Diesel Price In Jamshedpur Today

Dynamic Fuel Pricing vs Diesel Prices in Jamshedpur

Today, the diesel price in Jamshedpur is revised each day at 06:00 a.m. This system is called dynamic fuel pricing. It has been in place since June 2017 in the country. Prior to that, oil companies had used the fortnightly-based revision for more than fifteen years. Dynamic fuel pricing is a good practice as far fuel pricing is concerned. It lets oil companies to dampen working capital, which is defined as the difference between liquid assets and liquid liabilities. The prime feature of the dynamic fuel pricing system is that it allows oil companies to reduce the amount of working capital as they can automatically revise the diesel price. On the other hand, the revision of diesel prices in Jamshedpur is manually done at non-automated diesel stations.

How can I Trace the Daily Price in Jamshedpur?

Consider downloading any of the following mobile applications to obtain the diesel price in Jamshedpur:

1. Fuel@IOC : Fuel@IOC is the name of the mobile application provided by Indian Oil. It is accessible through Apple Store and Google Play Store.
2. SmartDrive : SmartDrive is a mobile application offered by Bharat Petroleum Corporation Limited. It can be used to track transactions made by you. The mobile application has been customised to accumulate customer details and vehicle-related details.
3. My HPCL: My HPCL is a mobile application offered by Hindustan Petroleum. This mobile application is accessible via Android, Windows and IOS devices.

SMS Services

Fuel consumers in Jamshedpur can also trace the latest diesel price in Jamshedpur through SMS services.

Price breakup of diesel price in Jamshedpur

Forces Impacting Diesel Price in Jamshedpur

Exchange rate: An exchange rate is a major influencer of fuel prices. It is affected by many forces such as bank interest rates, inflation rates, export and import policies, the internal economies of a country etc. The exchange rate will vary periodically by the RBI. If the USD dampens against the INR, the cost of crude oil will shrink. Conversely, if the USD gains against the INR, the cost of crude oil will increase. Eventually, fuel prices in the city are affected.

Fuel prices in Jamshedpur largely rely on the Organisation of Petroleum Exporting Countries (OPEC) that contain the middle-east nations. Wall Street also controls and governs fuel rates. Many people do not know this fact. The quality of fuel extracted and imported also plays a huge role in determining fuel prices in India. The prices of unrefined oil are benchmarked with reference to WTI West Texas Intermediate and Brent Crude Oil. Financial derivatives such as futures, forwards and swaps are also considered.

GST vs Current Diesel Rates in Jamshedpur

The Goods and Services Tax (GST) is one of the largest tax reforms in the history of the Indian tax. It is a complete and unified tax system that has been imposed on various categories of goods and services except diesel, petrol and other petroleum products. These products are not included under the GST purview to assure that the revenue for the government will not be impacted. So, diesel consumers in the city of Jamshedpur continued to remit the previous tax.

The GST Council has to decide whether or not to bring diesel under the ambit of GST. The states have been recommended by Arun Jaitley, Finance Minister, to decline their VATs on fuels. Oil marketers and refineries are expected to receive a hit of Rs.25,000 crore annually owing to the barring of the petroleum products from the GST system. A loss of Rs.5,000 crore is likely to be incurred by oil marketing companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum. The Indian states are not willing to tax diesel, petrol and its by-products since they would like to cover a primary source of tax revenues.