Petrol Price In Surat Today

  • Today's Petrol Price ( 17 Oct 2021 )

    ₹ 101.71
    Current Petrol Price Per Litre

    Compare Petrol Price in Surat (Today & Yesterday)

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    Petrol ( / litre) ₹ 101.71 ₹ 101.71 ₹ 0 ↑

    Petrol Price in Surat - Last 10 Days Data

    Date Petrol ( / litre)
    16 Oct 2021 ₹ 101.71
    15 Oct 2021 ₹ 101.71
    14 Oct 2021 ₹ 101.37
    13 Oct 2021 ₹ 101.03
    12 Oct 2021 ₹ 101.03
    11 Oct 2021 ₹ 101.03
    10 Oct 2021 ₹ 100.74
    09 Oct 2021 ₹ 100.16
    08 Oct 2021 ₹ 100.16
    07 Oct 2021 ₹ 99.87

    Petrol Rate Trend

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    Petrol Price in Surat

    Petrol is a basic commodity used for transportation. Unfortunately, it cannot be produced indigenously because of shortages in crude oil resources. India relies on other countries and thus, petrol is turning out to be a costlier fuel. If you are a resident of Surat, a city in Gujarat, have you checked the latest fuel price? On 28 May 2018, Indian Oil Company offered a price tag of Rs.77.35 per litre. There shall be a minute fluctuation in the prices offered at HPCL and BPCL because of brand differences.

    India has several states. Each state prices petrol differently. The average petrol price offered in the state of Gujarat is lower compared to Delhi. Likewise, the average petrol rate in Tamil Nadu is lower compared to Maharashtra. VAT makes the fuel rate vary from locality to locality. Each state has different regulations with regard to the execution of VAT on petrol. According to Petroleum Planning and Analysis Cell (PPAC), on petrol, VAT was collected at 25.44%, 27%, 28.31% and 25.29% in Gujarat, Delhi, Karnataka and Tamil Nadu respectively.

    Analysis of Petrol Price in Surat

    On 1 January 2018, petrol rate was Rs.69.23 per litre. The closing price was up Rs.3.03 to Rs.72.26 per litre. On 1 February 2018, the fuel was valued at Rs.72.39 per litre. The closing rate this month was down Rs.1.53 to Rs.70.86 per litre. For March 2018, the opening and closing date prices stood at Rs.70.99 per litre and Rs.72.45 per litre. In April 2018, petrol price in Surat was up 80 paise. Over the last four months, the highest price was reported at Rs.73.74 per litre and the lowest price at Rs.69.23 per litre. So far this year, the fuel has gained its price by Rs.3.90 per litre in the city of Surat. It is a big difference unquestionably.

    Dynamic Fuel Pricing

    Petrol was priced at Rs.76.91 per litre, Rs.77.05 per litre, Rs.77.20 per litre and Rs.77.35 per litre on 25th, 26th, 27th and 28th May 2018. Fuel price was up Rs.0.36 per litre on 25th, Rs.0.14 per litre on 26th, Rs.77.20 per litre on 27th and Rs.0.15 per litre on 25th. You can see a price variation every day because of the introduction of dynamic fuel pricing in our country. Under this model, state-run oil brands such as Hindustan Petroleum, Indian Oil and Bharat Petroleum will consider the performance of the USD/INR exchange rate and crude oil. For instance, if there is a fall in crude oil rates today, fuel rates will be adjusted accordingly tomorrow.

    Why Dynamic Fuel Pricing?

    Dynamic fuel pricing is useful to:

    • Solve the existing problems and make fuel pricing transparent
    • Reduce the quantum of working capital needed to maintain day-to-day business activities
    • Fully computerised oil stations to minimise time required to revise fuel prices regularly
    • Interlink our fuel industry to overseas crude oil markets

    Trace Today’s Petrol Price in Surat via mobile applications

    We use several types of mobile applications. Fuel consumers have three mobile applications designed by HPCL, BPCL and IOCL. Indian Oil company offers Fuel@IOC, a mobile applications designed for its customers to trace today’s petrol rate in Surat. Likewise, SmartDrive, a mobile application offered by BPCL, provides the same features. My HPCL, a mobile application developed by Hindustan Petroleum, also offers significant benefits to its users.

    Computation of retail selling price of petrol in Surat

    Petrol price in Surat = excise duty + VAT + crude oil expenses + commission

    The Central Government collects excise duty on petrol and diesel. As of early May 2018, excise duty on petrol was Rs.19.48 per litre. On diesel, it was Rs.15.33 per litre. The government will impose excise duty universally. It can be changed based on current circumstances. We have discussed about Value-added Tax (VAT) in the previous section.

    Crude oil is priced in international markets. Moreover, the crude oil produced in India is sold at international prices. The pricing of crude oil depends on many elements such as political conditions, production cuts, weather reports, etc. On 20 May 2018, the cost of a barrel of crude oil was $73. When converted into Indian rupees, the cost of a litre of crude oil worked out to be Rs.31.

    Factors Impacting Fuel Prices in Surat

    Opposition party leaders have started criticising the Central Government that has not declined excise duty recently. If the government decides to reduce excise duty, fuel rates in Surat will be reset accordingly. To make it clear, if the government drops excise duty by Rs.2 per litre, petrol price will fall by Rs.2 per litre. VAT was decreased in October 2017 in Gujarat. Put simply, variations in VAT and excise duty will directly affect fuel rates.

    Crude oil is bought from overseas markets. It has to be priced in dollars. Therefore, the exchange rate is taken into consideration. The dollar and petrol rates have an inverse relationship. If the USD/INR exchange rate drops, fuel rates will proportionally increase. On the flipside, if the USD/INR exchange rate appreciates, oil marketing companies will decrease fuel rates. Crude oil prices also impact directly. If WTI and Brent crude oil prices drop, fuel rates will drop. If Brent and WTI crude oil prices increase, fuel rates are increased by fuel companies.

    Impact of GST on Current Petrol Price in Surat

    Goods and Services Tax (GST) is a multi-phase indirect tax, which was implemented in 2017. It is not applicable to petrol and diesel. So, the pricing of petrol is not affected by GST in India. Other commodities have been taxed at 18%, 12%, 5% and 28% respectively. Fuel consumers will pay excise duty and VAT currently. If the GST Committee accepts the proposal of implementing GST on petrol, the current tax slabs have to be replaced by GST. In that case, petrol rates in Surat will be cheaper. Thus, the government will incur losses.

    Also Check Petrol Price in NearBy Cities of Surat

    *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 Surat

    • Petrol Prices Kept Unchanged for Third Day, Diesel Prices Hiked

      State-run Oil Marketing Companies (OMCs) on Friday kept petrol prices unchanged for the third day in a row, while diesel prices were hiked by 10 paise per litre across major metro cities in the country. In Delhi, petrol was available at Rs.71.27 per litre and diesel was being sold at Rs.66.00 per litre, according to the data available on the website of Indian Oil Corporation. Please note that the fuel prices in Delhi are the cheapest among major metro cities due to lower taxes. In Mumbai, petrol was being sold at Rs.76.90 litre, while diesel is available at Rs.69.11 per litre, a 10 paise per litre hike compared to the previous day’s price. In Chennai and Kolkata, petrol is available at Rs.73.99 per litre and Rs.73.36 per litre, respectively, while diesel is available at Rs.69.72 per litre and Rs.67.78 per litre, respectively.

      In Noida and Gurugram, petrol is being sold at Rs.70.97 per litre and 71.99 per litre, respectively and diesel is available at Rs.65.15 per litre and Rs.65.76 per litre, costlier by 9 paise and 10 paise, respectively. Petrol and diesel prices have been on the decline amid the significant fall in crude oil prices. International benchmark, Brent Crude Oil futures inclined by more than 1% as the uproar in Venezuela prompted concerns of a possible shortage in supply of crude oil in the market.

      25 January 2019

    • Petrol Sold for Rs.80.57 in Odisha

      At a time when the rates of fuel are on a download curve, for the first time in the country, the cost of diesel is more than that of petrol. This has happened in the state of Odisha which is located in the eastern part of the country. As of Sunday, every litre of petrol cost Rs.80.57 in the state, Rs.0.12 less than the price of diesel. It needs to be mentioned that conventionally diesel costs less than petrol as the taxes imposed on diesel is less than the ones imposed on petrol.

      Sanjay Lath, the general secretary of Utkal Petroleum Dealers Association informed that the state charges the same VAT on both petrol and diesel, unlike other states. The state government has blamed the central government for high diesel prices. The state’s finance minister S.B Behera stated that the imbalance in the prices was due to the faulty policy of the BJP-led NDA government. He feared that the rates of essential commodities might shoot up in light of the recent development. The minister went on to allege that the government might have some tactical understanding with the state-owned oil companies.

      23 October 2018

    • Petrol Emerged as an Expensive Fuel in Bihar

      Like other states, fuel rates continued to rise in the state of Bihar and the price of a litre of petrol was booked at Rs.88.38 in Patna on Wednesday. Both petrol and diesel were retailed at the highest prices of Rs.88.90 and 80.04 a litre in Muzaffarpur, which is a sub-metropolitan town. It was claimed by the industry veterans that the prices of petrol in Bihar were amongst the highest in the entire nation. According to the official sources, petrol prices stood at Rs.82.25 a litre in Delhi, Rs.89.63 a litre in Mumbai, Rs.85.43 per litre in Chennai and Rs.84.01 a litre in Kolkata.

      Over the last few months, both diesel and petrol prices are on the rise and have crossed their earlier highs. Petrol price in Patna was Rs.80.59 on 25 April 2018 and increased approximately by Rs.8 per litre since then. Between 16 August 2018 and 19 September 2018, diesel price increased by Rs.5.53 a litre in the city. Prabhat Kumar Sinha, president of Bihar Petroleum Dealers Association said, “The cushion of steadily soaring diesel and petrol prices can be curbed with the interference of not only the Central Government but also the states.”

      24 September 2018

    • Petrol, Diesel Prices Jump to Over 2-month High in Delhi

      Even though crude oil prices have fallen in recent times, data shows that petrol and diesel prices in the country have surged to over two-month high. On Monday, the price of every of petrol and diesel in the national capital was Rs.77.49 and Rs.69.04 respectively. The price of petrol and diesel are at their highest in Delhi since 7 June and 3 June. In other metro cities of the country like Mumbai, Kolkata and Chennai, petrol is being sold for Rs.84.91, Rs.80.43, and Rs.80.50 respectively. The price that consumers had to pay for purchasing every litre in the above mentioned metro cities were Rs.73.30, Rs.71.88, and Rs.72.93. As of Monday, the hike in petrol and diesel prices were in the range of 9-18 paise and 8-13 paise.

      On the global front, the prices of Brent crude oil and US West Texas Intermediate (WTI) were down by 24 cents each on Monday. Every barrel of Brent crude Oil cost 71.59 dollars while US WTI cost 65.7 dollars. It needs to be mentioned that India had deregulated fuel prices in 2010 thereby allowing oil companies to decide the prices of petrol and diesel after taking into account factors such as international crude oil price, exchange rates etc. Apart from this, since 16 June 2017, state-owned oil companies adopted the dynamic fuel pricing scheme under which fuel prices were revised on a daily basis instead of doing it on a fortnightly basis.

      23 August 2018

    • Petrol Price Charged to Dealers

      As on 16 July 2018, the price charged to dealers prior to taxes and the dealer’s commission was Rs.36.68 a litre in India. On the same day, petrol was sold at a price of Rs.84.22 a litre in the city of Mumbai, which is the capital city of Maharashtra. The fuel was sold at a price of Rs.76.84 a litre in Delhi, which is the capital city of India. The difference was observed because of sales tax. As on 30 June 2018, sales tax on petrol per litre in Delhi was 27% whereas in Mumbai it was 39.95%. The price structure of petrol also includes central taxes, the commission for dealers and pollution cess.

      The petrol price charged to dealers includes only the crude oil cost, the expenses spent by the Indian Oil Marketing Companies (OMCs) and excise duty. The Central Government imposes excise duty, which was Rs.17.48 a litre as on 30 June 2018. Till date, petrol is not taxed under the system of Goods and Services Tax. The Central Government has to take a final call with regard to the inclusion of petrol under the GST system.

      30 July 2018

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