Diesel Price in Mysore Today

System used to Revise Fuel Prices in Mysore

Like other products, the diesel price also gets revised. Each day, oil companies will make sure to reset the diesel rate in Mysore under dynamic fuel pricing. Came into existence in 2017, the concept of dynamic fuel pricing addressed the complexities involved in the previous fuel revision mechanism. It is also practiced in advanced markets. To introduce in all towns in India, the Central Government had executed a 40-day trial in 4-5 cities.

Dynamic fuel pricing is different from the earlier mechanism in terms of the frequency of revision. Each morning, you can find diesel priced differently. The fuel price will fluctuate in accordance the real-time movements in the dollar-and-rupee value and the market rates of crude oil. Today's diesel price in Mysore is reliant on the previous day's market undercurrents. Let's assume that the crude oil's rate falls by $1 per barrel, this fall is taken into account while setting tomorrow's fuel price.

Advantages of Dynamic Fuel Pricing

1. Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited will uninterruptedly supply the fuel to diesel users in the city of Mysore.
2. No governments can influence the fixation and appraisal of the fuel prices in Mysore.
3. The Retail Selling Price (RSP) of diesel offered to fuel users in the city is fully translucent.
4. Dynamic fuel pricing makes oil companies to align diesel consumers with real-time market movements.
5. The system empowers the oil companies to reduce the quantum of time necessitated to maintain regular activities. Cash ledger can be efficiently monitored by oil companies.

Options to get the Latest Diesel Rate in Mysore

In this section, we will discuss several options available to get today's diesel rate in Mysore. Many people nowadays use advanced mobile phones for various purposes. You may ponder using customized mobile applications such as My HPCL, SmartDrive and Fuel@IOC in order to get fuel rates. These mobile applications can be easily downloaded. You may also get today's diesel price in Mysore by sending an SMS in the prescribed format.

Computation of Diesel Price in Mysore

The oil companies retain the right to set and review the diesel rate in Mysore. To compute the retail selling price of diesel, oil companies will include all the expenses that are spent in order to convert unrefined oil into diesel. The following table gives you an idea:

Elements impacting Diesel Price in Mysore

Many forces affect diesel prices in Mysore, including taxes, the dollar-exchange rate, the rate of crude oil etc. The diesel rate should be adjusted by oil selling companies in accordance with the taxes levied by the State Government of Karnataka and the Central Government. If the Central Government determines to cut the excise duty, OMCs have no other options. They have to readjust the fuel price. Similarly, fuel prices (petrol prices and diesel prices) will change domestically if there are any changes in crude oil rates.

Diesel Rate in Mysore vs GST

The Goods and Services Tax (GST) will not consider the diesel for taxation purposes. It is fully exempted till date, including petrol. The GST Council has to design the present tax structure in consultation with the Prime Minister of the country. The execution of GST on fuels (petrol and diesel) is a good idea, but it must be executed in a way that keeps the revenues unaffected. The enforcement of the GST at the maximum rate will also cut the current diesel price in Mysore by Rs.12-13 a litre.

*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.