Petrol Rate in Punjab
BankBazaar is a comprehensive platform for petrol consumers from Punjab with a detailed analysis of the latest updates and trends.
Trend of Petrol Price in Punjab for September 2019 (rates per litre)
|Highest Rate in September||Rs.70.35|
|Lowest Rate in September||Rs.67.80|
September - Week 1 (1-7):
- Petrol price in Punjab opened at Rs.68.05 on 1st September in Punjab, unchanged from the previous day’s closing price. The state-run oil marketing companies decided not to change petrol prices for six consecutive days.
- After staying static for the next few days, petrol dropped by 3 paise, recording Rs.68.02 per litre. Meanwhile, in the international oil market, crude gained after US confirmed possible talks with Beijing regarding trade pact may happen soon.
- The Price of petrol slumped further, closing the week at Rs.67.85 per litre. The overall performance of petrol in Punjab was -0.29%, trending downwards.
September - Week 2 (8-14):
- The price of petrol opened at Rs.67.80 per litre in Punjab on 8 September. The prices dropped by 5 paise per litre since the previous day’s closing price.
- In the second week of the month, crude prices dropped in the international oil market due to a weak trend. Petrol prices in Punjab in Punjab shot up gradually since 10 September due to a sharp decline in US inventories.
- Petrol rate in Punjab closed at Rs.68.04 per litre after recording an increase of 24 paise since the start of the week. The overall performance of the fuel in the state was -0.01%, trending upwards.
September - Week 3 (15-21):
- Petrol price in Punjab opened at Rs.68.10 per litre on the 15th of September in Punjab—6 paise higher than the previous day’s closing price.
- After staying stable for a day, petrol rates increased by 13 paise recording Rs.68.23 per litre on the 17th of September. Meanwhile, in the international market, crude prices dropped after Saudi Arabia’s energy minister stated the kingdom will restore lost oil production by the end of the month.
- Petrol price in Punjab closed the week at Rs.69.34 per litre, its highest recorded price in the month of September. The substantial increase in petrol prices was primarily due to last week’s drone attack on Saudi Arabia’s Aramco oil refinery. The overall performance of petrol was 1.89%, trending upwards.
September - Week 4 (22-30):
- The Price of petrol in Punjab opened at Rs.69.60 per litre on the 22nd of September—26 paise higher than the previous day’s closing price. Petrol prices increased due to geopolitical tensions.
- The state-run oil marketing companies decided to hike the prices, with petrol recording Rs.70.28 on the 28th of September.
- Petrol price in Punjab closed the week at Rs.70.35 per litre, its highest recorded price in the month of September. The substantial increase in petrol prices was primarily due to the drone attack on Saudi Arabia’s Aramco oil refinery. The overall performance of petrol was 3.37%, trending upwards.
Trend of Petrol Price in Punjab for August 2019 (rates per litre):
|Highest Rate in August||Rs.68.83|
|Lowest Rate in August||67.89|
August 2019 – Week 1 (1-7):
- Petrol was available at Rs.68.83 per litre on 1 August in Punjab – the highest price recorded during the week – attributed to the slight incline in crude oil prices in the international oil market amid declining US inventories and as investors awaited a likely rate cut by the US Federal Reserve.
- Prices of petrol in Punjab continued to decline over the week to touch a weekly low of Rs.68.30 per litre recorded on 6 and 7 August influenced by the marginal decline of crude oil prices in the global market.
- By the end of the week, petrol prices in Punjab dropped by 0.77% largely due to falling crude prices in the oil market after the US said it will impose additional tariffs on Chinese imports as well as due to the declining US inventories suggesting a weaker demand for crude oil in the market.
August 2019 – Week 2 (8-14):
- Petrol in Punjab opened at Rs.68.26 per litre on 8 August, recording a 4 paise drop from previous day’s closing price.
- Petrol dipped further by 14 paise on the next day, standing at Rs.68.14 per litre. The dip was primarily due to the ongoing US-China trade tensions, fueled further by Trump administration’s decision to impose more tariffs on Chinese imports. Rise in US inventories was also one of the primary reasons for the dip.
- Petrol price in Punjab dropped marginally in the next few days before stabilising at Rs.68.03 per litre. The overall performance compared to the opening day was -1.16% trending downwards. Meanwhile, in the international oil market, crude prices dropped due to possible supply cuts amidst looming global economic crisis.
August 2019 – Week 3 (15-21):
- Petrol in Punjab opened at Rs.68.03 per litre on 15 August, same price as previous day’s closing price.
- Petrol remained stable for the next few days before slumping to Rs.67.97 per litre—recording a 6 paise drop. The price decline was majorly due to soft demand of the oil in the local market.
- Petrol in Punjab closed the week at Rs.68.83 per litre—its lowest recorded in the month of August. The overall performance of the oil was -1.36%, trending downwards. Meanwhile, in the international oil industry, crude prices went up due to a drop in US inventories.
August 2019 – Week 4 (22-31):
- Petrol price in Punjab opened at Rs.67.89 per litre on 22nd August, unchanged from previous day’s closing price and its lowest recorded price for the month of August. After stabilising for the next few days, petrol prices went up marginally, recording Rs.68.11 per litre on 26 August. In the international oil market, crude gained after US inventories recorded a substantial slump.
- Petrol prices were slashed by 6 paise, recording Rs.68.05 per litre. Petrol remained unchanged till the end of the week and closed the month with the same price.
- Overall, petrol’s performance in Punjab was -1.13%, trending downwards. In the international oil market, crude slumped after concerns about the strength of US economy.
Trend of Petrol Price in Punjab for July 2019 (rates per litre):
|Highest Rate in July||Rs.69.40 on 23 and 24 July|
|Lowest Rate in July||Rs.66.61 on 1 July|
July 2019 – Week 1 (1-7):
- Petrol price in Punjab was at Rs.66.61 per litre on 1 July in Punjab – the lowest rate recorded during the week on slight decline in crude oil prices amid supply cuts led by the OPEC and its allies.
- Prices rose the next day when State-run Oil Marketing Companies (OMCs) hiked petrol price in Punjab by 6 paise per litre and was kept unchanged until 6 July before increasing it by Rs. 2.30 per litre as the Central Government, through the 2019 Finance Budget, imposed an additional Re.1 per litre as excise duty and another Re.1 per litre as cess on road and infrastructure
- On the last day of the week, prices rose significantly by Rs. leading to a 3.54% incline in petrol rate in Punjab.
July 2019 – Week 2 (8-14):
- Petrol price in Punjab remained unchanged from previous day’s closing price, recording at Rs.68.97 per litre. The prices remained stagnant as investors assessed the ongoing US-China tension that might take a toll on the global economy.
- Prices slumped a bit on 9 July, recording at Rs.68.92 per litre and remained unchanged for the next few days amidst the ongoing geopolitical tensions.
- Punjab petrol price saw a substantial hike on 14 July, which stood at Rs.69.09 per litre. The hike could be attributed to the ongoing tensions in the Middle East. Brent crude prices were up by 0.6%. On the other hand, US oil manufacturers in the Gulf of Mexico were forced to resort to massive supply cuts in the wake of tropical storm.
July 2019 – Week 3 (15-21):
- Petrol in Punjab recorded at Rs.69.21 per litre, a 12 paise increase compared to its previous day’s closing rate. The price hike could be attributed to the ongoing US-China trade crisis and Middle East tensions, thereby outweighing the resumption of oil production in the Gulf of Mexico following the Hurricane Barry fiasco, which prompted supply cuts from US oil producers.
- Petrol prices increased on the next day, standing at Rs,69.27 per litre with the US shale oil supply boom. However, the global oil market looked a bit uncertain following China’s report of its slow economic growth, which could slacken crude oil demand. Other than that, US-China trade tensions also contributed to the gradual price hike.
- Petrol closed the week at Rs.69.35 per litre, the highest price recorded in the month of July (till 21 July). The spike happened amidst the gradual increase in US stockpiles, indicating weak demand. However, the ongoing Iran-US tensions kept the petrol trending upwards. Also, the ongoing speculation is that there could be a possible spike in petrol prices if the US-Iran tension deteriorates.
July 2019 – Week 4 (22-28):
- Petrol price in Punjab on 22 July stood at Rs.69.35 per litre, same as the previous day’s rate. However, crude oil prices in the international oil market declined after the International Energy Agency (IEA) announced that it would act if required to keep markets stable amid rising tensions in the Middle East.
- Prices rose to touch the highest for the week a litre of petrol was sold at Rs.69.40 attributed to the marginal drop in US inventories indicating a weak demand. Also, the US navy said it may have shot down a second Iranian drone.
- By the end of the week, prices declined to close at Rs.69.15 per litre primarily due to the weak demand and supply cuts led by the OPEC and its allies as well as due to the IEA said it’s unlikely crude prices will incline considerably owing to weak demand and muted crude oil market.
Trend of Petrol Price in Punjab for June 2019 (rates per litre)
|2nd June||Rs.67.58 per litre|
|30th June||Rs.66.61 per litre|
|Highest Rate in June||Rs.67.58 per litre on 2 June|
|Lowest Rate in June||Rs.66.10 per litre from 16 – 23 June|
June 2019 – Week 1 (2-8):
- Petrol opened the week at Rs.67.58 per litre in Punjab, a marginal increase compared to the previous day’s price even as crude prices dropped in the oil market.
- Petrol price in Punjab continued to decline during the week to touch a weekly low of Rs.67.05 a litre recorded on 7 June in proportion with the fall in crude prices.
- Overall, the trend in petrol price in Punjab during the 1st week of June declined by 53 paise per litre marked largely by the stable crude prices. Brent crude futures, the international benchmark lost 22 cents or 0.4% impacting fuel prices in the country.
June 2019 – Week 2 (9-15):
- State-run Oil Marketing Companies (OMCs) chose to keep the petrol price same as the previous day with a litre of petrol in Punjab available at Rs.67.05.
- On 10 June, prices were cut by 53 paise a litre at Rs.66.57 and remained same until 12 June before dropping to Rs.66.50 per litre the next day.
- Petrol price in Punjab during the week fell by 89 paise per litre largely impacted by the fall in crude oil prices in the market due to the ongoing trade war between the US and China.
June 2019 – Week 3 (16-23):
- On 16 June, petrol was priced at Rs.66.10 per litre with oil companies preferring to keep prices static for the entire week in the state.
- Prices remained static with crude oil prices declining amidst indications that a slowing global economy affected by the US-China tariff war and supply cuts led by the OPEC and its allies.
- By the end of the week, crude oil prices were on the decline as tensions in the Middle East and expectations of investors of a rate cut by the US Federal Reserve could boost the global economy.
June 2019 – Week 4 (24-30):
- Petrol price in Punjab was Rs.66.22 per litre on 24 June, up by 12 paise over yesterday’s price and this price was kept unchanged until 26 June.
- Prices rose over the end of the of week with oil companies increasing the price by 30 paise compared to the opening price of this week.
- Over the course of the month, petrol prices in Punjab dropped by 1.43% mainly impacted by the drop in crude oiil prices as traders awaited the outcome of the G20 summit as well as expectations that OPEC will continue to limit production.
What is the base to determine the current petrol rate in the Punjab? The daily revision will also take into intercontinental crude oil rates and the exchange rate of the Indian currency to the currency of the United States. The price what we pay for petrol today may not the same tomorrow. Why? When the petrol rate is assessed on the basis of the exchange rate and worldwide crude oil prices, it tends to vary every day slightly.
The daily revision of petrol prices in the Punjab is beneficial for final consumers and retailers as well. The owners of diesel bunks across the state can practice the best inventory management principles. This was not the case in the previous revision system. Each diesel supply station throughout the state will display revised rates after 06:00 a.m. every day.
For the benefit of petrol consumers, all state-run oil marketing brands including Shell Oil, Indian Oil, Hindustan Petroleum, and Bharat Petroleum in the state will help you track the latest petrol price through an online service, an SMS service, and a customer care service. All brands have uniquely designed mobile applications to help consumers get revised fuel rates quickly and easily.
Petrol Price in Punjab
The average petrol rate in Punjab since the reduction of the central excise was Rs.68.54 per litre. The highest rate that was recently offered was Rs.71.02. In September 2017, petrol rates in Chandigarh, which is the capital city of the Punjab, have increased by 1.98%. In August 2017, they have accelerated by 5.41% and by 3.32% in July 2017. On the opening day of June, the cost of petrol was Rs.67.22 that was later decreased to Rs.63.51 on the closing day of the month. In May 2017, prices were almost consistent throughout the month.
Quarterly Petrol Price Trend in Punjab Between January and March 2019
|Opening date price||Rs.65.06/litre||Rs.67.04/litre||Rs.67.88/litre|
|Closing date price||Rs.67.26/litre||Rs.67.79/litre||Rs.68.83/litre|
|Highest price||Rs.67.43/litre recorded between 22nd and 28th||Rs.67.79/litre recorded on 28th||Rs.68.87/litre recorded on 24th, 25th, 26th and 27th|
|Lowest Price||Rs.64.77/litre recorded on 4th, 5th and 6th||Rs.66.47/litre recorded on 11th, 12th and 13th||Rs.67.88/litre recorded on 1st, 2nd and 3rd|
How Frequently are Petrol Price in Punjab Reviewed?
The revision is happening on a daily basis with the introduction of a new fuel pricing system called dynamic fuel pricing or the daily revision. The new pricing system was initiated by the central government of India in order to make fuel pricing more transparent from the viewpoint of end petrol consumers someone like you from the Punjab. The difference between the previous and current pricing mechanisms is the frequency of revision.
Quarterly Petrol Price Trend in Punjab Between October and December 2018
|Opening date price||Rs.80.67 a litre||Rs.75.00 a litre||Rs.68.60 a litre|
|Closing date price||Rs.75.16 a litre||Rs.68.94 a litre||Rs.65.06 a litre|
|Highest price||Rs.80.90 a litre booked on 4 October 2018||Rs.75.00 a litre booked on the 1 November 2018||Rs.68.60 a litre booked on the 1 December 2018|
|Lowest Price||Rs.75.16 a litre booked on the 30 and 31 October 2018||Rs.68.94 a litre booked on the 30 November 2018||Rs.65.06 a litre booked on the 31 December 2018|
Petrol Price Trend in Punjab Between October and December 2018
- Petrol and diesel rates in India are based on the ‘Dynamic Fuel Pricing’ mechanism and are revised daily by State-owned Oil Marketing Companies (OMCs).
- Petrol was priced at Rs.80.67 per litre when the month began on 1 October – a record high in the back of rising crude oil prices in the global market.
- Prices continued to rise when it touched a monthly high of Rs.80.90 per litre on 4 October – also a record high of petrol prices in Punjab.
- The Centre announced a cut in excise duty of Rs.1.50 per litre and asked OMCs to subsidise Rs.1 per litre to ease the burden on consumers.
- Post the reduction, prices declined during the month to record the lowest price for the month when a litre of petrol in Punjab was sold at Rs.75.16 per litre on 30 October, down by 6.83% for the month.
- On 1 November, the petrol price in Punjab stood at Rs.75.00 per litre – the highest price recorded for the month.
- With crude oil prices showing signs of decline, petrol prices in Punjab reduced during the month. The fluctuations in oil prices was attributed to the geopolitical tensions between the US and China.
- On 30 November, petrol recorded its lowest price for the month when a litre was available at Rs.68.94 per litre.
- Overall, the petrol price trend in Punjab during the month dropped by 8.08% mainly due to the decline in oil prices as well as a marginal rise in rupee’s value.
- In December, petrol opened the month at Rs.68.60 per litre, which was also the highest rate recorded for the month in Punjab.
- Prices continued to drop to touch the lowest on 31 December when petrol was priced at Rs.65.06 per litre as crude oil prices fell from $80 per barrel early October to $56 per barrel late December.
- By the end of the month, petrol rates in Punjab for the month declined by 5.16% influenced by the significant drop in oil rates and the appreciation of the rupee over the US dollar.
Quarterly Petrol Price Trend in Punjab between July and September 2018
|Opening date price||Rs.72.66 a litre||Rs.73.48 a litre||Rs.75.76 a litre|
|Closing date price||Rs.73.52 a litre||Rs.75.65 a litre||Rs.80.36 a litre|
|Highest price||Rs.74.01 a litre recorded on the 14th||Rs.75.65 a litre recorded on the 31st||Rs.80.36 a litre recorded on the 30th|
|Lowest Price||Rs.72.66 a litre recorded on the 1st||Rs.73.48 a litre recorded on the 1st||Rs.75.76 a litre recorded on the 1st|
Petrol Price Trend in Punjab in July 2018
- Fuel prices including that of petrol are revised on a daily basis by State-owned oil companies based on the dynamic fuel pricing mechanism.
- Oil companies include the global crude oil price and the exchange value of the Indian currency over the U.S. dollar before arriving at the selling price of petrol in a city.
- On the 1st of July, the petrol price in Chandigarh, the capital of Punjab, stood at Rs.72.66 per litre - the lowest price for the month.
- Prices were kept unchanged until the 5th of the month before it was hiked by 16 paise per litre on the 6th in accordance with the global crude oil price rise.
- From then on, petrol prices in Punjab increase significantly to touch the highest petrol price in Punjab when a litre was sold at Rs.74.01.
- Oil companies dropped petrol prices; however, they were not lower than the opening price of the month.
- On the 31st of July, the petrol price in Punjab stood at Rs.73.52 per litre, a difference of 86 paise compared to the opening price.
- For the month, petrol prices in Punjab moved upwards of 1.18% marked by the rise in crude oil prices in the global market.
Petrol Price Trend in Punjab in August 2018
- On the 1st of August, oil companies reduced the petrol price in Punjab by 4 paise per litre to stand at Rs.73.48. This was also the lowest price of the month in the state.
- Prices were kept unchanged from 6th to the 15th when a litre of petrol was sold at Rs.74.25 in Chandigarh.
- Offering no respite to consumers, petrol prices were increased on the 16th by 8 paise per litre to stand at Rs.74.38.
- Due to geopolitical tensions, the crude oil price increased prompting oil companies to pass on the increase to consumers.
- Despite record levels, taxes levied on the sale of petrol were not revised or reduced to offer any sort of relief to customers.
- The closing price of petrol in Punjab in August stood at Rs.75.65 per litre, which is also the highest petrol price of the month.
- Overall, petrol prices in Punjab during the month grew by 2.95% influenced by the significant rise in the global crude oil prices.
Petrol Price Trend in Punjab in September 2018
- A litre of petrol in Punjab on the 1st of September stood at Rs.75.76 - the lowest petrol price in Punjab for the month.
- The global crude oil price rose to touch a four-year high when a barrel of oil was trading at $80 leading to a rise in the petrol prices.
- Additionally, the rupee fell to its lowest during the month as it breached Rs.72 mark which prompted fuel prices in the country to increase significantly.
- Despite record levels in petrol prices in the country, the taxes levied by the Centre or the State were kept unchanged offering no respite to the common man.
- Except for states such as Rajasthan, Karnataka, Andhra Pradesh and West Bengal, which announced a cut in the Value Added Tax levied on the sale of petrol offering some relief to consumers of the said states.
- On the last day of the month, a litre of petrol rose to touch Rs.80.36, which was the highest price of the month.
- The petrol price trend in Punjab in September inclined significantly by 6.07% attributed to the increase in oil prices and the drop in the exchange rate of rupee over the U.S. dollar.
Quarterly Petrol Price Trend in Punjab Between April and June 2018
|Opening date price||Rs.70.90 per litre||Rs.71.77 per litre||Rs.75.33 per litre|
|Closing date price||Rs.71.77 per litre||Rs.75.39 per litre||Rs.72.66 per litre|
|Highest price||Rs.71.84 per litre recorded on 24th||Rs.75.46 per litre recorded on 29th||Rs.75.33 per litre recorded on 1st|
|Lowest price||Rs.70.90 per litre recorded on 1st||Rs.71.77 per litre recorded from 1st to 11th||Rs.72.66 per litre recorded from 27th to 30th|
Petrol Price Trend in Punjab in April 2018
- The petrol price in Chandigarh, the capital of Punjab, on 1 June 2018 stood at Rs.70.90 per litre – the lowest price recorded in the month.
- With a marginal increase in the global crude oil price, State-owned oil companies such as Indian Oil, Bharat Petroleum and Hindustan Petroleum revised petrol prices accordingly.
- During the second and third week, petrol prices in Punjab gradually increased in tandem with the global crude oil rate.
- The highest petrol price in April 2018 in Punjab was recorded on 24 June 2018 with petrol priced at Rs.71.84 per litre.
- From 25 April, fuel companies kept the petrol price unchanged at Rs.71.77 per litre with the 2018 Karnataka State Election around the corner.
- Overall, petrol prices grew by 0.95% during the course of the month. The rise in trend is attributed to a slight incline in the crude oil rate.
Petrol Price Trend in Punjab in May 2018
- Oil companies kept the petrol price steady till the 11th in the backdrop of the Karnataka Elections, which is also the lowest price petrol was sold in Punjab.
- With the elections concluded on the 11th, fuel companies reverted to the daily revision in petrol prices under the dynamic fuel pricing mechanism.
- The cost of petrol rose significantly in the second and third week as the global crude oil rate continued to climb upwards.
- Petrol prices touched an all-time high on 29 May 2018 with the fuel being retailed at Rs.75.46 per litre, nearly Rs.4 a litre compared to the opening price of the month.
- The considerable rise in the petrol price is attributed to the significant incline in the global crude oil prices even as the US-China trade war erupted.
- Petrol prices reflected an upward trend of 3.91% largely due to the crude oil prices touching $80 per barrel.
Petrol Price Trend in Punjab in June 2018
- With the crude oil rate reaching record highs, the Organisation of Petroleum Exporting Countries popularly known as OPEC along with its key ally Russia decided to meet in Vienna on 22 June 2018 to address the concern over the rise in oil prices.
- The petrol price in Punjab on the first day of the month stood Rs.75.33 per litre continuing its rising trend in prices.
- With an ease in geopolitical tensions, crude oil rates relented and fuel companies decided to reduce fuel prices accordingly.
- During the Vienna meeting, the OPEC and Russia agreed to increase the output to ease the cost of petrol as it began to trouble the common man.
- Petrol prices continued to decline significantly to record its lowest for the month at Rs.72.66 per litre, down by Rs.2.67 compared to the opening day’s price.
- Overall, the month reflected a downward trend of 2.77% in petrol prices in Punjab which is largely due to the fall in oil prices.
Quarterly Petrol Price Trend In Punjab between January and March 2018
|Opening date price||Rs.67.30 per litre||Rs.70.25 per litre||Rs.68.83 per litre|
|Closing date price||Rs.70.13 per litre||Rs.68.77 per litre||Rs.70.73 per litre|
|Highest rate||Rs.70.13 per litre booked on 06 January||Rs.70.57 per litre booked on 6 February||Rs.70.73 per litre booked on 26 March|
|Lowest rate||Rs.67.30 per litre booked on 01 January||Rs.68.77 per litre booked on 25 February||Rs.68.83 per litre booked on 01 March|
|% Change||4.04% up||2.15% down||2.69% up|
Trend in Petrol Price in Punjab in January 2018
- The leading oil companies in India, namely HPCL, BPCL and IOC declared the average opening price of petrol of Rs.67.30 per litre as on 01 January 2018. This was also the lowest petrol price recorded for the month.
- During the first week of January, the prices of petrol slightly increased as the oil-producing countries have slightly accelerated the price Brent Crude oil.
- The highest petrol price of the month of Rs.70.13 per litre was booked on 06 January.
- By 20 January, petrol prices had hit Rs.69.14. The increase in petrol rates was mainly because the value of USD fell for three consecutive days on 17, 18, and 19 of January by 0.2%, 0.03%, and 0.06%, respectively.
- The fuel price closed at Rs.70.13 on 31 January 2018.
- The overall incline in the fuel price for the month of January was 4.04%.
Trend in Petrol Rate in Punjab in February 2018
- Petrol was valued at Rs.70.25 per litre on 01 February 2018.
- As oil exporting countries a steady growth in the demand for unrefined oil during the first week of the month, petrol prices did not fluctuate much.
- The highest petrol price of Rs.70.57 per litre was recorded on 6th of the month.
- Though the Union Budget was introduced in india, it did not have any impact on the oil and natural gas industry. Therefore significant increase or decrease in petrol prices was not seen.
- On 25 February, the lowest petrol price of Rs.68.77 per litre for the month was recorded.
- Apart from the drop in the value of the USD, no other factors have impacted the fuel rate except the crude oil price of Indian Basket, which declined to $63.54 a barrel.
- An overall declining trend was noticed in petrol prices as the fuel fell by 2.15%.
Trend in Petrol Prices in Punjab in March 2018
- On the first day of the month, petrol was priced at Rs.68.83 per litre which was an increase of 6 paisa from the previous day. This was also the lowest petrol price tracked in this month.
- On 2 and 3 of the month, petrol was booked at Rs.Rs.69 and Rs.69.24 respectively.
- No significant changes in petrol prices was noted throughout the month of March as the crude oil price did not fluctuate majorly and the drop in URD rate was ignorable.
- On 21 and 22 March, petrol price stood at Rs.69.44 and Rs.6949 respectively.
- The highest petrol prices was noted on 26 March when the fuel was sold at Rs.70.73 per litre.
- As mentioned earlier the crude oil’s demand was stable throughout the month and the unrefined oil price stood at $63.80 a barrel.
- Overall, petrol prices declined by 2.69% for the month of March.
Petrol Costs in Punjab and Other States
Petrol prices cannot be the same across the country. In some states like Maharashtra, the tax that is imposed on petrol by the local government is comparatively high amid all states. The average prices of petrol per litre were Rs.68.54, Rs.70.89, Rs.68.40, and Rs.71.71 in the Punjab, Tamil Nadu, New Delhi, and West Bengal. The lowest price is being offered by New Delhi. The highest price is being offered by Maharashtra followed by Tamil Nadu.
Procedure to Compute Petrol Prices in in Punjab
The current petrol rate Punjab is assessed using the following formula:
RSP= Cost of crude oil (including freights) + Refinery Transfer Price + OMCs’ profit margin + the central excise + VAT + commission charged by dealers + pollution cess
Over 80% of the country’s crude oil requirement is met through importing crude oil from overseas oil-producing nations. Indigenous production only suffices the remaining 20%. The cost incurred by Indian oil marketing companies to buy crude oil is called COB (including freight charges). Oil marketing companies also incur the refinery transfer price (RTP), which is charged by refineries to convert crude oil into petrol.
Pump owners charge a certain percentage of profit margin for supplying petrol. The percentage of profit margin may vary within the cities of the Punjab. The commission charged by petrol bunks, which are nearer to supply stations, is less compared to that of petrol pumps that are far from supply stations. Amid all Indian states, the central excise duty charged on petrol is the same, but VAT varies from one state to another. As on 1 September 2017, the state government of the Punjab taxes petrol by 36.04%.
Elements Impacting Petrol Prices in Punjab
Petrol prices in the Punjab are influenced by the cost of crude oil, which is traded transnationally, the fluctuations in the currency conversion rate, customs duty, excise duty, and VAT. Similarly, the purchasing cost of crude oil is impacted by changes in weather and seasons, the equation of supply and demand, the percentage of reserves and supplies, demand for crude oil from developing economies like India, and transnational political events.
The retail selling price of petrol will increase if the cost of crude oil, customs duty, excise duty, and VAT increase. It will fall down if the cost of crude oil, customs duty, excise duty, and VAT decrease. The tax component can be domestically administered, but factors like the exchange rate and crude oil rates cannot be domestically managed.
How are Petrol Prices in Punjab Responding to GST?
In India, there is no other tax form except Goods and Services Tax (GST). GST is in practice since 1 July 2017. It is applicable to all types of goods and services, which are transacted throughout the nation, except petroleum derivatives including petrol. Currently, petrol is not taxed under the regime of GST. Therefore, petrol rates are not impacted by present tax slabs. In a broader picture, the entire oil and natural gas industry has been kept outside the GST purview.
Diesel Rate vs. Petrol Rates in Punjab
Like mentioned in the earlier section, the average price of petrol per litre in all cities of the state was Rs.68.54. The average price of diesel was Rs.57.73 as on the latest date, which 11 October 2017. The difference between two fuels does not fluctuate much compared to other states such as Kerala, Maharashtra, Tamil Nadu, and West Bengal. The current petrol price is moving in an upward direction.
Also Check Petrol Price in NearBy Cities of Punjab
*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.