Petrol Prices in Odisha
Are you a petrol consumer from Odisha? Would you like to know a few important aspects related to petrol? If yes, you are on the right page. Petrol is used mainly for the purpose of transportation in Odisha, which has a vast number of petrol users. Let’s begin with fuel pricing? It is ideal to make a comparative analysis of petrol prices in three major cities in Odisha.
Petrol Price in Bhubaneswar
Bhubaneswar is the capital city of Odisha. It is a centre of industrial activities as well. In October 2017, petrol was sold at an average price of Rs.67.70 per litre. The lowest price in September 2017 was Rs.68.15 whereas the highest price was Rs.69.53. In August 2017, the highest price was 68.24 and the lowest price was Rs.64.53. In July 2017, petrol rates in the city were comparatively low. In June 2017, petrol prices diminished by 5.99%.
Petrol Prices in Cuttack
Cuttack, the commercial capital, is the second largest city in the state. On 2 Jan 2017, petrol was priced at Rs.71.08. On 1 April 2017, the fuel was priced at Rs.66.77. The fuel price further increased to Rs.68.58 in May 2017. In September 2017, the fuel was sold at an average rate of Rs.68.42. In October 2017, the average price was above Rs.67 per litre. In October 2017, the average price was less in Rourkela compared to Bhubaneswar and Cuttack. In August 2017, petrol was priced less. On 1 July 2017, the price was Rs.58.13 per litre.
Quarterly Diesel Price Trend in Odisha Between October and December 2018
|Opening date price||Rs.82.62 a litre||Rs.78.27 a litre||Rs.71.54 a litre|
|Closing date price||Rs.78.45 a litre||Rs.71.89 a litre||Rs.67.81 a litre|
|Highest price||Rs.82.86 a litre booked on the 4 October 2018||Rs.78.27 a litre booked on the 1 November 2018||Rs.71.54 a litre booked on the 1 December 2018|
|Lowest Price||Rs.78.45 a litre booked on 30 and 31 October 2018||Rs.71.89 a litre booked on the 30 November 2018||Rs.67.81 a litre booked on the 31 December 2018|
Petrol Price Trend in Odisha Between October and December 2018
- Fuel prices were on record highs on the back of the rising crude oil prices in the international market as petrol was priced at Rs.82.62 per litre on 1 October in Odisha.
- Petrol prices in Odisha, as well as other states, are fixed daily based on the ‘Dynamic Fuel Pricing’ mechanism by considering the 14-day average price of crude oil along with the exchange rate of the rupee over the US dollar.
- Prices continued to rise and touched the highest rate on 4 October when a litre of petrol in Odisha was sold at Rs.82.86 per litre.
- With petrol prices on the rise, the Central government announced a cut in the excise duty levied on the sale of fuel by Rs.1.50 per litre and asked oil companies to further subsidise Rs.1 per litre.
- By the end of October, petrol prices in Odisha declined by 5.05% attributed to the reduction of the excise duty on fuel.
- On 1 November, the petrol rate in Odisha stood at Rs.78.27 per litre, which was also the highest price recorded during the month.
- Crude oil prices in the international market reflected a downward trend after it touched a four-year high in October. Due to the decline in the geopolitical tensions between the US and China over trade between the countries, oil prices dropped during this month.
- By the end of the month, petrol prices in Odisha dropped to Rs.71.89 per litre owing to the fall in crude oil prices.
- Overall, petrol rates in Odisha for the month recorded a decline of 8.15% influenced by the significant fall in oil prices in the international market.
- Petrol was priced at Rs.71.54 per litre on 1 December – the highest price registered during the month.
- While crude oil prices were trading around $80 per barrel early October, it fell to around $55 per barrel late December due to the decline in geopolitical tensions.
- By the end of the month, petrol prices in Odisha dropped by 5.22% on the back of a falling crude oil rates in the global market.
How are Petrol Prices in Odisha Revised?
All state-owned oil marketing companies in Odisha have started revising fuel rates on a daily basis since 16 June 2017. They have stopped using the 15-year old fortnightly revision system. Revising fuel rates on a daily basis is called the daily revision or dynamic fuel pricing. The daily revision has been in use in other developed countries such as Russia, the United States of America, Australia and German.
Dynamic fuel pricing offers significant benefits to consumers and oil marketing companies. Fuel pricing is done on the basis of the cost of crude oil and the currency conversion ratio under the dynamic fuel pricing system. Variations in crude oil rates and the exchange rate are reflected instantly in the retail selling price of petrol. Inventory management is not complicated under the new system.
How to Track Petrol Prices in Odisha?
There are three options through which the latest petrol price can be tracked. All oil marketing companies offer an SMS service. They have also designed unique mobile applications, which can be downloaded by customers to track the latest price. The mobile application designed by Hindustan Petroleum is called ‘My HPCL’. The mobile application created by Indian Oil is called ‘fuel@OIC’. The mobile application designed by Bharat Petroleum is called ‘SmartDrive.’ Customers can avail the benefit of these services.
How are Petrol Prices in Odisha Calculated?
The following table shows the price structure of Petrol in Odisha.
|Cost Elements||Cost of Petrol|
|Crude oil price (including freight)||XXX|
|Crude Oil Price per litre||XXX|
|Computation of OMC Cost|
|Processing Cost and Refinery Cost||XXX|
|Transportation Costs and OMS Margin||XXX|
|Fuel Price (after refining)||XXX|
|Excise Duty||19.48 per litre|
|Price Charged to Dealers Before VAT|
|Calculation of Dealer Retail Cost|
|Commission Charged to Dealers||XXX|
|VAT @26% in Odisha||XXX|
|Final Selling Price in Odisha||XXX|
A barrel of crude oil is equivalent to 159 litres. Crude oil is traded in international markets and it is paid in the USD. Freight charges are remitted by oil marketing companies and are included in the cost of crude oil. Other expenses incurred by oil marketing companies consist of marketing costs, transportation expenses, processing costs, entry taxes and refinery transfer price.
State Levies on Petrol in Different States
According to the data published by Petrol Planning and Analysis Cell, the state VAT imposed on petrol was 26% in Odisha, 27% in New Delhi, 26.25% in Haryana, 32.91% in Rajasthan and 47.64% in Maharashtra. In Goa, it is just 17%. Among all Indian states, the VAT in Maharashtra was the highest as on 1 September 2017. It is the lowest in Goa.
Quarterly Petrol Price Trend in Odisha between July and September 2018
|Opening date price||Rs.74.38 a litre||Rs.75.10 a litre||Rs.77.45 a litre|
|Closing date price||Rs.75.25 a litre||Rs.77.45 a litre||Rs.82.12 a litre|
|Highest price||Rs.76.08 a litre recorded on the 15th||Rs.77.45 a litre recorded on the 31st||Rs.82.12 a litre recorded on the 30th|
|Lowest Price||Rs.74.38 a litre recorded on the 1st||Rs.75.10 a litre recorded on the 1st||Rs.77.45 a litre recorded on the 1st|
Petrol Price Trend in Odisha in July 2018
- In India, petrol and diesel prices are revised every day under the dynamic fuel pricing mechanism where the new rates are effective from 6:00 am IST.
- Under the said pricing mechanism, State-run oil companies arrive at the selling price of petrol based on the global crude oil price and the exchange rate of the Indian currency over the U.S. currency.
- Based on the daily revision, the petrol price in Bhubaneshwar, the capital city of Odisha, on the 1st of the month stood at Rs.74.38 per litre - the lowest petrol price recorded in Odisha for the month.
- In the back of the rising crude oil prices in the global market, petrol prices in the first and seconds weeks continued to incline.
- Petrol prices rose to touch the highest rate for the month when a litre of petrol was sold at Rs.76.08 on the 15th of the month.
- Despite declining over the course of the third and fourth weeks, the prices never breached the opening price of the month.
- On the 31st of July, the petrol price in Odisha stood at Rs.75.25 per litre, an increase of 87 paise per litre over the opening price of the month.
- The petrol price trend in Odisha during the month grew by 1.17% impacted by the slight rise in crude oil prices in the global market.
Petrol Price Trend in Odisha in August 2018
- As per the daily revision, the petrol price in Odisha on the 1st of August was revised and lowered by 15 paise to be sold at Rs.75.10 per litre. This is also the lowest price recorded during the month.
- Petrol prices during the first and second weeks continued to incline in the back of an increase in the crude oil price.
- Oil prices rose due to geopolitical tensions between the U.S. and Iran after the former pulled out of the nuclear deal prompting shortage in oil supply from Iran.
- Due to the shortage in the supply of oil, fuel prices in India and other countries increased insistently during the month of August.
- Despite the rising petrol cost, none of the taxes, levied by the Centre and states, were not revised or reduced to offer some relief to consumers.
- By the end of the month, petrol prices in Odisha rose to touch the highest on the 31st when petrol was sold at Rs.77.45 per litre.
- Overall, petrol prices in Odisha in August grew by 3.13% attributed to the increase in oil prices in the global market.
Petrol Price Trend in Odisha in September 2018
- On the 1st of September, oil companies kept the petrol price in Odisha unchanged to be sold at Rs.77.45 per litre - the lowest petrol price recorded for the month.
- Due to the ongoing geopolitical tensions, the crude oil price increased to touch a four-year high of $80 per barrel which prompted oil companies to increase fuel prices accordingly.
- The exchange rate of rupee fell to its lowest to touch Rs.72 over the U.S. dollar coupled with the rise in oil prices, petrol prices touched record levels during the month.
- Certain states such as Rajasthan, Karnataka, West Bengal and Andhra Pradesh announced a cut in local sales taxes which offered some respite to consumers of those states.
- Petrol prices during the third and fourth weeks inclined to touch the highest price on the 30th when petrol was available in Odisha at Rs.82.12 per litre, an increase of Rs.4.67 a litre.
- The petrol price trend in Odisha in September reflected an upward trend growing by 6.03% influenced by the significant rise in oil prices and the depreciation of the Indian currency over the U.S. dollar.
Quarterly Petrol Price Trend in Odisha Between April and June 2018
|Opening date price||Rs.72.57 per litre||Rs.73.46 per litre||Rs.77.13 per litre|
|Closing date price||Rs.73.46 per litre||Rs.77.19 per litre||Rs.74.38 per litre|
|Highest price||Rs.73.50 per litre recorded on 24th||Rs.77.27 per litre recorded on 29th||Rs.77.13 per litre recorded on 1st|
|Lowest price||Rs.72.57 per litre recorded on 1st||Rs.73.46 per litre recorded from 1st to 11th||Rs.74.38 per litre recorded from 27th to 30th|
Petrol Price Trend in Odisha in April 2018
- The petrol price in Bhubaneshwar, the capital of Odisha, on the 1st of the month stood at Rs.72.57 per litre. This price is also the lowest for the month.
- Fuel prices are determined by State-run fuel companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum.
- Fuel companies revise fuel prices on a daily basis under the ‘Dynamic Fuel Pricing’ mechanism which was introduced in India from 16 June 2018.
- During the first and second week of April 2018, petrol prices in Odisha remained stable but grew marginally in tandem with the increase in crude oil rates.
- By the end of the third week, petrol prices had increased by 48 paise per litre attributed to the slight rise in the global crude oil price.
- From the 25th onwards fuel companies kept the petrol price in Odisha unchanged until the end of the month owing to a steady crude oil rate.
- Overall, petrol prices in Odisha during the month grew by 1.23% influenced by the marginal increase in the crude oil price.
Petrol Price Trend in Odisha in May 2018
- Fuel companies continued to keep petrol prices in Odisha unchanged till the 11th of May 2018 which stood at Rs.73.46 per litre - the lowest cost of petrol for the month.
- From the 12th onwards, fuel companies began revising petrol prices in the State in tandem with the cost of crude oil in the global market.
- Petrol prices inclined sharply over the course of the second and third week as oil prices increased significantly.
- The significant rise in crude oil prices was influenced by geopolitical tensions on potential crunch in supply of oil due to the possible trade war between the US and China.
- The cost of crude oil per barrel touched $80 which was the main reason for the considerable rise in petrol prices across the globe.
- Petrol prices touched an all-time high of Rs.77.97 per litre on the 29th of the month largely due to the crude oil price.
- During the month, petrol prices in Odisha rose significantly by 5.08% mainly affected by high crude oil rates.
Petrol Price Trend in Odisha in June 2018
- On 1st of the month, petrol was sold at Rs.77.13 per litre, a slight drop compared to the previous day. This price was also the lowest for the month.
- With fuel prices on the rise across the globe, members of the Organisation of Petroleum Exporting Countries and its ally Russia decided to meet on the 22nd to discuss ways to reduce crude oil rates.
- Petrol prices declined over the course of the first and second week, but the drop was marginal and not a significant decline.
- By mid-June 2018, petrol prices in Odisha declined by Rs.1.92 a litre as the crude oil rate had decreased considerably.
- The OPEC and its ally Russia agreed to increase the output of crude oil which led to the decline in crude oil rates.
- With the decline in crude oil prices, petrol prices in Odisha in the month fell to its lowest to record at Rs.74.38 per litre which stood from the 27th to the end of the month.
- Overall, the petrol price trend in Odisha during the month reflected a downward trend of 3.57% largely due to the increase in output which led to the fall in crude oil rates.
Trend in Petrol Price in Odisha between January and March 2018
|Opening date price||Rs.68.85 a litre||Rs.71.87 a litre||Rs.70.48 a litre|
|Closing date price||Rs.71.77 a litre||Rs.70.35 a litre||Rs.73.29 a litre|
|Highest price||Rs.71.77 a litre recorded on 31st||Rs.72.20 a litre recorded on 6th and 7th||Rs.72.39 a litre recorded on 31st|
|Lowest price||Rs.68.85 a litre booked on 1st||Rs.70.36 a litre recorded on 25th||Rs.70.48 a litre recorded on 1st|
Trend in Petrol Price in Odisha in January 2018
- The opening day price was released at Rs.68.85 a litre in Bhubaneswar, the capital city of Odisha, and Rs.68.96 a litre in Cuttack, the second biggest city in Odisha as per dynamic fuel pricing.
- An offer of Rs.68.85 a litre remained unchanged for the following two days at Indian Oil Corporation limited, a premier Oil Marketing Company. At Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited, the offer was slightly different.
- Except the first three days, the fuel rate voyaged aloft until the completion of January 2018 in sync with the disparities in crude oil costs and the INR/USD exchange ratio.
- For the first week, a growth rate of 0.43% was seen and for the second week, it accelerated to 1.28%. Similarly, during the third week, petrol prices in Odisha were up 1.27%.
- It was caused by the USD/INR exchange rate, which was down 0.26% to Rs.63.53 on 15th; and the cost of crude oil, which jumped to $68.02 per barrel on 15th.
- No changes were reported with regard to indigenous elements such as the overheads of the fuel entities, pollution cess, excise duty, Value-added Tax (VAT), the profit ratio of the OMCs, etc.
Trend in Petrol Price in Odisha in February 2018
- Under dynamic fuel pricing, in Bhubaneswar, the fuel price was revised to Rs.71.87 a litre on 1st whereas in Cuttack, the offer stood at Rs.72.01 a litre.
- The Central Government’s Union Budget had no impact on the amendment of the price offer across Odisha.
- Ups and downs in fuel prices were caused by the unhinged exchange rate and crude oil costs in February. On 1st February, the USD/INR exchange rate was valued at Rs.63.95.
- By the end of the month, it appreciated 1.98% to Rs.65.22. Conversely, the crude oil price (Indian Basket) decreased to $63.54 per barrel.
- Therefore, the average petrol price was estimated to be Rs.72.03 a litre for the first week. It slid to Rs.71.99 a litre during the second week.
- Likewise, for the third week, the average fuel rate was Rs.70.98 a litre. For the last week, it further fell to Rs.70.40 a litre. In the end, in February, fuel rates were reported to be down 2.11% in Bhubaneswar and Cuttack.
- According to sources, the distribution and production of unrefined oil were not interrupted by a fabrication cut or a bad climate. Moreover, in global markets, refinery events were also constant.
Trend in Petrol Price in Odisha in March 2018
- On 1st March, petrol accumulated its rate by 13 paise under the daily revision system. Not only the opening day price but also the price tags of the residual 30 days have continually gained.
- During the first 15 days, petrol was sold at an average price of Rs.71.17 a litre. For the second half, the average fuel price augmented to Rs.71.49 a litre.
- The highest price, for March 2018, was recorded at Rs.72.39 a litre, which was also the highest fuel price for the entire quarter.
- Similarly, Indian Oil Corporation Limited (IOCL) declared the lowest price for the month to be Rs.70.48 a litre. On the other hand, for the whole quarter, the lowest rate stood at Rs.68.85 a litre.
- For March 2018, the net growth rate was estimated to be 3.98%. In January 2018, it was 4.24%. The sluggish crude oil market caused a slow growth rate this month.
- Like the earlier month, no changes were made in the expenses incurred by IOCL, HPCL and BPCL, the state and central taxes, the dealer’s commission, etc.
- There has been a reasonable amount of hike in the crude oil price globally this quarter. The USD also gained rationally against the base currency.
Factors Affecting Petrol Price in Odisha
Which factors do you think affect the petrol price? Why do petrol prices differ from one state to another? Why do petrol prices change? As we know, the price of petrol in New Delhi is the lowest compared to all Indian cities. It is because of the fact that the state VAT imposed on petrol by the Delhi government is comparatively less. In Odisha, the petrol price is more compared to New Delhi. The higher the state VAT, the higher will be the cost of petrol. The lower the state VAT, the lower will be the petrol price.
The central excise duty has been recently reduced to Rs.19.48 per litre by the central government on 3 October 2017. After the revision, petrol prices across all Indian states including Odisha were down almost Rs.2 per litre. This is how the revision of the excise duty impacts the petrol price charged to customers. The excise duty and the state VAT are domestically controlled. Another determinant is the cost of crude oil, which cannot be domestically controlled. When the cost price of crude oil falls in global markets, the cost of petrol falls. On the other hand, if the cost of crude oil goes up, the petrol price increases as a result.
Does GST Impact Petrol Prices in Odisha?
GST does not impact petrol prices in Odisha. Petrol was priced at Rs.66.77 in October 2017. If GST is levied on petrol, the petrol price will fall down approximately to Rs.45.00 per litre at 28%. Whether or not to bring petrol under the regime of GST is left at the discretion of the central government. The imposition of GST on petrol at the current rate will bring down the petrol rate in Odisha. Eventually, the government stands to lose the major chunk of revenue source.
Also Check Petrol Price in NearBy Cities of Odisha
*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.