Petrol Price In Ranchi Today

  • Today's Petrol Price ( 18 Apr 2019 )
    ₹ 71.29
    Current Petrol Price Per Litre
    Compare Petrol Price in Ranchi (Today & Yesterday)
    Today
    (18 Apr 2019)
    Yesterday
    (17 Apr 2019)
    Rate Change
    Petrol ( / litre) ₹ 71.29 ₹ 71.29 ₹ 0 ↑
    Petrol Price in Ranchi - Last 10 Days Data
    Date Petrol ( / litre)
    18 Apr 2019 ₹ 71.29
    17 Apr 2019 ₹ 71.29
    16 Apr 2019 ₹ 71.23
    15 Apr 2019 ₹ 71.33
    14 Apr 2019 ₹ 71.24
    13 Apr 2019 ₹ 71.24
    12 Apr 2019 ₹ 71.24
    11 Apr 2019 ₹ 71.19
    10 Apr 2019 ₹ 71.19
    09 Apr 2019 ₹ 71.19

    Petrol Rate Trend

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    Petrol Price in Ranchi

    Ranchi is an upcoming urban city and serves as the capital of the state of Jharkhand. With several infrastructure developments, the urban and semi-urban areas of the city have grown to meet the requirements by the rising population of vehicles.

    State-owned oil companies operate nearly 90% of the fuel stations in Ranchi. Oil-companies such as Indian Oil Corporation Limited, Bharat Petroleum, and Hindustan Petroleum import crude oil from oil-producing countries before it’s refined, transported and sold in the country.

    With the consumption of fuel on the rise in Ranchi, it’s essential to understand how petrol is priced and what influences revision in petrol prices in the city. India imports more than 80% of the crude oil to fuel its transportation requirement. Petrol prices are revised on a daily basis across cities in India. But how do fuel companies compute the petrol rate? What factors determine the pricing of petrol? Let’s break down each of these factors which determine the latest petrol price in Ranchi.

    Factors Which Determine the Petrol Price in Ranchi

    Petrol pricing in the country is made up of several components apart from the product price. Fuel is usually purchased in crude form from oil-producing countries in barrels for US dollars. Hence, the basic price of petrol mostly depends on the global crude oil rate and the exchange rate of the US dollar over rupee. Internal factors such as operational costs, transportation, and taxes form the remaining part of the pricing. Let’s analyse each of these components in detail.

    • Crude Oil Rate: The crude or unrefined oil rate is dynamic and changes depending on the demand and supply, production cuts or geopolitical tensions. Since India depends majorly on imported crude oil, any change in the price of crude oil directly impacts the petrol price in Ranchi.
    • US Dollar Exchange Rate over Rupee: Trading of crude oil in the international market happens in US dollars and any fluctuation in the dollar value revises the petrol rates across the nation. The appreciation or the depreciation of the US dollar has a direct impact on the petrol price.
    • Profit Margins, Operational Costs & Dealer Commission: With 80% of crude oil being imported to India, oil-companies transport the oil via the sea, refine the crude oil and transport it to fuel stations across the country. The oil companies include their profit margins, operational costs and freight charges while pricing petrol in a city. Dealers or fuel station owners add their commission to the final retail price of petrol.
    • Tax on Petrol: Petrol in India attracts the Centre’s excise duty and the respective state government’s sales tax or Value Added Tax (VAT). While the Centre levies Rs.19.48 for a litre of petrol, the state government of Jharkhand charges VAT at 27.45%. Both the taxes form the biggest component in the petrol price.

    Computation of Petrol Price in Ranchi

    With several components determining the petrol price, let’s break down the factors with an example of the petrol price recorded on 3 June 2018.

    Sl.No. Component Price
    1 Global Crude Oil Price + Freight Charges $78.30 per barrel = Rs.32.98/Litre (considering $1=66.96 and 1 barrel oil = 159 litres)
    2 Profit margin of Oil Companies, transportation, refining, and operational costs Rs.5.32/Ltr
    3 Central Excise Duty + Road Cess Rs.19.48/Ltr
    4 Dealer Commission Rs.3.63/Ltr
    5 Value Added Tax (VAT) Rs.16.85/Ltr
    Total Retail selling price of petrol in Ranchi Rs.78.26/Ltr

    Why are Petrol Rates in Ranchi Revised Daily?

    Until 16 June 2017, petrol prices were revised every fortnight i.e. on the 1st and the 16th of every month. The price was an average of the global crude oil rate and the US dollar exchange value. But, the fortnightly revision didn’t let fuel companies increase or decrease petrol price if there’s a sudden steep incline or decline in the crude oil price. To offset any losses incurred by the oil companies and to pass on the latest crude oil price to consumers, the ‘dynamic fuel pricing’ mechanism was introduced.

    Under the new pricing mechanism, petrol prices are revised daily at 6 a.m. IST based on the previous day’s crude oil price and the exchange rate of the US dollar. The current petrol price in Ranchi is the previous day’s cost of crude oil per barrel and the US dollar value over the Rupee.

    How to Track the Current Petrol Price in Ranchi?

    With petrol prices revised on a daily basis, it can be a challenge to track the latest petrol price; however, oil companies have developed several methods to track the current petrol price.

    • Mobile Applications: Oil companies have launched mobile apps for consumers to track the petrol price on daily basis. Indian Oil has launched the ‘Fuel@IOC’ app, Bharat Petroleum consumers can utilise the ‘SmartDrive’ app, while Hindustan Petroleum customers can use the ‘MY HPCL’ app to track the current petrol price in Ranchi.
    • Services Through SMS: Consumers can take advantage of the SMS service offered by oil companies. The below-mentioned process helps in getting the latest fuel price in a city.
      • Indian Oil: SMS RSPDealer Code to 9224992249.
      • Bharat Petroleum: SMS RSPDealer code to 9223112222.
      • Hindustan Petroleum: SMS HPPRICEDealer code to 9222201122.
    • Website: Oil companies update their respective website with the latest petrol in Ranchi as well as other cities across the nation.

    Petrol Vs. Diesel Price in Ranchi

    Petrol prices are higher compared to diesel in India. This is due to the fact that diesel is used extensively by public transportation and by commercial vehicles - which is one of the mainstays of the Indian economy. Additionally, taxes on the sale of petrol is higher compared to diesel. The excise duty on petrol is Rs.19.48 per litre, while diesel attracts Rs.15.33 a litre. The VAT levied by Jharkhand on petrol is 27.45%, while diesel is charged 23.33%.

    During the month of April 2018, the average petrol rate in Ranchi was Rs.74.69 per litre, while diesel prices averaged at Rs.69.04 a litre. The average difference during the period stood at Rs.5.65 a litre.

    Is GST Applicable on Petrol in Ranchi?

    The Goods and Service Tax (GST) is a uniform tax structure applicable to trading of goods and services in the country. However, petroleum products have been exempted from the GST. The current taxes on petroleum products are higher compared to the highest tax slab in the GST. By bringing petrol inside the framework of the GST, the revenue earned by the Centre, and the State will reduce, hence, petrol has been kept outside the ambit of the GST.

    Also Check Petrol Price in NearBy Cities of Ranchi

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    *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.

    News about Petrol Price In Ranchi

    • Petrol and diesel prices in various Indian cities

      Oil companies reduced petrol and diesel prices on Wednesday, 16 January, after reducing continuously for six days. Petrol price in Delhi was revised to Rs.70.33 a litre and diesel price to Rs.64.59 a litre. As the official website of Indian Oil, petrol rate was down by 8 paise per litre to Rs.75.97 whereas diesel price was up by 13 paise per litre to Rs.67.62 in Mumbai.

      While petrol price stood at Rs.72.44 per litre, diesel price stood at Rs.66.36 a litre in Kolkata. In Chennai, on Wednesday, petrol and diesel prices stood at Rs.73 a litre and Rs.68.22 a litre respectively. Petrol and diesel were offered at Rs.70.23 a litre and Rs.69.94 a litre respectively in Noida. They stood at Rs.71.26 a litre and 64.55 a litre in Gurugram.

      Because of the adoption of dynamic fuel pricing, diesel and petrol prices are reset on the basis of the exchange rate and crude oil costs. After increasing by over 3% in the earlier trading session, the prices of crude oil decreased on Wednesday. At 0024 GMT, US West Texas Intermediate (WTI) crude futures had been at $51.82 a barrel.

      21 January 2019

    • Petrol Prices cut in Kolkata

      While Oil Marketing Companies (OMCs) continue to hike the prices of petrol in the country, the prices were cut in Kolkata on Thursday following the state government’s decision to cut excise duty. In the metro cities of the country like Delhi, Mumbai and Chennai the price for every litre of petrol was Rs.81, Rs.88.39, and Rs.82.41 respectively as of Thursday. On the global front, crude futures of US West Texas Intermediate (WTI) were at 69.88 dollars per barrel. It needs to be mentioned here that the prices of petrol have been hiked by OMCs almost everyday in the past few weeks. This has been accounted to factors like high excise duty, a weak rupee, and expensive crude oil.

      It is noteworthy to mention here that the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday reduced the forecast for 2019 global oil demand growth. The organization in its monthly report stated that world oil demand would rise by 1.41 million barrels per day (bpd). The latest forecast saw a dip of 20,000 bpd as compared to the previous month’s report published by OPEC.

      17 September 2018

    • Petrol and Diesel Prices Kept Unchanged for Second Straight Day

      Petrol and diesel prices were kept unchanged for the second straight day in all metros effective from 6:00 a.m. on 18 July 2018. Petrol is being sold in New Delhi at Rs.76.84 per litre, while in Mumbai, Kolkata and Chennai, it’s being sold at Rs.84.22, Rs.79.51 and Rs.79.76 respectively. Diesel prices were kept unchanged as well with the fuel being supplied at Rs.68.47 per litre in New Delhi, Rs.72.65 in Mumbai, Rs.71.03 in Kolkata and Rs.72.28 in Chennai. Amid easing of geopolitical tensions about supply crunch, last month, the Organisation of Petroleum Exporting Countries agreed to increase oil output after a week of tense negotiation which has led to lower crude oil rate and thereby decreasing fuel prices in the country. Crude oil prices have fallen after it was reported that US crude inventories have increased last week.

      19 July 2018

    • High Petrol Rates: 4 Aspects may Assist

      Despite a straight 6th day fall, petrol rates are still high across India. The Central Government is considering long-run solutions to tackle the problem related to increasing fuel rates. There are four solutions that can be considered by the government. Bringing petrol under Goods and Services Tax (GST) can help the government to reduce fuel prices. The government has not announced the official word yet.

      Oil Minister recently stated that we are holding discussions with fuel companies to implement necessary actions. Fuel retailers such as HPCL, BPCL and IOCL benefited a lot with the price of unrefined oil reaching a new high. Oil and Natural Gas Company suffices 20% of the country’s oil requirements. It may be asked to sell crude oil rates at a lower price. Oil Minister has given the nod to the Indian Commodity Exchange in order to introduce futures to petrol and diesel.

      6 June 2018

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