Petrol Prices in Rajkot
Petrol is an essential commodity in our day-to-day life. We use it for transportation. The demand for the fuel has increased in the recent past with a growing number of petrol-run vehicles. Rajkot is no different. Rajkot is the fourth-biggest city in Gujarat after Vadodara, Ahmedabad and Surat. It is the 35-biggest urban agglomeration in the country. There are many changes that have taken place with respect to petrol in the current financial year. The major aspect that should be brought to the attention of fuel consumers in Rajkot is the arrival of dynamic fuel pricing.
The dynamic fuel pricing method revises fuel prices on a daily basis in consideration with the INR/USD exchange rate and global crude oil prices. This system was introduced in India in June 2017. Since June 2017, the petrol price has been changing every day. So, all fuel consumers are advised to check the current petrol price in Rajkot. During the first fifteen days of dynamic fuel pricing, petrol prices in the city have slashed. In July 2017, they again started gaining. In October 2017, petrol prices were down since the excise duty was cut by Rs.2 per litre.
|Also Check: Petrol Price in Bihar|
Petrol Price in Rajkot
Let’s take a look at historical prices. The average petrol price in November 2017 was Rs.68.40 per litre in Rajkot. On 03 October 2017, the fuel price was Rs.72.39 that fell to Rs.69.86 per litre on 04 October 2017. On 09 October 2017, the fuel was priced at Rs.69.90 per litre and at Rs.67.37 per litre on 16 October 2017. On the closing day of October, the fuel price was Rs.68.03 per litre. The following table illustrates the monthly prices:
|Last price changed||Petrol price a litre|
|01 April 2017||Rs.69.03|
|01 May 2017||Rs.70.88|
|01 June 2017||Rs.68.65|
|01 July 2017||Rs.64.52|
|01 August 2017||Rs.66.83|
|01 September 2017||Rs.70.78|
|01 October 2017||Rs.72.30|
|01 November 2017||Rs.68.11|
Note: Petrol prices are expected to go up marginally due to Dynamic Fuel Pricing.
|Also Know: Diesel Price In Rajkot|
State Levies on Petrol – A Comparison (As on 04 October 2017)
|Gujarat||Maharashtra||Uttar Pradesh||Madhya Pradesh|
|VAT on Petrol||28.96%||46.81%||32.90%||38.90%|
Source: The data has been sourced from Petroleum Planning and Analysis Cell.
Quarterly Petrol Price Trend in Rajkot Between October and December 2018
|Opening date price||Rs.82.71 a litre||Rs.76.31 a litre||Rs.69.75 a litre|
|Closing date price||Rs.76.48 a litre||Rs.70.09 a litre||Rs.66.12 a litre|
|Highest price||Rs.82.95 a litre booked on the 4 October 2018||Rs.76.31 a litre booked on the 1 November 2018||Rs.69.75 a litre booked on the 1 December 2018|
|Lowest Price||Rs.76.48 a litre booked on 30 and 31 October 2018||Rs.70.09 a litre booked on the 30 November 2018||Rs.66.12 a litre booked on the 31 December 2018|
Petrol Price Trend in Rajkot Between October and December 2018
- When October began, petrol was priced at Rs.82.71 per litre in Rajkot, rates fixed based on the ‘Dynamic Fuel Pricing’ mechanism.
- Oil Marketing Companies (OMCs) fix prices daily by considering the 14-day average price of crude oil along with the rupee-dollar exchange rate.
- On 4 October, prices rose to touch the highest rate of Rs.82.95 per litre on the back of the rising crude oil prices in the international market.
- The Centre announced a reduction of the excise duty by Rs.1.50 per litre, while it asked OMCs to subsidise further Rs.1 per litre, which led to a decline in fuel prices in the country.
- While petrol and diesel prices were on the downward trend, crude oil prices were trading higher compared to the start of the year.
- By the end of the month, petrol rates in Rajkot fell by 7.53% attributed to the decline in oil prices as well as due to the cut in the excise duty.
- Petrol was priced Rs.76.31 per litre on 1 November, which was also the highest price recorded during this month.
- Crude oil prices are influenced by several factors including geopolitical tensions. The trade war between the US and China led to oil prices to incline significantly.
- On 30 November, petrol recorded its lowest price in November when a litre was sold at Rs.70.09 per litre.
- Overall, petrol prices in November declined by 8.15% prompted by the sharp fall in crude oil prices in the global market.
- On 1 December, the petrol price in Rajkot stood at Rs.69.75 per litre – the highest price registered during this month.
- While crude oil was trading around $80 per barrel early October, it declined to around $56 per barrel late December leading to a drop in fuel prices in the country.
- In December, the petrol price trend in Rajkot declined by 5.21% influenced by the steep fall in crude oil prices in the global market along with an appreciating rupee over the US dollar.
Petrol Price Trend in Rajkot between July and September 2018
|Petrol price||Rs.74.74 per litre (as of 5 July)||Rs.75.47 per litre (as of 2 August)||Rs.78.21 per litre (as of 3 September)|
|Closing date price||Rs.75.35 per litre||Rs.77.54 per litre||Rs.82.49 per litre|
|Highest price||Rs.75.82 per litre||Rs.77.54 per litre||Rs.82.49 per litre|
|Lowest price||Rs.74.74 per litre||Rs.75.47 per litre||Rs.78.21 per litre|
Petrol Price Trend in July in Rajkot
- All the three state-run fuel marketing companies have used the system of dynamic fuel pricing to reset the price of petrol in Rajkot in July 2018.
- On the basis of the exchange rate and unrefined oil prices, dynamic fuel pricing shall revise the rate of petrol and diesel as well.
- Since the beginning of the month, fuel price in the city of Rajkot was on the rise. At Rs.74.74 per litre, petrol was retailed on 5 July 2018.
- In Rajkot, Ahmedabad, Surat and other parts of Gujarat, the same trend was noticed in July 2018. Within the first ten days of the month, the price went up by Rs.81 paise per litre.
- On 16 July, the price reached to Rs.75.82 per litre, which was the highest rate for the whole month. The price was down to Rs.75.66 per litre on 20 July.
- The commodity was revalued at a price of Rs.75.35 per litre on 23 July and Rs.75.28 per litre on 24 July.
- The global crude oil market was slow. On the foreign exchange market, the conversion rate of the USD versus the INR was very volatile.
- As a result, petrol rates in Rajkot, a notable city in Gujarat, have just gone up by 0.80% this month.
Petrol Rate Trend in August in Rajkot
- If there are any changes in the taxes, the OMCs will adjust fuel prices accordingly. In July and August, the excise duty or the central tax on petrol was not changed. The sales tax was also not changed.
- Alternatively, fuel marketing enterprises have continued revaluing the rate of petrol according to the daily revision system.
- Within the first fifteen days of the month, oil companies increased the fuel rate by Rs.63 paise per litre in Rajkot.
- The price was increased by 13 paise litre on 16 August. At a price of Rs.76.23 per litre, the fuel was bought by fuel consumers in the city of Rajkot on 17, 18 and 19 July 2018.
- The retail selling price offered on 20 August was up by 29 paise per litre. It was a big change like other cities.
- On 24, 25 and 26 August, the commodity was sold at a price of Rs.76.70 per litre in the city of Rajkot.
- Compared to July, the indigenous currency of India, the INR, was very poor versus the USA’s currency in this month. Unrefined oil prices were also low.
- Hence, in Rajkot, petrol rate was increased by 2.74% in the month of August.
Petrol Price Trend in Rajkot in September
- In September, the opposition party leaders and even fuel consumers fought against the Centre. They demanded the inclusion of petrol and diesel under the GST mechanism.
- The excise duty was not cut by the Centre, which wanted its revenue resources to remain unaffected.
- Even the State Government of Gujarat was not interested in cutting its VAT levied on diesel and petrol. Despite these developments, the pricing of petrol was not impacted in September.
- From 2.74%, the growth rate has augmented to 5.74%. At Rs.82.49 per litre, the highest rate was booked between July and September.
- Like other cities in India, in tandem with the poor INR, petrol rates in the city were increased by 5.18% at the supply centers of Hindustan Petroleum, Indian Oil and Bharat Petroleum.
- Over the previous three months, the refining costs per litre stood at Rs.3.82 per litre; the commission charged by fuel dealers stood at Rs.3.66 on petrol per litre; and the sales tax was Rs.17.80 per litre.
Note: Petrol price trends are commonly observed across India. They differ among the Indian states owing to the sales tax.
Quarterly Petrol Price Trend in Rajkot between April and June 2018
|Petrol price||Rs.72.87 per litre as on 02/04/2018||Rs.73.84 per litre as on 14/05/2018||Rs.77.29 per litre as on 01/06/2018|
|Petrol price||Rs.73.67 per litre as on 24/04/2018||Rs.77.35 per litre as on 31/05/2018||Rs.74.58 per litre as on 26/06/2018|
|Highest price||Rs.73.67 per litre as on 24/04/2018||Rs.77.43 per litre as on 29/05/2018||Rs.74.58 per litre as on 26/06/2018|
|Lowest price||Rs.72.87 per litre as on 02/04/2018||Rs.73.84 per litre as on 14/05/2018||Rs.77.29 per litre as on 01/06/2018|
Petrol Price Trend in Rajkot in April 2018
- In April 2018, under dynamic fuel pricing, the revision of petrol rates in Rajkot was done by Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL).
- Dynamic fuel pricing is a fuel pricing system, which revises both diesel and petrol rates on a daily basis based on the exchange rate of the USD against the INR and the international crude oil price per barrel.
- Petrol price trend not only in Rajkot but also in other Indian cities depends upon these two international influencers. In April 2018, petrol price trend in Rajkot, a notable city in Gujarat, was positive.
- As on 02 April 2018, petrol price in the city was Rs.72.87 per litre. In the following day, the fuel was valued at Rs.73 per litre. As on 04 April 2018, the fuel price remained unchanged at Rs.73 per litre, according to Indian Oil.
- During the second, third and fourth weeks of April 2018, fuel prices in the city of Rajkot increased slowly in sync with the overseas crude oil rate per barrel. The fuel was retailed at a price of Rs.73.67 a litre on 24 April 2018. It was also the highest fuel price for the month.
- The fuel rate, which was offered on 01 April 2018 in Rajkot, was considered to be the lowest fuel rate for this month. The upward trend was also observed in other parts of Gujarat.
Petrol Price Trend in Rajkot in May 2018
- Fuel companies continued revising petrol prices in Rajkot under the system of dynamic fuel pricing this month also. Fuel prices in the city remained steady until 11 May 2018 triggered by the assembly election held in Karnataka on 12 May 2018.
- Since the beginning of May 2018, crude oil rates were on the rise in international markets caused by the increased demand for crude oil. Petrol rates throughout India were hiked by oil marketing companies.
- As on 14 May 2018, petrol price in the city of Rajkot stood at Rs.73.84 per litre. It increased to Rs.73.99 the next day. The fuel was marketed at a price of Rs.74.14 a litre on 16 May 2018 and Rs.74.35 a litre on 17 May 2018.
- By the end of the third week of the month, the fuel price per litre was revised to Rs.75.59 and by the end of the fourth week of the month, petrol was valued at Rs.77.27 a litre in the city of Rajkot.
- Since petrol prices were on the rise, the highest rate was observed on 29 May 2018. Like the previous month, the lowest fuel price was observed at the beginning of the month this month as well.
- A barrel of crude oil was up by $6 this month and as a result, petrol rates in Rajkot were also up by more than 5%.
Petrol Price Trend in Rajkot in June 2018
- Crude oil prices began falling in June 2018 triggered by the slow-moving crude oil market. The pricing of petrol across the country was influenced by the steadily decreasing crude oil prices.
- The opening date price for the month stood at Rs.77.29 per litre. It was also the highest fuel for the month and the whole quarter.
- On 07 June 2018, petrol price per litre decreased to Rs.76.64. When revised on 12 June 2018, the fuel price further decreased to Rs.75.45 per litre, according to Indian Oil.
- By the end of the third week of the month, the fuel rate per litre in the city of Rajkot further slid to Rs.75.18. The closing date price was also the lowest fuel price for the month of June 2018.
- Usually, the pricing of petrol is impacted by the revision of excise duty and sales tax. Excise duty is revised by Central Government, while sales tax is revised by the State Government of Gujarat.
- As excise duty and sales tax remained unchanged throughout the quarter, the upward trends in April 2018 and May 2018 and the downward trend in June 2018 were caused only by the exchange rate and the crude oil price.
How are Petrol Prices in Rajkot Revised?
We have already discussed dynamic fuel pricing in the earlier section. Let’s discuss in detail. Dynamic fuel pricing, also known as the daily revision, has replaced the earlier fortnightly revision. Oil marketing companies have adopted the dynamic fuel pricing system in June 2017. Therefore, all petrol stations owned by Indian Oil, Hindustan Petroleum, Bharat Petroleum and Shell Oil in Rajkot have been revising the fuel rate regularly based on the cost of crude oil and the exchange rate.
In the previous method, the average price of crude oil and the exchange rate used to be considered to revise the petrol price twice a month, which is on the first and sixteenth of every month. Since fuel rates are revised on a daily basis, the fluctuations in crude oil rates and the INR/USD conversion rate are easily transmitted to consumers. In other words, consumers will pay the price, which is completely based on market conditions.
Be advised to check the daily price by downloading the mobile applications created by all oil marketing entities. Consumers can download the mobile application of their choice if they are using smartphones. Non-smartphone users can make use of SMS services or customer care services offered by these companies. The current petrol price in Rajkot can be checked online as well. After the daily revision, petrol stations will display the revised price for the public.
Additional Features of Dynamic Fuel Pricing
- Dealers can better manage their working capital and inventory.
- Transparency can be brought into fuel pricing.
- Cash inflows and outflows can be managed effectively.
- The Indian fuel retailing sector can be aligned with global markets.
How are Petrol Prices in Rajkot Computed?
Do you the components of the final price? How much tax do you pay? More than 50% of the final price paid by you goes towards taxes. Every petrol user in Rajkot will pay two kinds of taxes: a) the central excise and b) the local tax. In October 2017, the central government reduced the excise duty on petrol to Rs.19.48 per litre from Rs.21.48 per litre. The local tax levied by the government of Gujarat was 28.96% as on 04 October 2017.
The RSP includes the expenses incurred by OMCs such as entry taxes, operational expenses, marketing expenses, refinery transfer price, freight and crude oil prices. Other cost components include the commission charged by dealers, the profit margin of oil marketing companies and pollution cess. This is the price structure of petrol in Rajkot.
Influencers of Petrol Prices in Rajkot
The government of Gujarat reduced the local tax on petrol in October 2017. The excise duty was also reduced in the same month. Any variations in the local and central taxes will equally impact the petrol price in Rajkot. The cost of crude oil is another biggest influencer. It is reliant on the demand for oil, the capabilities of refinery centers, seasonal variations, global reserves and surpluses, weather conditions and political moves in oil-producing nations.
If the cost of crude oil goes up in global markets, the fuel price goes up and vice versa. As we all know, crude oil is not a domestic commodity. It is bought by Indian oil marketing companies. If the USD appreciates against the INR, the cost of crude oil goes up and thus, the fuel price goes up. If the USD depreciates against the INR, the cost of crude oil comes down and thus, the fuel price falls down.
GST and Petrol Prices in Rajkot
The Goods and Services Tax (GST) has no effect on petrol prices in Rajkot since petrol has not been brought under the regime of GST. It is a new tax system, which has been imposed on all types of commodities and services. Currently, GST is taxed at 5%, 12%, 18% and 28%. The highest rate is 28%.
Also Check Petrol Price in NearBy Cities of Rajkot
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