Petrol Price In Vellore Today

  • Today's Petrol Price ( 15 Oct 2019 )
    ₹ 77.41
    Current Petrol Price Per Litre
    Compare Petrol Price in Vellore (Today & Yesterday)
    Today
    (15 Oct 2019)
    Yesterday
    (14 Oct 2019)
    Rate Change
    Petrol ( / litre) ₹ 77.41 ₹ 77.46 ₹ -0.05 ↓
    Petrol Price in Vellore - Last 10 Days Data
    Date Petrol ( / litre)
    15 Oct 2019 ₹ 77.41
    14 Oct 2019 ₹ 77.46
    13 Oct 2019 ₹ 77.46
    12 Oct 2019 ₹ 77.46
    11 Oct 2019 ₹ 77.57
    10 Oct 2019 ₹ 77.69
    09 Oct 2019 ₹ 77.75
    08 Oct 2019 ₹ 77.75
    07 Oct 2019 ₹ 77.92
    06 Oct 2019 ₹ 78.22

    Petrol Rate Trend

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    Petrol Price n Vellore

    Petrol price in Vellore has reached to its 4-year high at the beginning of the current year. Towards the end of March 2018, the fuel price in the city was Rs.76.80 per litre. It consistently increased throughout the month. In February 2018, the opening fuel price was Rs.76.79 per litre and the closing price was Rs.75.16 per litre. The highest price was at Rs.77.13 per litre and the lowest price was at Rs.75.16 per litre. In January 2018, the fuel rate was up by Rs.3.01 per litre. The month began with a price tag of Rs.73.64 per litre and closed with a price tag of Rs.76.65 per litre. During the month, the highest price was logged at Rs.76.65 per litre and the lowest price at Rs.73.64 per litre.

    Last year Trend in Petrol Prices in Vellore

    Let’s now consider monthly trends. On 02 January 2017, the fuel was priced at Rs.71.14 per litre in the city. It fell to Rs.70.34 per litre in April 2017 and further increased to Rs.72.26 per litre in May 2017. On the first day of June 2017 and July 2017, fuel prices in Vellore were Rs.71.00 per litre and Rs.66.46 per litre respectively. In September 2017, it climbed to Rs.72.88 per litre. The fuel price in October 2017 was Rs.74.48 per litre. Towards the end of 2017, the average fuel price was Rs.72.75 per litre.

    Dynamic Fuel Pricing vs Petrol Price in Vellore

    Dynamic fuel price is the name of the recently launched fuel revision module that has replaced the fortnightly-based fuel pricing system. It was introduced in the country in the month of June 2017 after making a 40-day test. Since June 2017, oil selling entities in Indian cities, including Vellore, are updating fuel rates regularly. In lieu of considering fortnightly-based average prices, oil selling entities shall consider the trends in crude oil rates at a global level and the exchange ratio. The updated fuel rate is released each day at 06:00 a.m. Fuel consumers in the city of Vellore may expect minute variations. Sometimes, the fuel price may remain unchanged.

    In India, dynamic fuel pricing has been brought after making a deep research and considering its impact on various industry partners. It has also been deployed in other nations, including Russia, Japan and the USA. Market experts believe that it definitely combats the shortfalls associated with the earlier fuel revision methodology. Firstly, it ensures that the full revision is free from political influences and supports the mechanization drive of oil companies, including Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporations Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL).

    Dynamic Fuel Pricing – A boon for oil marketing companies (OMCs)

    OMCs in Vellore are significantly profited by the daily revision methodology. They can assure that the fuel is supplied consistently and can deploy the best practices with respect to inventory management (stock management). More importantly, OMCs will be able to curtail day-to-day expenses and also the time desired to run operations. Cash management is easier since they can anticipate cash incomings and cash outgoings. Dynamic fuel pricing also augments the operational efficiency of OMCs throughout the year and helps them to provide the best customer services.

    Trace Today’s Petrol Price in Vellore via mobile apps

    Consider any one of the following methods to trace the latest petrol rate in Vellore:

    SMS

    • Petrol users from the city of Vellore may get today’s petrol rate in Vellore through sending an SMS. To get the price offered by Indian Oil Company Limited, just type RSP, give a space, and type the dealer code and send it to 9224992249. That is it!
    • If you would like to know the current petrol price in Vellore at Bharat Petroleum Corporation Limited, just type RSP, give a space, and type the dealer code and send it to 922311222.
    • The price offered by Hindustan Petroleum Corporation Limited can be obtained in the same fashion. The message has to be sent to 9222201122.

    Mobile Applications

    Smartphone users are advised to download the respective mobile applications provided by the oil companies. Most consumers prefer this option since it is easy. Consider downloading either Fuel@IOC or My HPCL or SmartDrive. Indian Oil offers Fuel@IOC with great features and functionalities. My HPCL is provided by Hindustan Petroleum. The application is accessible through Window devices, IOS devices and Android devices. Bharat Petroleum provides SmartDrive, which is unique and user-friendly. This app also provides details related to loyalty dealings on SmartFleet and Petrocard.

    Determination of Petrol Price in Vellore

    Like mentioned in the earlier section, fuel prices in Vellore are determined and readjusted by publicly-owned oil companies. The Retail Selling Price (RSP) of petrol offered by them consists of costs, which are expended at each stage of fabrication. As per sources, fuel elements account for 52% of the RSP of petrol. The following are the prime cost elements of the fuel price in Vellore:

    • Crude Oil Prices: The expenses incurred to borrow crude oil from oil companies is called the cost of crude oil. It will change from time. As of 31 March 2018, the crude oil price per litre was Rs.26.41 including freight charges.
    • Expenses Spent by OMCs: Operational expenses, Refinery Transfer Price, entry levies, profit ratio and landing overheads spent by OMCs are probed to be Rs.7.40 on petrol per litre. On the other hand, freight expenses and transportation overheads incurred by OMCs are probed to be Rs.2.90 on petrol per litre.
    • Taxes and VAT: In February 2018, the central levy on petrol was revised by the Central Government to Rs.15.33 per litre. The Value-added Tax (VAT) levied by the State Government of Tamil Nadu was 34% as on the same date.

    Forces affecting Fuel Prices in Vellore

    The Petrol Price in Vellore is influenced by the following aspects:

    • Crude oil Costs: Undoubtedly, the cost of undefined oil is the biggest cost element. It is determined by global demand and supply conditions. The demand for petrol is impacted significantly by global economic reports.
    • Conversion Rate: The conversion rate of the Indian rupee against the US dollar makes a big difference. It tends to change on a daily basis. The cost of unrefined will drop if the Indian currency steadily appreciates against the USD. It will increase if the dollar consistently gains against the Indian rupee. In the end, the fuel rate in Vellore gets affected.
    • Tax Elements: Whenever the Central Government of India increases the central tax, even oil entities should raise the fuel price. If the government diminishes the central lax, the fuel rate should also be declined by OMCs.

    GST vs Petrol Price in Vellore

    The GST system does not levy taxes on petrol buyers in the city. The Central Government continued the earlier tax system on petrol, including its 5 byproducts. If the GST Council brings petrol under the GST context, both the State Government of Tamil Nadu and the Central Government are likely to incur heavy losses. The GST Council may consider bringing petrol under the current tax framework by making necessary changes.

    Also Check Petrol Price in NearBy Cities of Vellore

    *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 Vellore Today

    • OMCs Keep Petrol Prices Unchanged in the Country

      The rates of petrol were kept unchanged across all the major cities of the country on Tuesday. The price charged for a litre of petrol in the country were hiked on Sunday and Monday after six days of lull prior to it. Following Tuesday’s revision in the prices, every litre of petrol was retailed for Rs.70.05 in the national capital. In the other three metropolitan cities of the country i.e., Mumbai, Kolkata, and Chennai OMCs charged Rs.75.75, Rs.72.31, and Rs.72.77 for a litre of petrol. In non-metro cities Noida and Gurugram, consumers were required to shell out Rs.70.03 and Rs.70.55 for a litre.

      In the international oil market, crude oil prices remained stable on Tuesday. The futures of Brent crude oil were up slightly and was trading at $64.89 per barrel. It needs to be mentioned here that after Iran shot down a US drone in the Gulf, Brent crude and US crude went up by 5% and 10% approximately. The rates charged for fuel in the country are revised daily by OMCs as per the dynamic pricing scheme. As per the mechanism that was adopted in June 2017, the rates are dependent on global crude prices on a 15-day average and the value of rupee against the US dollar.

      26 June 2019

    • OMCs hike petrol prices again

      Oil Marketing Companies (OMCs) hiked the rates of petrol on Monday again. This was fifth consecutive day when the prices have been increased in the country. On Monday, the prices were increased by 10-11 paise per litre.  

      In New Delhi, every litre of petrol was retailed was for Rs.71.77 while in the commercial capital the rate charged for a litre was Rs.77.38. The price for every litre was hiked by 10 paise in both the metropolitan cities. 

      It needs to be mentioned here that the rates of fuel in the country are revised on a daily basis as per the dynamic pricing scheme. The rates charged are dependent on global oil prices on a 15-day average and the value of rupee against the US dollar. 

      28 May 2019

    • Kerala to Reduce Jet Fuel Tax to 5% for Domestic Airlines

      The finance minister of the Kerala Government TM Thomas Isaac announced on Wednesday the reduction in aviation turbine fuel (ATF) tax for domestic airlines in three airports – Cochin, Karipur and Trivandrum – from 28.75% to 5%. The Finance Minister said the reduction in ATF tax would lead to a revenue loss of Rs.100 crore, during the concluding three-day discussion on Budget 2019-20 in the state assembly. The state has already fixed ATF tax at 1% for the new Kannur airport for the first 10 years of operation. The reduction the aviation fuel taxes comes amid the strong demand from the opposition party, which alleged that undue priority was given to the new Kannur airport. The finance minister also said that the cut in ATF taxes to 5% will be applicable to airports in the state irrespective of whether they come under the UDAN scheme.

      08 February 2019

    • Reserve Bank of India Eases the Norms to Address the Working Capital Requirements

      At an event organised in Hyderabad, Anil Menon, National Business Head, Commercial Vehicle Loans, Yes Bank said, “The Reserve Bank of India, (RBI), has eased the norms to address the need of working capital, the difference between current assets and current liabilities. The bank had imposed some restrictions before and has now enhanced the Liquidity Coverage Ratio (LCR) from 11% to 13%. The Central Bank is also investing in the USDs to control the highly volatile INR.”

      Indian Oil Corporation Limited, a well-known oil company, organised the 6th edition of the event. With NewsX as a partner of television, YES Bank powered the event, which is an opportunity for truck owners, Non Banking Finance Corporation, fuel marketing companies and truck operators to discuss various issues related to the industry and find the solutions.

      Inder Kumar Chaddha, who is the President of the Jaipur Transport Operators Association, said, “The survival of truck owners has become tough because of expensive diesel. While diesel rates are increasing uninterruptedly, truck owners find it complicated to bear the burden with a profit margin of just 2-3%. Many people have come out of the business over the last 4 years. Owing to complications and problems, people have lost interest in the business.”

      2 November 2018

    • Petrol and Diesel Prices Highest in Mumbai As Fuel Prices Touch New High

      Petrol and diesel prices touched a new high following a 31 paise increase in fuel prices by State-owned oil companies. Amongst all four major metros cities, petrol remains the highest in Mumbai at Rs.86.65 per litre, while in Delhi its the lowest at Rs.79.15. In Kolkata, a litre of petrol is available at Rs.82.06, while in Chennai it stands at Rs.82.24. Petrol is the cheapest in Delhi due to lower sales tax or VAT compared other major metros. Diesel prices were also on a record high as rates were increased by 39 paise per litre, the sharpest increase in 12 months. A litre of diesel in Mumbai stands at Rs.75.54, while in Delhi its available at Rs.71.15. In Kolkata, the rate is 74.00 a litre and Rs.75.19 per litre in Chennai. The hikes come on the backdrop of dropping exchange rate of the rupee and a steep rise in the global crude oil price.

      11 September 2018

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