Petrol Price In Mysore Today

  • Today's Petrol Price ( 18 Apr 2019 )
    ₹ 74.98
    Current Petrol Price Per Litre
    Compare Petrol Price in Mysore (Today & Yesterday)
    Today
    (18 Apr 2019)
    Yesterday
    (17 Apr 2019)
    Rate Change
    Petrol ( / litre) ₹ 74.98 ₹ 74.98 ₹ 0 ↑
    Petrol Price in Mysore - Last 10 Days Data
    Date Petrol ( / litre)
    18 Apr 2019 ₹ 74.98
    17 Apr 2019 ₹ 74.98
    16 Apr 2019 ₹ 74.98
    15 Apr 2019 ₹ 75.03
    14 Apr 2019 ₹ 74.91
    13 Apr 2019 ₹ 74.91
    12 Apr 2019 ₹ 74.91
    11 Apr 2019 ₹ 74.85
    10 Apr 2019 ₹ 74.85
    09 Apr 2019 ₹ 74.85

    Petrol Rate Trend

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    Petrol Price in Mysore

    The petrol price in Mysore is currently fixed and revised under the daily revision system. The price majorly includes taxes, OMC overheads and crude oil rates. The Central Government levies an excise duty of Rs.17.48 on petrol a litre as of 1 February 2018. The State Government levies a VAT of 30% on petrol a litre. The BJP Government, which was formed in 2014, decreased the excise duty several times. The central tax was declined by Rs.2 a litre in October 2017 and February 2018 respectively.

    Historical Petrol Rates in Mysore

    The petrol rate in Mysore has not been consistent since the daily price revision system. You will easily understand the trend in petrol prices through a monthly analysis. On the first day of April 2017, the petrol rate in Mysore was Rs.70.84 per litre. When revised on the opening day of May 2017, it stood at Rs.72.76 per litre. The fuel was sold at Rs.71.34 per litre on the first day of June 2017 and at Rs.64.02 per litre on the opening day of July. As the oil marketing companies adopted the daily revision mechanism in the month of June 2017, fuel prices were low for the first 15-20 days.

    In August 2017, they started increasing again. The fuel retailed at Rs.66.16 a litre on the first day of the month. When revised on the first day of September, the fuel was sold at Rs.70.10 per litre. On 1 October 2017, the price stood at Rs.71.67 per litre and further decreased to Rs.69.96 per litre on the first day of November 2017. Petrol prices in Mysore were Rs.70.05 per litre and Rs.70.81 a litre in November and December 2017. Recently, when revised on 1 February 2018, the petrol rate in Mysore was Rs.73.94 per litre.

    Dynamic Fuel Pricing vs Current Petrol Price in Mysore

    Indian Oil, Hindustan Petroleum and Bharat Petroleum, which are the three publicly-owned brands for marketing oil, switched to the daily revision mechanism in June 2017 by quitting the 15-year old fortnightly-based revision. Before June 2017, the revision of fuel prices in Mysore used to happen twice a month. The first revision used to happen on the 1st of every month and the second revision used to befall on the 16th of every month. Fuel prices used to be steady at least for a period of 15 days.

    This is not the case now. Dynamic fuel pricing, also called the daily price revision, majorly takes into the USD/INR conversion rate and crude oil rates to fix and revise the petrol price. The scheduled time to revise the fuel price is 06:00 a.m. everyday. The oil marketing brands shall update the revised fuel prices for consumers. Dynamic fuel pricing allows the revision of fuel prices through a mechanised system. Fuel stations, which are not automated, should do it manually. In a nutshell, petrol prices in Mysore have been varying owing to dynamic fuel pricing.

    Features of Dynamic Fuel Pricing

    • Dynamic fuel pricing does not allow the intervention of political parties while fixing the price of the fuel.
    • Fuel consumers do not face the problem of stocks. In other words, oil marketing companies ensure the continuous supply of petrol in Mysore.
    • The petrol price is revised in sync with the changes in the exchange rate and also crude oil rates in global markets.
    • The effective maintenance of working capital can be assured for oil marketing brands.
    • Dynamic fuel pricing interlinks the global fuel retailing industry with the Indian fuel retailing industry.

    Track Petrol Prices in Mysore using Mobile Applications and SMS Services

    You have three options to trace the latest petrol price in Mysore. The first option is to make use of the mobile applications, the second option is to make use of SMS services and the third option is to check the online portals. Fuel@IOL, SmartDrive and My HPCL are the three mobile applications, which you can download if you are using smartphones. If you are willing to avail the SMS services, be sure to visit the websites of Indian Oil, Bharat Petroleum and Hindustan Petroleum to find the tips. Today’s petrol price in Mysore can also be traced through online portals.

    Computation of Petrol Price in Mysore

    • Crude oil prices: The crude oil price is divided by 159 to arrive at the cost price of crude oil per litre. Let’s assume the cost of a barrel of crude oil is Rs.4,200. When it is divided by 159, we arrive at Rs.26.42. This is the price of crude oil per litre.
    • OMS overheads: Oil marketing companies incur entry taxes, the price paid to refineries, processing charges, the overall operational expenses, etc. It is more than Rs.8 per litre.
    • Excise Duty: The excise duty is centrally charged. As of 3 February 2018, the excise duty per litre is Rs.19.48 a litre. It consists of the road cess, which was introduced in the Union Budget 2018-2019.
    • Dealer commission: Retail fuel stations work for a commission to supply petrol to fuel consumers in Mysore. As of 3 February 2018, it is Rs.3.59 a litre.
    • VAT: VAT stands for Value-added Tax and is a state level tax imposed on petrol by states. As of 4 September 2017, 30% VAT was levied on petrol by the Government of Karnataka.

    All the cost elements are added to arrive at the petrol price in Mysore.

    Influencers of Fuel Prices in Mysore

    The USD/INR exchange rate is a major influencer. It tends to change frequently on a daily basis. Any deviations in the exchange rate affect the current petrol price in Mysore. The USD/INR exchange rate is influenced by the public debt and inflation rate of two countries, and the supply and demand pattern. The cost of crude oil is another influencer. Taxes also impact the fuel rate in the city. The demand for petrol has nothing to do with its price since petrol is not indigenously produced.

    GST vs Fuel Rates in Mysore

    What is the impact of the GST framework on fuel rates in the city? The GST system is highly debated in the country today. It does not consider petrol for taxation purposes currently. In other words, petrol users across the country do not pay GST taxes on petrol. So, the GST framework has no impact on the price of the fuel. If petrol consumers are taxed at the GST rates, the retail selling price shall drop. Eventually, the income source of the government is negatively impacted. The GST Council was asked to bring petrol under the GST mechanism. But, the final decision has to be taken by the GST council in consultation with the Indian Prime Minister.

    Why are Fuel Rates increasing in India?

    • Crude oil prices have increased by 18$ per barrel last year.
    • Fuel suppliers have increased their commission by Rs.1 per litre.
    • The profit margin of oil marketing companies has increased slightly over the last year.

    Also Check Petrol Price in NearBy Cities of Mysore

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    *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 Mysore

    • Petrol and Diesel Prices Remain Unchanged for the Second Day in a Row

      Prices of petrol and diesel were kept unchanged for the second day in a row on Thursday across major metro cities of the country by State-owned oil companies. In Delhi, petrol is available at Rs.72.24 per litre and diesel costs Rs.67.64 per litre. The last time fuel prices were increased, petrol rates went up by 7 paise per litre and diesel by 10-11 paise a litre on Tuesday. In the financial capital of Mumbai, petrol is being sold at Rs.77.87 per litre and diesel at Rs.70.86 a litre. In Chennai, a litre of petrol is being dispensed at Rs.75.02 per litre and diesel at Rs.61.49 a litre. Similarly, petrol is retailing at Rs.74.33 per litre and diesel at Rs.69.43 a litre in Kolkata. In other metro cities such as Noida and Gurugram, a litre of petrol costs Rs.71.75 and Rs.72.37 while diesel costs Rs.66.58 per litre and Rs.66.76 a litre, respectively. Prices may vary between cities and fuel stations due to local sales tax and transportation costs. New prices of petrol and diesel are effective from 6:00 IST daily.

      Fuel prices are indicative of the global crude oil prices as well as the rupee-dollar exchange rate. Today, crude oil prices in the international oil market inclined amid OPEC-led output cuts and US sanctions on Iran and Venezuela. Benchmark Brent crude oil futures were up by 37 cents or 0.6% trading at $66.36 per barrel against its previous close.

      7 March 2019

    • Petrol rates to soar after falling for consecutive days

      Major oil marketing companies have soared the price of petrol on Monday, 7 January 2018, on the back of a recent upsurge in the price of crude oil. Today’s petrol price in Delhi, the capital city of India, is up by 21 paise per litre to Rs.68.50. Similarly, the rate of petrol per litre in Mumbai was up by 21 paise per litre to Rs.74.16. Petrol is currently hovering around its one-year low price. The rate of crude oil has increased by over 4% on 2 January 2018 as China has agreed to have a trade-talk with the United States of America. Brent Crude, which is considered to measure the price of crude oil in overseas market, has gone up by 2% to $57.06 per barrel.

      Brent crude oil prices have soared further to $57.75 per barrel. According to experts, crude oil rates shall be stable considering their recent downfalls. A fall in the price of crude oil is a good sign for India that currently imports 80% of its oil requirements. On the other hand, a rise in crude oil prices is not a good sign for India. Inflation is expected to rise by 49 basis points or a 43 basis points with every $10 rise in the price of crude oil.

      7 January 2019

    • Diesel rates have increased today, check fuel prices

      Diesel rates have increased by 8 paise per litre to Rs.62.24 in the national capital, Delhi, by the oil marketing companies. The fuel is retailing at a price of Rs.65.12 per litre in Mumbai, the financial capital of India. Diesel rates have reached their 9-month low recently. Crude oil rates have gone up by 4% on 2 January 2018 since China has green-signaled to hold the talks of trade with the United States of America. It has been reported that overseas crude oil prices have soared by 1.11% to $57.06 per barrel. According to experts, overseas petroleum prices are anticipated to stabilise in the year 2019 while Brent crude and US Crude declined sharply at the completion of the last year. Since October, diesel rates have downfallen by 20%. A downfall in the price of crude oil has been a better indicator from the stance of the country, which imports petroleum from OPEC members in a huge quantity. On the other hand, a rise in the price of crude oil will cause a rise in inflation.

      7 January 2019

    • Petroleum Minister Dharmendra Pradhan Defends Fuel Price Hikes

      Fuel prices have been on the rise over the last two weeks or so with the highest ever limit already hit in all the major cities in the country. The rise has brought about a lot of criticism against the central government with the opposition and the common people lambasting the lack of action taken. However, Petroleum Minister Dharmendra Pradhan has defended the government’s action, or lack thereof in a recent event at New Delhi.

      Speaking at the India Today Mind Rocks said that rise in the crude oil prices internationally is the reason behind the fuel price hikes. He further stated that the rise of fuel prices in not in the government’s control and is mostly dependent on the global crude prices. On Saturday, the 15th of September, petrol prices in Mumbai were at Rs.89.01 per litre while that of silver was priced at Rs.78.07 per litre as per notifications sent by Oil Marketing Companies (OMCs). Pradhan further blamed the lack of oil production for rise in prices and also the fall of the Indian rupee which all combined to have a negative effect on the price of fuel.

      19 September 2018

    • Petrol and Diesel Prices Raised for Sixth Day in a Row

      Petrol and diesel prices were hiked for the sixth day in a row in all four metros on Tuesday as per Indian Oil Corporation (IOC) Limited. Petrol was being sold at Rs.76.53 per litre in New Delhi, while diesel price stands at Rs.68.23 a litre. Prices in other metros stand at Rs.83.91 in Mumbai, Rs.79.20 in Kolkata, and Rs.79.43 in Chennai. As for the diesel prices, in Mumbai the fuel is being sold at Rs.72.40, Rs.70.78 in Kolkata and Rs.72.03 in Chennai. In New Delhi, petrol prices were increased by 17 paise per litre, while that of diesel by 16 paise. In Mumbai, the petrol price was hiked by 16 paise, 17 paise in Kolkata and 18 paise in Chennai. As for diesel prices, in New Delhi, it was increased by 16 paise, 17 paise in Mumbai, 16 paise in Kolkata and by 18 paise in Chennai. Fuel prices in India are updated on a daily basis under the ‘Dynamic Fuel Pricing’ mechanism. The rise in fuel prices is attributed to the increase in the global crude oil price due to an apprehension of a supply shortage.

      11 July 2018

    • India Seeks an Urgent Solution to Curb Constantly Growing Fuel Prices

      Oil Minister said “India seeks an urgent remedy to bring down the cost of diesel and gasoline and our government is trying to fix the issue. Fuel rates have increased rapidly in response to a steady rise in the price of Indian basket and India’s heavy dependence on imported unrefined oil. One option the government is planning to dampen fuel prices in the country by imposing an windfall tax on domestic oil extractors. The option is considered when the price of crude oil per barrel exceeds $70 in international markets.

      As domestic producers sell crude oil at international prices, state governments will collect the profits generated by selling crude oil in excess of $70 per barrel and transmitted to end fuel buyers. Oil Minister asked OPEC and Saudi Arabia to work on crude oil prices, which passed a threshold of $80 per barrel. More than 80% of unrefined oil requirements is imported by India. Annual reports now stand at 1.575 billion barrels

      25 May 2018

    • Petrol Price and Karnataka Elections

      There has been no information so far on the government asking all petrol bunks owned by the state to postpone the decision on increasing the prices of both petrol and diesel ahead of the election season in Karnataka.

      In fact, the price of petrol was cut down by 4 paise per litre and 3 paise for diesel. In December, the previous year, prices were cut down by many state-owned bunks and prices then went up again during the election season.

      12 April 2018

    • Petrol Prices in some of the capital states of the country

      As petrol prices in the country are revised on a daily basis to be in sync with global crude prices under the dynamic pricing scheme, petrol prices in the country saw a hike on Monday. This was because global crude prices extended its gains to two week high. The rise in the prices of petrol was 3 paisa and came into effect since 6 a.m on Monday. The price for every litre of non-branded petrol in some of the capital states of the country were as follows: Rs. 72.65 in Bangalore, Rs. 75.74 in Hyderabad, Rs. 68.79 in Chandigarh, Rs. 73.90 in Dehradun, Rs. 73.50 in Guwahati, Rs. 71 in Shillong, Rs. 65.89 in Panjim and Rs. 73.38 in Jammu respectively.

      27 February 2018

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