Petrol Price In Karnal Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 72.79
    Current Petrol Price Per Litre
    Compare Petrol Price in Karnal (Today & Yesterday)
    Today
    (21 Oct 2019)
    Yesterday
    (20 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 72.79 ₹ 72.79 ₹ 0 ↑
    Petrol Price in Karnal - Last 10 Days Data
    Date Petrol ( / litre)
    21 Oct 2019 ₹ 72.79
    20 Oct 2019 ₹ 72.79
    19 Oct 2019 ₹ 72.79
    18 Oct 2019 ₹ 72.78
    17 Oct 2019 ₹ 72.78
    16 Oct 2019 ₹ 72.78
    15 Oct 2019 ₹ 72.78
    14 Oct 2019 ₹ 72.83
    13 Oct 2019 ₹ 72.83
    12 Oct 2019 ₹ 72.83

    Petrol Rate Trend

    • 7 Days
    • 30 Days
    • 3 Months
    • 6 Months

    Petrol Price in Karnal

    Many changes have taken place in the fuel retailing industry in India. Dynamic fuel pricing is one of the biggest changes deployed by the fuel marketing companies. Well, this page has been written keeping in mind the petrol users from Karnal, a city in Bihar. The page will help them understand various aspects connected to petrol. Let’s take a look at recent petrol prices in Karnal.

    As of 8th May 2018, the Oil Marketing Companies (OMCs) have released a price mark of Rs.74.58 a litre, including a central levy of Rs.19.48 a litre and Value-added Tax (VAT). Each state has a different tax structure. For instance, on petrol, VAT is charged at 26.25%, 24.34%, 27.60%, 27.45%, and 28.31% in Haryana, Himachal Pradesh, Jammu and Kashmir, Jharkhand and Karnataka respectively.VAT in Haryana has been lower compared to that of in Karnataka, Jharkhand and Jammu and Kashmir. States can change the local tax whenever required.

    Excise Duty on Petrol

    Petrol is taxed by the Government of India at Rs.19.48 a litre as of May 2018. The excise duty on petrol was Rs.9.20 a litre in March 2014. It was increased to Rs.21.48 a litre in August 2017. In February 2018, the Indian Government further diminished it to Rs.19.48 a litre. Fuel customers may envision a further drop in excise duty over the next few months.

    Dynamic Fuel Pricing – A big change

    Dynamic fuel pricing is a fuel pricing framework introduced in 2017 in India. Advanced nations like Australia, the USA and Japan are also using the same methodology. Dynamic fuel pricing, also referred to as the daily revision system, was tested in 5 towns before introducing. In India, it has been perceived as a streamlined system for revising fuel rates. Therefore, petrol prices in Karnal are getting revised regularly under this system.

    Fuel companies such as Hindustan Petroleum, Bharat Petroleum and Indian Oil will take into account the exchange rate and crude oil rates under the dynamic fuel pricing concept. They may increase or decrease the fuel price. Sometimes, they can retain the same price. The revision is wholly based on the performances of the Forex Market and the crude oil market.

    How to Trace Latest Petrol Price in Karnal

    Petrol consumers from the city of Karnal are advised to make use of mobile applications in order to obtain the latest petrol price. Many people have already downloaded such applications. Currently, there are three mobile applications widely in use. They include SmartDrive, My HPCL and Fuel@IOC. SmartDrive is provided by Bharat Petroleum whereas My HPCL is provided by Hindustan Petroleum. Fuel@IOC is offered by Indian Oil.

    Computation of Petrol Prices in Karnal

    The process of computing of petrol prices is complicated. The role of the OMCs has been significant. Firstly, they shall borrow unrefined oil from oil-exporting countries by paying the price in dollars. The price paid to buy crude oil is called ‘cost of crude oil’. As of May 2018, the crude oil rate per barrel was $69.30. The cost will be divided by 159 to compute the crude oil cost per litre.

    The OMCs will incur many expenses such as entry levies, landing overheads, administrative overheads, profit margins etc. They are estimated to be Rs.8 per litre. When we add the OMCs expenses to the cost of crude oil, we arrive at the cost of the fuel after refining. The OMCs then add excise duty. Another cost element is the commission collected by dealers. Finally, fuel retailers will add Value-added Tax.

    In simple words, petrol price in Karnal = crude oil costs + excise duty + VAT + commission + pollution cess

    Factors Affecting Petrol Price in Karnal

    Dynamic fuel pricing is just a fuel revision framework and is not a motive behind the changes in the fuel rate. To help you understand better, the factors affecting petrol rates may be clustered into two broad categories: a) international factors and b) domestic factors. The currency translation ratio and the cost price of unrefined oil are considered overseas factors. Excise duty and VAT are treated domestic factors.

    Let’s understand the effect of each factor. Fuel prices in Karnal (petrol prices and diesel prices) and the currency translation ratio are inversely related. If the INR appreciates against the dollar, fuel rates will hike and vice versa. In January 2018 and March 2018, the INR slightly appreciated against the USD. Therefore, petrol rates in Karnal were up considerably. On the other hand, petrol rates were down in February 2018 since the INR marginally deprecated against the greenback.

    Crude oil rates play a crucial role in fixing the price offer of fuels. To make changes in India, the average price of Brent Crude Oil and WTI Crude Oil is taken into account. It will fluctuate every day. If there is a price drop today, the benefit will be quickly transmitted to final consumers tomorrow. If the price of crude oil gains today, the OMCs will hike the petrol price in Karnal.

    GST versus Petrol Price in Karnal

    Does the GST system affect the fuel rate? The answer is, ‘NO’. Till date, the entire oil industry has been outside the GST tax structure. It is one of the biggest industries. The participants involved in the industry are vast in number. If the industry is covered under the GST framework, compliance costs are envisioned to hike by 200%. Moreover, the stakeholders will have to adhere to the present tax slab and the GST tax framework.

    Today, GST is collected at 5%, 12%, 18% and 28%. The highest rate so far is 28%. If the GST Committee determines to bring petrol under the ambit of GST, the current tax slabs have to be replaced by the GST tax slab at 28%. Let’s presume today’s petrol price in Karnal is Rs.78 per litre. The price will diminish by Rs.30 per litre. As a result, not only the Central Government but also the State Government of Bihar will incur heavy losses.

    Also Check Petrol Price in NearBy Cities of Karnal

    *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 Karnal

    • Petrol Prices Continue to Decline, Hits below Rs.80 in Mumbai

      Petrol prices have declined sharply over the past 40 days as a result of falling crude oil prices. The price of 1 litre petrol in Mumbai has hit below Rs.80 after 9 months. The petrol price is down by 40 paise in Mumbai and is now selling for Rs.79.62. The highest price of petrol in Mumbai was on October 4 at Rs.91.34. Meanwhile, the petrol price is Delhi is Rs.74.07 per litre. In other metros like Kolkata and Chennai, the price of 1 litre petrol is Rs.76.06 and Rs. 76.88 respectively. Another reason for the reduction in petrol price is due to the ongoing elections in few states. Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre. The retail selling price of petrol and diesel in India is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country’s requirement is met through imports. With an aim to multiply sales, the government has allowed the state-run oil marketing companies to double the number of fuel outlets over the next five years. State-run oil marketing PSUs — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — have together invited bids for 55,649 petrol pumps dealership across the country.

      29 November 2018

    • Petrol Costs Rs.82.36 per litre in the National Capital

      Oil Marketing Companies (OMCs) on Thursday hiked the prices of petrol in the country. In the national capital the price of petrol was hiked by Rs.0.10 while in Mumbai, the rates were hiked by Rs.0.27. Following the increase in the prices, the cost of one litre of petrol in metro cities like Delhi and Mumbai was Rs.82.36 and Rs.87.82 respectively. It needs to be mentioned here that the prices of petrol have witnessed a sharp rise due to a variety of reasons in the last few weeks. Some of the reasons are high international crude oil prices, weak rupee against the US dollar and high excise duty rates. It is noteworthy to mention that the hike in the prices of petrol came after the centre had announced a cut of Rs.2.50 in the prices of petrol and diesel to rein in the rising fuel prices in the country.

      12 October 2018

    • Petrol Price Touch New High in Mumbai

      With the rise in the global crude oil price and a weaker rupee has led to an increase in the petrol price; however, diesel price has been kept unchanged. Petrol is available at Rs.89.60 per litre in Mumbai, a new high in the city. In Delhi, petrol is being sold at Rs.82.22 a litre. While in Delhi, MUmbai and Kolkata, the petrol price was hiked by 7 paise a litre, in Chennai it has been increased by 7 paise per litre. Diesel prices though have been left untouched which is available at Rs.73.87 in Delhi and Rs.78.42 in Mumbai. Petrol rates have inclined by Rs.5.08 and diesel by Rs.5.15 in one month period. The surge in petrol prices is attributed to the significant rise in the global crude oil price paired with a weaker rupee over the US dollar. Oil companies revise petrol price on a daily basis under the dynamic fuel pricing mechanism which takes into account the preceding day’s crude oil price and the exchange rate of the rupee over the US dollar. New rates are effective from 6:00 am IST today.

      21 September 2018

    • News about Diesel Price In Karnal

      It has been sought by India to revise the price of gas, which is required to be sourced via an estimated $10 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline, because of a fall in overseas energy markets. In 2013, a Gas Sale Purchase Agreement was signed by these 4 countries. The price of natural gas was benchmarked by this accord. Turkmenistan is required to export at 55% of the current petroleum price. This deciphers into a rate of $7.5 per million British thermal (mmBtu) at the present crude oil prices at the Turkmen border.

      When transportation charges and transition fee are added, the price will be over $10.5 per million British thermal (mmBtu). After including local taxes and transportation expenses, the price will be around $13 per mmBtu. In the current global energy landscape, the price is not acceptable. Considering the present gas market, India has sought the renegotiation of Gas Sale Purchase Agreement, according to sources. The rate of Turkmen is over 200% of the $3.6 per mmBtu price remitted for post natural gas fabricators in India. The project was pioneered in 2015 by the leaders of the 4 countries. The project has not progressed since then.

      29 August 2018

    Petrol Price In Metro Cities
    Petrol Price In Other Capitals
    Petrol Price In Other Major Cities
    Petrol Price In States

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.