Today's Petrol Price in Haryana

Petrol Prices in Haryana vs. other metro cities

The petrol price in the capital is Rs.68.38 per litre while in Chennai, it is Rs.70.85 a litre; in Haryana, it is Rs.67.94 a litre; and in Kolkata, it is Rs.73.62 per litre as on 4th October 2017. Petrol Price in Delhi has the less price compared to other Indian metro cities. It is mainly because of the moderate state VAT on petrol levied by the government.

How Frequently are Petrol Prices in Haryana Revised?

As we all know, state-run oil marketing companies in India have quit the 15-year-old fortnightly based price revision and have adopted a new fuel pricing mechanism called dynamic fuel pricing. The system was introduced in June 2017. However, all petrol stations in all cities of the Haryana state are currently updating fuel prices on a daily basis.

The new pricing system is good for consumers who are mapped to market dynamics. Any variations in global crude oil prices and the currency conversion rate are instantly transmitted. This was not the case in the previous daily price revision mechanism.

Each bunk in Haryana will revise petrol and diesel rates at 06:00 a.m. every day and the updated rates will be made accessible to customers. They can get the latest prices through online or offline means. The primary objective behind the new pricing system is to make fuel pricing more transparent.

How are Petrol Prices in Haryana calculated?

Well, the retail selling price of petrol in Haryana is assessed based on a few considerations such as the cost of unrefined oil in overseas markets, refinery expenses, the central excise duty, the state VAT on petrol, the dealer's commission. Currently, a barrel of oil costs approximately $50. This is subject to change. The cost of OMC is estimated to be Rs.9.34 per litre that is added to the cost oil per litre.

The central excise duty imposed by the central government and the state VAT imposed by the Haryana government are added to the price, which is charged to petrol retailers. The recent cut in the central excise duty was Rs.2.00 per litre of petrol and diesel on 4th October 2017. The state VAT imposed on petrol by the local government is currently 26.25% with effect from 1st September 2017.

Factors Affecting the Cost of Petrol in Haryana

The cost of crude is the biggest factor influencing the RSP of petrol in any part of the country. Oil is always traded in the base currency, which is the USD. India is an oil importing country. If the base currency strengthens against the local currency, the purchasing cost of oil will go up; if it falls against the local currency, then buying cost of oil will be diminished. As a result, the RSP of petrol in Haryana is proportionately impacted by the cost.

The state VAT, which varies from state to state and the central excise duty, which is the same across the country have a direct impact on the final price. If the local and central governments amend any changes, the petrol price in Haryana will be adjusted accordingly. Variations in the dealer's commission can affect the price in an imperceptible margin.

GST Impact on Fuel in Haryana

Goods and Services Tax (GST) is a new, unified, comprehensive taxation platform for Indian taxpayers. The government implemented it in the month of July 2017. What happened in Haryana soon after the execution of this platform? If sources are to be believed, in Haryana, high-speed diesel sales are down nearly about 30% because of slashed demand from fuel retailers and trucks.

The demand for trucks has come down radically under GST. It is because of new stocks that cannot be moved in the similar value as prior GST. Goods transport agencies are excluded, but the receivers of such services are required to deposit a tax of 5%.The oil and natural gas industry remains unpretentious by GST entirely. The compliance cost would have hiked by 200% and petrol prices in Haryana would have been approximately Rs.43.10 per litre if GST was levied on petrol at 28%.

Petrol Rate vs. Diesel Rate in Haryana

As on 4th October 2017, the cost of diesel is Rs.56.79 a litre while the cost of a litre of petrol is Rs.67.94. The difference between the two fuels is Rs.11.15. Both fuels had an upward trend for the last ten days, which is between 26th September 2017 and 4th October 2017.

For the next few months, prices are expected to go up marginally considering the latest trends. GST may or may not be imposed on petrol. Home delivery of fuels may be brought into practice.