Petrol Price In Udupi Today

  • Today's Petrol Price ( 21 Oct 2019 )
    ₹ 75.32
    Current Petrol Price Per Litre
    Compare Petrol Price in Udupi (Today & Yesterday)
    Today
    (21 Oct 2019)
    Yesterday
    (20 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 75.32 ₹ 75.32 ₹ 0 ↑
    Petrol Price in Udupi - Last 10 Days Data
    Date Petrol ( / litre)
    21 Oct 2019 ₹ 75.32
    20 Oct 2019 ₹ 75.32
    19 Oct 2019 ₹ 75.32
    18 Oct 2019 ₹ 75.32
    17 Oct 2019 ₹ 75.32
    16 Oct 2019 ₹ 75.32
    15 Oct 2019 ₹ 75.32
    14 Oct 2019 ₹ 75.37
    13 Oct 2019 ₹ 75.37
    12 Oct 2019 ₹ 75.37

    Petrol Rate Trend

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    Petrol Price in Udupi

    How is the petrol price in Udupi moving? Do you observe a big lapse or a small lapse? Be noted that you cannot anticipate the petrol rate to be the same like before. It has been floating every day because of the introduction of the daily fuel revision framework. Market analysts advise the petrol customers from Udupi, a city in Karnataka, to make a note of daily changing fuel rates. It is just to keep yourselves informed about the latest price changes.

    Interpretation of Fuel Prices in Udupi

    Petrol is not a tradable commodity, but many fuel buyers are willing to understand the trend in petrol rates in Udupi. Comprehending the trend is a complicated task. There are no precise sources to study the actual trend as well. Let’s now take a glance at historical prices. In January 2018, the opening day price was Rs.70.72 per litre and the closing day price was Rs.70.72 per litre. The highest and lowest prices stood at Rs.73.63 a litre and Rs.70.72 a litre respectively.

    In February 2018, the opening day and closing day prices were Rs.73.77 a litre and Rs.72.19 a litre respectively in the city. The lowest price was Rs.72.19 a litre and the highest price was Rs.74.10 a litre during the month. In March, petrol rate in Udupi accelerated to Rs.74.11 a litre from Rs.72.33 a litre at a growth rate of 1.78%. At Rs.74.11 a litre, the highest rate was booked, and at Rs.72.33 a litre, the lowest rate was registered during the month.

    Introduction to Dynamic Fuel Pricing

    Dynamic fuel pricing is basically a streamlined methodology used for the revision of both diesel and petrol rates. India has been following the same methodology for the last 9 months. It is not only India, other advanced nations such as Japan, Australia and the United States of America (USA) also follow dynamic fuel pricing. It is instrumental not only to fuel retailers but also to petrol buyers. Put simply, the problems associated with the previous fortnightly-based revision can now be addressed.

    Fuel retailers in India, including Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil (IOL), will offer the revised petrol rate based on the current value of the Indian currency against the USD. Even regular fluctuations in the cost of crude oil are accounted for. The revised price is made available to the public via offline and online methods. The same can be obtained by fuel consumers in the city of Udupi.

    Trace Today’s Petrol Price in Udupi Using Mobile apps

    The following are the three types of mobile apps that can be downloaded to get today’s petrol price in Udupi:

    • My HPCL: My HPCL is provided by Hindustan Petroleum. This application offers key features such as mileage calculator, insurance renewals, tire pressure chart etc.
    • SmartDrive: SmartDrive is provided by Bharat Petroleum. Like My HPCL, even this application offers key benefits to end users.
    • Fuel@IOC: It is a personalized mobile app for petrol buyers of Indian Oil Company and provides features such as electronic bills and RO locators.

    What is RSP of Petrol in Udupi? How is that assessed?

    RSP stands for the Retail Selling Price. In other words, it is the price remitted by consumers in the end. According to calculations, a consumer pays more than 50% of the RSP in the form of taxes, which include VAT and excise duty. To understand the pricing of petrol, you should know the role of every industry participant. Oil Marketing Companies (OMCs) will import crude oil, convert crude oil into usable commodities such as petrol and diesel, and finally supply them to users through supply centers. The Central Government and local government will levy taxes. The computation of the petrol price in Udupi is done in the following phases:

    Phase 1: The cost of crude oil per litre is computed first. If a barrel of unrefined oil costs $65 in today’s market and the exchange rate of the INR against the greenback is Rs.65, then the market price of a litre of crude oil will be Rs.26.57.

    Phase 2: OMCs spend a host of costs such as import levies,  entry levies, administration overheads etc. The overheads spent by OMCs have been estimated to be Rs.8 on petrol per litre.

    Phase 3: Taxes are added to the cost of crude oil. According to a report announced in March 2018, in Karnataka, on petrol per litre, excise duty was Rs.19.48. Value-added Tax (VAT) was 28.31%. They may be modified whenever needed.

    Phase 4: Fuel suppliers work for a commission. On petrol per litre, the commission charged by dealers was Rs.3.23 in March 2018.

    Factors Impacting Fuel Prices in Udupi

    Petrol price in Udupi is less compared to Mumbai and Chennai. Why? It is due to VAT. Petrol price in India is higher compared neighboring countries such as Sri Lanka and Pakistan. Why? It is because of excise duty and state-level taxes. What will happen if oil-producing nations reduce the production of crude oil? In overseas markets, crude oil costs increase. Eventually, in local markets, the fuel cost will also increase. What will happen if the weather does not support the extraction of unrefined oil? The global supply is affected. Thus, fuel rates in Udupi will rise.

    GST vs Petrol Price in Udupi

    As you know, GST is a complete tax system introduced by the Central Government last year. It has been deployed in India to make the tax system simpler after making a deep research and analysis. Many people do not know that petrol does not fall under the framework of GST. The GST Committee has kept it aside to make sure the Central Government will not incur losses. As on date, the highest GST tax slab will be 28%. What will happen if GST is charged on petrol at this highest tax slab? The current petrol rate in Udupi drops by 31-34% according to market analysts. This is not a better move from the perspective of both the State Government of Karnataka and the Central Government.

    Also Check Petrol Price in NearBy Cities of Udupi

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    *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 Udupi Today

    • Petrol prices kept unchanged in the country

      Petrol prices across the major cities of the country were kept unchanged on Wednesday by state-run Oil Marketing Companies (OMCs). In the four metropolitan cities of the country i.e., New Delhi, Mumbai, Kolkata, and Chennai, the cost for a litre of petrol were Rs.72.90, Rs.78.52, Rs.75.12, and Rs.75.70 respectively. In non-metro cities like Noida and Gurugram, the rates charged for a litre of petrol were Rs.72.23 and Rs.72.75 respectively. In the international oil market, crude oil prices were up by more than 1 percent. The futures of Brent crude oil were up by 69 cents or 1.1 percent since the last close to be trading at $64.85 per barrel. It needs to be mentioned here that as per many industry watchers Brent crude is under pressure due to worries about global economic growth amidst growing signs of damage from the trade tensions between US and China.

      Morgan Stanley, the American multinational investment bank and financial services company had last week cut the long-term Brent crude prediction to $60 dollar per barrel stating that the oil market is balanced in 2019 after OPEC and Russia agreed to prolong their supply drop by longer than what was expected. In India, the rates of fuel are revised daily as per the dynamic pricing scheme that was adopted in June 2017. As per the mechanism, the rates depend on international oil prices on a 15-day average and the value of rupee against the US dollar.

      15 July 2019

    • Oil Demand Decline Indicates Slowdown

      In what could be an indication of an economic slowdown in the country, a government report has projected a mere 3.5% growth in oil imports this year. With India importing more than 80% of its crude requirements, decline in growth indicates subdued demand and consumption. As per the oil ministry’s PPAC country’s oil imports is projected to increase to about 233 mt in FY20 compared to 227 mt in FY19, inclining by just 6 mt. While the decline in growth signals good news for the country’s exchequer as it will reduce the oil import bill, it also indicates that less crude oil will be refined by Indian refineries due to lower consumption of petrol, diesel and aviation turbine fuel (ATF), signaling pressure points in the Indian economy

      India’s import bill is projected to be around $113 billion in FY20 compared to $112 billion in FY19, a mere $1 billion increase. However, the projection by PPAC is on the basis of the average price of Indian basket crude at $66 per barrel and an average exchange rate of Rs.71 per dollar. Also, petroleum product exports, which have declined to about 61 mt in FY19 from a high of about 66 mt recorded in FY18. Production of crude has been subdued at around 35 mt for the last decade. In FY19, crude production in the domestic market has dropped to about 34 mt from 35 mt recorded in the previous year. The consumption of ATF in India has also declined by 5.7% to 668 thousand tonne in April this year, the first decline in four years, after passenger traffic was impacted due to the grounding of Jet Airways and Boeing 737 Max planes along with the sharp rise in air fares.

      27 June 2019

    • Petrol prices hiked by 10 paise in New Delhi

      The rates of petrol in the national capital was hiked by 10 paise per litre on Monday. Following the hike, every litre of petrol was retailed for Rs.71.77. In the other three metropolitan cities of the country i.e., Mumbai, Kolkata, and Chennai the rates were hiked as well. While the prices were increased by 10 paise per litre in Mumbai and Kolkata, in Chennai the hike witnessed was 11 paise. Consumers in the three metropolitan cities of the country were required to shell Rs.73.83, Rs.73.83, and Rs.74.50 respectively for a litre of petrol. It is noteworthy to mention here that till date the rates of petrol have been hiked by Rs.4 per litre in 2019. 

      In the international oil market, crude prices were steady on Monday. The futures of Brent crude oil were up by 10 cents or 0.2% since the last close to be trading at Rs.68.79 per barrel. The rates charged on fuel by OMCs in the country are revised on a daily basis as per the dynamic pricing scheme. With the country importing 80% of the crude oil requirements, the rates are dependent on global oil prices on a 15-day average and the value of rupee against the US dollar. 

      28 May 2019

    • Petrol prices remain unchanged in the national capital as of Wednesday

      Oil Marketing Companies (OMCs) on Wednesday kept the prices of petrol unchanged across all the four metro cities of the country. The decision of not cutting the prices came after several days of price reduction. As of Wednesday, every litre of petrol in the national capital cost Rs.68.65 while in the financial capital of the country consumers needed to pay Rs.74.30 for one litre of petrol. As per the data made available in the Indian Oil Corporation website petrol prices in Kolkata and Chennai were Rs.70.78 and Rs.71.22 respectively.

      On the global front, Brent crude futures fell by 0.3 per cent to 53.65 US dollars per barrel from the final close in 2018 while WTI spot crude oil futures declined by 0.1 per cent to 45.34 US dollars per barrel. It needs to be mentioned that crude oil reversed early gains to drop due to rising US crude oil output as well as concerns of an economic slowdown on Wednesday.

      It is noteworthy to mention here that consumers can get the latest indicative petrol prices in any city by logging on to the IOCL app on mobile or by sending an SMS to 9224992249 after typing  ‘RSP Dealer Code of Petrol Pump’.

      2 January 2019

    • Petrol Prices are Likely to Decline Further

      Fuel prices dropped continually for 3 weeks as the price of crude oil per barrel fell below $72 and the INR remained stable. Over the last 20 days, the price of petrol has fallen by Rs.4.62 per litre. Petrol prices on Thursday stood at Rs.78.21 per litre in the national capital and Rs.83.72 per litre in the financial capital respectively.

      Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited will regularly reset the price of petrol considering the variations in the INR:USD exchange rate and the price of oil rate per barrel. Overseas fuel rates will follow the trend in crude oil prices. On October, the price of unrefined oil slid below $72 a barrel on the third of October 2018.

      9 November 2018

    • Oil Prices Hold Steady at $80 per Barrel Ahead of Saudi’s Claims

      Brent Crude, the benchmark for crude oil prices has remained steady at the $80 per barrel range on Monday due to Saudi Arabia’s claims. The US sanctions on Iran is officially set to take effect in just about two weeks after which every country which is willing to stay in Donald Trump’s good graces will look to cut ties from Iran.

      Iran, being a key member of OPEC, will have a lot of oil reserves which won’t be exported to other nations. This is expected to cause major shortage of oil in the global market.

      However, Saudi Arabia has come out and said that it will make sure to increase its oil output to hit 11 million barrels per day in order to offset the loss incurred by Iran’s forced inaction. Several lawmakers in the US, however, have been calling for sanctions on Saudi Arabia, the largest oil producer in the world over the state’s hand in journalist Jamal Khashoggi death.

      The Saudi royalty has responded that it will come up with an even bigger measure if any sanctions are placed against the nation. Saudi Energy Minister Khalid Al- Falih has said that the country does not intend to a 1973-style oil embargo against western nations who are massive consumers of Saudi oil.

      23 October 2018

    • Petrol Price to Reach a New High in Mumbai

      Triggered a depreciated INR and a steep rise in the price of translational crude oil, petrol price last week crossed the Rs.90 mark and set a new high in Mumbai and some districts in Maharashtra. As per the daily price notification of the Indian fuel marketing companies, petrol prices soared by 11 paise per litre today. With this rise, petrol price in Delhi was Rs.82.72 a litre. In Mumbai, petrol prices per litre were reported to be Rs.90.08 at Indian Oil Corporation Limited, Rs.90.17 at Hindustan Petroleum Corporation Limited and Rs.90.14 at Bharat Petroleum Corporation Limited.

      The cost of diesel and petrol has been increasing in sync with overseas unrefined oil prices. Over the last 5 weeks, the price Brent crude soared from $71 to $80. Brent crude oil is considered to be the benchmark. The INR fell by 5-6% against the USD during the similar tenure. Compared Mumbai, Chennai and Kolkata, diesel and petrol are cheaper in the national capital. Sales tax or value-added is the highest in Mumbai. OMCs will arrive at the retail selling price after adding taxes, crude oil costs, commission, cess and OMC expenses. Currently, fuel dealers charge a commission of Rs.3.66 on petrol per litre and Rs.2.52 on diesel per litre. Since 16 August 2018, petrol rate is said to have gone up by Rs.5.58 a litre.

      25 September 2018

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