Petrol Rate in Noida
Noida is a well-planned city in Uttar Pradesh with a good number of petrol-run vehicles, which are high in demand. The city has a better network of petrol bunks to supply the fuel. Needless to say, Indian Oil, Bharat Petroleum and Hindustan Petroleum are three major state-owned oil marketing companies servicing the city. As far as petrol prices are concerned, there is no remarkable disparity in the prices offered by these three companies. If you are a petrol user from Noida and would like to know more about the fuel retailing industry, you are on the right page to Know petrol price in Noida.
Trend of Petrol Price in Noida for September 2019 (rates per litre)
|Highest Rate in September||Rs.75.82|
|Lowest Rate in September||Rs.73.69|
Monthly Petrol Price Trend in Noida for September 2019:
- In Noida, petrol price opened the month of September at Rs.73.90 per litre. The rates dropped over the opening week and closed at Rs.73.73 per litre.
- Petrol price in Noida recorded the lowest for the month of Rs.73.69 at the start of the second week. However, the rates picked up in Noida over the week due to US-Iran tensions.
- Due to the drone attacks on state-owned Saudi Aramco facilities, the rates increased considerably in the third week of the month. OMCs increased the prices for every litre by Rs.1.09.
- Petrol rate in Noida closed the month at Rs.75.82 per litre. It was the highest recorded price for the fuel in the city. The overall performance of petrol in Noida for the month of September was 2.59%, trending upwards.
Trend of Petrol Price in Noida for August 2019 (rates per litre):
|Highest Rate in August||Rs.72.19|
|Lowest Rate in August||Rs.71.41|
August 2019 – Week 1 (1-7):
- Petrol price in Noida opened at Rs.72.19 per litre on 1 August. Weak demand of the oil in the international as well as in the local market was the primary reason for the slump.
- Petrol slumped further on the next day, trending at Rs.72.06 per litre—a 13 paise drop from previous day’s closing price. Prices kept trending downwards with petrol closing at Rs.71.76 per litre on 6 August. In the international oil market, crude prices slumped amid worries over weak demand of the oil after the Trump administration declared that it would impose tariffs on more Chinese imports.
- Petrol price in Noida remained unchanged from its previous day’s closing price, standing at Rs.71.76 per litre on 7 August. The overall performance of petrol was -0.59%, tending downwards.
August 2019 – Week 2 (8-14):
- Petrol price in Noida opened at Rs.71.72 per litre on 8 August, recording a 4 paise slump from the previous day’s closing price.
- Price of petrol in Noida dipped further by 12 paise on the next day, recording Rs.71.60 per litre. The dip was primarily due to the ongoing US-China trade tensions, fuelled further by Trump administration’s decision to impose more tariffs on Chinese imports. Unprecedented rise in US inventories was also one of the primary reasons for the dip.
- Petrol price in Noida dropped marginally in the next few days before stabilising at Rs.71.53 per litre on 14 August. The overall performance of petrol compared to the opening day was –0.91%, trending downwards. Meanwhile, in the international oil market, crude prices dropped due to possible supply cuts amidst looming global economic crisis.
August 2019 – Week 4 (22-31):
- Petrol price in Noida opened at Rs.73.76 per litre on 22nd August, unchanged from previous day’s closing price. After remaining stable for the next few days, petrol prices shot up further, recording Rs.73.94 per litre. Meanwhile, in the international oil market, crude gained after US inventories recorded a substantial slump.
- Petrol rate in Noida slumped soon after, albeit marginally, closing the month at Rs.73.90 per litre. Petrol remained unchanged till the end of the week and closed the month with the same price.
- Overall, petrol’s performance in Noida was 2.36%. In the international oil market, crude slumped after concerns about the strength of US economy.
Trend of Petrol Price in Noida for July 2019 (rates per litre)
|Highest Rate in July||Rs.72.67 on 23 to 24 July|
|Lowest Rate in July||Rs.70.34 on 1 July|
July 2019 – Week 1 (1-7):
- Petrol price in Noida was at Rs.70.34 per litre on 1 July – the lowest price recorded during the 1st week as crude oil prices in the oil market was stable amid supply cuts led by the OPEC and its allies despite concerns over the trade war between the US and China might slow the global economy.
- On 2 July, petrol price in Noida were hiked by 5 paise per litre when a litre of petrol in Noida was sold at Rs.70.39 and remained unchanged until 6 July before sharply inclining by Rs.1.92 per litre.
- The significant rise on the last day of the week came amid the announcement by the Central Government to increase the excise duty on fuel by Re.1 per litre, and cess on road and infrastructure by Re.1 per litre.
July 2019 – Week 2 (8-14):
- Petrol price in Noida opened at Rs.72.31 per litre on 8 July, same as previous day’s closing price. The prices were primarily stagnant because of the ongoing US-China trade tensions that might affect the global economy.
- Noida petrol prices dipped slightly on the following day, closing at Rs.72.27 per litre—a meagre 0.04 paise drop from previous day’s price. The slight decline in petrol price could be attributed to the investors shying away from investing in fuel and preferring safe-haven products because of the looming global economic crisis. The prices remained stagnant for the next couple of days before improving on 13 July, closing at Rs.72.34 per litre.
- Petrol closed the week recording at Rs.72.41 per litre—a 0.13% incline. Middle East and US-Iran tensions outweighed the extended supply cuts initiated by OPEC and the tropical storm in the Gulf of Mexico that prompted the oil producers to cut more than half of their supplies contributed to the price hike.
July 2019 – Week 3 (15-21):
- When the week began petrol in Noida was priced at Rs.72.51 per litre. This was the lowest price recorded during the week marked by the fall in crude oil prices in the international market after China’s quarterly economic growth was at its slowest indicating that demand from China could decline.
- Prices of petrol in Noida rose during the week amid increasing crude oil prices in the market amid tensions in the Middle East. Petrol inclined to touch its highest price when it was sold at Rs.70.34 per litre and remained unchanged until 21 July.
- Overall, petrol price in Noida inclined due to the marginal increase of crude oil prices amid escalating tension between the US and Iran after the former shot down an Iranian drone as well as due to the ongoing US-China trade war indicating that the global economy might be slowing down.
July 2019 – Week 4 (22-28):
- When the week began, petrol in Noida was priced at Rs.72.62 per litre, unchanged from yesterday’s price. However, in the international oil market, crude prices rose marginally after the International Energy Agency (IEA) stated that it may intervene, if required, to keep markets stable amid rising tensions in the Middle East.
- Prices were hiked the next day when a litre of petrol was sold at Rs.72.67 per litre, the highest recorded during the week even as crude oil priced slid over weak demand and output cuts led by the OPEC and its allies.
- Crude oil prices continued to decline amid a decline in US inventories indicating a weak demand for crude and the petrol price in Noida fell to Rs.72.46 per litre. Overall, petrol priced during the fourth week declined amid falling crude prices in the market.
Trend of Petrol Price in Noida for June 2019 (rates per litre)
|2nd June||Rs.71.04 per litre|
|30th June||Rs.70.22 per litre|
|Highest Rate in June||Rs.71.04 per litre on 2 June|
|Lowest Rate in June||Rs.69.80 per litre from 16 – 23 June|
June 2019 – Week 1 (2-8):
- Petrol in Noida was priced Rs.71.04 per litre on 2 June, rising by a marginal price compared to the previous day’s price influenced by the slight decline in crude prices.
- Petrol rates continued to move downwards over the week with the lowest price of week recorded on 7 June when a litre was sold at Rs.70.60.
- The drop in petrol prices is attributed to the stabilisation of crude oil prices as the international benchmark Brent crude futures were down by 0.4% after plunging by more than 10% in the last four days.
June 2019 – Week 2 (9-15):
- State-controlled Oil Marketing Companies (OMCs), who fix the daily petrol price, kept the petrol price unchanged with the fuel being retailed at Rs.70.60 per litre.
- On 10 June, prices were cut by 41 paise in Noida with petrol being sold at Rs.70.19 per litre, which remained unchanged until 12 June.
- Over the course of the week, prices continued to decline with prices falling below Rs.70 per litre for the first time in June even as crude prices were low due to supply cuts led by the OPEC and its allies.
June 2019 – Week 3 (16-23):
- Petrol recorded its lowest price in June when a litre of the fuel was sold at Rs.69.80 in Noida as oil firms cut petrol prices by 5 paise over the previous day’s price.
- Crude oil prices continued to dip on indications that global economic growth was slowing amid the ongoing trade war between the US and China, and US sanctions on Iran.
- The shooting down of a US military drone by Iran led to tensions in the Middle East which impacted the crude oil prices to fall significantly.
June 2019 – Week 4 (24-30):
- During the last week of June, petrol opened at Rs.68.90, up by 10 paise per litre compared to the previous day’s price.
- Prices remained untouched until 26 June before inclining by 5 paise the next day even as crude oil prices declined as traders awaited the outcome of the G20 summit and expectations of a rate cut by the US Federal Reserve to boost the global economy.
- In June, petrol prices in Noida declined by 1.16% primarily due to the fall in crude prices in the international oil market led by the output cuts by the OPEC and its allies.
Historical Data of Petrol Prices in Noida
On 1 October 2017, petrol was priced at Rs.72.84. On the last day of the month, the fuel was sold at Rs.71.56. The lowest rate in the month was Rs.70.87 and the highest rate was Rs.72.93. The fuel price in September 2017 was consistent throughout the month. The highest rate was Rs.72.76 and the lowest rate was Rs.71.66. In August 2017, the opening day price was Rs.68.68 whereas the closing day price was Rs.71.57. The fuel price was up by 4.04%. Due to the impact of the daily revision mechanism, in June 2017, the petrol price reduced to Rs.66.78 from Rs.69.83.
Petrol Price in Noida and other Top Indian Cities (price per litre)
Let’s compare the average petrol price in November 2017 among the four major Indian cities. In Bangalore, the capital city of Karnataka, the average price was Rs.70.50 and was Rs.69.40 in New Delhi, which is the capital city of India. Similarly, the average fuel rate in Mumbai, which is the capital city of Maharashtra, was Rs.76.50 and was almost Rs.72 in Chennai, the capital city of Tamil Nadu.
Petrol prices vary from one state to another due to the state VAT, which is levied differently. According to the data revealed by Petroleum Planning and Analysis Cell on 04 October 2017, the state VAT levied on petrol in Maharashtra was 47.94%, 30% in Karnataka, 34% in Tamil Nadu, 32.90% in Uttar Pradesh and 26.87% in West Bengal. In Maharashtra and Gujarat, the state tax on petrol was recently revised in October 2017.
Quarterly Petrol Price Trend in Noida Between January and March 2019
|Opening date price||Rs.69.02/litre||Rs.70.69/litre||Rs.71.39/litre|
|Closing date price||Rs.70.85/litre||Rs.71.31/litre||Rs.72.18/litre|
|Highest price||Rs.71/litre recorded between 22nd and 28th||Rs.71.31/litre recorded on 28th||Rs.72.22/litre recorded on 24th, 25th, 26th and 27th|
|Lowest Price||Rs.68.77/litre recorded on 4th, 5th and 6th||Rs.70.21/litre recorded on 11th, 12th and 13th||Rs.71.39/litre recorded on 1st, 2nd and 3rd|
Quarterly Petrol Price Trend in Noida between October and December 2018
|Opening date price||Rs.83.24 a litre||Rs.77.30 a litre||Rs.69.75 a litre|
|Closing date price||Rs.77.74 a litre||Rs.72.25 a litre||Rs.66.12 a litre|
|Highest price||Rs.83.48 a litre (recorded on the 4th)||Rs.77.30 a litre (recorded on the 1st)||Rs.69.75 a litre (recorded on the 1st)|
|Lowest price||Rs.77.44 a litre (recorded on the 31st)||Rs.72.25 a litre (recorded on the 30th)||Rs.66.12 a litre (recorded on the 31st)|
Petrol Price Trend in Noida between October and December 2018
- The value of a litre of petrol in Noida was Rs.83.24 as on 1 October. The price gradually soared to Rs.83.48 a litre on 4 October.
- The Centre was forced to make fuel prices cheaper. So, it withdrew excise duty by Rs.1.5 a litre and asked oil companies to make fuel rates cheaper by one rupee.
- The government also appealed all the states to reduce their sales tax by Rs.2.5 per litre in order to affect a Rs.5 drop. Owing to these changes, fuel price in Noida was reduced by Rs.5 per litre the subsequent day.
- Indian Oil Company sold petrol at a price (average) of Rs.80 per litre between 8 and 14 October in the city.
- In the global market, crude oil price accelerated by over $2 a barrel. But it was not a major factor influencing a 6.53% decline in petrol prices in Noida in October.
- As oil prices continued depicting a declining trend, fuel prices moved in the same direction until the end of November.
- Based on the movements in the exchange rate, the INR/USD, and the overseas price of oil per barrel, oil enterprises fixed a price of Rs.77.30 a litre on the first day of November.
- Indian Oil Company retained the price of Rs.76.61 a litre between 6 and 11 November since there were no noticeable changes in transnational influencers.
- In the week 2, the average fuel price in Noida was above Rs.75 a litre. In the following week, the average fuel rate suddenly lessened to Rs.73.90 a litre.
- Unlike October, OMCs cut petrol rates by over 6.50% prejudiced by cheaper petroleum prices and a slightly depreciated INR.
- For the first three days of December, the fuel price stood at Rs.71.97 a litre, Rs.71.73 a litre and Rs.71.48 a litre respectively.
- The price was reset to Rs.70.69 a litre on 7 December and the same price was offered on the following two days.
- The third week and last weeks of December produced an average petrol rate of Rs.70.30 a litre and Rs.69.88 a litre respectively.
- Petrol rates were above Rs.77.44 a litre but below Rs.83.48 a litre in October. They were below Rs.77.30 a litre, but above Rs.72.25 a litre in November.
- During the whole quarter, petrol prices in Noida decayed steadily. Other cities in India also observed the same trend this quarter.
Note: The price of Indian crude basket is the standard crude oil price for India to make daily revisions.
Quarterly Petrol price Trend in Noida between July and September 2018
|Opening date price||Rs.76.61 a litre||Rs.77.07 a litre (2 August)||Rs.78.99 a litre|
|Closing date price||Rs.77.24 a litre||Rs.78.99 a litre||Rs.82.83 a litre|
|Highest price||Rs.77.61 a litre||Rs.78.99 a litre||Rs.82.92 a litre|
|Lowest price||Rs.76.61 a litre||Rs.77.35 a litre||Rs.78.99 a litre|
Petrol Price Trend in Noida in July 2018
- Since the Government of India deregulated petrol, fuel companies are wholly liable to review the price of petrol. The price of a litre of petrol was reviewed taking account the variations in the USD-Rupee exchange rate and oil rates (crude oil rates).
- The depreciating domestic currency leads to a rise in the fuel price whereas the appreciating domestic currency leads to a fall in the fuel rate.
- We can witness petrol rates moving in an upward direction in the first two weeks of July in Noida, a city in Uttar Pradesh. But, in the final week, fuel prices were noticed falling.
- Both upward and downward trends were caused only by the appreciation of the dollar over the Indian rupee and the plunging oil prices.
- Like other cities in Uttar Pradesh, the monthly growth rate in petrol prices in the city of Noida was less than 1%.
- As per the official releases of oil companies, the lowest fuel rate stood at Rs.76.61 per litre and the highest fuel price stood at Rs.77.61 a litre in the month.
Petrol Rate Trend in Noida in August 2018
- Fuel pricing was done under dynamic fuel pricing in August just like the previous month.
- At the beginning of the month, the price of unrefined oil per barrel was $72.40. The price dropped to $72.09 per barrel on 3 August and further has gone up to $72.76 per barrel.
- As of 1 August, the exchange rate of the USD was Rs.68.36 and increased to Rs.68.64 on 2 August. It remained unchanged at Rs.68.56 on 3 August, 4 August and 5 August. On 6 August, the exchange rate increased to Rs.68.65.
- Thus, petrol price in Noida soared to Rs.77.85 per litre on 7 August. It was Rs.77.78 per litre on 6 August and Rs.77.41 per litre on 3 August.
- Petrol was sold at a price of Rs.77.85 a litre at Indian Oil fuel stations in Noida between 8 August and 12 August.
- On 13 August, 14 August and 15 August, the fuel was sold at a rate of Rs.77.85 per litre by Indian Oil. At HPCL and BPCL petrol stations in Noida also, fuel rates were stable.
- At Rs.78.26 per litre, the fuel was retailed on 21 August, 22 August and 23 August. Between 24 August and 26 August, fuel rates in Noida were also constant at Rs.78.33 per litre.
- The difference between the closing date price and the opening date price was Rs.1.92. Alternatively, the growth rate this month increased to 2.49% from 0.82%.
Petrol Price Trend in Noida in September 2018
- Unlike the first two months, petrol rates in the city of Noida were on the rise until the end of the month.
- On the 3rd, fuel rate was Rs.79.44 a litre. It increased to Rs.80.40 per litre on the 8th, Rs.80.97 per litre on the 13th and Rs.81.47 per litre on the 15th.
- The exchange rate of the USD kept rising in the first week. It was stable comparatively in the second week.
- By the end of the first week, the cost of petroleum crossed the mark of $75 a barrel. Because of a steady rise, the cost of petroleum per barrel soared to $76.92 by the end of the second week.
- Triggered by these two overseas factors, petrol rate in Noida accelerated by 4.86% per litre in September 2018.
- The Bharat Bandh, which was called on the 10th of September 2018 by the Congress Party, did not impact the price revision of petrol across Uttar Pradesh.
- The sales tax on petrol was not revised by the Government of Uttar Pradesh. Even the central tax was not changed by the Centre.
- The highest and lowest fuel rates stood at Rs.82.92 per litre and Rs.76.61 per litre respectively for this quarter.
Quarterly Petrol Price Trend in Noida between April 2018 and June 2018
|Opening date price||Rs.75.16 a litre||Rs.75.87 a litre||Rs.78.79 a litre|
|Closing date price||Rs.75.87 a litre||Rs.78.84 a litre||Rs.76.61 a litre|
|Highest price||Rs.75.90 a litre recorded on the 24th||Rs.78.84 a litre recorded on the 31st||Rs.78.79 a litre recorded on the 1st|
|Lowest price||Rs.75.16 a litre on the 1st||Rs.75.87 a litre recorded on the 1st||Rs.76.61 a litre recorded on the 27th|
Petrol Price Trend in Noida in April 2018
- Petrol rate will be different in each part of the country because of the sales tax. It is also based on the central tax. Both the central and state taxes are domestically controlled.
- Petrol rate trend not only in Noida, a prime city in the state of Uttar Pradesh, but also in other regions of India shall be impacted by the international elements such as crude oil expenses and the currency conversion rate of the INR against the USD.
- Both the international elements shall be pondered in order to reset the price of petrol per litre on a daily basis. The system of daily revision has been in place since June 2017 in Noida.
- Bharat Petroleum, Hindustan Petroleum and Indian Oil, revised the price of petrol per litre in the city of Noida based on the daily revision system.
- In April 2018, petrol in Noida was retailed at the lowest price of Rs.75.16 a litre and the highest rate of Rs.75.90 a litre.
- Fuel rates in the city were steady at Rs.75.37 a litre on the 3rd and 4th. They were also steady at Rs.75.87 a litre during the fourth week of the month.
- For the month, the growth rate in petrol prices in Noida stood at 0.94%. It was lower compared to other cities in India.
Petrol Price Trend in Noida in May 2018
- The retail selling price of petrol includes Value-added Tax (VAT) and excise duty. Each state will impose VAT. Both excise duty and VAT were retained unaffected in this month also.
- When revised on the first day of the month, the fuel price per litre was Rs.75.87 a litre. This was also the lowest price for this month. Since petrol rates in Noida were on the rise, the highest rate fell at Rs.78.84 a litre on the 31st.
- During the first 15 days of May 2018, there were no considerable changes in crude oil prices. Therefore, fuel consumers continued to pay the same price until the 11th.
- At the end of the second week, the fuel rate was Rs.76.05 a litre. The fuel companies revised the fuel rate to Rs.77.44 a litre at the end of the third week. For May 2018, the highest fuel rate was Rs.78.90 a litre.
- In May 2018, the growth rate in petrol prices in Noida increased to 3.90% caused by the exchange rate and unrefined oil rates.
Petrol Price Trend in Noida in June 2018
- The opening date price was down by 5 paise per litre compared to the closing date price of the previous month.
- Fuel rates continued to drop. They were at Rs.78.69 a litre on the 2nd, Rs.78.62 a litre on the 3rd, Rs.78.53 a litre on the 4th, Rs.78.43 a litre on the 5th and Rs.78.34 a litre on the 6th.
- They were further dropped to Rs.77.3 a litre on the 14th and Rs.77.12 a litre on the 21st. The closing date price for the month was Rs.76.61 a litre.
- The revision of fuel rates was not affected by central levies, state levies, the commission for dealers, etc. The exchange rate of the USD against the INR increased marginally. The impact on the fuel rate was not much.
- In June 2018, a price drop of 2.76% was caused by crude oil rates. The highest petrol rate in Noida was Rs.78.79 a litre. On the other hand, the lowest petrol price stood at Rs.76.61 a litre.
- Between April 2018 and June 2018, petrol rates were increased by Rs.1.45 a litre in Noida.
Quarterly Petrol Price Trend In Noida Between January 2018 And March 2018
|Opening date price||Rs.73.51 per litre||Rs.74.61 per litre||Rs.72.21 per litre|
|Closing date price||Rs.75.02 per litre||Rs.73.40 per litre||Rs.74.53 per litre|
|Highest price||Rs.75.02 per litre recorded on 31st||Rs.74.87 per litre recorded on 6th & 7th||Rs.74.53 per litre recorded on 31st|
|Lowest price||Rs.73.51 per litre recorded on 1st||Rs.73.40 per litre recorded on 27th & 28th||Rs.72.21 per litre recorded on 1st, 2nd, 3rd & 4th|
Trend In Petrol Price In Noida In January 2018
- Petrol price on 1st January stood at Rs.73.51 per litre in Noida, which is also the lowest price of petrol for the month.
- Prices of petrol began to increase slightly in the second week as it went up nearly by a rupee in tandem with international crude oil price revisions.
- During the third week, prices of petrol continued to increase due to the decline in value of USD over INR. The USD fell from Rs.63.704 to Rs.63.624 thereby impacting the price of petrol.
- In the last week of the month, fuel price began to spiral upwards with the highest price recorded at Rs.75.02 per litre on 31st January, which is also the highest for the period between January 2018 and March 2018.
- Overall, the petrol price trend in Noida witnessed an upward trend at 4.10% owing to the increase in international crude oil price.
Trend In Petrol Price In Noida In February 2018
- Price of petrol on 1st February stood at Rs.74.61 per litre which was nearly 40 paise dearer compared to the previous day.
- During the first week, prices of petrol began to increase, recording the highest price at Rs.74.87 per litre on 6th and 7th.
- Despite the Union Budget, a key indicator in the revision of petrol price in India, prices of petrol continued to be stable and there was no significant revisions by the oil companies.
- In the third week, petrol price began to rise by nearly a Rupee as INR gained over the USD.
- While petrol prices continued to rise, it fell to its lowest at Rs.73.40 per litre on the last day of the month.
- In conclusion, petrol price in Noida during month recorded a 1.65% downward trend largely impacted by the price of global crude oil.
Trend In Petrol Price In Noida In March 2018
- The price of petrol on 1st March stood at Rs.72.21 per litre, a reduction by more than a Rupee compared to previous day’s petrol price.
- The lowest petrol price for the month stood at Rs.72.21 per litre and was continued to retail with the same price till the 4th of March before it started to climb upward in the second week.
- Hike in petrol price in was attributed to a slight fall in the USD/ INR conversion rate.
- Towards the end of the month, prices of petrol began to rise significantly and recorded its highest at Rs.74.53 per litre on 31st March.
- With international crude oil prices commanding a higher cost, petrol prices were increased accordingly.
- Overall, the petrol price in Noida in March 2018 recorded an upward trend at 2.07% owing to the appreciation of INR over the USD as well as due to the increase in crude oil prices.
How are Petrol Prices in Noida revised?
Before June 16 2017, fuel rates used to be revised on a fortnightly basis. Since the introduction of dynamic fuel pricing on 16 June 2017, instead of updating twice a month, all petrol bunks across the city have been reviewing fuel prices (diesel and petrol) on a daily basis. Dynamic fuel pricing replaces the earlier fortnightly revision and offers significant benefits to end customers, dealers and oil marketing companies. This new fuel pricing mechanism has also been adopted by the United States of America, Japan, Russia and Australia.
The revision is done at 06:00 a.m. every day by every bunk. Oil marketing companies will fix the price in consideration with crude oil prices and the exchange rate of INR against the USD. It means that end customers will pay the prices, which are marked to market. Dynamic fuel pricing, also called the daily revision, instantly transfers even the smallest variation in the exchange rate and crude oil prices on a daily basis. The new system ensures fuel pricing is completely transparent.
How to Trace Daily Prices?
With the daily revision in place, petrol prices in Noida are fluctuating regularly. Unlike the previous system, customers cannot expect them to be steady. There are a few solutions for customers seeking to trace the current price. Smartphone users can download the mobile applications designed by all oil marketing companies in order to trace daily prices. Customers who are not using smartphones can make use of SMS and customer care services offered oil marketing companies.
How are Petrol Prices in Noida Computed?
The following are the different components of the Retail Selling Price of Petrol in the city:
Crude Oil Prices: Crude is purchased by Indian oil marketing companies from overseas oil marketing corporations. Since it is transacted in global markets, the price should be paid in the USD, which is the base currency for international transactions. WTI Crude was priced at $55 per barrel, which is equivalent to 159 litres, on 6 November 2017.
Refinery Transfer Price (RTP): Refinery transfer price is charged by refineries. The price is paid by oil marketing companies.
Taxes: Both the state and central governments collect tax on petrol. This is the biggest cost component. The central excise duty fixed by the central government was 19.48 per litre whereas the state tax fixed by the government of Uttar Pradesh was 32.90% as on 4 October 2017.
Expenses Incurred by OMCs: The expenses incurred by oil marketing companies include entry taxes, freight charges, marketing and distribution expenses and operational expenses. OMCs add their profit margin to the total costs incurred by them.
Therefore, the final price paid by retail petrol customers in Noida includes all the aforementioned costs in addition pollution cess and the commission charged by local dealers.
Factors Affecting Petrol Costs in Noida
The Fuel Rate increases when:
- The cost of crude oil goes up in global markets
- The INR depreciates against the USD
- The excise duty and the state VAT increase
The Fuel Rate falls when:
- The cost of crude oil falls in global markets
- The INR appreciates against the USD
- The excise duty and the state VAT decrease
Does GST Affect Petrol Prices in Noida?
The Goods and Services Tax does not affect petrol prices in the city due to the fact that petrol has not been covered under the GST purview. GST is currently charged at 5%, 12%, 18% and 28% on various services and commodities. The highest rate is 28% and the lowest rate is 5%. If GST is levied on petrol even at the highest tax rate, the petrol price will be 25-35% less than the current price. Consumers will be benefited from the price reduction, but the government stands to lose the major revenue source.
*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.
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