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
|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|
Quarterly Petrol Price Trend in Jharkhand Between October and December 2018
|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|
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
|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|
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.
|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|
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
|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|
|% 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
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