Today's Petrol Price in Raipur

Let's make a comparative study of fuel prices in Raipur over the last three months. During January 2018, the petrol rate in Raipur was up 2.80% to Rs.73.36 per litre as of 31 January 2018. The lowest price was logged at Rs.70.49 per litre on 2 January 2018 whereas the highest rate was logged at Rs.70.49 per litre on 2 January 2018. February 2018 commenced with a price range of Rs.73.49 per litre and closed with a price tag of Rs.71.98 per litre. The fuel price was the highest at Rs.73.82 on 7 February 2018 and was the lowest at Rs.71.98 per litre.

In March 2018, fuel rates in Raipur moved downwards for some period of time. They also showed upward trends for a few days. The last ten days of the month have produced a growing trend. When the month began, the petrol rate in the city was Rs.72.06 per litre. Towards the end of the month, it grew 2.62% to Rs.74.00 per litre. On 6 March 2018, the highest rate was booked at Rs.74.00 per litre. The opening day price was Rs.72.06 per litre, which was the lowest rate.

Excise Duty and VAT on Petrol in Raipur - A Comparative Analysis

What is the central tax on petrol now in the city? The central excise duty imposed by the Central Government of India on petrol is Rs.19.48 per litre as per the latest revision, which was done in February 2018. It was Rs.21.48 per litre in August 2018. It was the lowest at Rs.9.20 per litre in the month of August 2014. The state tax changes from state to state. In March 2018, in Chhattisgarh, the Value-added Tax on petrol was 28.93% on basic price. The higher the VAT on petrol, the higher will be the petrol rate and vice versa. Compared to Delhi and Goa, the cost of petrol in Chhattisgarh's capital city is higher.

Fuel Revisions System in Raipur

How are fuel rates in Raipur presently reviewed today? The state-owned fuel companies spread across the country are presently ensuing dynamic fuel pricing in order to set and reset fuel rates. The city of Raipur is no different. In excess of 97% of petrol stations are operated and owned by IOC, which stands for Indian Oil Corporations Limited; HPCL, which stands for Hindustan Petroleum Corporations Limited; and BPCL, which stands for Bharat Petroleum Corporation Limited. They control the Indian fuel vending sector completely and contribute enormously to the development of the Indian economy.

The scenario of Dynamic Fuel Pricing in Raipur

The petrol price in Raipur has been relentlessly increasing under the dynamic fuel pricing scheme. It was less than Rs.69 per litre in June 2017 and kept on growing. Since the introduction of dynamic fuel pricing, the fuel rate in the city jumped by more than Rs.5 per litre owing to the daily fluctuations in the USD-Rupee value and global crude oil costs. Market experts expect that fuel rates will upsurge by a few paise over the next 60-90 days. The daily revision system, dynamic fuel pricing, provides numerous rewards to all industry players, including petrol users, oil marketing companies (OMCs), local petrol dealers, the government etc.

How to Get Today's Petrol Price in Raipur

Petrol users can get the latest petrol rate in Raipur using any of one of the following options:

Note: Be instructed to download the mobile application of your choice to obtain the current petrol price in Raipur if you have a smartphone. If not, prefer using SMS services.

Stages in Assessing Petrol Price in Raipur

1. Stage 1: The process of fixing the fuel price commences with importing unrefined oil. HPCL, IOCL and BPCL will buy crude oil in large quantities from other countries. The cost of crude oil is remitted in dollars. It was $65 per barrel towards the completion of March 2018. When we multiply the cost of crude oil by the USD/INR exchange rate, we can arrive at the cost price of crude oil in rupees. It is further divided by 159 to arrive at the cost of unrefined oil per litre, which was approximately Rs.26.

1. Stage 2: The costs spent by OMCs are added to the crude oil price. They include the Refinery Transfer Price, freight expenses, import duties, operational overheads etc. On an average, the total amount of expenses incurred by OMCs is expected to be Rs.8.40 per litre and is subject to fluctuate from time to time.

1. Stage 3: The central tax of Rs.19.48 is levied on petrol per litre further by OMCs. The VAT is levied at 28.93% in Chhattisgarh. More than 50% of the RSP of petrol consists of both state and central taxes. The Central Government retains the right to increase or decrease the central levy. On the other hand, the VAT element is fixed by the State Government of Chhattisgarh.

Factors Influencing Current Petrol Price in Raipur

The current petrol rate in the Raipur goes up when the cost price of unrefined oil increases. It falls down when the crude oil rate decreases. OMCs will increase the fuel price if the State Government of Chhattisgarh and the Central Government increase the taxes and vice versa. The exchange ratio of the USD/INR currency pair also affects the fuel rate. When the USD depreciates against the local currency consistently, the crude oil cost will fall proportionately and vice versa.

Fuel prices will increase in domestic markets when oil supplying countries announce a fabrication cut. Oil supplying countries may consider increasing the fuel price in response to a growing demand for crude oil in transactional markets. Other influencers include seasonal variations, which affect the amount of crude oil to be extracted; weather conditions, which affect the distribution of the fuel in domestic markets; and political conditions in both oil exporting and importing countries.

GST vs Petrol Price in Raipur

GST has no effect on fuel prices since petrol is outside the regime of the GST. Petroleum products including natural gas, unrefined oil, aviation fuel and diesel have been outside the GST purview. So, the oil industry is required to adhere to the present tax and the GST regime. As per the current tax law, both the central and state governments share the tax on these products. So, there is a lack of standardization. Taking into account the relevance and scope of the oil industry, bringing petrol under the GST rule is a positive move as it permits the entire sector to utilise the input tax credits on the commodities and services used in the distribution channel.

*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.