Petrol Price In Tirunelveli Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 76.51
    Current Petrol Price Per Litre
    Compare Petrol Price (Today & Yesterday)
    Today
    (21 Oct 2019)
    Yesterday
    (20 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 76.51 ₹ 76.51 ₹ 0 ↑
    Daily Petrol Rates
    Date Petrol ( / litre)
    21 Oct 2019 ₹ 76.51
    20 Oct 2019 ₹ 76.51
    19 Oct 2019 ₹ 76.51
    18 Oct 2019 ₹ 76.52
    17 Oct 2019 ₹ 76.52
    16 Oct 2019 ₹ 76.52
    15 Oct 2019 ₹ 76.52
    14 Oct 2019 ₹ 76.57
    13 Oct 2019 ₹ 76.57
    12 Oct 2019 ₹ 76.57

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    Petrol Price in Tirunelveli

    Petrol is gaining demand in India. The price of the fuel is also unstoppable. It has been growing at a rapid rate since last 4-5 months in all major cities in India, including Tirunelveli. Did you observe the recent moves? Petrol prices are on the rise mainly because of two reasons. The first reason is that the market price of a barrel of crude oil has touched $65. It is expected to rise by 15% by 2019. The fuel retailers, who supply petrol to end customers, have hiked their commission by Rs.1 per litre on petrol and diesel.

    The petrol price today in Tirunelveli, i.e., 6 March 2018, is Rs.75.47 per litre. The price per gallon is Rs.281.41. Today, a barrel of petrol costs around Rs.11,821.65. One barrel is equal to 159 litres whereas one gallon is equivalent to 3.785 litres. According to sources, the highest petrol price of Rs.74.20 per litre was registered on 18 January 2018. The lowest petrol price of Rs.70.87 per litre was registered in the city on 20 October 2017. Over the last six months, the lowest petrol rate was registered on 22 July 2017. It was Rs.66.77 per litre. On the other hand, the highest petrol rate in Tirunelveli was registered on 1 April 2017. It was Rs.66.77 per litre.

    Excise Duty and VAT in Tirunelveli

    The Central Government charges an excise duty on petrol. It had recently revised it to Rs.19.48 per litre. The excise duty also encompasses a road cess, which has been recently announced in the Union Budget 2018-2019. The tax levied by the Central Government remains the same across the country, but VAT fluctuates from state to state. In Tirunelveli, Tamil Nadu, it is 34%. In Telangana, it is 35.20% and in Karnataka it is 30%. Similarly, in Delhi, it is 27%. In Andaman and Nicobar Islands, it is the lowest at 6%. In Goa, it is 17%.

    Dynamic Fuel Pricing vs Current Petrol Prices in Tirunelveli

    Since 16 June 2017, oil marketing companies, which are publicly-owned, have been making use of dynamic fuel pricing to revise the petrol rate in Tirunelveli. The rate for any given day shall effect from morning 06:00 a.m. Prior to which, the next date’s petrol price shall be intimated to dealers from oil marketing companies at 8 p.m. The fuel price shall be determined in line with the value of the USD against the value of the Indian rupees and crude oil prices. The previous day’s readings shall be taken into account to determine today’s petrol price in Tirunelveli.

    How have Petrol Rates moved in Tirunelveli since Dynamic Fuel Pricing?

    Dynamic fuel pricing revises the petrol rate in Tirunelveli every day. So, the revised price shall not be the same. It varies based on changes in the exchange rate and the market value of crude oil. Fuel prices began sliding after introducing dynamic fuel pricing. After 15-20 days, they began increasing in the city of Tirunelveli. Over the last 180 days, they progressed in an upward trend and touched their historical highs in Tirunelveli, Delhi, Mumbai, Kolkata and Chennai respectively.

    Who gains from the new Fuel Pricing System?

    All participants involved in the business of fuel retailing shall gain from dynamic fuel pricing. They are oil marketing companies, fuel suppliers, fuel consumers and the government. Fuel consumers are benefited since dynamic fuel pricing quickly transfers the daily movements in the petrol price determinants (exchange rate and crude oil prices). If the market price of crude oil falls today, the benefit shall be rapidly conveyed to end fuel customers in Tirunelveli. If the market price of crude oil goes up, the price rise shall also be instantly conveyed to end fuel users.

    How to get Current Petrol Price in Tirunelveli

    There are three ways through the latest petrol rate in Tirunelveli is obtained. Since fuel prices are revised on a daily basis, fuel consumers are required to follow any of the following ways:

    • SMS services: All publicly-owned oil marketing entities, including OIL, BPCL and HPCL, provide the revised petrol price in Tirunelveli whenever customers send an SMS request.
    • Mobile applications: Mobile applications are widely in use today. They include SmartDrive, My HPCL and Fuel@IOC.
    • Online portals: Many online portals provide the revised fuel prices in Tirunelveli. Fuel consumers may consider this option as well.

    Assessment of Petrol Prices in Tirunelveli

    How are fuel rates in Tirunelveli determined? Let’s understand the process that has five steps. In the first step, we compute the cost of unrefined oil. Let’s assume the cost of unrefined oil is $60 and the value of the USD against the INR is Rs.64, then the cost of a litre of crude oil is Rs.24.15, which is 60X64/159. In the second step, we assess the overall expenses spent by BPCL, HPCL and Indian Oil.

    In the third step, we include the central tax, which is Rs.19.48 per litre as of February 2018. In the fourth step, we include the Value-added Tax (VAT). In Tamil Nadu, the VAT is levied at 34% on the price charged to fuel dealers. In the last step, we consider the pollution cess of 25 paise and the dealer commission. Like VAT, the dealer commission differs from city to city. This way the petrol price in Tirunelveli is computed. As of 6 February, it was Rs.75.47 per litre.

    Forces Impacting Petrol Price in Tirunelveli

    Today’s petrol price in Tirunelveli is impacted by the fluctuations in the exchange rate. When the exchange rate varies, the cost of unrefined oil will vary in global marketplaces. The exchange rate of USD/INR is determined on the basis of the inflation rate in India and the USA, the bank interest rates in the USA and India, the imports and exports between these two countries, etc.

    It is decided on a daily basis by the Central Bank of India. Market prices of unrefined oil are also a major influencer. They fluctuate on the basis of the economic performance of oil-extracting countries, the demand and supply of unrefined oil globally, the political trends in oil-extracting countries, etc. Likewise, any variations in taxes (both central and state) shall affect the petrol price in Tirunelveli.

    GST vs Fuel Prices in Tirunelveli

    GST, the Goods and Service Tax, is defined as a value-added tax charged on a majority of services and commodities retailed for indigenous usage. Though GST is remitted by fuel consumers, but it shall be remitted to the government by merchants. It came into existence in July last year. Since petrol accumulates revenues to the government, it is currently outside the purview of GST. The inclusion of petrol under GST shall dampen not only the petrol rate in Tirunelveli, but also the government’s earnings. This is the present scenario as far as GST is concerned.

    Should the GST system be levied on Petrol?

    The GST system may or may not be levied on petrol. The GST Council has the right to include petrol. If the GST Council proposes to tax petrol under GST, the present tax rates are required to be redefined. India imposes GST at 5%, 12%, 18% and 28% currently. The Central Government shall not be able to accumulate the required amount of revenues even if it decides to tax petrol at 28%. As per market watchers, the insertion of petrol under GST has been a better option. It makes the taxation process unified. 

    Also Check Petrol Price in NearBy Cities of Tirunelveli

    *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 Tirunelveli Today

    • Discount of Rs.0.50 can Availed on Petrol if you Vote

      Consumers can avail a discount of Rs.0.50 per litre on petrol if you vote on the polling day. This will be a special discount offered by concerned dealers in spite of opposition by the state-owned Oil Marketing Companies (OMCs). The offer can be availed by showing the voting mark on the finger and has been taken to encourage people to go and vote on the polling day.

      Ajay Bansal, the president of All India Petroleum Dealers Association stated that the offer will be available in all constituencies across the country. It can be availed between 8 a.m. to 8 p.m. It needs to be mentioned here that the offer will be available at 58,000 stations out of the 64,000 fuel stations across the country.

      11 April 2019

    • Rates of crude oil expected to remain between 55-65 dollars per barrel

      The rates of crude oil are expected to remain range-bound between 55-65 dollars per barrel during the financial year of 2019-2020 as per India Ratings and Research (Ind-Ra). As per the credit rating agency, this price range would be driven by a rise in supply from the US and other factors like the recent production cut announced by OPEC+, the continued debt crisis in Venezuela and the limited clarity on sanctions imposed on Iran. The agency added that the range-bound crude price would limit large inventory gains or losses. 

      On refining margins, the agency in a statement said that with the new regulation being introduced against the use of high sulphur fuel oil is likely to lead to a shift. The shift would increase the crack spreads of products such as diesel and reduce the heavy sulphur fuel oil spread. Ind-Ra added that the higher diesel crack spread will benefit Indian refiners as the fuel has a 40 per cent share in the overall product slate. However, the reduced high sulphur fuel oil spread could provide negative implications for refining margins. 

      30 January 2019

    • Crude oil is Seen as a Wildcard Since the Citizens of Other Countries Come Back to Sovereign Bonds in India

      As foreigners are returning to sovereign bonds of in India, crude oil or petroleum is seen a wildcard, according to a recent report. The data from the Clearing Corporation of India Limited depict that the international holdings have increased by 80.10 billion rupees. The influxes coincided with an instant fall in the price of crude oil rates and the Central Bank’s debt-buying support. Manu George, who is the Director of fixed income at Schroder Investment Management Limited, said, “After the completion of the mid-year’s election in the United States of America (USA), the USD is not gaining like other overseas currencies and crude oil prices are weakening. Owing sovereign bonds in India is seen as a better option. On Wednesday, the Indian sovereign bonds have rallied since crude oil depicted a sign of recouping from its unparalleled fall”.

      15 November 2018

    • Petrol Rates Have Gone Up Once Again

      Fuel rates across all the 4 metro cities in India have gone up again on Monday, 3 September 2018. The highest petrol price per litre was recorded at Rs.86.56 in Mumbai, the capital city of Maharashtra. Similarly, petrol price raised to Rs.79.15 a litre in Delhi, the capital city of India; Rs.82.06 in Kolkata, the capital city of West Bengal; and Rs.82.24 a litre in Chennai, the capital city of Tamil Nadu. The highest petrol price was recorded previously on 29 May 2018. On Sunday, 2 September, Dharmendra Pradhan, Oil Minister, said “Fuel prices have increased in the domestic market because of external forces and a production cut.”

      The Oil Minister further said, “It was promised by Organisation of the Petroleum Exporting Countries that they will increase the production of petroleum by 1 million barrels a day, but the production of petroleum was not raised by them. Countries such as Iran and Venezuela are going through crises and there has been a pressure on crude oil rates because of a downfall in the production of crude oil. Moreover, overseas currencies have depreciated against the greenback, the USD.”

      11 September 2018

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