Today's Petrol Price in Maharashtra

All petrol bunks across the state have adopted dynamic fuel pricing system in order to revise the rate of petrol. Dynamic fuel pricing is alternatively called the daily revision. The new pricing system improves the competitiveness of the country and ensures transparent fuel pricing. 

State retailers will reset the price of petrol every day at 06:00 a.m. in sync with the exchange rate and worldwide crude oil prices. On a wider note, the daily revision aligns the retail pricing of crude derivatives in line with price fluctuations in overseas markets. The move also fosters the capability of oil marketing companies to transmit the rates into the economy efficiently. 

Also check : Today's Gold Price in Maharashtra

How to get the Current Petrol Rate in Maharashtra?

The current Petrol Price in Maharashtra can be traced by the following methods:

• Petrol users can send a text message requesting the latest rate.
• Petrol users can dial the customer care number of oil marketing companies.
• The easiest option is to download the mobile applications of oil marketing companies.

How is the Petrol Price in Maharashtra Calculated? 

The petrol price in Maharashtra is calculated on a daily basis. The Dynamic Fuel Pricing mechanism was introduced in India in 2017. 

Under this system, the price of petrol is revised every day at 6 a.m., based on the international crude oil prices from the previous day. This ensures that the fluctuations in the international market are passed on to the consumers immediately. 

How are Petrol Prices in Maharashtra Assessed?

Oil marketing companies, refineries and dealers are the three important stakeholders of the oil and natural gas industry. Oil marketing companies will import crude oil from foreign oil marketing entities on a contractual basis. Refineries will convert crude oil into petrol. Dealers will supply petrol to end users.

The retail selling price of petrol in Maharashtra comprises of the cost of crude oil incurred by oil marketing companies, the refinery transfer price charged by refineries, the expenses incurred by oil marketing companies, the state VAT, the central excise duty and the commission charged by dealers.

The cost of crude oil includes freight charges as well. The commission charged by petrol dealers may not the same across the state. Other costs incurred by oil marketing companies include entry taxes, operational costs and transportation costs. The state VAT imposed on petrol in Maharashtra is the highest among all Indian states.

Factors Affecting Petrol Prices in Maharashtra

The factors that affect petrol prices in Maharashtra are mentioned below: 

• Crude Oil Prices: The price of crude oil in the international market is the biggest factor. Any fluctuation in the global crude oil prices has a direct impact on the petrol price in India. 

• Logistics and Transportation: The cost of transporting the fuel from the refineries to the petrol pumps across Maharashtra also adds to the final price. 

• Dealer Commission: A commission is paid to the petrol pump owners, which is also included in the final price. 

• Central and State Taxes: The Central government levies an excise duty on petrol, and the state government of Maharashtra levies a Value Added Tax (VAT) on it. These taxes form a significant portion of the retail price of petrol. 

• Value of the Rupee against the Dollar: Crude oil is purchased in US dollars. The exchange rate between the Indian rupee and the US dollar is another major factor. A weaker rupee makes crude oil imports more expensive. 

Impact of GST on Petrol Prices in Maharashtra

The Goods and Services Tax (GST), a new tax, is imposed on all kinds of services and goods throughout the country. The fundamental objective of GST was to remove excessive taxation. Petrol has been exempted from the GST regime. Therefore, GST has no impact on petrol prices in Maharashtra. 

*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.