Diesel Price In Ratlam Today

Why Dynamic Fuel Pricing?

As per Oil Marketing Companies (OMCs), the concept of dynamic fuel pricing shall make sure that the advantage of the minute fluctuation in crude oil rates are being transferred to the final fuel consumer like you. It also eradicates big variations in fuel prices, which must be affected at the completion of every fortnight. Fuel consumers in Ratlam are interlinked to real-time market conditions. Dynamic fuel pricing is preferred over the earlier system because of many reasons. Under no circumstances, the distribution of diesel in the city of Ratlam is impacted. The system empowers fuel companies to efficiently monitor their stock levels and manage cash flows.

Tips to get Current Diesel Price in Ratlam

Commonly, many fuel customers will visit the nearest supply point to get the latest price. Is it not? You may now ponder using fully tailor-made mobile applications to get the price of diesel offered at IOCL, BPCL and HPCL. Each fuel company has a mobile application of its own. HPCL advises its customers from the city of Ratlam to download a mobile application called 'My HPCL.' Similarly, customers of BPCL have been instructed to download and use its mobile application called 'SmartDrive.' The name of the mobile application to be used by customers of India Oil is 'Fuel@IOC.' You can get regular updates using any of these mobile applications.

Offline Methods to Trace Today's Diesel Rate in Ratlam

Breakup of Diesel Price in Ratlam (As on 20 May 2018)

Forces Affecting Diesel Price in Ratlam

1. Crude oil: Variation in crude oil rates is the largest element in the volatility of the rate of diesel. Other factors can be relatively stagnant. Crude oil rates are largely determined by demand and supply. Moreover, the extraction of crude oil from the Organisation of Petroleum Exporting Countries (OPEC) impacts the pricing of crude oil.
2. Refining expenses and profit margins: The type of crude oil used in the process determines the amount of refinery overheads. OMCs usually spend refinery expenses on converting raw unrefined oil into usable commodities such as petrol and diesel.
3. Taxes: On diesel, excise duty is charged by the Government of India and VAT is levied locally. Since diesel price in Ratlam has increased significantly, fuel customers can expect a cut either in excise duty or in VAT. If the Central Government announces a cut in central taxes, fuel rates in Ratlam will drop and vice versa. Likewise, the revision of VAT also has the same impact.
4. Rupee-Dollar exchange rate: The fixation of fuel rates is connected with the USD/INR exchange rate. This currency pair is transacted on the FX market and is highly flexible in nature. If the USD devalues today, fuel rate goes up and vice versa.

Does GST Impact Diesel Price in Ratlam?

Goods and Services Tax (GST) is defined as an indirect tax. It subsumes several forms of indirect taxes in our country. The act was passed in the year 2017. Alternatively, GST is a multi-phase tax, which has been levied on each value addition. Commodities and services are taxed at four tax slabs: 28%, 18%, 12% and 5%. Interestingly, GST has not been levied on diesel in India. Therefore, the GST tax framework cannot influence diesel prices not only in the city Ratlam but also in other cities. Diesel is an extremely important fuel, which cannot be taxed at 28% by the GST Committee. Indeed, GST can be imposed on diesel either by revising the existing tax rates or by imposing additional taxes. The concerned authorities have to take a final call.

*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.