Petrol Price in Kannur
How frequently do you buy petrol? What is the average consumption? If you are frequently buying petrol to fuel your vehicles, check the current fuel price no matter which city you reside in. Petrol price in Kannur, a city in Kerala, was Rs.81.11 per litre on 26 May 2018 and increased to Rs.81.26 per litre the next day. When revised on 28 May 2018, the fuel price was Rs.81.42 per litre. We have considered three days and each day depicts a different price. Make a note of these changes first.
Let’s now take a glimpse at the movement of petrol rate during the first quarter of 2018. In Kannur, petrol was bought by paying a price of Rs.72.84 per litre on the first day of January 2018. By the end of the month, the fuel rate was up by Rs.2.96 per litre. There was a price drop in the month of February 2018 buoyed by a fall in crude oil prices. The opening and closing prices for March 2018 stood at Rs.74.48 per litre and Rs.76.28 per litre respectively. The quarter reported a price up of Rs.4 (approximately). It is still interesting to study petrol price trends despite the nature of petrol.
|Also Know: Petrol Price in Kerala|
Revision of Petrol Price in Kannur
As we discussed earlier, every day offers a new price. Despite the frequency of revision, the price of each product is revised. For instance, a mobile phone worth Rs.15,000 today may be priced at Rs.18,000 after a month. Similarly, we can observe a variation with respect to petrol prices. The parameters used to revise the price of petrol remained unchanged. As far as the frequency of revision is concerned, there is a difference. Since June 2017, Hindustan Petroleum, Indian Oil and Bharat Petroleum have been pricing diesel and petrol under a system called dynamic fuel pricing.
|Also Know: Diesel Price In Kannur|
What is Dynamic Fuel Pricing?
In simple words, dynamic fuel pricing is a daily fuel pricing system. This is the biggest reform in the fuel industry. The systems take two parameters into account. They include the exchange rate and crude oil rates. On a daily basis, the value of the INR versus the USD is expressed through the exchange rate. Similarly, the global crude oil market releases the price of crude oil per barrel regularly. If there is a change in petrol price in Kannur tomorrow, it is only because of the changes in crude oil expenses and the USD/INR exchange rate.
Can I Trace Today’s Petrol Price in Kannur Regularly?
Tracing the latest fuel price in Kannur is no more a daunting task. Fuel companies have made it easier through offering highly customised mobile applications, which may differ slightly in terms of features. They are primarily used for obtaining current fuel prices despite states and cities. In case you are a BPCL customer in Kannur, you can download and use a mobile application called SmartDrive. Fuel@IOC is a completely individualised mobile application offered by Indian Oil. My HPCL, a mobile application personalised by Hindustan Petroleum, is recommended for the fuel customers of HPCL.
Obtain Today’s Petrol Rate in Kannur through SMS Services
|Send the SMS request in the following format: HPPRICE DEALER CODE to 9222201122||Send the SMS request in the following format: RSP Dealer Code to 9223112222||Send the SMS request in the following format: RSP DEALER CODE to 9224992249|
How is Petrol Price in Kannur Computed?
Oil Marketing Companies (OMCs) will fix the maximum retail price of petrol considering various cost elements. The first cost element is the rate of crude oil, which was Rs.31 per litre as on 20 May 2018. OMCs then spend a huge array of expenses during the process of turning unrefined oil into petrol. They include RTP, landing overheads, entry levies, freight costs, carriage overheads etc. The sum of the overheads incurred by OMCS was Rs.5.93 per litre as on 20 May 2018.
Taxes are a major part of the RSP of petrol. They are of two categories: 1) excise duty and 2) Value-added Tax. Excise duty will remain the same in parts of the country whereas VAT is something that fluctuates from state to state. Because of disparities in VAT, each state has a different petrol price. Excise duty has been revised many times by the present NDA Government. In May 2018, excise duty was charged at Rs.19.48 per litre whereas VAT was imposed at 32.03% per litre in Kannur. Another cost component is the commission charged by fuel dealers in the city of Kannur. It was Rs.3.62 per litre.
We can say, petrol price in Kannur = crude oil costs + VAT + excise duty + commission for fuel dealers + pollution cess
Forces Impacting Fuel Rates in Kannur
Excise duty was levied at Rs.9.20 per litre in November 2014 and was increased to Rs.21.48 per litre in August 2017. It was further revised to Rs.19.48 per litre in the month of May 2018. The Central Government retains the authority to revise excise duty. If the government unveils an excise duty, petrol rates in Kannur are required to be adjusted accordingly. On the flipside, if the government increases excise duty on petrol, fuel enterprises will also increase fuel rates.
According to a report released by Petroleum Planning and Analysis Cell on 01 April 2018, on petrol per litre, VAT was imposed at 32.03% in Kerala; 28.31% in Karnataka; 36.12% in Andhra Pradesh; and 33.21% in Telangana. VAT is an important domestic factor influencing the pricing of petrol and diesel. So, petrol is valued differently in different Indian cities, including Kannur. To make it clear, if the State Government of Kerala revises VAT on petrol, fuel rates in Kannur will be revised consequently.
What is the Impact of GST on Petrol Rates?
GST, a multi-phase tax framework, was introduced in India in 2017. After the implementation of GST, the prices of all types of goods and services were restructured. But no impact was seen on petrol and diesel prices in the city. Why? Petrol and diesel have been excluded from the framework of GST. These fuels may be brought under the GST system by revising the present tax slabs in a way that benefits the central and state governments.
Also Check Petrol Price in NearBy Cities of Kannur
|Petrol Price In Mangalore||Petrol Price In Trivandrum||Petrol Price In Malappuram|
|Petrol Price In Thrissur||Petrol Price In Coimbatore|
*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.