Petrol Prices in Maharashtra
Since the execution of the Goods and Services Tax (GST), many states have accelerated the VAT, leading petrol rates to upsurge significantly. The government reduced the excise duty on petrol by Rs.2 per litre in order to bring down fuel rates.
Maharashtra has joined Gujrat in reducing VAT imposed on fuel rates. After the announcement, the petrol rate in Mumbai was down by Rs.2 per litre. According to the latest reports, the VAT imposed on petrol in Thane, Navi Mumbai and Mumbai is 47.94%. It is 46.81% in rest of the state. The reduction in the state VAT is an additional financial burden.
Let’s make a comparative analysis of petrol prices in Maharashtra.
Trends in Petrol Prices in Mumbai
|Opening day price||Rs.78.38||Rs.74.56||Rs.74.30||Rs.78.29|
|Closing day price||Rs.79.77||Rs.78.28||Rs.74.58||Rs.74.56|
The highest petrol price in Mumbai, the capital city of Maharashtra, over the last four months was Rs.79.77 in September 2017. During the same period, the lowest price was Rs.73.23 in July 2017. Petrol rates were up by 1.74% in September 2017 and by 4.75% in August 2017. They were down by 5.27% in June 2017. All months have witnessed an increasing trend except June 2017.
Trends in Petrol Prices in Pune in 2017
The price of petrol on the opening day of April 2017 was Rs.72.55. The price increased to Rs.77.34 on the opening day of June 2017. Between August 2017 and July 2017, petrol prices in the city were almost consistent. On the first day of September 2017, petrol was priced at Rs.78.26. On the opening day of October 2017, the price again increased to Rs.79.75.
Revision of Petrol Prices in Maharashtra
All petrol bunks across the state have adopted dynamic fuel pricing system in order to revise the rate of petrol. Dynamic fuel pricing is alternatively called the daily revision. The new pricing system improves the competitiveness of the country and ensures transparent fuel pricing. With the introduction of dynamic fuel pricing, India joined Australia and the United States of America (USA).
State retailers will reset the price of petrol every day at 06:00 a.m. in sync with the exchange rate and worldwide crude oil prices. On a wider note, the daily revision aligns the retail pricing of crude derivatives in line with price fluctuations in overseas markets. The move also fosters the capability of oil marketing companies to transmit the rates into the economy efficiently.
Quarterly Petrol Price Trend in Maharashtra Between October and December 2018
|Opening date price||Rs.91.15 a litre||Rs.84.92 a litre||Rs.78.17 a litre|
|Closing date price||Rs.85.09 a litre||Rs.78.52 a litre||Rs.74.44 a litre|
|Highest price||Rs.91.39 a litre booked on the 4 October 2018||Rs.84.92 a litre booked on the 1 November 2018||Rs.78.17 a litre booked on the 1 December 2018|
|Lowest Price||Rs.85.09 a litre booked on the 30 and 31 October 2018||Rs.78.52 a litre booked on the 30 November 2018||Rs.74.44 a litre booked on the 31 December 2018|
Petrol Price Trend in Maharashtra Between October and December 2018
- Fuel prices in India are revised daily by State-run oil companies based on the ‘Dynamic Fuel Pricing’ mechanism which includes the 14-day average rate of the global crude oil as well as the exchange rate of the rupee over the US dollar.
- Under this method, petrol was priced at Rs.91.15 per litre in Maharashtra, rising due to the high crude oil prices in the international market.
- Petrol prices in Maharashtra continued to rise to touch a record high on 4 October when a litre was sold at Rs.91.39 per litre, impacted by the high global crude oil price coupled with drop in rupee’s value.
- The Union government announced a cut in the excise duty levied on the sale of fuel in the country by Rs.1.50 per litre and asked oil companies to cut Rs.1 per litre under fuel subsidy.
- This led to a significant fall in petrol rates in Maharashtra as petrol declined to touch Rs.85.09 per litre on 30 October – the lowest price recorded for October and dropping by 6.65% during the month.
- On 1 November, petrol was priced at Rs.84.92 per litre – the highest price registered for the month.
- With signs of declining geopolitical tensions between the US and China, crude oil prices declined slightly which led to the fall in petrol prices in the country.
- Prices dropped to its lowest for the month when a litre was sold at Rs.78.52 per litre on 30 November.
- Overall, the petrol price trend in Maharashtra during November declined by 7.54% impacted by the fall in oil prices in the global market coupled with the slight drop in US dollar’s value.
- Petrol was priced at Rs.78.17 per litre on 1 December and it was also the highest price recorded during the month.
- The drop-in fuel prices were attributed to the decline in crude oil prices from $80 per barrel early October to around $56 per barrel late December.
- This brought about the significant decline in petrol prices in Maharashtra as it registered a decline of 4.78% influenced by the steep fall in oil prices coupled with the sharp fall in the US dollar’s value.
Quarterly Petrol Price Trend in Maharashtra between July and September 2018
|Opening date price||Rs.82.94 a litre||Rs.83.76 a litre||Rs.86.09 a litre|
|Closing date price||Rs.83.79 a litre||Rs.85.98 a litre||Rs.90.84 a litre|
|Highest price||Rs.84.33 a litre recorded on the 14th||Rs.85.98 a litre recorded on the 31st||Rs.90.84 a litre recorded on the 30th|
|Lowest Price||Rs.82.94 a litre recorded on the 1st||Rs.83.76 a litre recorded on the 1st||Rs.86.09 a litre recorded on the 1st|
Petrol Price Trend in Maharashtra in July 2018
- Petrol prices are revised every day by State-run Oil Marketing Companies (OMCs) based on the dynamic fuel pricing mechanism.
- OMCs include the global crude oil price and the exchange rate of rupee over the U.S. dollar to arrive at the selling price of petrol in a city.
- In Mumbai, the capital city of Maharashtra, a litre of petrol was sold at Rs.82.94 on the 1st of July, which is also the lowest price recorded during the month.
- Petrol prices in Mumbai were kept unchanged until the 5th before increasing it by 14 paise per litre in the 6th.
- Prices continued to rise over the course of first and second weeks and touched its highest on the 14th when a litre of petrol in Mumbai was sold at Rs.84.33.
- The rise in petrol prices was in accordance with the incline in crude oil prices in the global market.
- By the end of the month, prices fell by about 60 paise per litre to stand at Rs.83.79 on the 31st of the month.
- The trend in petrol prices in the state was upward which inclined by 1.02% primarily influenced by the incline in oil prices.
Petrol Price Trend in Maharashtra in August 2018
- Oil companies cut petrol prices by 3 paise per litre on the 1st of August when a litre of petrol was sold at Rs.83.76 - the lowest for the month.
- Fuel prices including that of petrol continued to rise over the course of first and second weeks in tandem with the incline in crude oil prices.
- With the steep incline in petrol prices across the country, taxes levied were not reduced to offer some respite to consumers.
- The upward trend was witnessed across the month and touched new record levels with relentless hikes by oil companies.
- Despite the sharp rise in fuel prices, taxes levied on them continued to remain the same offering no respite to the common man.
- By the end of the month, the petrol price rose to touch Rs.85.98 per litre on the 31st of the month impacted by the significant increase in the global oil price.
- Overall, the petrol price trend was upward by 2.65% attributed to the sharp increase in oil prices in the global market.
Petrol Price Trend in Maharashtra in September 2018
- On the 1st of September, the petrol price in Maharashtra stood at Rs.86.09 per litre, up by 11 paise, this is also the lowest price for the month.
- Due to geopolitical tensions between the U.S and China on trade, oil prices continued to incline over the course of first and second weeks.
- Along with the increase in oil prices in the global market, the exchange rate of rupee over the U.S. dollar dropped sharply to touch an all-time low of 72 impacting the price of petrol in Maharashtra and other states in the country.
- There was no respite to consumers as there were relentless hikes by oil companies except in certain states such as West Bengal, Karnataka, Rajasthan and Andhra Pradesh which announced to decrease the local sales tax or VAT on the sale of fuel.
- In Mumbai, VAT on petrol remained the same which led fuel prices to incline steeply in the third and fourth week.
- The highest petrol price in Maharashtra in September stood at Rs.90.84 per litre registered on the 30th of the month.
- Petrol prices in Maharashtra during the month inclined sharply by 5.52% influenced by the rise in oil prices coupled with the dramatic fall in the Indian currency’s exchange rate.
Quarterly Petrol Price Trend in Maharashtra between April 2018 and June 2018
|Opening date price||Rs.81.59 a litre||Rs.82.48 a litre||Rs.86.14 a litre|
|Closing date price||Rs.82.48 a litre||Rs.86.20 a litre||Rs.82.99 a litre|
|Highest price||Rs.82.52 a litre recorded on 24th||Rs.86.28 a litre recorded on 29th||Rs.86.14 a litre recorded on 1st|
|Lowest price||Rs.81.59 a litre recorded on 1st||Rs.82.48 a litre recorded on 3rd||Rs.82.99 a litre recorded on 30th|
Petrol Price Trend in Maharashtra in April 2018
- Petrol price stood at Rs.81.59 a litre on 1st in the capital city of Maharashtra, Mumbai. In Pune, the second largest city in Maharashtra, the fuel price was lower because of Value-added Tax.
- As on 1 April 2018, VAT was 39.95% in Mumbai, Thane and Navi Mumbai; and in rest of the state, it was 38.93%.
- State-owned fuel companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum will take into account the currency conversion rate and the price of unrefined oil.
- In this month, petrol price in Maharashtra was increased by 1.09% caused by an upsurge in the price of crude oil per barrel. It remained unaffected by indigenous factors. The crude oil market was sluggish since the demand for unrefined oil has fallen in global markets.
- Petrol rates in Maharashtra were stable at Rs.81.84 a litre on 3rd and 4th, and Rs.82.48 a litre during the last week of the month.
- The highest petrol price was registered at Rs.82.52 a litre on 24th whereas the lowest fuel price was recorded at Rs.81.59 a litre on 1st for the month.
Petrol Price Trend in Maharashtra in May 2018
- Petrol continued to retail at a price of Rs.82.48 a litre during the first ten days of the month under the system of dynamic fuel pricing. The same price was offered at all fuel stations owned by Indian Oil, Bharat Petroleum and Hindustan Petroleum.
- Crude oil costs have increased by $6 per barrel and therefore, petrol rates in all parts of the country have increased significantly. In Maharashtra, fuel rates were up by 4.51% this month.
- The impact of the exchange rate is considered since India imports unrefined oil from oil-exporting nations such as OPEC. Since there were no noticeable variations in the exchange rate of the INR against the USD, petrol prices in Maharashtra were not impacted.
- At Indian Oil, the highest fuel price was declared at Rs.86.28 a litre. The lowest fuel price for the month was booked at Rs.82.48 a litre for the month.
- The neighboring states of Maharashtra such as Madhya Pradesh, Gujarat and Karnataka have also increased the price of petrol in sync crude oil rates.
Petrol Price Trend in Maharashtra in June 2018
- The opening date price was down by 6 paise per litre. Fuel prices have steadily fallen over the first week of June 2018.
- By the end of the second week, the fuel price in Maharashtra was reduced to Rs.84.26 a litre. By the end of the third week, fuel enterprises have further reduced the fuel price to Rs.83.95 a litre by the end of the third week.
- Oil-marketing companies have further decreased the cost of petrol since the demand for crude oil was reasonably low. As a result, in June 2018, petrol prices were down by 3.65%.
- Throughout the whole quarter, petrol was taxed at Rs.19.48 a litre by the Central Government whereas the tax imposed by the State Government was 39.95%.
- In June 2018, OPEC organised a meeting. It was decided to increase the extraction of crude oil to meet the growing demand.
- For the whole quarter, the highest fuel price stood at Rs.86.14 a litre whereas the lowest price stood at Rs.81.59 a litre.
Before introducing dynamic fuel pricing in all Indian states, a 40-day pilot was executed in 5 cities including Chandigarh. In May 2017, the volatility of the daily revision was 0.23% whereas the volatility of fortnightly pricing was 0.8%. A lower volatility is an indication of minute variations in petrol prices in Maharashtra. Under the dynamic fuel pricing environment, the currency risk can be easily shifted to end petrol users.
Trend in Petrol Price in Maharashtra between January 2018 and March 2018
|Opening date price||Rs.77.87 a litre||Rs.80.91 a litre||Rs.79.45 a litre|
|Closing date price||Rs.80.79 a litre||Rs.79.39 a litre||Rs.81.41 a litre|
|Highest price||Rs.80.79 a litre registered on 30||Rs.81.24 a litre registered on 6||Rs.81.41 a litre registered on 31|
|Lowest price||Rs.77.87 a litre registered on 1||Rs.79.38 a litre registered on 25||Rs.79.45 a litre registered on 1|
|% Change||3.61% (Up)||1.91% (Down)||2.41% (Up)|
Trend in Petrol Price in Maharashtra in January 2018
- In Mumbai, Thane and Navi Mumbai, on petrol, the Value-added Tax (VAT) is levied at 39.95% and 38.93% in other towns. So, a price difference can be observed across the state.
- On 1, the average fuel price stood at Rs.77.87 a litre in all parts of the state at all the three government-run fuel companies.
- Within the first 15 days, neither the excise duty nor the VAT on petrol has been changed. The OMCs expenses were also retained unaffected.
- Therefore, a 1.50% increase in the fuel price was caused by an appreciated US dollar and a reasonable hike in the crude oil’s cost during the first half.
- The upward trend prolonged over the subsequent weeks. The third week closed with a growth rate of 1.26% whereas the last week with an increase rate of almost 1%.
- On 30 and 31, the highest fuel rate was recorded in Mumbai and other prime cities in Maharashtra at Rs.80.79 a litre.
- Petrol rates were down Rs.3.61 a litre this month because of the crude oil cost, which accelerated from $62.29 a barrel to $67.06 a barrel; and the USD/INR exchange ratio, which was down 14 paise.
Trend in Petrol Rates in Maharashtra in February 2018
- There were no noticeable changes in the petrol price throughout the state even though the Central Government declared the Union Budget 2018-2019 on 1.
- HPCL, BPCL and Indian Oil have declared the highest fuel price at Rs.81.24 a litre on 06 considering the changes in the cross-border influencers.
- During the first 15 days, the USD strengthened versus the domestic currency and the Indian Crude Basket price slid to $63.63 per barrel. Therefore, petrol was offered at a price tag of Rs.80.66 a litre on 15.
- The price offer began falling during the third and fourth weeks influenced by sluggish market conditions and a reasonable drop in the demand for unrefined oil.
- Fuel companies made an offer of Rs.79.58 a litre on 22, Rs.79.49 a litre on 23, Rs.79.40 a litre on 24, Rs.79.38 a litre on 25 and Rs.79.39 a litre on 26 and 27. This exhibits a steady fall in the fuel prices as the USD reasonably appreciated against the local currency.
- The lowest price for the entire month was booked on 25 at Rs.79.38 a litre, and for the entire month, the fuel price was down 1.91%.
Trend in Petrol Price in Maharashtra in March 2018
- Globally, the price of Brent and WTI Crude Oil has started mounting since both the forms of crude oil have accumulated a substantial amount of demand especially during the second week.
- As on the opening date, fuel retailers have fixed a price of Rs.79.45 a litre under the daily price revision methodology. This was the lowest price for the month.
- The price of the fuel was up 18 paise a litre on 2, 24 paise a litre on 3, 16 paise a litre on 4, 6 paise a litre on 5 and 7 paise a litre on 6 since the dollar dropped against the INR.
- Not only in Maharashtra, but also in other Indian states, the petrol rate has been on a high this month as the oil exporting countries have not declared a production cut and even the global supplies and demands were constant.
- Moreover, the domestic taxes were not changed by the Central Government and the State Government of Maharashtra.
- As the fuel entities prolonged to mount the fuel rate throughout the month, on 31, the highest rate was unveiled at Rs.84.41 a litre. This was the closing date price too.
- Ultimately, in this month, the offer of the fuel was up 2.41% caused by a noticeable rise in crude oil rates and an appreciated INR.
Note: Indian Crude Basket is an aggregated price of WTI and Brent Crude Oil, which differ minutely. It is considered by the Government of India in order to revise the fuel prices.
How to get the Current Petrol Rate in Maharashtra?
The current Petrol Price in Maharashtra can be traced by the following methods:
- Petrol users can send a text message requesting the latest rate.
- Petrol users can dial the customer care number of oil marketing companies.
- The easiest option is to download the mobile applications of oil marketing companies.
How are Petrol Prices in Maharashtra Assessed?
Oil marketing companies, refineries and dealers are the three important stakeholders of the oil and natural gas industry. Oil marketing companies will import crude oil from foreign oil marketing entities on a contractual basis. Refineries will convert crude oil into petrol. Dealers will supply petrol to end users.
The retail selling price of petrol in Maharashtra comprises of the cost of crude oil incurred by oil marketing companies, the refinery transfer price charged by refineries, the expenses incurred by oil marketing companies, the state VAT, the central excise duty and the commission charged by dealers.
The cost of crude oil includes freight charges as well. The commission charged by petrol dealers may not the same across the state. Other costs incurred by oil marketing companies include entry taxes, operational costs and transportation costs. The state VAT imposed on petrol in Maharashtra is the highest among all Indian states.
Factors Affecting Petrol Prices in Maharashtra
The factors that affect petrol prices in Maharashtra can be clubbed into two categories:
- domestic factors and
- global factors. The cost of crude oil and the currency conversion rate are the global factors impacting petrol rates. The cost of crude oil relies on the economy of oil-producing companies. If it goes up in global markets, the cost of petrol will increase.
The USD, the currency of the United States of America, is the base currency. Crude oil is valued in the USD. The Indian currency should be converted into US dollars. If the INR gains against the USD, the cost of crude oil will marginally reduce. If the INR falls against the USD, the crude oil rate will increase. The currency exchange rate is determined by seasonal fluctuations, weather conditions, global reserves and supplies and the demand for petrol.
Impact of GST on Petrol rices in Maharashtra
The Goods and Services Tax (GST), a new tax, is imposed on all kinds of services and goods throughout the country. The fundamental objective of GST was to remove excessive taxation. Petrol has been exempted from the GST regime. Therefore, GST has no impact on petrol prices in Maharashtra. If GST is imposed on petrol:
- The cost of petrol per litre in Maharashtra will fall by at least 20-30%.
- The cost of compliance will increase by 200%.
- The revenue source for the government will be affected.
Also Check Petrol Price in NearBy Cities of Maharashtra
|Petrol Price in Mumbai||Petrol Price in Pune||Petrol Price in Nagpur||Petrol Price in Kolhapur||Petrol Price in Aurangabad|
|Petrol Price in Thane||Petrol Price in Nashik||Petrol Price in Solapur||Petrol Price in Amravati|
*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.