Petrol Price In India Today (19th September 2024)
Petrol prices in India are subject to frequent changes due to global crude oil price fluctuations and domestic taxation policies. The cost includes central excise duty and state VAT, leading to regional price variations. From June 2017, Petrol prices are revised at 06:00 AM every day, and this is called the dynamic fuel pricing method. Petrol price in Top Cities stands at ₹94.72 per litre in New Delhi, ₹103.44 per litre in Mumbai, ₹102.86 per litre in Bengaluru, ₹107.41 per litre in Hyderabad, ₹100.75 per litre in Chennai, ₹94.44 per litre in Ahmedabad, ₹104.95 per litre in Kolkata. You can view today's petrol prices in all major cities of India and compare them with the rates from the previous day.
Today's Petrol Prices In Indian Metro Cities
| City | Petrol (₹/L) | Change (vs. - 1 Day) % |
|---|---|---|
| Patna | ₹105.18/L -0.35 | -0.33 |
| Chandigarh | ₹94.24/L | - |
| New Delhi | ₹94.72/L | - |
| Bangalore | ₹102.86/L | - |
| Mumbai City | ₹103.44/L | - |
| Jaipur | ₹104.88/L | - |
| Hyderabad | ₹107.41/L | - |
| Chennai | ₹100.75/L | - |
| Lucknow | ₹94.56/L -0.1 | -0.11 |
| Kolkata | ₹104.95/L | - |
How Petrol Prices Today In India Are Calculated?
Petrol prices in India today are determined through a complex process influenced by multiple factors. The primary component is the international price of crude oil, which fluctuates based on global supply and demand dynamics. The exchange rate between the Indian Rupee and the US Dollar also plays a crucial role, as crude oil is traded globally in dollars. Once crude oil is imported, refineries process it into petrol, incurring costs that include refining and operational expenses. The petrol is then transported to various distribution points, adding logistical costs. Government taxes significantly impact the final price. The central government levies excise duty, while state governments impose Value Added Tax (VAT) or sales tax, both of which vary across states. Additionally, petrol pump dealers receive a commission, which is factored into the final retail price. India uses a dynamic pricing model, updating petrol prices daily to align with international crude oil prices and currency exchange rate movements. This ensures that changes in the global oil market are promptly reflected in the domestic prices, maintaining market alignment and transparency.
Petrol Prices By City
| City | Petrol (₹/L) | Change (vs. - 1 Day) % |
|---|---|---|
| Anantapur | ₹109.61/L 0.63 | 0.58 |
| Chittoor | ₹110.17/L -1.96 | -1.75 |
| Cuddapah | ₹108.52/L -0.6 | -0.55 |
| East Godavari | ₹109.19/L 0.25 | 0.23 |
| Guntur | ₹109.73/L 0.15 | 0.14 |
| Krishna | ₹109.35/L 0.2 | 0.18 |
| Kurnool | ₹109.85/L | - |
| Nicobar | ₹82.42/L | - |
| North&middle Andaman | ₹82.42/L | - |
| South Andaman | ₹82.42/L | - |
Various Factors Affecting Todays Petrol Price In India
Today's petrol price in India is influenced by several key factors: 1) Crude oil price, 2) Demand for fuel, 3) Taxes/VAT attached to fuel, 4) Logistics and infra costs, 5) Rupee to Dollar exchange rate
Taxes That Impact Petrol Prices In India
In India, the taxation structure on petrol is a significant determinant of its retail price. In India, petrol tax accounts for 55 per cent of the retail price of petrol. Apart from central excise duty and state VAT (Value Added Tax), there are other taxes that impact petrol prices. Road Cess: Road cess is an additional levy imposed by the central government on petrol to fund infrastructure projects, especially those related to highways and road development. Additional State Levies: Some states impose additional levies or surcharges on petrol prices beyond the standard VAT. These levies can vary based on local fiscal policies and economic conditions. Goods and Services Tax (GST): While petrol and diesel are currently not under GST, discussions periodically arise about bringing these fuels under the GST regime. This move could potentially simplify the tax structure and reduce price disparities across states. Local Body Taxes: Certain municipal corporations or local bodies may levy taxes on petrol sales within their jurisdiction, further adding to the final retail price. Customs Duty: While primarily impacting imported crude oil, fluctuations in customs duty rates can indirectly affect the cost of imported petrol and its subsequent pricing at the pump.
Why Does Petrol Price Vary Across India?
Petrol prices vary across Indian cities due to several localised factors: Local Taxes and Duties: Each state in India has the autonomy to levy its own Value Added Tax (VAT) on petrol, resulting in different tax rates across cities. States with higher VAT rates generally have higher petrol prices. Transportation Costs: The distance from major refineries or import terminals to cities affects transportation costs. Cities closer to these supply points may have lower transportation costs and, consequently, lower petrol prices. Dealer Commission: Petrol pump dealers receive a fixed commission per liter sold. The commission rate may vary slightly between cities based on local market conditions and operating costs. Local Demand and Competition: Cities with higher demand for petrol or greater competition among petrol pump operators may see more competitive pricing. Lower demand or fewer competitors can lead to higher prices due to reduced price competition. Understanding these localised factors helps explain the variability in petrol prices across Indian cities, highlighting the interplay between regional taxation policies, logistical considerations, market dynamics, and consumer behavior.