Petrol Price in Siliguri
How much do you spend on petrol? If you are spending a reasonable amount of money frequently, be sure to track the current petrol price in Siliguri. Unlike before, fuel consumers from this city cannot comprehend petrol prices to be steady since they vary on a daily basis currently. Did you know this fact? The mechanism of daily revision is in place since post mid-June last year. The average petrol rate so far this year in Siliguri is approximately Rs.77.00 a litre. This price includes majorly the price of unrefined oil and taxes.
A Comparative study of the Petrol Price in Siliguri between April 2017 and December 2017
In April 2017, the petrol rate in Siliguri was revised on the opening day of the month. The price stood at Rs.71.20 a litre. It climbed to Rs.72.96 per litre when the price revision was done on 1 May 2017. On 1 June 2017, the fuel rate in Siliguri was Rs.71.76 a litre. It fell down to Rs.68.28 a litre on 1 July 2017. On the first day of August 2017, the fuel was priced at Rs.70.77 a litre whereas on 1 September at Rs.74.35 a litre. The petrol price in Siliguri increased to Rs.75.87 a litre on 1 October 2017 and again fell down to Rs.74.22 a litre on 1 November 2017. When the last revision of the year was done on 1 December 2017, the petrol rate in Siliguri stood at Rs.74.30 a litre.
|Also Know: Diesel Price In Siliguri|
Fuel Pricing mechanism in Siliguri
Today, India uses dynamic fuel pricing to revise fuel prices. This is a fuel pricing mechanism where the revision of fuel rates is done on a daily basis and this new mechanism was deployed on 16 June 2017. Like the earlier fortnightly-based revision, even this mechanism takes into account the exchange rate of the INR against the USD and the cost of crude oil in overseas markets. Any variations in these two price determinants shall be immediately transmitted to fuel customer in all parts of the country, including Siliguri.
Petrol pumps can be of two types:
1) Automated and 2) Non-Automated. Since dynamic fuel pricing encourages the drive of automation, all automated petrol outlets can automatically declare the current petrol price in Siliguri whereas non-automated petrol pumps have to do it manually. Once the revision is done at 6:00 A.M., the latest price shall be instantly uploaded on the websites of oil marketing companies for the public to refer. Moreover, all petrol stations in the city shall exhibit the latest petrol price.
Salient characteristics of Dynamic Fuel Pricing system
- Fuel customers shall remit the price, which is fully transparent.
- Unlike earlier, OMCs will not face the issue of inventory management.
- Operational overheads can be lessened.
- This system is advantageous for both customers and OMCs.
- Working capital, the net difference between current assets and current liabilities, can be easily managed.
- Fuel revision is easier for oil marketing companies, including Hindustan Petroleum, Bharat Petroleum and Indian Oil.
How to check the Petrol Price Today in Siliguri?
The mobile applications have been designed by all OMCs to help petrol consumers to get the current price. Smartphone users can avail this facility. If not, they can check it online since many portals provide this service at no cost. OMCs also offer SMS services wherein a customer can request the latest fuel price through sending an SMS in a prescribed format. Another option is to dial the customer care number to get the today’s petrol price in Siliguri.
|Also Check: Petrol Price in West Bengal|
How is the Petrol Price in Siliguri computed?
This is the most commonly asked question by a majority of fuel consumers. It is computed by adding the following factors:
- Cost of crude oil: OMCs incur the cost of crude oil, which is determined globally.
- Overheads spent by OMCs: The overheads incurred by oil marketing companies consist of freight, operational expenses, entry levies and custom duties.
- Taxes: This is a major factor and accounts for more than 50% of the price, which is finally remitted by petrol consumers from Siliguri. Taxes are of two types: state taxes and center taxes. Presently, the local government of West Bengal taxes petrol at 26.87%. The central tax on petrol is Rs.19.48 a litre as on 4 October 2017.
- Other overheads: Other overheads that are included in the retail selling price of petrol include pollution cess, the revenue scale of OMCs and the commission remitted to petrol dealers.
Why does the Petrol Rate in Siliguri change every day?
The dynamic fuel pricing method makes the petrol price to change in the city every day. The price goes up when the INR drops against the USD and falls down when the USD drops against the INR. Similarly, the price increases when the cost price of unrefined oil hikes internationally and diminishes when the buying price of unrefined oil drops globally. Taxes have the similar effect on fuel prices. When the central and state governments decay the tax on petrol, the retail selling price of petrol in the city will fall. For instance, when the central excise duty reduced to Rs.19.48 a litre on 3 October 2017, the petrol price in Siliguri was down by Rs.2.00 per litre.
- The exchange rate is a key factor and is impacted by interest rates, the inflation rate, exports and imports and the overall performance of an economy.
- Similarly, the buying cost of crude oil is influenced by transnational supplies and demands, the major political moves in oil-producing nations, seasonal circumstances and climate reports.
GST vs Petrol Price in Siliguri
Presently, all kinds of commodities and services except petrol and diesel are taxed at 5%, 12%, 18% and 28% under the Goods and Services Tax law. The current tax law does not influence petrol prices in the city as petrol does not come under this law. The current BJP-led government has been asked by the opposition parties and market experts to consider petrol and diesel under the GST framework, but it is a tough call from the stance of the government.
Also Check Petrol Price in NearBy Cities of Siliguri
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|Petrol Price In Jharkhand||Petrol Price in Patna|
*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.