Petrol Price In Srinagar Today

  • Today's Petrol Price ( 17 Oct 2021 )

    ₹ 108.1
    Current Petrol Price Per Litre

    Compare Petrol Price in Srinagar (Today & Yesterday)

    Rate Change
    Petrol ( / litre) ₹ 108.1 ₹ 108.1 ₹ 0 ↑

    Petrol Price in Srinagar - Last 10 Days Data

    Date Petrol ( / litre)
    16 Oct 2021 ₹ 108.1
    15 Oct 2021 ₹ 108.1
    14 Oct 2021 ₹ 107.77
    13 Oct 2021 ₹ 107.44
    12 Oct 2021 ₹ 107.44
    11 Oct 2021 ₹ 107.44
    10 Oct 2021 ₹ 107.15
    09 Oct 2021 ₹ 106.86
    08 Oct 2021 ₹ 106.58
    07 Oct 2021 ₹ 106.29

    Petrol Rate Trend

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    Petrol Price In Srinagar

    The city of Srinagar is popularly known as the summer capital of the state of Jammu and Kashmir. The city is surrounded by five districts and is famous for its lakes, houseboats and beautiful gardens. Apart from its natural beauty, Srinagar is also known for its traditional Kashmiri handicrafts. The district of Srinagar spreads over 1979 sq km and has a population of 12.36 lakh, recorded as of 2011. Srinagar’s economy is mainly driven by tourism and the city is considered to be one of the fastest growing urban areas in the country based on its economic growth.

    Petrol Price In Srinagar

    The city of Srinagar is popularly known as the summer capital of the state of Jammu and Kashmir. The city is surrounded by five districts and is famous for its lakes, houseboats and beautiful gardens. Apart from its natural beauty, Srinagar is also known for its traditional Kashmiri handicrafts. The district of Srinagar spreads over 1979 sq km and has a population of 12.36 lakh, recorded as of 2011. Srinagar’s economy is mainly driven by tourism and the city is considered to be one of the fastest growing urban areas in the country based on its economic growth.

    Oil-Marketing Companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) operate in Srinagar. The petrol price in Srinagar sold by the OMCs is similar except that they can differ depending on the brand and the transportation costs.

    Also Know: Diesel Price In Srinagar

    Let us understand what are the major components which affect the petrol price in Srinagar.

    Components Affecting The Petrol Price In Srinagar

    Apart from the international crude oil price and the currency exchange rate, there are several other components which contribute to the petrol price in Srinagar. The current petrol price in Srinagar includes both international and domestic factors in determining the fuel price. Domestic factors which affect the petrol price are the Central Government’s excise duty, the State’s Value Added Tax (VAT), OMCs profit margins and dealer commision. Let’s look into each of these components in detail.

    • Global Crude Oil Price: India purchases crude oil in the international market and imports them by paying the Indian Basket price, which is an index of the crude oil import price in India. The Indian Basket or the Indian Crude Basket price is essentially the price which OMCs buy crude oil from oil-producing countries. India imports more than 70% of its crude oil which is refined and transported to dealers across the country.
    • Taxes: All commodities and services come under the ambit of taxes, this includes both the Central and the State Governments’. The Central Government levies excise duty on petrol, while the State levies the VAT. The state of Jammu and Kashmir levies 27.60% as VAT, while the Government of India charges Rs.19.48 as excise duty charges for a litre of petrol in Srinagar. Both the excise duty and the VAT form one of the biggest components in determining the petrol price in the city.
    • Imbalance In The Demand & Supply Of Crude Oil: Instances of a shortage of crude oil because of issues in the refinery, lagging imports or shortage of inventory of fuel leads to an increase in fuel prices. With India largely dependant on fuel for its transportation requirements, any imbalance in demand and supply of fuel leads to revision in the petrol prices. If the supply of oil is low, OMCs have to bid at a higher amount to purchase the crude oil which leads to the increase in fuel prices in India.
    • USD/ INR Exchange Rate: India purchases crude oil through the US dollar, so any fluctuation in the exchange rate with the INR can lead to an increase or decrease of the petrol price in Srinagar and other cities in the country.
    • OMCs Profit Margin & Dealer Commission: The crude oil is purchased and refined by the State-owned oil-marketing companies such as IOC, BPCL and HPCL. The OMCs refine, store and transport the refined oil to dealers across India, hence, they include their profit margin before the fuel is sold to the dealer. As for the dealers, they store and dispense petrol to end consumers as well as maintain the petrol pumps for which they charge a commission on the petrol price.

    How Is The Current Petrol Price In Srinagar Determined?

    The Indian Government introduced the dynamic fuel pricing mechanism in 2017. Dynamic fuel pricing mechanism is a mechanism where the petrol price for a city is fixed on a daily basis. Petrol prices are revised daily to offset any changes in the price for a barrel of crude oil in the global market, this helps OMCs avoid any losses if there’s an increase in the crude oil price. Before the dynamic fuel pricing mechanism came into effect, petrol prices were revised every fortnight. However, this prevented OMCs to change the fuel price if there was any sudden hike in the crude oil price. The daily revision in the petrol price is updated automatically in automated fuel stations, while it’s manually changed in non-automated fuel stations.

    Methods To Track Daily Petrol Price In Srinagar

    Since petrol price in Srinagar is revised on a daily basis, it's essential to know what is the current fuel price in the city.  There are several methods to find out the petrol price in Srinagar on a daily basis. OMCs offer several ways to find out the petrol price such as mobile apps, SMS service, and through their respective website. The below process will help you track the petrol price on a daily basis:

    • Mobile App: With smartphones and technology at the forefront to help us make everyday life easier, OMCs have launched their respective mobile apps. While IOC customers can download the Fuel@IOC app, HPCL customers can make use of MYHPCL mobile app and BPCL customers can download the SmartDrive app to track the daily petrol price in Srinagar.
    • SMS Facility: For those who do not have the access to download mobile apps, they can utilise the SMS service to know the daily petrol price. Below is the SMS format for your reference:
      • IOC: SMS RSP dealer code to 9224992249.
      • HPCL: SMS HPPRICE dealer code to 9222201122.
      • BPCL: SMS RSP dealer code to 9223112222.
    • Website of OMCs: Oil-Marketing Companies update daily petrol prices on their respective website where consumers can track the current petrol price in cities such as Srinagar.

    Is GST On Petrol Price Applicable In Srinagar?

    India moved to a new taxation system known as the Goods and Service Tax (GST) for all commodities and services rendered by consumers. However, the GST has been kept away from some of the goods and services including petrol and diesel. The highest GST slab is 28% which is lower than current taxes levied on fuel, by bringing fuel under the ambit of GST will impact the revenue of the government, hence GST is not applicable on fuel currently.

    Also Check Petrol Price in NearBy Cities of Srinagar

    *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 Srinagar

    • Petrol, Diesel Prices Remain Unchanged Today

      State-controlled Oil Marketing Companies (OMCs) kept petrol and diesel prices unchanged today across major metro cities of the country. It may be noted that petrol prices were hiked by 8 to 12 paise while diesel prices were kept static yesterday. With the revision in prices, in Delhi, petrol costs Rs.73.35 per litre, while diesel costs Rs.66.24 per litre, no change compared to the previous day’s price. Prices of petrol and diesel in Delhi are lower compared to other metros and some state capitals due to lower taxes. In Mumbai, petrol is being sold at Rs.78.96 per litre and diesel is being sold at Rs.69.43 per litre. In Chennai, petrol is available at Rs.76.18 a litre and diesel is available at Rs.69.96 a litre. Similarly, in Kolkata petrol costs Rs.75.77 per litre while diesel costs Rs.68.31 a litre. In Noida, petrol is being retailed at Rs.72.58 a litre and diesel costs Rs.65.34 per litre. In Gurugram, petrol costs Rs.73.11 a litre while diesel costs Rs.65.43 a litre.

      Since the start of the month, petrol prices have increased by Rs.2.91 a litre and diesel by Rs.1.97 a litre. Fuel prices in India are proportional to crude oil prices in the global market. On Friday, crude prices in the oil market was up by 1% amid shooting down of an Iranian drone by the US navy, escalating tensions in the Middle East. International benchmark Brent crude futures was up by 82 cents or 1.3% trading at $62.75 per barrel compared to its previous close.

      19 July 2019

    • Petrol and Diesel Prices Rose by more than Rs.2 per litre in February

      Petrol and diesel prices have risen by over Rs.2 per litre in February. Fuel prices are proportional to the price fluctuation of crude oil in the international market. Global crude oil prices have been on the incline on the hopes of the US and China ending the trade war that has slowed down the global economic growth as well as due to OPEC ally Russia announcing it would increase its crude oil supply cuts. Oil Minister Dharmendra Pradhan as asked his Saudi Arabia counterpart to play a pivotal role in easing the significant rise in crude oil prices. He also raised concerns about the inclining trend in international crude oil prices and pointed out the need for uninterrupted supply of crude and LPG to India. On 10 March, petrol price in Delhi stood at Rs.72.40 per litre and diesel at Rs.67.54 a litre, increasing by Rs.2.12 and Rs.2.03 per litre, respectively.

      14 March 2019

    • Crude oil futures jump by 1.19 per cent

      On Friday, crude oil prices jumped by 1.19 per cent as speculators raised their exposure after tracking a rebound in global markets. The futures of crude oil were at Rs.3,836 per barrel. Crude for delivery in February went up by Rs.45 in a business turnover of 2,304 lots at the Multi Commodity Exchange.  

      Brent crude was up by 1.13 per cent while the price of West Texas Intermediate (WTI) crude increased by 1.32 per cent. At the New York Mercantile Exchange, Brent crude was trading at 61.78 dollars per barrel while WTI crude was trading at 53.83 dollars. It needs to be mentioned here that the rise in the crude oil futures was largely in tandem with a firming trend in the Asian trade. 

      30 January 2019

    • Petrol is Expensive at Rs.87.82 a litre in Mumbai; Diesel to Retail at a Price of Rs.80 a litre in Hyderabad

      Petrol is expensive at Rs.87.82 a litre whereas diesel is retailed at a price of Rs.78.22 a litre in the city of Mumbai. Similarly, petrol price was up by 10 paise per litre to Rs.82.36 whereas diesel price was up by 27 paise per litre to Rs.74.62 on Thursday, 11 October 2018, in the national capital, according to Indian Oil Corporation Limited.

      Petrol is retailed at a price of Rs.85.61 a litre whereas diesel price at a price of Rs.78.90 in Chennai; in Hyderabad, petrol price is Rs.87.31 a litre whereas diesel price is Rs.81.17 a litre; and in Kolkata, petrol is retailing at a price of Rs.84.19 a litre and diesel at a price of Rs.76.47 a litre on Thursday, 11 October 2018. The price of a litre of petrol has been increased by Rs.6.86 per litre whereas diesel price by Rs.6.73 a litre. The prices of diesel and petrol across the nation have climbed to a multi-year high caused by a weakened rupee and a hike in crude oil prices. During the first week of October 2018, the Centre made fuel prices cheaper by Rs.2.5 a litre.

      12 October 2018

    • Petrol and Diesel Prices Kept Unchanged Today

      State-run Oil Marketing Companies (OMCs) kept petrol and diesel prices unchanged today across four major metro cities in the country. This comes after six consecutive hikes of fuel prices. Petrol is being sold at Rs.82.16 per litre in Delhi. In Mumbai, a litre of petrol costs Rs.89.54, while in Kolkata and in Chennai it costs Rs.84.01 and Rs.85.41, respectively. Diesel prices stand at Rs.73.87 per litre in Delhi, Rs.78.42 in Mumbai, Rs.75.72 in Kolkata and Rs.78.10 in Chennai. Except for keeping fuel prices unchanged on 5th and 12th September, petrol and diesel prices have been increased almost daily across the country over the past few weeks. Petrol and diesel prices are based on the global crude oil prices and the exchange value of the rupee over the US dollar. OMCs revise fuel prices on a daily basis under the dynamic fuel pricing mechanism. Fuel rates have been on the incline due to the rise in the global crude oil prices coupled with the fall in the exchange rate of the rupee. While the Brent Crude, the benchmark in oil price in the market, is ranging between $77 to $78, the rupee has fallen to about 72 over the US dollar.

      21 September 2018

    • Petrol Prices Reduced by 7 Paise in Delhi Today

      Petrol prices were reduced for the sixth day in a row on Tuesday, with prices being decreased by 7 paise per litre in New Delhi. Petrol is being sold at Rs.76.23 a litre in New Delhi. In Mumbai, petrol prices were cut by 7 paise as well with the fuel being retailed at Rs.83.68 per litre. While in Kolkata and Chennai, petrol is available at Rs.79.10 and Rs.79.18 respectively according to the data available in India’s leading oil retailed Indian Oil. Petrol and diesel prices, which touched an all-time high on 29 May 2018, have been slashed mostly in the last 50 days as global crude oil rates have declined due to multiple geopolitical reasons. Crude oil prices have declined as attention shifted from shortage of supply to oversupply, with the de-escalation of tensions between the US and Iran over possible sanctions on the latter.

      25 July 2018

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