Petrol Price In Madurai Today

  • Today's Petrol Price ( 13 Oct 2019 )
    ₹ 76.82
    Current Petrol Price Per Litre
    Compare Petrol Price in Madurai (Today & Yesterday)
    Today
    (13 Oct 2019)
    Yesterday
    (12 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 76.82 ₹ 76.82 ₹ 0 ↑
    Petrol Price in Madurai - Last 10 Days Data
    Date Petrol ( / litre)
    13 Oct 2019 ₹ 76.82
    12 Oct 2019 ₹ 76.82
    11 Oct 2019 ₹ 76.93
    10 Oct 2019 ₹ 77.05
    09 Oct 2019 ₹ 77.11
    08 Oct 2019 ₹ 77.11
    07 Oct 2019 ₹ 77.28
    06 Oct 2019 ₹ 77.58
    05 Oct 2019 ₹ 77.58
    04 Oct 2019 ₹ 77.88

    Petrol Rate Trend

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    Petrol Price in Madurai

    Madurai is a district headquarter in Tamil Nadu. Like other cities, the city of Madurai has a vast number of petrol users. The number is still growing. With the growing number of petrol users, petrol rates have also increased. We cannot apply the law of demand since crude oil is not an Indigenous commodity. Is it not interesting to understand the forces behind the changes in fuel rates? It is! This is a fuel page designed for petrol users from Madurai. The page discusses various facets connected to the petroleum industry.

    Dynamic Fuel Pricing

    Dynamic fuel pricing is the biggest change. It is a revised version of the previous fortnightly-based fuel pricing mechanism. Hindustan Petroleum, Bharat Petroleum and India Oil have implemented this system to align the Indian fuel segment with the global fuel industry. The system has also been deployed by Japan, the USA, Russia, etc. Sometimes, dynamic fuel pricing is also referred to as the daily revision mechanism.

    Key Features of Dynamic Fuel Pricing

    • Under this mechanism, petrol prices in Madurai shall be restructured regularly taking into account the cost price of crude oil and the INR/USD conversion ratio.
    • Each fuel center whether automated or non-automated shall display the updated price each day at 06:00 a.m.
    • Unlike before, fuel rates cannot be constant. Instead, they are expected to change.

    Benefits of Dynamic Fuel Pricing

    • The OMCs can easily monitor and manage stock or inventory. Cash management can be easier for them.
    • Working capital, the difference between current liabilities and current assets, can be reduced.
    • Dynamic fuel pricing also enhances the functional efficiency of the fuel corporations.
    • The revision of fuel prices is done in a way that does not consider the political impact.
    • Benefits are instantly transferred to end customers in Madurai.
    • Petrol price in Madurai is completely transparent.

    Download Mobile Applications to Track Latest Petrol Rate in Madurai

    How are you tracing the latest petrol price in Madurai now? Are you finding it difficult to track the current fuel price? If yes, here is a solution for you. Downloading mobile applications is the best solution. This option is easy. If you are intending to obtain the revised fuel price offered by Hindustan Petroleum, download ‘My HPCL.’ If you’re a customer of Bharat Petroleum, consider downloading ‘SmartDrive’. Or, download ‘Fuel@IOC’ if you’re a customer of Indian Oil to get the current fuel price in Madurai.

    Computation of Petrol Price in Madurai

      Petrol Price per litre
    Global crude oil rates $65.5 per barrel
    1 barrel of unrefined oil 159 litres
       
    OMC cost calculation  
    Entry levies, landing overheads, refinery transfer price, landing expenses Rs.4.75 per litre
    Profit margin of OMCs, freight expenses, transportation overheads   Rs.3.30 per litre
    Cost of fuel after refining Rs.34.48 per litre
       
    Excise duty plus road cess Rs.19.48 a litre
    Dealer price before Value-added Tax Rs.53.96 a litre
       
    Dealer retail price  
    Commission charged by fuel retailers Rs.3.59 a litre
    Fuel rate before VAT Rs.57.55 a litre
    VAT@32.06% Rs.18.45 a litre
    Retail Selling Price of petrol in Madurai Rs.76 a litre (Approximately)

    Note: Excise duty is a central level tax. The Central Government levies it commonly across the Indian states. It has been changed several times by the BJP Government. In May 2018, it was Rs.19.48 a litre according to Petroleum Planning and Analysis Cell.

    Factors Impacting Fuel Prices in Madurai

    Cost of crude oil: Undoubtedly, it is a major cost center and accounts for more than 30% of the market price of petrol. It has a long-run impact on the fuel rate. For instance, the OMCs have accelerated the petrol rate in Madurai in the month of January 2018. They have reduced the price mark in February 2018. In the month of March 2018 again, petrol rate was decreased. The motive behind these price fluctuations is the cost of unrefined oil. Petrol prices shall drop when crude oil costs drop. On the other hand, when crude oil prices increase, fuel rates shall hike.

    USD/INR Exchange rate: We all understand the relevance of the INR/USD currency translation ratio. The currency pair exhibits the value of the Indian currency versus the greenback. It is a key aspect that impacts the price mark of petrol directly. In overseas markets, unrefined oil prices will drop if the INR devalues versus the USD. Conversely, if the Indian currency strengthens against the USD, crude oil rates will also augment.

    Taxes: Crude oil expenses and the exchange rate are overseas factors. On the other hand, taxes are domestic elements and have a direct impact on the revision of fuel prices. How? When the Central Government diminished excise duty by Rs.2 a litre five months ago, fuel prices were also declined by Rs.2 per litre not only in Madurai but also in other parts of India. In a few states, VAT was also diminished. Therefore, HPCL, BPCL and IOCL shall adjust the RSP of petrol in tandem with the deviations in VAT and excise duty.

    Goods and Services Tax (GST) versus Today’s Petrol Price in Madurai

    Today’s petrol price is Rs.78.21 per litre. Is it including GST or excluding GST? This price mark is free from the GST structure. Petrol is not considered for the computation of tax under the present tax system. It is a widely used commodity and is the biggest revenue source for the Central Government. There is a motive behind not bringing the fuel under the GST realm.

    The motive is that the execution of the GST tax system will dampen the current petrol price at least by 27-35%. In other words, petrol price in Madurai will be revised to Rs.55-60 per litre. Thus, not only the State Government of Tamil Nadu but also the Central Government of India are likely to incur massive losses. Petrol, therefore, has not been included to safeguard against losses.

    Also Check Petrol Price in NearBy Cities of Madurai

    Petrol Price in Chennai Petrol Price in Bangalore Petrol Price in Hyderabad
    Petrol Price in Coimbatore Petrol Price in Trichy Petrol Price in Visakhapatnam

    *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 Madurai

    • Petrol prices expected to go up again

      With the Organization of the Petroleum Exporting Countries (OPEC) vowing to cut oil supplies by 1.2 million barrels every day, petrol prices in the country are expected to rise again in the coming weeks. It needs to be mentioned that the rates of petrol in the national capital have come down from Rs.81.50 to Rs.71.55 in the last two months as the international oil prices have fallen gradually during the period.

       

      In the light of the recent development, oil analysts are expecting prices to touch the 70 dollars mark per barrel. This means that even though there will be a hike in the prices of petrol it won’t surge to record levels as it had done just a few months ago.

      It is noteworthy to mention here that the central government on October 3 announced a cut of Rs.1.5 on petrol and asked Oil Marketing Companies (OMCs) to absorb a loss of Re.1 every litre to bring down the petrol prices in the country.

      12 December 2018

    • Petrol Price Touch Record High In Mumbai

      Petrol prices continued to linger above Rs.90 per litre mark in the financial capital of Mumbai, with a litre of the fuel being sold at Rs.90.22. Diesel rates too touched new highs for the second consecutive day, costing Rs.78.69 a litre in Mumbai. In the National Capital, petrol costs Rs.82.86, while diesel is being sold at Rs.74.12 per litre. Fuel prices are cheapest in Delhi, while its the highest in Mumbai due to the local sales tax or VAT. As per India’s leading oil retailer Indian Oil Corporation (IOC), petrol costs Rs.83.37 a litre in Bengaluru, Rs.87.84 in Hyderabad, Rs.85.25 in Lucknow, Rs.84.68 in Kolkata and Rs.86.13 in Chennai. Meanwhile, diesel costs Rs.74.40 a litre in Bengaluru, Rs.74.25 in Lucknow, Rs.80.62 in Hyderabad, Rs.75.97 in Kolkata and Rs.78.36 in Chennai. Fuel prices have been on the rise due to the incline in the prices of crude oil in the global market. Brent Crude, the Benchmark futures, is hovering close to $80 per barrel and is expected to incline further in the coming days on a possible shortage in supply of oil in the market.

      26 September 2018

    • Petrol Prices Reduced Marginally on Tuesday

      Petrol prices were reduced marginally on Tuesday. In Delhi, petrol prices were decreased by 13 paise, the seventh consecutive day of reduction. The cut in petrol prices comes after the 16-day increase which pushed fuel prices to their highest peak in India. In New Delhi, a litre of petrol costs Rs.77.83, Rs.80.47 per litre in Kolkata, Rs.80.80 a litre in Chennai and Rs.85.65 per litre in Mumbai. In the last seven days, oil-marketing companies (OMCs) have reduced petrol prices by 60 paise a litre while similar price cut was announced in other states. Following petrol prices increasing to it’s all-time highest of Rs.78.43 per litre in Delhi on 9 May 2018, prices have marginally declined in the backdrop of fall in the global crude oil prices and the rupee gaining over the US dollar.

      5 June 2018

    • Central Government is Reflecting on Quickest Solution to Deal with Fuel Rates-says Oil Minister

      Union Oil Minister, Dharmendra Pradhan, on Thursday, said that the Central Government is reflecting on a quick solution in order to combat increasing fuel rates. The Oil Ministry is interested to bring both fuels under the GST purview to bring down the constantly growing rates. The Government will soon implement a quick solution. Why is fuel rate increasing? In October 2017, excise duty was declined by Rs.2 per litre to reduce the fuel rate.

      Dharmendra Pradhan further said that our government is planning to implement short-term and long-term solutions. The primary reason behind a price fall in fuel rates is the political disparities between Iran and Venezuela, which are the two major oil-producing countries. S B Bahera, Odisha Finance Minister, on the recommendations of Oil Minister, said that all the Indian state governments have to take a decision with respect to the proposal of bringing petroleum products under GST.

      25 May 2018

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