Petrol Price In Cuttack Today

Dynamic Fuel Pricing vs Fortnightly-based Revision

Fortnightly-based fuel pricing system was dropped last year by OMCs. We, today, have dynamic fuel pricing in place. The fundamental difference between these two fuel revision methodologies is the regularity of fuel revision. The former fuel pricing methodology used to reset fuel prices on a fortnightly-basis. On the contrary, today's fuel pricing system will do it every day taking into account the trends in the conversion ratio (USD/INR) and unrefined oil prices.

Daily price revision concept is beneficial to all parties, including OMCs and buyers. HPCL, BPCL and IOC operating across the country can enhance their profit margins by deteriorating running expenses and time. They can keep their cash ledger unaffected since dynamic fuel pricing allows them to estimate cash flows accurately. Petrol is supplied uninterruptedly to fuel users in the city. The latest petrol price in Cuttack offered today is completely translucent.

Useful Tips for Fuel Consumers to Extract Today's Petrol Price in Cuttack

Option 1: Petrol buyers are advised to deploy mobile applications to extract the price. There are 3 individualised mobile apps, which include My HCPCL, SmartDrive and Fuel@IOC. These are offered by Hindustan Petroleum, Bharat Petroleum and Indian Oil respectively at no cost.

Option 2: Downloading mobile apps is not a right option for someone who does not own a smartphone. Such people have an option to send an SMS to extract the price provided at either IOC or HPCL or BPCL. Petrol rate in Cuttack minutely changes from station and station.

Price Structure of Petrol in Cuttack

Put simply, Retail Selling Price of petrol = OMC expenditures + taxes (both central and state) + crude oil expenses + commission paid to retailers + pollution cess

Forces Affecting Petrol Price in Cuttack

Fuel prices (petrol and diesel prices) in domestic markets shall increase when the USD appreciates against the domestic currency continually, crude oil prices increase as a result of production cuts, and the government increases the tax burden for customers. On the contrary, fuel rates in local marketplaces will fall when the INR rebounds against the greenback, the state and central governments lessen the tax obligations for fuel users, and crude oil rates decline internationally.

Does the GST Framework affect Petrol Price in Cuttack?

No. It does not. The Government of India is not willing to include petrol under the present GST context. Petrol has been excluded from the list. The GST imposition on petrol will lessen the fuel rate at least by 30-35%. It will be a huge drop, and thus, affects not only the Central Government but also the State Government of Odisha in terms of revenues. The GST Committee has to make necessary changes to levy the GST structure on petrol in a style that does not harm the income source for the government.