Petrol Price In Nagercoil Today

  • Today's Petrol Price ( 13 Oct 2019 )
    ₹ 77.14
    Current Petrol Price Per Litre
    Compare Petrol Price in Nagercoil (Today & Yesterday)
    Today
    (13 Oct 2019)
    Yesterday
    (12 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 77.14 ₹ 77.14 ₹ 0 ↑
    Petrol Price in Nagercoil - Last 10 Days Data
    Date Petrol ( / litre)
    13 Oct 2019 ₹ 77.14
    12 Oct 2019 ₹ 77.14
    11 Oct 2019 ₹ 77.25
    10 Oct 2019 ₹ 77.37
    09 Oct 2019 ₹ 77.43
    08 Oct 2019 ₹ 77.43
    07 Oct 2019 ₹ 77.6
    06 Oct 2019 ₹ 77.9
    05 Oct 2019 ₹ 77.9
    04 Oct 2019 ₹ 78.21

    Petrol Rate Trend

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    Petrol Price in Nagercoil

    Petrol prices in Nagercoil, a town in Tamil Nadu, are unstoppable now. Since January 2018, they have hiked by more than Rs.4 a litre. Fuel users throughout India are expecting a further cut in central taxes by the Central Government. Over the last four years, excise duty has been restructured several times by the NDA Government to cushion the brunt of rapidly growing fuel prices in India. In October last year, four states have slid the Value-added Tax on petrol. Will the State Government of Tamil Nadu decline its VAT on petrol like other states? It may!

    Petrol is supplied across the city of Nagercoil through a good number of fuel stations, which function for a fixed amount of commission per litre. Fuel stations are recognised by their respective fuel marketing companies, which include Hindustan Petroleum (HPCL), Indian Oil (IOCL) and Bharat Petroleum. A few fuel centers are identified by other fuel marketing companies in Nagercoil such as Shell Oil and Reliance. Owing to transportation expenditures, there can be a deviation in petrol rates offered at different centers. As of 11 May 2018, petrol price in Nagercoil was valued at Rs.78.29 per litre.

    How is Petrol Price in Nagercoil Revised Today?

    This is an important question to be answered from the perspective of fuel buyers. You should first understand fuel rates are reset by the fuel selling entities, which have now been instructed to follow the dynamic fuel pricing approach. Until May 2017, on 1st and 16th of every month, fuel rates used to be reset. In lieu of having only 2 revisions in a month, revision now takes place every day in Nagercoil under the dynamic fuel pricing framework. It is almost a one-year-old concept in India. Other countries such as Australia and Japan have been following the same system since many years.

    Attributes of Dynamic Fuel Pricing

    • Downs and ups in the rate of crude oil and the currency translation rate are watched in order to value the fuel be it petrol or diesel.
    • Sharp at 06:a.m., the restructured price for a particular day will be unveiled to the public at each fuel point.
    • No big lapses can be observed under this system. Offers can move up or fall down only by a few paise.
    • HPCL, IOCL and BPCL in Nagercoil can retain the same offer for the succeeding days. It is because of stabilised market conditions.
    • The system allows market watchers to project the future price trend to a certain degree.

    Merits of Dynamic Fuel Pricing

    • The petrol price, which is offered to end buyers in the town of Nagercoil, has been fixed in a way that is fully free from political aspects.
    • Petrol is steadily distributed to customers.
    • Fuel stations can be completely automated to save money and time. Thus, the fuel retailing entities can enrich their throughput and profits as well.
    • Buyers can no longer wait for a period of 15 days to benefit from the downfalls in crude oil rates.
    • Via dynamic fuel pricing, the fuel marketing industry in India can be aligned with the overseas fuel marketing segment

    Mobile Applications to Receive Today’s Petrol Rate in Nagercoil

    • Fuel@IOC: Fuel@IOC has been designed by Indian Oil, a renowned fuel entity in India. It is tremendously helpful not only to receive the latest fuel price in Nagercoil but also to get other details.
    • SmartDrive: SmartDrive has been customized for its customers by Bharat Petroleum. It is easy to download and use. The features are excellent.
    • My HPCL: As its name symbolises, the mobile application is presented by Hindustan Petroleum to its vast number of customers.

    What is the Procedure Followed to Compute the Petrol Price in Nagercoil?

    Crude oil price per litre is computed first. Let’s assume the rate of unrefined oil per barrel is $68 today, the cost will be converted into the Indian currency and then will be divided by 159 to compute the cost per litre. The imported crude oil is delivered to refinery stations for further processing. The OMCs spend several categories of expenses to translate the raw material into a usable commodity, which is petrol. Later on, the refined oil is marketed through fuel points. Excise duty and VAT are also added. As of 10 May 2018, excise duty and VAT, on petrol per litre, were Rs.19.48 per litre and 32.08% respectively in the city. Here goes the simple equation:

    Petrol rate in Nagercoil = commission for dealers + central and state taxes (excise duty and VAT)+ crude oil expenses + 25p pollution cess

    Influencers of Petrol Price in Nagercoil

    Taxes: As discussed earlier, the Government of India may declare a cut or a rise in excise duty on petrol to lessen the burden on buyers. In fact, we have seen this happening. HPCL, IOCL and BPCL are required to price the fuel considering VAT and excise duty. A cut in taxes will decrease the fuel rate whereas a rise in taxes will hike the fuel rate in parts of the country.

    Crude oil rates: India relies heavily on importing unrefined oil from other countries since the home production cannot fully suffice the country’s demand. It has to adjust fuel rates based on the price of this commodity. IOCL declared a price up of 4% in January 2018 in Nagercoil since the commodity gained its value substantially.

    Will the GST System Impact the Petrol Price in Nagercoil?

    It does not! Why? There is a reason behind. Petrol is a very important commodity from the viewpoint of the Central Government since it generates a huge amount of revenues. When it diminishes the tax rate on petrol, revenues will fall down. The revenue generated through petrol is shared between the State Government of Tamil Nadu and the Central Government. Finally, the end result of the enclosure of petrol under the Goods and Services Tax (GST) structure has a negative impact. Therefore, the previous tax rates have been extended on petrol.

    Also Check Petrol Price in NearBy Cities of Nagercoil

    *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 Nagercoil Today

    • Diesel Prices Hiked by 5-6 paise per litre on Thursday

      The rates of diesel witnessed a hike on Thursday as state-run Oil Marketing Companies increased the prices by 5-6 paise per litre. In New Delhi, a litre of diesel was retailed for Rs.63.95 after the rates were increased by 5 paise per litre. In the commercial capital of the country i.e., Mumbai the rates were increased by 6 paise per litre while in Kolkata and Chennai the prices got dearer by 5 paise. Following the increase in the rates, a litre of diesel in the cities was sold for Rs.67.05, Rs.65.92, and Rs.67.64 respectively. In the non-metropolitan cities of the country like Noida and Gurugram, OMCs hiked the prices of diesel by 4 and 9 paise per litre. The hike in the prices saw every litre of diesel being sold for Rs.63.42 and Rs.63.60 on Thursday.

      In the international oil market, crude oil prices dropped on Thursday as traders decided to await for the G20 summit and a meeting of OPEC and other oil producers regarding the extension of output reductions. The futures of Brent crude oil fell by 19 cents since the last close to be trading at $66.30 per barrel. It needs to be mentioned here that the prices of fuel are dependent on global crude prices and the value of rupee against the US dollar as 80% of the country’s total crude requirement is imported.

      28 June 2019

    • Fuel Stations Shut for 20 Minutes Today

      The Consortium of Indian Petroleum Dealers (CIPD) has called for a shutdown of fuel stations across the country on Wednesday for 20-minutes. The consortium of petrol pump owners represents more than 56,000 fuel stations in India. This means that none of these fuel pumps will dispense petrol or diesel on Wednesday evening. In memory of the over 40 CRPF personnel killed in Pulwama, Jammu and Kashmir. Fuel stations will be closed between 7:00 pm and 7:20 pm across the country. Photos and banners of the slain soldiers would be placed in petrol pumps and lights would be turned off during the said time. Meanwhile, state-run oil companies kept petrol and diesel prices unchanged today after six consecutive hikes. On Tuesday, petrol prices rose by 9-11 paise, while diesel rates inclined by 6-7 paise per litre across major metro cities of the country. Fuel prices are revised daily under the ‘dynamic fuel pricing’ method which considers the global crude oil price and the rupee-exchange rate before arriving at the retail price of petrol and diesel.

      20 February 2019

    • Petrol Prices Dropped for 4 Weeks in a Row

      Petrol prices have been further reduced across the country. After touching the highest price, the prices of both diesel and petrol produced a drop in 4 weeks in a row. The price of petrol per litre has fallen by 13 paise per litre at Rs.77.43. Likewise, the price of petrol in Mumbai has also fallen by 13 paise per litre at Rs.82.94. The revised petrol rates stood at Rs.77.73 per litre, Rs.83.24 per litre, Rs.79.61 per litre, Rs.78.23 per litre, Rs.80.56 per litre and Rs.75.30 per litre in the cities of Delhi, Mumbai, Kolkata, Bangalore, Chennai and Ahmedabad respectively.

      The price of petrol was increased on 16 October previous year. Since 16 October, fuel prices remained unchanged and have declined. On the 4th October, the price of petrol climbed to a multi-year high of Rs.84 per litre in the capital city of India, Delhi, and Rs.91.34 per litre in the financial capital of India, Mumbai. Petrol rate has gone up by Rs.6.86 a litre over a span of two plus months.

      14 November 2018

    • Petrol prices continue to fall for seventh consecutive day

      Petrol prices received a cut for the seventh straight day on Wednesday. The price of petrol in four metro cities were slashed by the oil-marketing companies. In New Delhi, the price of 1 litre petrol was Rs.81.25 while the price in Kolkata was Rs.83.10 per litre. Meanwhile, the petrol price in Mumbai was at Rs.86.73 and Rs. 84.44 per litre in Chennai. Since mid-June 2017, the government has allowed revision of fuel rates on a daily basis to reflect changes in costs instantly. As a result, Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. In early October, the Central government announced a price cut of Rs. 2.50 a litre for petrol and diesel. Furthermore, it also urged state governments to match the reduction to provide relief from high fuel prices.

      26 October 2018

    • No Excise Duty Cut on Diesel and Petrol

      Even though fuels have become expensive for the general public, the Central Government has no enough financial space to reduce excise duty on both diesel and petrol. Triggered by a depreciated INR against the base currency, imports have been turned out to be costlier. The government entrusts that the Current Account Deficit (CAD) shall exceed the expected target and it is willing to keep its revenue unaffected. Petrol rate increased to Rs.79.31 per litre whereas diesel price increased to an all-time high of Rs.71.34.

      Approximately 50% of the retail selling price goes towards excise duty and sales tax. As per a price announcement of state-run fuel marketing companies, on Tuesday, petrol price was up by 16 paise per litre whereas diesel price was up by 19 paise a litre. Both diesel and petrol prices have been on the rise since 16 August 2018 triggered by a falling INR and increasing petroleum prices.

      P Chidambaram, former finance minister, said “It is because of heavy taxes fuel prices have gone out of the reach of the common man. If the government reduces excise duty, fuel rates will fall.” The official in the finance ministry said “We cannot distract the financial deficit as we already know that there has been a hit on current account and should be careful.”

      11 September 2018

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