jharkhand Between January and March 2019

    January February March
    Opening date price Rs.68.02/litre Rs.69.69/litre Rs.70.39/litre
    Closing date price Rs.69.86/litre Rs.70.31/litre Rs.71.18/litre
    Highest price Rs.70/litre recorded between 22nd and 28th Rs.70.31/litre recorded on 28th Rs.71.22/litre recorded on 24th, 25th, 26th and 27th
    Lowest Price Rs.67.78/litre recorded on 4th, 5th and 6th Rs.69.21/litre recorded on 11th, 12th and 13th Rs.70.39/litre recorded on 1st, 2nd and 3rd
    Trend Upward Upward Upward
    % Change 2.70% 0.88% 1.12%

    Quarterly Petrol Price Trend in Jharkhand Between October and December 2018

    October November December
    Opening date price Rs.82.29 a litre Rs.76.33 a litre Rs.70.98 a litre
    Closing date price Rs.76.47 a litre Rs.71.26 a litre Rs.68.02 a litre
    Highest price Rs.82.49 a litre booked on the 4 October 2018 Rs.76.33 a litre booked on the 1 November 2018 Rs.70.98 a litre booked on the 1 December 2018
    Lowest Price Rs.76.47 a litre booked on 30 and 31 October 2018 Rs.71.26 a litre booked on the 30 November 2018 Rs.68.02 a litre booked on the 31 December 2018
    Trend Downward Downward Downward
    % Change -7.07% -6.65% -4.17%

    Petrol Price Trend in Jharkhand Between October and December 2018

    • Across all states in the country, petrol prices are revised daily under the ‘Dynamic Fuel Pricing’ mechanism which considers the 14-day average price of the global crude oil along with the exchange rate of the rupee over the US dollar.
    • State-run Oil Marketing Companies (OMCs) fix the petrol price for each city in the country and on 1 October, the petrol price in Jharkhand stood at Rs.82.29 per litre.
    • On the back of a high crude oil price, petrol rates in Jharkhand rose to touch the highest price for the month when a litre of the fuel was sold at Rs.82.49 per litre.
    • The Central government stepped in to announce a reduction in the excise duty levied on petrol and diesel in which it cut Rs.1.50 per litre and asked oil firms to further subsidise Rs.1 per litre.
    • With the cut in excise duty, prices of petrol declined during the next couple of weeks even as it touched the lowest price of Rs.76.47 per litre on 30 and remained constant on 31 October.
    • By the end of the month, petrol prices in Jharkhand declined by 7.07% mainly influenced by the cut in the excise duty levied in fuel.
    • On 1 November, the petrol price in Jharkhand stood at Rs.76.33 per litre – the highest price registered during the month.
    • Since the global crude oil prices started to decline, the petrol price in Jharkhand, as well as other states, dropped accordingly.
    • The previous rise in crude oil prices was attributed to the geopolitical tensions between the US and China over trade between the two countries.
    • With crude oil prices on the decline, petrol prices in Jharkhand fell to its lowest on 30 November, when it was sold at Rs.71.26 per litre.
    • Overall, the petrol price trend in Jharkhand during November declined by 6.65% prompted by the fall in crude oil prices in the international market.
    • In December, petrol opened the month at Rs.70.98 per litre, which was also the highest price recorded during the month.
    • While the crude oil was trading around $80 per barrel early October, it declined to trade around $55 per barrel late December which led to the decrease in fuel prices in the country.
    • By the end of the month, petrol fell by 4.17% as the crude oil price declined due to the decrease in tensions between the US and China.

    Quarterly Petrol Price Trend in Jharkhand between July 2018 and September 2018

    July August September
    Opening date price Rs.75.91 a litre Rs.76.50 a litre Rs.78.22 a litre
    Closing date price Rs.76.45 a litre Rs.78.19 a litre Rs.81.99 a litre
    Highest price Rs.77.01 a litre recorded on the 15th Rs.78.19 a litre recorded on the 31st Rs.82.10 a litre recorded on the 29th
    Lowest Price Rs.75.72 a litre recorded on the 2nd Rs.76.50 a litre recorded on the 1st Rs.78.22 a litre recorded on the 1st
    Trend Upward Upward Upward
    % Change +0.72% +2.21% +4.82%

    Petrol Price Trend in Jharkhand in July 2018

    • The petrol price in Ranchi, the capital city of Jharkhand, on the 1st of July stood at Rs.75.91 per litre.
    • Fuel prices, that’s including petrol and diesel, are revised every day by State-owned Oil Marketing Companies (OMCs) based on the dynamic fuel pricing mechanism.
    • Under the dynamic fuel pricing mechanism, OMCs include the global crude oil price and the exchange rate of rupee over the U.S. dollar to arrive at the selling price of petrol in a city.
    • Prices during the first and second weeks rose to touch the highest for the month when a litre of petrol was sold at Rs.77.01 on the 15th of the month.
    • Petrol prices declined in the third and fourth week but not lower than the opening price of the month.
    • Prices declined to touch Rs.76.25 per litre on the 29th only to increase when a litre was retailed at Rs.76.67 on the 31st of the month.
    • Overall, petrol prices during the course of the month grew by 0.72% influenced by the rise in the global crude oil price.

    Petrol Price Trend in Jharkhand in August 2018

    • Prices were hiked by 5 paise on the 1st of August over the previous day with a litre of petrol sold at Rs.76.50 in Jharkhand - the lowest price recorded for the month.
    • Due to geopolitical tensions, oil prices increased in the global market prompting oil companies to hike petrol and diesel prices across the country.
    • Despite the rise in petrol prices, taxes levied by the Union government and the State government on the supply of fuel were kept unchanged offering no relief to the common man.
    • During the first and second weeks, petrol prices in Jharkhand and other states continued to be hiked by oil companies.
    • By the end of the month, the petrol price rose to touch the highest at Rs.78.19 per litre on the 31st of the month, an increase of Rs.1.69 per litre.
    • The petrol price trend in Jharkhand during the month of August grew by 2.21% mainly influenced by the rise in oil prices in the global market.

    Petrol Price Trend in Jharkhand in September 2018

    • On the 1st of September, the petrol price in Jharkhand stood at Rs.78.22 per litre, an increase of 3 paise per litre and the lowest recorded for the month.
    • With the U.S. administration pulling out of the nuclear deal with Iran, there were apprehensions of a possible shortage in supply of oil in the global market.
    • With the possibility of a shortage in oil supply, oil prices increased to touch a four-year high of $80 per barrel prompting fuel prices to increase significantly across the globe.
    • Additionally, the rupee depreciated to its lowest of Rs.72 over the U.S. dollar prompting petrol prices to touch record levels in the country.
    • Except for State governments such as Rajasthan, Karnataka, West Bengal and Andhra Pradesh, who announced a cut in the local sales tax, other states kept tax rates unchanged.
    • Petrol prices across the country touched record levels in the last week of the month with a litre of the fuel sold at Rs.81.99 per litre on the 30th of the month - the highest petrol price in Jharkhand during the month.
    • Petrol prices in Jharkhand in September inclined by 4.82% on account of the significant rise in oil prices and the sharp fall in rupee’s exchange rate over the dollar.

    Quarterly Petrol Price Trend in Jharkhand Between April to June 2018.

    April May June
    Opening date price Rs.74.29 per litre Rs.74.99 per litre Rs.77.95 per litre
    Closing date price Rs.74.99 per litre Rs.78.00 per litre Rs.75.72 per litre
    Highest price Rs.75.07 per litre recorded on 24th Rs.78.06 per litre recorded on 29th Rs.77.95 per litre recorded on 1st
    Lowest price Rs.74.29 per litre recorded on 1st Rs.74.99 per litre recorded from 1st to 11th Rs.75.72 per litre recorded from 27th to 30th
    Trend Upward Upward Downward
    %Change +0.95% +4.02% -2.87%

    Petrol Price Trend in Jharkhand in April 2018

    • On 1 April 2018, the petrol price in Ranchi, the capital of Jharkhand, was sold at Rs.74.29 per litre - the lowest petrol price recorded for the month in the State.
    • State-run Oil Marketing Companies (OMCs) revise petrol prices on a daily basis under the mechanism of ‘Dynamic Fuel Pricing’.
    • Under this method, fuel companies include the previous day’s crude oil and the currency exchange rate to the final selling price of petrol.
    • This method let’s fuel companies to pass on an increase or decrease in crude oil rate to consumers the next day itself benefiting both the oil company and the consumer.
    • Over the course of the first and second week, petrol prices in Jharkhand remained steady with an average price of Rs.74.50 per litre.
    • Despite being steady, petrol prices were on the incline to record the highest price on the 24th with the fuel being sold at Rs.75.07 per litre.
    • Post 24th, fuel companies decreased the petrol price in Jharkhand by 8 paise per litre to be priced at Rs.74.99 per litre and this petrol rate was kept unchanged till the end of the month.
    • During April 2018, petrol prices in Jharkhand grew by 0.95% which is attributed to the slight increase in the global crude oil rate.

    Petrol Price Trend in Jharkhand in May 2018

    • Fuel companies retained petrol prices in Jharkhand at Rs.74.99 per litre till 11 May 2018 in sync with the steady rate of crude oil prices. This was also the lowest cost of petrol during the month.
    • Post the 11th, fuel companies increased petrol prices in tandem with the rise in crude oil rates.
    • The incline in crude oil rates is attributed to the geopolitical tensions on possible trade war between the US and China.
    • Crude oil rates rose sharply to stand at $80 per barrel, registered during the third week of the month in the backdrop of the possible trade war.
    • While external factors such as the crude oil rate and the currency exchange value impacted the significant rise in fuel prices, domestic factors including taxes, operational costs and commission to dealers remained unchanged.
    • With the rise in crude oil rate, petrol prices in Jharkhand in May 2018 rose to post its all-time high of Rs.78.06 per litre on the 29th of the month.
    • The petrol price trend in Jharkhand in May 2018 grew sharply by 4.02% largely due to the considerable incline in crude oil prices.

    Petrol Price Trend in Jharkhand in June 2018

    • With petrol prices touching a new high in May 2018, it slightly fell on 1 June 2018 with petrol being supplied at Rs.77.95 per litre in Jharkhand, down by 5 paise per litre. This is the lowest petrol price for the month.
    • The Organisation of Petroleum Exporting Countries (OPEC) and its key ally Russia decided to meet on 22 June 2018 to chalk out plans to arrest the rising fuel prices across the globe.
    • Meanwhile, petrol prices in Jharkhand remained steady during the first and second week of the month with an average price of Rs.77.16 per litre with prices on the decline.
    • By mid-June 2018, petrol prices in Jharkhand fell by Rs.1.53 per litre impacted by the fall in crude oil rates.
    • The OPEC and Russia agreed to increase the output of crude oil to address the rising concerns about high fuel prices.
    • By the end of June 2018, petrol prices in Jharkhand declined to post its lowest cost of the month at Rs.75.72 per litre on the 27th which was kept unchanged till the last day of the month.
    • Overall, petrol prices in Jharkhand during the month reflected a downward trend of 2.87% largely due to the increase in production which led to the decline in crude oil rates.

    Quarterly Petrol Price Trend In Jharkhand between January and March 2018

    January February March
    Opening date price Rs.71.33 per litre Rs.73.75 per litre Rs.72.59 per litre
    Closing date price Rs.73.65 per litre Rs.72.54 per litre Rs.74.14 per litre
    Highest price Rs.73.65 per litre on 31 Rs.74.01 per litre on 6 and 7 Rs.74.14 per litre on 31
    Lowest price Rs.71.33 per litre on 1 Rs.72.53 per litre on 25 Rs.72.59 per litre on 1
    Trend Increasing Falling Increasing
    % Deviation 3.15% (Up) 1.67% (Down) 2.09% (Up)

    Trend in Petrol Price in Jharkhand in January 2018

    • On 01 January 2018, the US Dollar rate fell by 0.254% and petrol was priced at Rs.Rs.71.33 per litre. It is noteworthy to mention that thi8s was also the lowest petrol rate tracked in the first month of 2018.
    • Petrol prices remained unchanged for the first four days of the month before slightly increasing to Rs.71.35 on 5 January.
    • From 5 January there was a steady growth in petrol rates throughout the month as crude oil which was priced at $66.13 per barrel was raised to $67.23 per barrel on 17 January and further increased to $68.11 per barrel on 26 January. The constant raise in crude oil prices did not allow petrol prices in Ranchi, the capital city of Jharkhand decline due to which fuel rates inclined by 3.15% for the month of January.
    • Petrol prices further surged and was valued at Rs.73.26, Rs.73.42, Rs.73.53 on 24, 26, and 28 of the month.
    • As petrol prices was reactive to the increase in crude oil prices, the highest petrol rate for the month of January was Rs.73.65 per litre recorded on 31st of the month.

    Trend in Petrol Price in Jharkhand in February 2018

    • On 01 February 2018, petrol was valued at Rs.73.75 per litre which is a 10 paise increase from the previous day.
    • There was a constant increase in petrol prices during the first few days of the month when the fuel was sold at Rs.73.84, Rs.73.96, and Rs.74.01 on 4, 5, and 6 respectively. The fall in prices can be directly related to the fall in the value of the US Dollar rate by 0.02% and 0.11% on 5 and 6 of the month.
    • The highest petrol price of Rs.74.01 per litre was recorded on 6 and 7 of the month.
    • However, the following days petrol prices fell and traded at Rs.73.72, Rs.73.11, Rs.72.69 on 12, 17, and 22 respectively.
    • Petrol prices continued to fall and hit the lowest rate of Rs.72.53 per litre on 25 February.
    • Overall, the trend of petrol prices fell by 1.67% and marked a downward curve for the month.

    Trend in Petrol Rates in Jharkhand in March 2018

    • The opening price of petrol in Ranchi, Jharkhand was Rs.72.59 per litre. This was also the lowest petrol rate recorded for the month.
    • Soon, petrol prices slightly increased and was sold at Rs.72.93 and Rs.73.23 on 3 and 6.
    • However, petrol prices started to fall to Rs.73.14 on 17 March as the dollar rate fell by 0.13%. Since then the fuel price continued to decline.
    • During the last few days, petrol prices picked up again and was valued at Rs.74.14 per litre as the price of crude oil per barrel increased in the Indian basket. This was also the highest petrol price recorded for the month.

    Additional Features of Dynamic Fuel Pricing

    • The best stock management principles can be adopted.
    • Consumers can be aligned to market dynamics.
    • The Indian fuel retailing segment can be aligned to global markets.
    • Oil marketing companies and dealers can better manage working capital.

    How are Petrol Costs in Jharkhand Computed?

    The final price paid by consumers is called the retail selling price of petrol. There are many cost elements to be taken into account in order to compute the retail selling price of petrol. The cost of crude oil is the fundamental cost element. It is paid in the USD since crude oil is a global commodity. As on 3 November 2017, the cost of WTI Crude Oil was around $54 per barrel. The cost of crude oil also includes freight charges.

    Tax is the biggest cost element in the price structure of petrol. As we all know, a petrol consumer is taxed by the state and central governments. The state VAT imposed on petrol by the government of Jharkhand was 27% as on 04 August 2017. The central excise duty was 19.48 per litre on the same date. The petrol price charged to end consumers includes these two types of taxes.

    Other cost elements of the retail selling price of petrol include the expenses incurred by oil marketing companies such as entry costs, refinery transfer price, marketing costs and operational costs. The commission charged by dealers is also added. As on 4 October 2017, dealer commission per litre was Rs.2.30. Finally, pollution cess is added.

    Factors Affecting Petrol Prices in Jharkhand

    Petrol prices in Jharkhand are affected by the INR/USD exchange rate, crude oil prices and taxes. The INR/USD is the most preferred and traded currency pair. The exchange rate is fixed by the Reserve Bank of India, which is also called the Central Bank of India. It fluctuates regularly. The exchange rate is influenced by interest rates, the balance of payment, export and import ratio and the overall performance of the country.

    If the cost of crude oil increases in global markets, the cost price of petrol goes up; if the cost of crude oil comes down, the cost price of petrol decreases. Crude oil is a global derivative. It is impacted by so many factors. The most common influencers include seasonal variations, weather conditions, the demand for oil from emerging countries and global surpluses.

    Does GST Affect Petrol Rates in Jharkhand?

    Petrol prices in Jharkhand are not affected by GST, which is unified tax reform in India. Petrol has not been covered under the GST regime. Therefore, GST rates have no impact on petrol prices. GST is applicable to all kinds of goods and services, which are sold in India. GST may be imposed on petrol in the future. At present, GST is imposed at 5%, 12%, 18% and 28%.

    Also Check Petrol Price in NearBy Cities of Jharkhand

    *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 Jharkhand

    • All India Kisan Federation opposes the move to increase fuel prices

      In a meeting held in Doraha, the members of the All India Kisan Federation have opposed government’s move to increase fuel prices in the country. The members in the meeting termed the Union budget as being pro-corporate and against the people, workers, and farmers. The Federation also opposed the proposal of the government to privatize the Indian Railways and slammed it for the minimal increase in the MSP of paddy.

      18 July 2019

    • Petrol Prices Hiked by 5-6 paise per litre

      State-run Oil Marketing Companies (OMCs) on Sunday hiked the rates of petrol for the first time in seven days. Following Sunday’s revision in the prices, the rates of petrol were hiked by 5-6 paise per litre across the major cities of the country. In the national capital, a litre of petrol was retailed for Rs.69.98 after the prices were hiked by 6 paise. In Mumbai, the financial capital the rates were hiked by 5 paise to be sold for Rs.75.68 per litre. In the other two metropolitan cities i.e., Kolkata and Chennai consumers were required to shell out Rs.72.24 and Rs.72.69 for a litre after the prices were hiked by 5 paise per litre. In non-metro cities like Noida and Gurugram, every litre of petrol was retailed for Rs.69.98 and Rs.70.50 respectively.

      It needs to be mentioned here that the rates of petrol in the country are revised daily after state-run Oil Marketing Companies (OMCs) adopted the dynamic pricing scheme in June 2017. As per the regime, the rates charged for fuel in the country are dependent on global crude oil prices and the value of rupee against the US dollar.

      26 June 2019

    • Government Report Project Modest 3.5% Growth in Oil Imports This year

      In what could be an indication of the slowdown of the Indian economy, a government report has projected a modest 3.5% incline in crude oil imports this year. Considering the country imports more than 80% of its oil requirements, the decline in growth indicates a sluggish demand and consumption. According to the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC), India’s import of crude oil is expected to incline to 233 million tonnes (mt) in FY20 compared to 227 mt in FY19, up by a modest 6 mt. The good news is that the slower growth in oil imports for the country’s exchequer as it can keep import bills under check, it also indicates that less crude oil will be refined by the country’ refineries due to lower consumption of products such as petrol, diesel and aviation turbine fuel (ATF), signaling pressure points in the Indian economy. After recording an improvement in the early part of 2018, the Indian economy has showed signs of a slowdown in the third quarter of FY19 recording a GDP growth of 6.6%. This has led to the overall growth projection for FY19 being declined to 7% from the earlier projection of 7.2%.

      21 May 2019

    • Petrol and Diesel Prices Remain Unchanged for Second Consecutive Day

      State-owned oil companies kept petrol and diesel prices unchanged for the second day in a row across major metro cities. In Delhi, petrol is being sold at Rs.70.33 per litre and diesel at Rs.65.62 per litre, no change against Monday’s price. Petrol and diesel prices were hiked on Monday by 5 paise per litre and by 6-7 paise per litre, respectively. In the financial capital Mumbai, petrol is available at Rs.75.97 per litre and diesel at Rs.68.71 per litre. Petrol costs Rs.72.44 per litre and diesel costs Rs.67.40 per litre in Kolkata. In Chennai, a litre of petrol costs Rs.73 and diesel costs Rs.69.32 per litre. In Gurugram and Noida, petrol is being sold at Rs.70.25 per litre and Rs.71.26 per litre, respectively. Similarly, diesel is being sold at Rs.64.85 per litre and Rs.65.44 per litre, respectively.

      The retail prices of petrol and diesel depend on the daily ‘Dynamic Fuel Pricing’ mechanism which considers the 15-day average price of crude and the rupee-dollar exchange rate. On Tuesday, crude prices in the international market inclined amid supply cuts by OPEC and the US sanctions on Iran and Venezuela. International benchmark Brent Crude oil futures were trading at $62.01 per barrel, up by 0.8% or by 50 cents compared to their previous close.

      19 February 2019

    • Industry body say, crude oil products should be included under the system of Goods and Services Tax,

      Welcoming the proposal of the Members of the GST Council to bring down the levies on several merchandises and services, the President of PHD Chamber of Commerce and Industry, urged the Central Government to include both diesel and petrol under the mechanism of GST to make the tax system unified. The industry body said that the inclusion of diesel and petrol under the GST framework is an ideal option that can help rationalise the effect of indirect taxes via subsuming the value-added tax and the central tax under GST.

      Fuel consumers currently pay the central and state taxes on a litre of diesel and petrol they purchase. Fuel prices will fall if GST is charged on diesel and petrol. Industry sources have revealed that a realistic approach shall make India a tax-compliant nation over the next few years. In a recently conducted GST meeting, it has been decided to cut the GST on 17 goods and commodities. With this, only 28 commodities and services have been under the highest GST slab. The intent of the government behind this initiative is to make constant changes in the tax system. Industry body say, crude oil products should be included under the system of Goods and Services Tax.

      26 December 2018

    • As Crude Oil Prices Surge Further, Sensex and Nifty Fall Flat

      As respite over trade war between China and the United States of America were offset by the sudden jump in crude oil prices, Indian stock market reported gains despite profit booking at higher levels. On Saturday, at the G20 dinner, U.S President Donald Trump and Chinese premier Xi Jinping negotiated a 90-day trade war truce. This helps the stocks witness euphoria during early morning hours. However, BSE Sensex closed at 6.70 points, or 0.13%per cent, at 36,241 as the sentiments of the market took a hit due to the sudden sharp surge in crude oil prices. The depreciation in the Indian Rupee against the U.S Dollar also contributed to this.

      6 December 2018

    • Petrol Price in Pune Down to Two-Month Low

      Petrol prices have reduced by Rs.6.26 per litre since the 4 October 2018 record high of Rs.91.16 per litre and on Tuesday, it touched a two-month low of Rs.84.90 a litre in Pune. Petrol prices dropped below the Rs.85 per litre mark for the first time in over two months. Petrol and diesel prices in Pune had inclined to Rs.91.16 per litre and Rs.78.69 respectively on 4 October 2018. The Union government had then cut the excise duty of Rs.1.50 per litre and asked oil firms to subsidise further Rs.1 to lower prices, as the global crude oil rose a four-year high. After the reduction, petrol in Pune was sold at Rs.86.81 per litre and diesel at Rs.76.10 a litre on 5 October. However, oil prices continued to soar which wiped out the cut in tax rates. The reduction in fuel prices comes amid the decline in oil prices in the global market. Additionally, the rupee has appreciated over the U.S. dollar prompting fuel prices to decline.

      2 November 2018

    • Oil Prices Cross $85 Mark for the First Time in Four Years

      US oil prices touched their highest level since November 2014 on Tuesday and Brent Crude, the benchmark for oil trading, was also near a four-year high. The US West Texas Intermediate (WTI) crude futures are valued at $75.90 per barrel. WTI has inclined by about 18% since mid-August 2018, while Brent Crude futures were at $85.28 a barrel, up by 0.4% from the previous close. The current Brent Crude price is not far off the $85.45 high reached in the previous session, the highest since November 2014. Brent Crude futures rose by 20% from its most recent lows in the month of August. Oil prices have been on the rise due to the looming sanctions on Iran by the U.S. administration. Apart from the rising crude oil prices, the fall in the exchange rate of the rupee over the U.S. dollar has led to the increase in fuel prices in India. Petrol and diesel prices in India are based on the crude oil price and the exchange rate of the rupee over the dollar.

      3 October 2018

    • Fuel Prices Kept Unchanged After Ten Consecutive Hikes

      State-run oil companies kept fuel prices unchanged on Wednesday after ten consecutive hikes in the country. Petrol is available at Rs.79.31 per litre in Delhi, while in Mumbai it costs Rs.86.72, in Kolkata its available at Rs.82.41, while in Chennai it costs Rs.82.22 per litre. As for diesel, in Delhi, it costs Rs.71.34 per litre, in Mumbai its sold at Rs.75.74, in Kolkata at Rs.74.19 and in Chennai its available at Rs.75.39 a litre. Petrol and diesel prices vary from state to state due to the local sales tax or VAT. Petrol and diesel are the cheapest in Delhi due to its lower tax, while in Mumbai its the highest. Petrol and diesel prices have been on the rise due to the increase in the global crude oil price and the exchange rate of the US dollar over rupee. Fuel prices are revised daily by oil companies and are effective from 6:00 am.

      11 September 2018

    • Crude Oil Prices and Overseas Developments are Likely to Impact the INR

      According to an economic outlook survey of FICCI, the INR, the domestic currency of India, continues to fall in the year 2018-2019 because of the fluctuations in the price of crude oil and indigenous and overseas economic developments. The currency is getting depreciated because of higher inflationary pressures coming out of growing overseas crude oil prices and the broadening the deficit of current account. The survey said “If crude oil prices increase further, the actual value of the currency gets affected.

      It was found by the survey that the economists who believe that the INR shall remain under strain were clustered on the argument on whether the INR/USD may cross the mark of Rs.70. In the previous week, the mark was breached. The survey further said “50% of the respondents felt that it had been a highly possible case. The respondents accepted that the blunder shall be tentative in nature since historical evidence recommends that the INR tends to recoup. The survey further said “The economists who have participated trusted that the creation of the club of oil buyers shall be an ideal move since it shall increase the negotiating power of countries.”

      17 August 2018

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