Petrol Price In Karnataka:
Petrol price in Karnataka today is fixed under the daily ‘Dynamic Fuel Pricing’ method. Here, you can check the current petrol price in Karnataka, find today's petrol price with quarterly price trends in Karnataka. New petrol prices in Karnataka are updated daily at 6:00 am IST by state-run oil companies.
Know how petrol prices in Karnataka are computed and how is it compared to other states. Also, find the current Karnataka petrol price and components affecting petrol prices in India. The below petrol price trend in Karnataka offers details like the highest and lowest petrol prices recorded during a month.
Karnataka is one of the renowned south Indian states. Bangalore, the silicon valley of India, is the capital and largest city of the state with a huge network of IT and Non-IT companies. The state is the seventh biggest by region and eighth biggest by population. The real estate industry has always been booming in the state, attracting domestic and NRI investments.
As on 31st March 2015, In India, the total count of licensed vehicles was 2,10,023,289 out of which the total count of licensed vehicles in Karnataka was 14,784,961. With the growing number of petrol-run and diesel-run vehicles in the state, the petrol and diesel consumption is also growing at an attractive rate.
Trend of Petrol Price in Karnataka for June 2020 (rates per litre):
|Highest Rate in June||Rs.83.04 on June 29 and 30|
|Lowest Rate in June||Rs.73.55 from June 1 – 4|
Monthly Petrol Price Trend in Karnataka for June 2020:
- Petrol was priced Rs.73.55 per litre on 1st June in the state of Karnataka. The opening price was the lowest recorded price of the fuel for the month. There was no change in the rates when compared to the closing price of the previous month.
- Over the month, the rates witnessed an inclining trend as state-run Oil Marketing Companies (OMCs) resumed the daily revision of fuel rates after a 12-week hiatus. The incline in the rates saw petrol record its highest price for the month on 29th June with a litre costing Rs.83.04.
- In the state, the fuel closed the month at the same price as the rates didn’t see any on the final day of the month. The percentage change recorded in the rates was 12.90%.
Trend of Petrol Price in Karnataka for May 2020 (rates per litre):
|Highest Rate in May||Rs.73.59|
|Lowest Rate in May||Rs.73.53|
Monthly Petrol Price Trend in Karnataka for May 2020:
- In Karnataka, petrol opened the month of May at Rs.73.55 per litre. There was no change in the rates of the fuel when compared to the price charged by state-owned Oil Marketing Companies (OMCs) on the last day of the previous month.
- In the southern state of the country, the rates remained unchanged for most part of the month. Petrol recorded its highest price for the month on 14th May when a litre cost Rs.73.59. The lowest price charged for a litre of petrol in the state was recorded on 27th May when petrol was retailed for Rs.73.53.
- Petrol closed the month at Rs.73.55 per litre. The overall performance of the fuel in the state was stable for the month as the opening and closing price of diesel was the same.
Trend of Petrol Price in Karnataka for April 2020 (rates per litre):
|Highest Rate in April||Rs.74.15|
|Lowest Rate in April||Rs.71.95|
Monthly Petrol Price Trend in Karnataka for April 2020:
- Petrol price stood at Rs.71.95 per litre on 1st April in the state of Karnataka. When compared to the closing price of the previous month, there was no change in the rates. The opening price of the fuel was also the lowest recorded price for the month in the state.
- Having stayed constant for the first five days of the month, petrol price saw an increase of Rs.1.60 for every litre on 6th April. The jump in the rates saw a litre of petrol being retailed for Rs.73.55 on the mentioned date. This was the highest recorded price of the fuel for the month in the state.
- The rates didn’t see any change in the prices following that even though international crude oil prices slipped considerably as the demand for the fuel took a hit. Petrol’s overall performance in Karnataka witnessed an inclining trend with the percentage change being 2.22%.
Trend of Petrol Price in Karnataka for March 2020 (rates per litre):
|Highest Rate in March||Rs.74.15|
|Lowest Rate in March||Rs.71.95|
Monthly Petrol Price Trend in Karnataka for March 2020:
- Petrol price in Karnataka opened the month of March at Rs.74.15 per litre. There was a decline of 15 paise in the rates of every litre when compared to the closing price of the previous month. This was the highest recorded price of the fuel for the month.
- The rates slipped over the month due to weak demand amid the increasing number of coronavirus cases. Petrol recorded its lowest for the month on 16th March with every litre costing Rs.71.95 in the state.
- Following that, petrol prices didn’t see any change till the end of the month even though the rates of Brent crude, the international benchmark of crude oil dipped. The fuel closed the month at the same price with petrol’s overall performance showing a declining trend of 2.96% in the prices.
Trend of Petrol Price in Karnataka for February 2020 (rates per litre):
|Highest Rate in February||Rs.75.63|
|Lowest Rate in February||Rs.74.30|
Monthly Petrol Price Trend in Karnataka for February 2020:
- Petrol prices in Karnataka stood at Rs.75.63 per litre on the 1st of February, marking its highest recorded price for the month.
- Petrol prices dipped in the second week as the state-run oil marketing companies decided to cut rates.
- Prices kept fluctuating in the international oil market due to weak demand of the oil caused by the coronavirus outbreak in China. Petrol closed the month at Rs.74.30 per litre, its lowest recorded price for the month of February.
- The overall performance of petrol in Karnataka was –1.75%, trending downwards.
Trend of Petrol Price in Karnataka for January 2020 (rates per litre):
|Highest Rate in January||Rs.78.62|
|Lowest Rate in January||Rs.75.77|
Monthly Petrol Price Trend in Karnataka for January 2020:
- The rates of petrol started the month of January at Rs.77.69 per litre in Karnataka. There was no change in the prices when compared to the previous month’s closing price.
- Over the month, the petrol price witnessed a declining trend in the state. This was accounted to tensions in the Middle East and the outbreak of the deadly coronavirus in China
- Petrol recorded its highest price on 11 January with Oil Marketing Companies (OMCs) retailing a litre for Rs.78.62 in the state. The increase in the prices was accounted to ongoing tensions between the United States and Iran with regard to the killing of a top Iranian military general.
- The petrol price in Karnataka dropped considerably in the state after that as international oil prices fell due to the impact of coronavirus. The slip in the prices saw petrol closing the month at Rs.75.77 per litre, the lowest recorded price in the state. Petrol’s overall performance in Karnataka was -2.47%, trending downwards.
Trend of Petrol Price in Karnataka for December 2019 (rates per litre):
|Highest Rate in December||Rs.77.69|
|Lowest Rate in December||Rs.77.16|
Monthly Petrol Price Trend in Karnataka for December 2019:
- The petrol price in Karnataka opened at Rs.77.49 per litre for the month of December 2019. The price increased by 13 paise when compared to the previous day, i.e. 30 November 2019 wherein the rate of petrol was Rs.77.36 per litre.
- With the expectations related to the US-China trade deal, the price of Brent crude oil was quite steady. However, the rise in the price of crude oil in the international market led to the increase in the price of the fuel.
- During the year, there was an overall increase of 24% in the Brent crude prices.
- In Karnataka, the price of petrol closed at the rate of Rs.77.69 per litre. This is the highest recorded rate of the fuel in Karnataka for the month of December 2019. In terms of overall performance, there was an incline of 0.26% in the performance of petrol in Karnataka.
Trend of Petrol Price in Karnataka for October 2019 (rates per litre) :
|Highest Rate in October||Rs.77.16|
|Lowest Rate in October||Rs.75.41|
Monthly Petrol Price Trend in Karnataka for October 2019 :
- Petrol price in Karnataka opened the month of October at Rs.77.16 per litre. This was the highest recorded price for the month.
- The rates dropped throughout the month due to global economic crisis and seemingly weak demand for fuel and the first week at Rs.76.28 per litre.
- Prices continued to fall in the following weeks as well as closed the second and third week of the month at Rs.75.83 and Rs.75.78 respectively.
- In the final week of October, petrol prices in Karnataka slid further as fuel suffered in the international market to due to an unprecedented rise in US inventories. The rates closed the month at Rs.75.41, the lowest price for the month. Petrol’s overall performance was -2.26%, trending downwards.
Trend of Petrol Price in Karnataka for August 2019 (rates per /litre ):
|Highest Rate in August||Rs.75.26 on 1 August|
|Lowest Rate in August||Rs.74.23 on 19,20,21,22 and 23 August|
Monthly Petrol Price Trend in Karnataka for August 2019:
- The petrol price in Karnataka opened at Rs.75.26 per litre for the month of August. The price charged was 7 paise less than what was charged the previous day. This was the highest price recorded in the month.
- Over the next three weeks, the price of petrol continued to fall due to poor demand and the trade tensions between US and China. The rates stabilised on 11 August for a few days before sliding to Rs.74.23 per litre on 19 August, the lowest recorded price in the month.
- The petrol rate in Karnataka closed at Rs.74.41 per litre after the rates increased in the final week. The overall performance of petrol for the month of August in the southern state was –1.12%.
Trend of Petrol Price in Karnataka for July 2019 (rates per litre)
|Highest Rate in July||Rs.75.90 on 23 and 24 July|
|Lowest Rate in July||Rs.72.82 per litre on 1 July|
Monthly Petrol Price Trend in Karnataka for July 2019
- Petrol price in Karnataka opened the month at Rs.72.82 per litre – the lowest rate recorded during the month – and it inclined significantly by the end of the week to close at Rs.75.42 per litre as the Centre, in its 2019 Budget, announced an additional excise duty and cess of Rs.2 per litre to increase its revenue to fund its social welfare programs.
- During the seond week, prices were reduced initially; however, it rose by the end of the wekk to close at Rs.75.55 per litre attributed by the sharp rise in crude oil prices in the market due to rising tensions in the Middle East despite output cuts led by the OPEC and its allies to keep markets stable.
- The third week witnessed petrol prices in a rising trend even as crude oil prices continued to incline amid escalting tensions in the Middle East after the US Navy said it had shot down an Iranian drone.
- By the end of the week, petrol prices in Karnataka rose to touch a monthly high of Rs.75.90 per litre on 23 and 24 July as crude prices in the oil market rose amid falling US inventories indicating a weak demand, and the escalating tensions in the Middle East after the US said it may have shot down a second Iranian drone in the region.
Trend of Petrol Price in Karnataka for June 2019 (rates per litre):
|2nd June||Rs.73.89 per litre|
|30th June||Rs.72.72 per litre|
|Highest Rate in June||Rs.73.89 per litre on 2 June|
|Lowest Rate in June||Rs.72.26 per litre from 16-23 June|
- Petrol opened the month at Rs.73.89 per litre in Karnataka, up slight over the previous day’s rate recording the highest price during June amid slight increase in crude oil prices in the global market.
- While prices declined during the first and second week, it increased in the fourth week before recording the lowest price of the month when petrol was sold at Rs.72.26 per litre on 16 June, which was kept unchanged until 23 June.
- During the last week, petrol prices in Karnataka rose marginally even as crude oil prices stabilised after plunging by more than 10% in the last week of May despite the trade war between the US and China.
- By the end of the month, petrol prices declined by 1.59% influenced by the fall in crude oil prices despite tensions in the Middle East after Iran shot down a US military drone and the sanctions on Iran.
Also Check Petrol Price in Metro Cities
|Petrol Price Delhi||Petrol Price in Chennai||Petrol Price in Bangalore|
|Petrol Price Kolkata||Petrol Price n Hyderabad||Petrol Price Pune|
Trends in Petrol Prices in Karnataka
Petrol rates in Karnataka in the last three years have changed often. The change can be attributed to many reasons. Let’s consider the trend in petrol prices in Bangalore, the capital city of Karnataka, over the last five months. Petrol prices are moving in an upward direction in the capital and other major cities including Belgaum, Mysore, Davangere, Hubli.
The petrol cost per litre in Bangalore has accelerated by 3.33% for July and by 5.47% for August of the current fiscal year. Both May and June 2017 had a decreasing trend. Prices were constant throughout April 2017. The lowest rate recorded since April 2017 is Rs.64.21.
Petrol Prices in Karnataka vs. Other States
It is quite interesting to note that both diesel and petrol rates have slashed soon after the implementation of GST, which is completely a new, streamlined taxation platform. With effect from 1st July 2017, Karnataka is the first south Indian state to offer lower prices for diesel and petrol. Fuel rates have fallen by Rs.3.00 per litre.
As on 1st July 2017, the lowest price for diesel was recorded at Rs.53.65 a litre while in Bangalore it was Rs.54.23 a litre. Interestingly, petrol and diesel rates per litre in other states such as Delhi, Maharashtra, and Uttar Pradesh were comparatively high on the similar date.
Quarterly Petrol Price Trend in Karnataka Between January and March 2019
|Opening date price||Rs.69.36/litre||Rs.73.23/litre||Rs.74.17/litre|
|Closing date price||Rs.73.47/litre||Rs.74.06/litre||Rs.75.21/litre|
|Highest price||Rs.73.66/litre recorded between 22nd and 28th||Rs.74.06/litre recorded on 28th||Rs.75.26/litre recorded on 24th, 25th, 26th and 27th|
|Lowest Price||Rs.69.05/litre recorded from 4th to 6th||Rs.72.06/litre recorded on 11th, 12th and 13th||Rs.74.17/litre recorded on 1st, 2nd and 3rd|
|Opening date price||Rs.84.47 a litre||Rs.80.04 a litre||Rs.73.17 a litre|
|Closing date price||Rs.80.22 a litre||Rs.73.53 a litre||Rs.69.36 a litre|
|Highest price||Rs.84.72 a litre booked on the 4 October 2018||Rs.80.04 a litre booked on the 1 November 2018||Rs.73.17 a litre booked on the 1 December 2018|
|Lowest Price||Rs.80.22 a litre booked on the 30 and 31 October 2018||Rs.73.53 a litre booked on the 30 November 2018||Rs.69.36 a litre booked on the 31 December 2018|
Petrol Price Trend in Karnataka Between October and December 2018
- In Karnataka and other states in the country, petrol and diesel rates are fixed daily under the ‘Dynamic Fuel Pricing’ method which includes the 14-day average price of the global crude oil price and the exchange rate of rupee-dollar.
- Based on this mechanism, the petrol price in Karnataka on 1 October stood at Rs.84.47 per litre, a record high after crude oil prices were trading at a four-year high.
- Prices rose to touch the highest rate for the month when a litre of petrol in Karnataka was sold at Rs.84.72 per litre on 4 October, prompting the Central government to announce a reduction in excise duty levied on the sale of fuel in the country.
- While the Centre reduced Rs.1.50 per litre, it asked oil companies to further subsidise Rs.1 per litre which led to a drop in fuel prices in the country.
- By the end of the month, petrol prices in Karnataka dropped to Rs.80.22 per litre on 30 October, thereby recording a 5.03% drop in crude oil prices during the month.
- On 1 November, petrol in Karnataka was priced at Rs.80.04 per litre - the highest recorded for the month.
- With crude oil prices marginally declining, petrol rates in Karnataka dropped during the month. The decline was influenced by the drop in geopolitical tensions between the US and China over trade between the two countries.
- Prices dropped to its lowest for the month when it was sold at Rs.73.53 per litre on 30 November due to the fall in oil prices.
- By the end of the month, petrol recorded a drop of 8.14% in Karnataka mainly due to the significant decline in oil rates as well as the appreciation of the rupee over the US dollar.
- In December, petrol opened at Rs.73.17 per litre in Karnataka, which is also the highest petrol price in Karnataka for the month.
- While the global crude oil was trading at $80 per barrel early October, it declined to around $56 per barrel late December, which led to a sharp drop in fuel prices in the country.
- Petrol prices in Karnataka fell to Rs.69.36 per litre on 31 December in the back of a softening crude oil price.
- The petrol price trend in Karnataka in December reflected a drop of 5.21% impacted by the steep fall in oil prices coupled with the appreciation of the rupee over the US dollar.
|Opening date price||Rs.76.77 a litre||Rs.78.77 a litre||Rs.81.27 a litre|
|Closing date price||Rs.78.81 a litre||Rs.81.12 a litre||Rs.84.15 a litre|
|Highest price||Rs.79.36 a litre recorded on the 14th||Rs.81.12 a litre recorded on the 31st||Rs.84.74 a litre recorded on the 2nd|
|Lowest Price||Rs.76.77 a litre recorded on the 1st||Rs.78.77 a litre recorded on the 1st||Rs.81.27 a litre recorded on the 1st|
Petrol Price Trend in Karnataka in July 2018
- Similar to other states in India, fuel prices are revised on a daily basis in Karnataka based on the dynamic fuel pricing mechanism.
- State-run oil firms fix the retail selling price of petrol and diesel based on the global crude oil price and the rupee’s exchange rate against the U.S. dollar.
- On the 1st of July, the petrol price in Bengaluru, the capital city of Karnataka, stood at Rs.76.77 per litre. This was also the lowest price during the course of the month.
- Oil companies kept petrol prices in Karnataka unchanged until the 5th before increasing it by 17 paise per litre.
- Petrol prices continued to incline in the first and second week to touch the highest on the 14th when a litre of petrol was sold at Rs.79.36.
- In the third and fourth weeks, petrol prices in Karnataka remained steady and closed for the month at Rs.78.81 on the 31st.
- The rise in petrol prices in Karnataka was influenced by the increase in the global crude oil prices due to geopolitical tensions.
- Overall, the petrol price trend in Karnataka in July inclined by 2.65% attributed to incline in oil prices in the global market.
Petrol Price Trend in Karnataka in August 2018
- Oil companies cut petrol price in Karnataka by 4 paise on the 1st of August when a litre of fuel was available at Rs.78.77. This was also the lowest price of the month.
- Petrol prices continued to incline over the course of first and second weeks with relentless hikes by oil companies.
- In Bengaluru, petrol prices breached the Rs.80 mark on the 20th when a litre was sold at Rs.80.06 offering no respite to the common man.
- The second half of the month, petrol prices increased steeply to touch the highest price of Rs.81.12 per litre on the 31st of the month.
- The significant rise in petrol prices was influenced by the incline in the global crude oil price which was prompted by geopolitical tensions between the U.S. and Iran over possible sanctions.
- Overall, petrol prices in Karnataka during the course of the month rose by 2.98% primarily impacted by the rise in crude oil prices.
Petrol Prices Trend in Karnataka in September 2018
- Oil companies hiked petrol prices in Karnataka on the 1st of the month by 14 paise per litre to stand at Rs.81.27, this was the lowest petrol price for the month.
- Petrol prices rose to touch its highest price of the month at Rs.84.74 per litre on the 17th influenced by the sharp rise in oil prices coupled with the fall in rupee’s exchange rate over the U.S. dollar.
- On the 17th, the State government announced a cut in VAT levied on petrol by Rs.2 per litre, which offered some respite to consumers.
- The cut in the VAT on the sale of petrol led the petrol price to decline by Rs.1.92 per litre on the 18th of the month.
- By the end of the month, petrol price rose despite the cut in the VAT with a litre of petrol sold at Rs.84.15 per litre on the 31st of the month.
- The petrol price trend in Karnataka in the month of September rose sharply by 3.54% mainly influenced by the rise in oil rates and the steep decline in the exchange rate of rupee over the U.S. dollar.
|Opening date price||Rs.74.90 per litre||Rs.75.82 per litre||Rs.79.61 per litre|
|Closing date price||Rs.75.82 per litre||Rs.79.67 per litre||Rs.76.77 per litre|
|Highest price||Rs.75.86 per litre recorded on 24th||Rs.79.75 per litre recorded on 29th||Rs.79.61 per litre recorded on 1st|
|Lowest price||Rs.74.90 per litre recorded on 1st||Rs.75.82 per litre recorded from 1st to 11th||Rs.76.77 per litre recorded from 27th to 30th|
Petrol Price Trend in Karnataka in April 2018
- On the first day of the month, the petrol price in Karnataka stood at Rs.74.90 per litre, the lowest for the month.
- With crude oil prices slightly moving upwards, petrol prices were revised accordingly with an average rate between Rs.75 to Rs.76.
- The highest petrol rate in the month was recorded at Rs.75.86 per litre on the 24th.
- Despite an increase in petrol prices, the incline trend did not indicate a significant rise in fuel prices in the country.
- Overall, the month indicated an upward trajectory in petrol prices in the State by 1.23% due to the rise in oil prices in the international market.
Petrol Price Trend in Karnataka in May 2018
- Oil companies kept the petrol price unchanged since the 24th of the previous month due to the 2018 Karnataka Assembly Elections scheduled to be held on the 11th.
- After a 19-day hiatus, fuel companies began revising petrol prices under the daily pricing mechanism.
- Oil companies follow the ‘Dynamic Fuel Pricing’ mechanism to compute fuel prices in India. The preceding day’s global crude oil rate and the currency exchange value are considered before selling petrol at its Retail Selling Price (RSP).
- Petrol prices increased sharply during the second and third week as the crude oil rate increased to record at $80 per barrel.
- Fuel prices reached a new record of Rs.79.75 per litre as the global crude oil continued to move upwards.
- On the closing day, the petrol price in Karnataka stood at Rs.79.67 per litre – a slight fall from its peak rate.
Petrol Price Trend in Karnataka in June 2018
- Fuel companies sold petrol at Rs.79.61 per litre on the opening day of the month, down by 6 paise compared to the previous the day.
- With fuel prices on the rise around the globe, the Organisation of Petroleum Exporting Countries and its ally Russia decided to meet on 22 June 2018 to discuss ways to the rising oil prices.
- Crude oil prices continued to fall marginally and the petrol price was revised accordingly.
- Over the course of the month, the highest petrol price in Karnataka stood at Rs.79.61 per on the opening day of the month.
- The OPEC and Russia decided to increase the crude or unrefined oil output to the address the concern of higher fuel prices across the world.
- By the end of the petrol price in Karnataka fell to lowest of Rs.76.77 per litre, which was kept unchanged from the 27th to the end of the month.
|Opening date price||Rs.71.06 per litre||Rs.74.20 per litre||Rs.72.69 per litre|
|Closing date price||Rs.74.07 per litre||Rs.72.63 per litre||Rs.74.71 per litre|
|Highest price||Rs.74.07 per litre recorded on 30||Rs.74.54 per litre recorded on 6||Rs.74.71 per litre recorded on 31|
|Lowest price||Rs.71.06 per litre recorded on 1||Rs.72.62 per litre recorded on 23||Rs.72.69 per litre recorded on 1|
|% Deviation||4.06% (Up)||2.16% (Down)||2.70% (Up)|
Trend in Petrol Rate in Karnataka in January 2018
- Petrol was valued at Rs.71.06 per litre in Bangalore, the capital city of Karnataka and Rs. 71.17 per litre in Belgaum on 1. Almost the same price was observed in other prime cities, including Mysore and Hubli.
- The fuel continued gaining its rate under the dynamic fuel pricing mechanism that takes into account the changes in the INR/USD exchange rate and crude oil costs internationally.
- Within the first fifteen days, the fuel entities declared a rise of 1.73% in the petrol price in major cities since the Indian Crude Oil Basket gained its price substantially.
- Bangalore, Belgaum, Hubli and Mysore have recurrently augmented the fuel price until the last day of the month because of the stabilized demand, interrupted production and supply of unrefined oil.
- As a result, on 21, the last day of the week 3, the price offer of petrol accelerated to Rs.73.21 a litre and Rs.73.92 per litre on 28.
- Indian Oil Company, BPCL and HPCL unveiled the highest petrol price at Rs.74.07 per litre on 30 and extended the same rate on 31 as well.
- January produced a 4.06% increase in the fuel price as a result of almost a 5-rupee up in the crude oil rate, but not due to domestic factors.
Trend in Petrol Price in Karnataka in February 2018
- Unlike the previous month, February depicted a mixed reaction in the petrol price influenced by irregularities in crude oil costs. In Bangalore, the fuel rate as on the opening date was Rs.74.20 a litre.
- Even though the Union Budget was unveiled on 1 for the fiscal year 2018-2019, the OMCs neither reported a price drop nor a price up.
- The upward trend was extended until 06 and the highest rate was booked at Rs.74.54 per litre in Karnataka within the first week.
- 7 onwards, all the three OMCs have begun deteriorating the price offer in tandem with the variations in the global parameters.
- However, the fuel lost its price by almost a rupee per litre at the end of the week 2 impacted by a gained dollar.
- BPCL, HPCL and Indian Oil further depreciated the petrol rate to Rs.72.84 a litre on 21 and elongated the downward trend until 28, the last day.
- An aggregated price of WTI and Brent Crude Oil soared by 5.53% this month and thus, the petrol rate depreciated by 2.16%. The domestic influencers such as the Value-added Tax and the excise duty were retained unchanged during this month.
Trend in Petrol Price in Karnataka in March 2018
- The average fuel price stood at Rs.72.60 a litre and the lowest price was booked at Rs.72.69 a litre on 1 at HPCL and BPCL.
- Between 7 and 15, the fuel rate has increased to Rs.73.59 a litre at a growth rate of 0.08% as the USD/INR conversion rate decreased slightly.
- On 21, 22, 23, 24, 25, 26 and 27, the petrol price was Rs.73.33 a litre, Rs.73.40 a litre, Rs.73.44 a litre, Rs.73.52 a litre, Rs.73.69 a litre, Rs.73.94 a litre and Rs.74.05 a litre correspondingly.
- Over the last three months, the cost of crude oil has been depreciated to $63.80 per barrel. Domestic factors were not changed.
- Therefore, the closing price and the highest price for the month was Rs.74.71 a litre and the overall price has been hiked by 2.70%.
How are Petrol Rates in Karnataka Computed?
Petrol is priced based on a few considerations such as the cost of unrefined oil, which is traded in the USD; the refinery transfer price, which is the price paid by oil marketing companies to refineries; the central excise duty, which is fixed across the nation; the state VAT, which is the VAT imposed on petrol by the Karnataka government; and finally the dealer’s commission, which is the commission charged by retail petrol stations. The retail selling price of petrol in Karnataka includes all these cost elements. If any of these elements varies, the RSP will be adjusted accordingly.
How Frequently are Petrol Prices in Karnataka Updated?
Earlier, fuel price revision used to happen on the first and sixteenth of each month. Fuel rates used to be constant at least for a period of fifteen days. Currently, we have a new fuel pricing system called dynamic fuel pricing or daily revision of fuel prices in all cities of Karnataka.
The new system revises fuel prices on a daily basis based on two important factors:
- crude oil prices and
- the currency conversion rate. Why?
Indigenous production of crude oil in India is just 25% of the country’ oil requirements and the rest 75% is sufficed through importing. However, variations in crude oil prices and the currency conversion rate should be reflected in the selling price of fuels. The new system is transparent, perfect. Tracking information is easy for consumers as the biggest oil brands such as Indian Oil, HP, BP, and Shell have designed some means to get the latest information. Daily revision of petrol rates is a good proposal for many reasons. Firstly, it enables customers to absorb regular petrol price variations in Karnataka by a little margin. In case of fortnightly-based revision, there used to be big variations.
Impact of GST on Petrol Prices in Karnataka
The Goods and Services Tax (GST) excludes the oil and natural gas industry till now. If it was imposed, the cost of compliance would have increased. The industry participants were required to conform to the current and GST tax regimes. If it was imposed on petrol, the cost of petrol per litre would have come down at least by Rs.15-20.
The highest rate fixed by the GST council till today is 28%. Even if 28% GST tax bracket was imposed on petrol, the revenues for the government would have adversely been affected. A few experts are of the opinion that GST can also be imposed on petrol, diesel, and petroleum products. In fact, the issue was debated in the recent past.
Petrol vs. Diesel Rates in Karnataka
The process of daily revision of fuel prices has already been active in the state since 16th June 2017. Petrol rates in Bangalore and other major cities of Karnataka have reduced since dynamic fuel pricing. As on 6th October 2017, a litre of petrol costs Rs.69.17 while a litre of diesel costs Rs.56.79 in Mysore. A litre of diesel costs Rs.56.95 while a litre of petrol costs Rs.69.34 in Mandya. In Koppal, a litre of petrol costs Rs.70.08 while a litre of diesel costs Rs.57.64.
In Kolar, a litre of petrol costs Rs.69.34 while a litre of diesel costs Rs.56.95. In Haveri, a litre of diesel costs Rs.57.46 while a litre of petrol costs Rs.69.88. A litre of petrol in Belgaum costs Rs.69.49 a litre while a litre of diesel costs Rs.57.12. In Shimoga, a litre of diesel costs Rs.70.07 while a litre of petrol costs Rs.57.58. Entry taxes were banned in the state on 2nd July 2017 and, as a result, diesel and petrol rates were down by Rs.3 per litre.
In a nutshell, Karnataka is one of the south Indian states to charge petrol and diesel quite reasonably. The recent cut in entry taxes is the primary highlight in Karnataka. Diesel and petrol prices are envisioned to be steady over the next few months unless there are major changes in overseas crude oil.
Also Check Petrol Price in NearBy Cities of Karnataka
|Petrol Price in Bangalore||Petrol Price in Belgaum||Petrol Price in Udupi||Petrol Price in Mysore|
|Petrol Price in Bellary||Petrol Price in Gulbarga||Petrol Price in Mangalore||Petrol Price in Shimoga|
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