Petrol Price In Kolhapur Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 79.18
    Current Petrol Price Per Litre
    Compare Petrol Price in Kolhapur (Today & Yesterday)
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    (21 Oct 2019)
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    (20 Oct 2019)
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    Petrol ( / litre) ₹ 79.18 ₹ 79.18 ₹ 0 ↑
    Petrol Price in Kolhapur - Last 10 Days Data
    Date Petrol ( / litre)
    21 Oct 2019 ₹ 79.18
    20 Oct 2019 ₹ 79.18
    19 Oct 2019 ₹ 79.18
    18 Oct 2019 ₹ 79.18
    17 Oct 2019 ₹ 79.18
    16 Oct 2019 ₹ 79.18
    15 Oct 2019 ₹ 79.18
    14 Oct 2019 ₹ 79.23
    13 Oct 2019 ₹ 79.23
    12 Oct 2019 ₹ 79.23

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    Petrol Price In Kolhapur

    In the recent years, the petrol price in Kolhapur has seen a lot of highs and lows. This is due to various factors involved. A significant component is the price of the crude oil but understand that there are various factors involved in making up the gasoline’s price or making it so unstable.

    Before unveiling the factors that affect the petrol prices in Kolhapur, let’s understand its economy and industrial growth.

    Kolhapur is one of the historic cities of Maharashtra, which is governed by the KMC (Kolhapur Municipal Corporation). The city is categorized into 5 wards, which are named from A to E. Though the city is well admired for various things, it is popularly known for its “Kolhapuri Chappals,” which are handmade from buffalo leather and dyed further with the help of vegetable dyes.

    Other than this, the city is also known for handicrafts, block printing, beaded jewelry, crafting, silver, wood carving, pottery, brass works, oxidized silver artworks, embroidery designing, lace making, etc. Besides these, Kolhapur is also one of the fastest growing industrial cities with about 300+ foundries manufacturing export goods that are worth 15 billion INR every year. One of the well-known manufacturing plants is KOEL (Kirloskar Oil Engines Limited), which is located near Kolhapur.

    What Fuel Pricing System Does Kolhapur Follows?

    At present, not only Kolhapur but also every region in India follows the mechanism of “Dynamic Fuel Pricing” system. This was implemented on June 16, 2017 to overcome the drawbacks of the existing pricing system.

    Before this pricing methodology came into effect, the fuel rates every updated on the first and sixteenth day of each month. Hence, it was popularly known as the “Fortnight Fuel Pricing” system. The rates were modified fortnight at 8:00 a.m. IST (Indian Standard Time) based on the previous days’ international crude oil rates and a few other factors.

    However, this system had a lot of issues. The OMCs (Oil Marketing Companies) incurred various losses, the governments could easily affect or influence the fuel rates, and there was no transparency in the system. To overcome all of these, the “dynamic pricing system” was introduced. This mechanism is something almost all developed nations follow till date.

    Factors That Affect Petrol Price In Kolhapur

    Ever since the concept of dynamic fuel pricing has been implemented all over India, cost of crude oil in the international market isn’t the only component that affects the petrol rates. When it comes to daily price revision, there are many other aspects involved too. Let’s comprehend each in detail.

    1. Price Of The Crude Oil

    The daily price revision of fuel might not always correspond to the modification directly in the international crude oil rates on the previous day or on that particular day. Say, for instance, if the petrol rate in Delhi dropped down by 5% within 10 days and diesel rates by 4.5%, then there are hardly any changes in the overall price of the crude oil in India. It should have plummeted by a minute 0.4 – 0.5%.

    2. INR (Indian Rupee)

    Indian Rupee is an important factor for the fuel rates to see some fluctuations. It determines the everyday retail price of fuel that are set by the OMCs (Oil Marketing Companies). A vital aspect that comes to play here is the CER (Currency Exchange Rate) or rupee-dollar exchange rate.

    The oil companies in India import crude oil that is quoted in U.S. dollars. However, it eventually incurs the expenses in Indian rupees. Therefore, even the crude oil rates decline and simultaneously, the rupee also weakens in comparison to the dollar, it might offset the possible profits to the oil refineries.

    In addition, if the rupee strengthens with weakening crude oil, it augments the gains for the oil refineries and marketing companies.

    3. Tax

    Tax is certainly one of the important factors that determines the final retail price for any region in India. These are set up based on the state and central government policies.

    4. Logistics

    Besides the above, logistics is a vital factor for retail pricing of petrol and diesel. Fuel that is transported to regions or cities with long distances, especially that are farther from depots are typically priced higher when compared to locations that are close to the storage areas of oil companies. Generally, the fuel prices not only frequently differ from one town to the other but also between dealers by a few paises. However, this variation becomes huge when it comes to metro cities.

    5. Increase In Demand

    The demand for fuel is much higher in developing nations like India and China. This is due to its economic growth and population. Basically, industrial production and fast economic growth improve the demand for petroleum products.

    According to the United States Energy Information Administration, consumption of oil in OECD (Organization for Economic Cooperation and Development) countries decreased from the year 2000 to 2010. However, oil consumption in the non-OECD countries steadily inclined by 40+%. When it comes to oil consumption, Saudi Arabia, India, and China featured the biggest growth amongst the non-OECD countries in this period.

    In fact, China had surpassed United States as the biggest oil importer. Together with non-OECD countries, China also plays an important role in dictating the crude oil’s demand.

    What Impacts The Fuel Rates In Kolhapur?

    The three important aspects that impact the fuel prices in Kolhapur are as follows:

    • The market rate of unrefined oil
    • CER – Currency Exchange Rate
    • Tax

    The cost of crude oil has inclined to 65 USD per barrel in April 2018. However, if you take the price data one year back, it was much lower. In fact, it was so low that it doesn’t even come close to the current market price. A year back, one barrel was just 4 USD. This, in turn, has surged the price too high in the recent months.

    Rupee-dollar rate is yet another vital factor that acts as an influencer. The variation in dollar rate and Indian rupee plays a key role in the global market price of crude oil.

    Does GST Have Any Effect On The Petrol Rates In Kolhapur?

    GST (Goods and Service Tax), a multi-phased tax scheme, has not yet been forced in India’s any of the oil sectors. Even if a commodity like fuel comes under the GST program, the big players might be overburdened. Besides this, the government might also have its revenue affected largely. The compliance cost will increase too. Whether GST will be imposed on fuel is still a big question. Even if there are plans, it will certainly take time.

    Also Check Petrol Price in NearBy Cities of Kolhapur

    *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 Kolhapur

    • Petrol Prices Dropped Today, Diesel Rates Incline

      State-run oil companies cut petrol prices by 5 paise today across major metro cities of the country, while diesel rates were hiked by 5 paise. After the revision, a litre of petrol in Delhi is being sold at Rs.72.93 and diesel costs Rs.66.31 a litre. Yesterday, petrol in Delhi was sold at Rs.72.98 per litre and diesel was sold at Rs.66.26 per litre. In the financial capital of Mumbai, petrol costs Rs.78.50 per litre and diesel is available at Rs.69.40 per litre, as compared to yesterday’s price of Rs.78.55 per litre and Rs.69.35 a litre, respectively. Likewise, petrol prices in Chennai and Kolkata were slashed by 5 paise to Rs.75.69 per litre and Rs.74.95 per litre, respectively. Diesel prices in Chennai and Kolkata stands at Rs.70.01 per litre and Rs.68.05 a litre, respectively.

      Fuel rates are determined by the international crude oil prices and the exchange rate of the Indian rupee over the US dollar. Today, in the international oil market, crude oil rates declined amid expectations that OPEC and its allies will increase the supply of crude in the market to gain market share. International benchmark Brent crude oil futures were trading at $71.08 per barrel, declining by 10 cents or 0.1% compared to its previous close.

      16 April 2019

    • Petrol prices at its lowest level in 2018

      With the Oil Marketing Companies (OMCs) cutting the prices of petrol by Rs.0.22 on Sunday, the rates charged for a litre of petrol is at its lowest level in 2018. As of Sunday, petrol was sold for Rs.69.04 in the national capital. It needs to be mentioned here that the rates of petrol have been on a downward curve since October 18 as crude oil prices have dropped significantly. The decline in the prices of petrol recorded in the last two and a half months has been Rs.13.79 per litre.

      It is noteworthy to mention here that the rates of petrol touched a record-high of Rs.84 in Delhi and Rs.91.34 in Mumbai as of October 4. This came after petrol rates in the country started going up since August 16. Between August 16 and October 4, petrol prices were hiked by Rs.6.86 per litre. The hike recorded in the prices during August and October forced the government to cut the excise duty on petrol by Rs.1.50 and ask state-owned fuel retailers to subsidize the price by another Re.1 per litre.

      With crude oil prices still on the downward curve and the fact that the rupee is appreciating against the US dollar, industry sources expect the rates of petrol to reign easy in the upcoming days as well.

      2 January 2019

    • Petrol Prices Go Down for the 9th Consecutive Day on Friday, Sparks Relief

      After what looked like a month and half long fuel price increase, the last week and a half has come as a major relief for commuters around the country. On Friday, the 26th of October, petrol prices dropped, making it the 9th consecutive day of drops as international crude oil prices dropped while the Indian rupee strengthened against the US dollar.

      Petrol prices were dropped by Rs.0.25 per litre for the day. With the correction on the day, prices in Delhi dropped below the Rs.81 per litre to trade at Rs.80.85 per litre, while in Mumbai the same was priced at Rs.86.33 per litre.

      In Chennai, petrol was priced at Rs.84.02 per litre while in Kolkata the same remained at Rs.82.71 per litre. This drop happened after Brent Crude - the trademark for crude prices - dropped to $76 per barrel while having hit the $86 per barrel just a few weeks ago. Commuters are happy with the rapid decrease in petrol prices as their commute to their office looks a lot less expensive now as compared to the volatility of every day seen a little over 10 days ago.

      29 October 2018

    • Rising Crude Prices not the only Reason Behind Falling Rupee

      According to a recent report, rising crude oil prices isn’t the only reason behind the decreasing rupee value. The report stated that uncertainties relating to the election are also spooking international investors from investing in the rupee.

      The report further stated that most of the Asian currencies have risen by 3% to 14% in the against the rupee in the recent months due to this.Anindya Banerjee, an analyst for Kotak Securitie, has said that the rupee’s fall from grace against major Asian currencies is due to the domestic concerns in the wake of rising crude prices.

      While global factors are contributing to the rise in the crude prices and a fall in the rupee, various local factors such as the election and the uncertainties that come with it are also weakening the rupee.

      The reason for the oil price hike is also because India is the largest importer of oil with the country importing over three-fourth of crude to meet the rising demand. The report further stated that Thai baht has gained the highest against the rupee - rising by 13.78 percent while Japanese Yen has risen by 13.66 percent. Indonesian rupiah is the lowest gained at 3.36% followed by Philippine Peso - at 4.78%.

      24 September 2018

    • Check Out City-wise Petrol Rates on 4 June 2018

      On 04/06/2018, after the daily revision, petrol rate was declined by 15 paise a litre in Delhi under dynamic fuel pricing. The prices of petrol and diesel shall be reviewed regularly in sync with international crude oil rates and the currency translation ratio. On Monday, non-branded petrol was sold at Rs.77.96 per litre, Rs.80.60 per litre, Rs.85.77 per litre and Rs.80.94 per litre in the national capital, Kolkata, Mumbai and Chennai respectively.

      Non-branded petrol, on 04/06/2018, was sold at Rs.73.62 per litre, Rs.73.75 per litre, Rs.78.07 per litre and Rs.79.23 per litre in Agartala, Aizawl, Ambala and Bangalore respectively. Similarly, in Bhopal, Bhubaneswar, Chandigarh and Dehradun, prices of non-branded petrol stood at Rs.83.58 per litre, Rs.76.77 per litre, Rs.74.98 per litre and Rs.78.97 per litre respectively.

      5 June 2018

    • Petrol Price has Crossed Rs.77 per litre in Delhi and Rs.85 per litre in Mumbai

      Petrol has registered a new record price in Delhi and Mumbai. Petrol price in Delhi crossed a price mark of Rs.77 per litre for the first time in Delhi whereas petrol price was just up by 1 paisa in Mumbai. On Wednesday, petrol rates have increased by 14-34 paise per litre. The government may soon declare appropriate measures to curb growing prices. On 23 May 2018, petrol was priced at Rs.79.83 per litre, Rs.84.99 per litre and Rs.80.11 per litre in Kolkata, Mumbai and Chennai respectively.

      On Tuesday, Amit Shah, BJP President, said “The government wanted to address the issue of growing petroleum products. It will soon implement certain measures. The solution will be announced shortly.’’ Industry bodies Assocham and Ficci have urged the Central Government to reduce excise duties on fuels. It was urged by these bodies to include automobile fuels under GST. Since 2014, excise duty has been revised many times. Over the last 10 days, petrol prices have increased by Rs.2.54 per litre, Rs.2.51 per litre, Rs.2.51 per litre, Rs.2.68 per litre in Delhi, Kolkata, Mumbai and Chennai respectively.

      25 May 2018

    • Petrol Retailed in Excess of Rs.80 a litre in Kolhapur

      Maharashtra is the costliest state with regard to fuel prices, including diesel prices and petrol prices. In Kolhapur, a notable city in Maharashtra, oil marketing companies priced the fuel at Rs.80.06 a litre. If you consider the petrol rate, it has been growing regularly over the previous 3 weeks. The city witnessed a price rise of Rs.2.09 a litre since the first week of January 2018. Market specialists title the hike in petrol rates if interpreted for the last three weeks. Since the execution of the revised fuel pricing mechanism, the price hike during the first 3 weeks of 2018 is the uppermost. Experts also said that the price hike shall influence the inflation rate in the forthcoming days.

      More than 20% of the overall conformation of the index of inflation constituted by both petrol and diesel. V B Kakade, who is a city-specific economist, said an increase in fuel rates may lead to a strengthening effect on the prices of several commodities. For instance, the cost of transport shall increase. Even though the daily changing prices may be vindicated to reduce the shortfall confronted by Maharashtra, commoners are negatively impacted with regard to inflation. In the city, petrol is being retailed at Rs.80 a litre.

      22 January 2018

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