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:
- 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.
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.
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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.