Petrol Price In Thane Today

The opening date price was Rs.78.02 per litre and the closing date price was Rs.80.84 per litre in January 2018. During the entire month, the fuel price was up by 2.82%. By the end of February 2018, it dropped to Rs.79.45 a litre. On 7 February 2018, at Rs.81.30 per litre, the highest fuel rate was registered. At Rs.79.45 per litre, the lowest price was logged on 28 February 2018. In March 2018, the opening date price was Rs.79.58 per litre whereas the closing date price was Rs.81.30 per litre. The first 3 months in 2018 witnessed a 1.72% rise in petrol rates in Thane.

Tax on Petrol in Thane Over the last Three Years:

A System for Fuel Revision in Thane

Fuel rates in Thane are priced and reset according to the dynamic fuel pricing scheme currently. It is just a 9-month-old concept in India. Even advanced markets began using the same concept. Technically, dynamic fuel pricing, sometimes referred to as the daily revision system, provides a complete and transparent platform for oil companies to revise fuel rates regularly considering the rupee-dollar conversion rate and international unrefined oil prices. Every day, the updated fuel rate has to be declared at 06:00 a.m. Petrol customers from the city can envision either a price hike or a price drop. Sometimes, the price may remain unaffected.

Impact of Dynamic Fuel Pricing on the Oil and Natural Gas Industry

The daily revision system does not impact negatively the stakeholders of the oil and natural segment in India. The industry participants including customers, oil marketing companies (OMCs) and dealers will benefit from this system to a greater extent. The system offers an opportunity for OMCs to book a decent amount of profit by reducing day-to-day expenses. Under no circumstances, petrol buyers in the city will face the issues related to stock. It also eases the process of fuel pricing and makes it fully translucent. The system also enables the OMCs to decrease the amount of time demanded to manage routine business activities.

Tips to Extract Today's Petrol Price in Thane

1. Tip 1: Extract the latest petrol rate in Thane using mobile apps. This option is easy. You must have a smartphone so that you can download mobile apps, which include My HPCL, SmartDrive and Fuel@IOC. All these apps are user-friendly and have unique characteristics. They are used to extract information related to general insurance offers, which may be four-wheeler insurance schemes or two-wheeler insurance schemes.

1. Tip 2: If you are not a smartphone user, consider tracing the current fuel price in Thane via SMS services, which are provided by all the 3 OMCs. For BPCL price, send an SMS request to 922231122. For HPCL price, send an SMS request to 9222201122 and for IOC price, send an SMS request to 9224992249.

1. Tip 3: HPCL, IOCL and BPCL will load the revised petrol rate onto their official websites regularly. Consider visiting either www.iocl.com, the website of Indian Oil; or www.hindustanpetroleum.com, the official website of Hindustan Petroleum; or www.bharatpetroleum.com, the website of Bharat Petroleum.

Process of Computing Petrol Price in Thane:

The market price of petrol will be assessed by OMCs. It will change from city to city and state to state because of the dealer's commission and the VAT. Firstly, OMCs require crude oil to fabricate either petrol or diesel. Oil is to a larger extent imported from OPEC countries by paying the price, which is in US dollars. Let's presume the market value of a barrel of unrefined oil is $68 and the USD/INR exchange ratio Rs.65. Now, the cost of crude oil will be Rs.4420 per barrel. Per litre cost will be Rs.27.70.

OMCs spend a host of expenditures to turn raw oil into petrol. The prime expenses include the RTP, which stands for the Refinery Transfer Price, landing and day-to-day expenses. Per litre, the expenditures incurred by OMCs have been estimated to be Rs.8.20, which is added to the cost of crude oil per litre. The price, which is charged to local petrol suppliers in Thane, comes with the excise duty of Rs.19.48 per litre. The dealer's commission and the VAT are further included.

Put simply, petrol price in Thane = taxes + commission collected by fuel stations + cost of unrefined oil + pollution cess + expense spent by OMCs

Factors Affecting Petrol Price in Thane:

What will happen if the Central Government decreases or increases the excise duty on petrol?

The current fuel rate in the city will fall when the excise duty is reduced by the Central Government and vice versa.

What will happen if the oil-exporting countries declare a production cut?

The crude oil cost will go up in international markets. This is how the fuel rates in national markets are impacted.

What will happen if the INR weakens consistently against the greenback?

Crude oil expenses are anticipated to grow. In the end, the fuel price in local markets increase.

GST vs Current Fuel Rates in Thane:

Arun Jaitley recently said that his government is planning to include petrol under the GST realm. Shushil Modi, Finance Minister in Bihar and GST Committee Member, even voiced his support for bringing petroleum products under the current tax structure. The public will be happy if the government introduces such a rule since the fuel rates will fall significantly. If the GST is implemented on petrol, the present taxes such as the VAT and the excise duty get detached. Thus, the tax load is lessened at least by 23-35%.

Tax on Petrol in the pre-GST era in Thane

Bringing petrol under the realm of the GST system will reduce the petrol price in Thane by at least 35-36% according to market analysts. Will the government do it? It will be a tough decision unquestionably. The Central Government does not want to incur losses and so does with the state governments. It can consider changing the tax structure completely in a style that does not harm their revenues.

*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.