Today's Petrol Price in Assam

On 01 January 2018, petrol was valued at Rs.71.99 a litre Guwahati. The same price was observed in Silchar. By the end of the first month, petrol rates soared to Rs.74.96 a litre in Guwahati and Silchar respectively. In the month of February 2018, fuel rates were declined by Rs.1.61 a litre in both cities. Fuel rates were up by Rs.2.01 a litre and Rs.1.81 a litre Guwahati and Silchar respectively. In April 2018 and May 2018, petrol rates were increased in sync with overseas aspects. Over the last five months, petrol price in Assam has increased by over Rs.8 per litre.

Fuel Companies

The business of fuel companies is to extract petrol and petroleum products and sell them through fuel dealers. There are three state-owned fuel companies in India. They include HPCL, IOCL and BPCL. HPCL is headquartered in Mumbai and has about 25% market share in the country. BPCL is also headquartered in Mumbai, the capital city of Maharashtra. Indian Oil Company has its registered office in Mumbai but is headquartered in Delhi.

Revision of Petrol Price in Assam

Each state has a different price structure because of Value-added Tax (VAT). The revision of fuel prices will occur using a mechanism called dynamic fuel pricing today. Dynamic fuel pricing is a daily revision system, which will take into account the exchange rate and crude oil rates. Fuel companies have adopted this system in June 2017. It is also followed in a few developed countries, including Japan, Australia and the United States of America.

Why Dynamic Fuel Pricing?

1. Dynamic fuel pricing streamlines the fuel revision system and brings transparency.
2. Petrol prices cannot change by big margins like earlier.
3. It allows fuel entities to maintain their working capital better.
4. Any downs and ups in crude oil rates may be quickly transferred to end customers.
5. The fuel segment in India may be interlinked with the global crude oil market.

Smart ways to get Today's Petrol Price in Assam

There are different options available for tracing the latest petrol price in Assam. The easiest way is using mobile applications offered by fuel enterprises. If you want to get the fuel price offered at Hindustan Petroleum in your city, consider using My HPCL. If you want to obtain the price offered at Bharat Petroleum, consider downloading SmartDrive. Customers of Indian Oil Company may use its mobile application called Fuel@IOC. You need to have a smartphone to make use of this facility.

There are other options for non-smartphone users. BPCL, HPCL and IOCL also provide SMS services.. Customers just have to send an SMS request to the respective fuel brand in a prescribed format. You will get the response instantly. They can also visit the website of HPCL, BPCL and IOCL that upload the revised fuel prices on a daily basis. Listed below are the official websites:

IOCL - https://www.iocl.com

BPCL - https://www.bharatpetroleum.com

HPCL - http://www.hindustanpetroleum.com

Computation of Petrol Price in Assam

Petrol price is computed by fuel companies. The computation is very simple. Fuel companies will add the expenses that are incurred at every phase. Major cost aspects include costs of crude oil, the overheads incurred by oil marketing companies, excise duty or central taxes, Value-added Tax (VAT) or state taxes, commission for fuel dealers, etc.

As on 03 June 2018, the cost of a litre of crude oil was Rs.32.98; excise duty on petrol per litre was Rs.19.48; Value-added Tax on petrol per litre was 30.80%; the total amount of the expenses spent by OMCs was Rs.5.40 a litre; and the commission charged by fuel dealers was Rs.3.63 a litre.

Factors Affecting Petrol Price in Assam

1. Exchange rate: Crude oil is vastly borrowed by India from other markets. So, the exchange rate has an important role to play. If the conversion rate of the USD against the Indian currency weakens, crude oil costs will accelerate. On the other hand, if the conversion rate of the USD against the INR strengthens, crude oil rates will diminish. Finally, fuel prices are impacted in domestic markets.

1. Taxes: VAT and excise duty are two types of taxes, which are domestically controlled. States will impose VAT. Excise duty is collected by the Central Government. Any ups and downs in taxes will have a direct impact. For instance, if there is a cut in excise duty today, tomorrow's petrol price in Assam will be adjusted accordingly. If the State Government of Assam announces a cut in VAT, fuel companies have to reset fuel rates.

1. Crude oil costs: The higher the demand for crude oil, the higher will be the cost of crude oil. The lower the demand for crude oil, the lower will be the cost of unrefined oil. Political scenarios, weather conditions and production cuts will impact the pricing and supply of unrefined oil.

GST vs Petrol Price in Assam

Goods and Services Tax (GST) has not been imposed on petrol and petroleum sub-products. Therefore, it does not affect the pricing of petrol and diesel. The revenue sources for states and the Central Government are negatively impacted when petrol is brought under the GST mechanism. Opposition party leaders have questioned the government for not bringing petrol and diesel under GST. In fact, the government is now evaluating several options to tax petrol at GST rates. The final decision has to be taken by the concerned authorities.

*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.