Petrol Price In Kanpur Today

So far this year, the petrol rates in Kanpur have depicted a mounting tendency. The average fuel price was Rs.70.60 in the city and it is envisioned to grow further owing to dynamic fuel pricing. What is this system? Well, this is a completely streamlined system, which has been adopted in India in order to revise fuel prices in all parts of the country regularly. Dynamic fuel pricing methodology shall be discussed in detail in the next sections.

A Comprehensive Analysis of the Current Petrol Price in Kanpur

On the opening day of April 2017, the petrol price in Kanpur was Rs.69.09 a litre that was up by Rs.1.43 a litre on 1 May 2017. On 1 June 2017, the fuel rate further fell to Rs.69.62 a litre. On 1 July, the fuel price witnessed a drastic fall. On the day, petrol in Kanpur was priced at Rs.66.30 a litre. Between 1 June 2017 and 1 July 2017, the petrol rate was down by more than Rs.3.00 a litre. It could be accredited to the implementation of the new fuel pricing version.

The fuel traded at Rs.68.40 a litre on 1 August last year and on 1 September the petrol price in Kanpur was up by almost Rs.3.00 a litre. The retail selling price of the fuel on 1 October was Rs.71.87 a litre. On the opening day of November, the fuel sold at Rs.70.21 a litre. Since the government diminished the excise duty on 3 October 2017, petrol prices in Kanpur fell by Rs.2.00 a litre. This is the reason why the revised fuel rate on 1 November was less.

Quarterly Petrol Price Trend in Kanpur Between April 2023 and June 2023

1. On 1 April, the price of petrol in Kanpur was Rs.96.25 for a litre. Petrol prices remained the same throughout the month in the city. 
2. In May, the price for a litre of petrol in Kanpur was Rs.96.25. Petrol rates remained the same throughout May in the city. 
3. The prices of petrol in Kanpur in June remained the same and were Rs.96.25 for a litre.

Quarterly Petrol Price Trend in Kanpur Between January and March 2023

1. On 1 January, the price of petrol in Kanpur was Rs.96.25 for a litre. Petrol prices remained the same throughout the month in the city. 
2. In February, the price for a litre of petrol in Kanpur was Rs.96.25. Petrol rates remained the same throughout May in the city. 
3. The prices of petrol in Kanpur in March remained the same and were Rs.96.25 for a litre. 

Dynamic Fuel Pricing - A new practice for Fuel Pricing

Have you noticed the recent petrol rates? If yes, what is the trend? Is it a growing trend or a declining trend? Let's discuss. Today, all petrol bunks whether automated or non-automated will update the fuel price in Kanpur in sync with the currency conversion rate (INR/USD exchange rate) and the global price of unrefined oil. In lieu of revising fuel prices once a fortnight, all bunks owned by HPCL, BPCL and OIL - the three premier oil marketing companies - do it on a daily basis. This new system is called dynamic fuel pricing.

The dynamic fuel pricing system is a revised version in the retail fuel segment. The system is being followed by a few developed economies such as Australia and the USA. It substitutes the previous fortnightly-based revision. The revision of diesel and petrol rates is done every day at 06:00 A.M. Revised prices shall be made available to fuel consumers online and offline. Petrol consumers can make use of customised mobile applications to track the latest petrol price in Kanpur.

Key features of Dynamic Fuel Pricing

1. The new system entrusts transparency in fuel pricing.
2. Petrol consumers are linked to market dynamics.
3. OMCs can manage their working capital effectively.
4. Stock management can no longer be a problem for oil marketing companies (OMCs).

How are Petrol Prices in Kanpur computed?

Is it not an interesting question? Yes, it is! The petrol price today in Kanpur is Rs.73.37 a litre. This is the final price remitted by petrol consumers. Which are the components of this price? Well, the primary components of the final price, the retail selling price (RSP), include the cost of crude oil, state levies and the central excise duty. Taxes levied on the fuel account for more than 50% of the RSP. Let's analyse the price components in detail.

1. Cost of Crude oil: Crude oil or unrefined oil is transacted globally in the USD. As on 22 January 2018, the cost of WTI Crude Oil was $63.73 a barrel whereas the cost of Brent Crude Oil was $ 69.02 a barrel according to reliable sources. One barrel is equivalent to 159 litres.

1. StateLevies: Petrol is taxed at 32.90% by the state government of Uttar Pradesh currently. State levies tend to vary from one state to another.

1. Central Taxes: Tax is imposed on petrol by the center as well. This form of tax is called excise duty. The central tax recently reduced to Rs.19.00 a litre on 3 October 2017. So, every petrol consumer from Kanpur will remit a tax of Rs.19.00 on every litre. This tax remains unchanged across the country.

1. Other Components: Other components of the RSP of petrol include the overheads incurred by OMCs, pollution cess, the commission charged by petrol dealers and the profit margin of OMCs.

In a nutshell, the petrol price that you pay finally consists of all the aforesaid cost elements.

What are the Influencers of the Petrol Rate in Kanpur?

The petrol price in Kanpur today is impacted by three major components: 1) INR/USD conversion rate, 2) crude oil rates and 3) taxes. The fuel rate upsurges when the USD gains against the INR, the cost of unrefined oil upsurges globally and the tax component increases. Alternatively, the fuel price drops when the USD depreciates against the INR, the cost price of crude oil drops internationally and the tax element diminishes. This is tracked currently on a daily basis as cited earlier. Crude oil prices are transnationally curbed whereas other price influencers are domestically managed.

Does the GST system Influence the Petrol Rate in Kanpur?

The GST system has no impact on the petrol rate in the city since petrol is outside the purview of the new Indian tax law. Therefore, petrol consumers continue to remit regular taxes. The new tax law has been in use since July 2017. It is applicable to all types of commodities and services, which are being transacted across the nation, but it is not applicable to petrol, diesel and petroleum products. The government may impose the GST rates on these two fuels as well.

*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.