Petrol Price in Nagpur
This page gives you a detailed analysis of petrol prices in Nagpur, which is the third biggest city in Maharashtra and after Mumbai and Pune. The price paid by consumers is called the retail selling price (RSP). It includes the local tax levied by the government of Maharashtra and the central excise duty levied by the central government. In October 2017, the excise duty on petrol was reduced by Rs.2 per litre and the state VAT by Rs.2 per litre.
|Also Check: Petrol Price in Mumbai|
What is the Trend in Petrol Prices in Nagpur?
Cost of crude oil has been growing. The INR/USD exchange rate is highly volatile. The variations in these two price determinants are replicated in the RSP of petrol, which is revised every day. In Nagpur, the RSP has been increasing marginally as a result of growing crude oil rates. Fuel prices including petrol and diesel are expected to go up slightly in the city. Consumers should check the current petrol price in Nagpur before fueling their vehicles. Let’s now look at the historical prices.
|Also Know: Diesel Price In Nagpur|
|Date||Petrol Price per litre|
|01 April 2017||Rs.72.70|
|01 May 2017||Rs.77.50|
|01 June 2017||Rs.78.48|
|01 July 2017||Rs.74.34|
|01 August 2017||Rs.74.60|
|01 September 2017||Rs.78.42|
|01 October 2017||Rs.79.91|
|01 November 2017||Rs.76.29|
State Levies on Petrol – A Comparison
|Maharashtra||Karnataka||Uttar Pradesh||Madhya Pradesh|
|VAT on Petrol||47.94%||30%||32.90%||38.90%|
The local tax on petrol was 47.94% in Mumbai, Navi Mumbai and Thane. It was 46.81% in rest of the rest as per the data published by Petroleum Planning and Analysis Cell on 04 October 2017. The petrol price in Nagpur is less compared to Mumbai and Thane. The local tax levied on petrol by the government of Maharashtra was the highest among all Indian states. This is the reason why petrol prices in all cities in Maharashtra including Nagpur were high.
How is the Price Revision of Petrol done in Nagpur?
This section is extremely important from the viewpoint of petrol consumers in Nagpur. Currently, the petrol price revision is done on a daily basis. The daily revision is called dynamic fuel pricing. All oil marketing entities including Hindustan Petroleum, Bharat Petroleum, Indian Oil and Shell Oil have adopted the dynamic fuel pricing mechanism to review the price of both petrol and diesel. This new system came into effect on 16 June 2017 in India.
Therefore, all petrol stations in Nagpur will revise the fuel price every day at 06:00 a.m. The revised fuel price will be uploaded to the websites of oil marketing companies for the public to refer. Earlier, fuel rates used to be reviewed on the first and sixteenth of every month. Under the new system, the fluctuations in crude oil prices and the currency exchange rate are quickly replicated in the price charged to end customers.
How do I Check the Current Petrol Price in Nagpur?
Tracing the current petrol rate in Nagpur is not difficult since all oil marketing companies have created customised mobile applications. It is extremely useful for smartphone users who can download these mobile applications to trace the latest fuel price. Alternatively, consumers can request for the fuel price by sending text messages. They can also dial the customer care help desk and visit the websites of OMCs.
Additional features of Dynamic Fuel Pricing
- Dealers and oil marketing companies can better manage their stocks or inventory.
- Working capital for dealers and oil marketing companies can be well managed.
- The Indian fuel retailing sector can be interlinked to international fuel markets.
- The automation drive of petrol stations can be enhanced.
How are Petrol Prices Computed?
The retail selling price of petrol is computed by adding the following factors:
Cost of crude oil: The cost of crude oil is the primary component, which is based on international factors such as seasonal variations, weather conditions, the demand for oil from emerging countries, the capabilities of refineries and the exchange rate. It is quoted in international markets. As on 15 September 2017, the cost of WTI Crude Oil was 55.17%. One barrel of crude oil is equal to 159 litres.
Taxes: Taxes account for more than 50% of the final price paid by consumers. Taxes are subject to vary from time to time. The local tax imposed by the government of Maharashtra as on 04 October 2017 was 46.81% in Nagpur and the excise duty on petrol was Rs.19.48 per litre. Both the central and state levies have recently been revised in October 2017.
Expenses incurred by OMCs: Oil marketing companies are the major stakeholders in the oil and natural gas industry. They buy crude oil from overseas oil companies and deliver it to refineries for further processing. The costs incurred by oil marketing companies include entry taxes, marketing expenses, operational expenses, refinery transfer price and landing expenses.
In addition to the aforementioned cost elements, the retail selling price also comprises of dealer commission and pollution cess.
Which factors do affect Petrol Rates in Nagpur?
As discussed in the earlier section, petrol is priced differently every day. It is because of crude oil prices and the INR/USD exchange rate. So, these two are the biggest influencers of petrol prices. If the cost of crude oil goes up, the RSP goes up and vice versa. Similarly, if the value of the INR goes up, the crude oil price goes up; if the value of the INR falls down, then crude oil prices reduce. Finally, the RSP of petrol will be impacted. The local tax and the excise duty are other influencers of RSP.
GST and Petrol Prices in Nagpur
The Goods and Services Tax is a comprehensive tax platform introduced in India in July 2017. All types of commodities and services will fall under the purview of GST. They are taxed currently at 5%, 12%, 18% and 28%. GST is not applicable to petrol and diesel. Bringing these two fuels under the purview of GST will bring down the revenue source for the government. Till date, petrol prices in Nagpur remain unaffected.
Also Check Petrol Price in NearBy Cities of Nagpur
|Petrol Price in Delhi||Petrol Price in Chennai||Petrol Price in Kolkata|
|Petrol Price in Hyderabad||Petrol Price in Bangalore||Petrol Price In Sangli|
*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.