Petrol Price In Udaipur
Udaipur is one of the most important cities in the state of Rajasthan and is popularly known as the ‘City of Lakes’. The city is spread over 37 sq km and is surrounded by the Aravali Range which separates it from the Thar Desert. Udaipur is popular for its massive Rajput-era palaces, museums, galleries, architectural temples, history and culture. The economy of Udaipur is largely driven by tourism, while handicraft, marble and mineral processing industries contribute to the economy of the city. Apart from tourism, the city also boasts of several educational institutions including the Indian Institute of Management (IIM).
Udaipur is well connected by air, road and rail to some of the major cities of India. Apart from local taxis, auto rickshaws and bus services, taxi aggregators have begun to offer travel services from 2015. The consumption of petrol has increased in tandem with the rise in vehicles in the city. State-owned Oil Marketing Companies (OMCs) such as Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) operate in the city. The petrol price in Udaipur retailed by the OMCs are similar but can vary due to the brand and transportation costs.
|Also Know: Diesel Price In Udaipur|
Here are some of the major factors which influence the petrol price in Udaipur.
Major Factors Influencing The Petrol Rate In Udaipur
Petrol rates in India differ from state to state depending upon their respective State’s rate on Value Added Tax (VAT). Rajasthan levies 30.87% as VAT on the petrol in Udaipur. Apart from the VAT, the Central Government levies excise duty, which is another major factor in determining the retail price of petrol in the city. International factors such as the global crude oil price contribute to the fuel price in Udaipur. Let’s look in detail, the major factors influencing the petrol rate in Udaipur.
- Indian Crude Basket Price: The Indian Crude Basket, also known as Indian Basket, is an indicator of the crude oil import price in India. To examine the domestic petrol price in India, the Government of India looks at the Indian Basket index before the petrol price is fixed. In simple terms, the Indian Crude Basket price is the price at which OMCs buy fuel from oil-producing countries. More than 70% of crude oil is imported by India which is later refined and transported to dealers.
- Central & State Tax On Petrol: While the Central Government levies the excise duty, the State Government levies VAT on petrol. The Centre levies Rs.19.48 for a litre of petrol, the State charges 30.87% VAT. These two taxes are the major component of the petrol rate in Udaipur.
- Currency Exchange Rate: The USD is used as the base currency in the foreign exchange market. India buys crude oil in the global market in USD and then later the refined oil is sold in INR. Therefore, currency exchange rate is one of the major factors which influences the petrol price in Udaipur.
- Demand & Supply Trend: If the crude oil supply is short due to multiple factors such as refinery issues, fuel inventory shortage or lagging imports, the price of crude oil tends to increase. In India, transportation is dependant on fuel and if there’s an instance of low supply, OMCs bid at a higher rate for the available oil supply. This uneven trend in demand and supply of crude oil often leads to increase in petrol price in Udaipur.
- Oil-Marketing Companies’ Profit Margins & Dealer Commission: State-owned oil-marketing companies such as IOL, BPCL and HPCL purchase crude oil and refine it before it’s sold to the consumers. OMCs include the cost of refining the crude oil, transportation and marketing costs to the price of crude oil. Petrol dealers then buy petrol from these OMCs, stock it and maintain the petrol station. Dealers add costs involved in dispensing petrol and then charge the Retail Selling Price (RSP) of petrol.
|Also Check: Petrol Price in Kota|
Why Does Petrol Price Change Every Day In Udaipur?
In 2017, the Indian Government introduced the dynamic fuel pricing mechanism to offset any revision in the cost to buy crude oil in the global market. The Petrol price in Udaipur is aligned with any rise or decline in the international crude oil prices. Previously, petrol prices were revised fortnightly; however, it prevented any change in the daily petrol price in tandem with a sudden spike in the international crude oil price. With the new pricing mechanism, petrol prices are revised daily at 6 a.m in accordance with the current international crude oil prices. Automated fuel stations revise the petrol price automatically, while non-automated fuel stations are updated manually.
How To Find Daily Petrol Price In Udaipur?
With fuel prices revised every day it becomes imperative to know how much does a litre of petrol cost in Udaipur. Consumers can track daily petrol price in Udaipur through several methods: SMS, mobile app, and through respective OMCs website. Below is the process to find out daily petrol price in Udaipur:
- Mobile App: With petrol prices being revised every day, OMCs have launched mobile apps to make it convenient for consumers to know about the daily petrol price. IOC customers can download the Fuel@IOC app, HPCL consumers can download MYHPCL, while BPCL consumers can make use of the SmartDrive app to know the current petrol rate in Udaipur.
SMS Service: For those who do not use mobile apps, OMCs have made it easier by utilising the SMS facility. Consumers can send a text message in the below-listed formats for each of the OMCs.
- For IOC consumers: SMS RSP dealer code to 9224992249.
- For HPCL consumers: SMS HPPRICE dealer code to 9222201122.
- For BPCL consumers: SMS RSP dealer code to 9223112222.
- OMCs Website: OMCs update petrol prices on a daily basis on their respective website. Customers can visit the website to learn about the daily petrol price in Udaipur.
Does GST On Petrol Price Applicable In Udaipur?
The Goods and Service Tax (GST) is currently not applicable on fuel in Udaipur. Fuel does not come under the ambit of GST, unlike other commodities and services. The State and Central Government’s revenue will be drastically affected if petrol comes under the taxation of GST as this much lower than the current taxes such as the excise duty and the VAT.
Also Check Petrol Price in NearBy Cities of Udaipur
*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.