Today's Petrol Price in Maharashtra

Let's make a comparative analysis of petrol prices in Maharashtra.

Revision of Petrol Prices in Maharashtra

All petrol bunks across the state have adopted dynamic fuel pricing system in order to revise the rate of petrol. Dynamic fuel pricing is alternatively called the daily revision. The new pricing system improves the competitiveness of the country and ensures transparent fuel pricing. With the introduction of dynamic fuel pricing, India joined Australia and the United States of America (USA).

State retailers will reset the price of petrol every day at 06:00 a.m. in sync with the exchange rate and worldwide crude oil prices. On a wider note, the daily revision aligns the retail pricing of crude derivatives in line with price fluctuations in overseas markets. The move also fosters the capability of oil marketing companies to transmit the rates into the economy efficiently.

Also check : Today's Gold Price in Maharashtra

How to get the Current Petrol Rate in Maharashtra?

The current Petrol Price in Maharashtra can be traced by the following methods:

1. Petrol users can send a text message requesting the latest rate.
2. Petrol users can dial the customer care number of oil marketing companies.
3. The easiest option is to download the mobile applications of oil marketing companies.

How are Petrol Prices in Maharashtra Assessed?

Oil marketing companies, refineries and dealers are the three important stakeholders of the oil and natural gas industry. Oil marketing companies will import crude oil from foreign oil marketing entities on a contractual basis. Refineries will convert crude oil into petrol. Dealers will supply petrol to end users.

The retail selling price of petrol in Maharashtra comprises of the cost of crude oil incurred by oil marketing companies, the refinery transfer price charged by refineries, the expenses incurred by oil marketing companies, the state VAT, the central excise duty and the commission charged by dealers.

The cost of crude oil includes freight charges as well. The commission charged by petrol dealers may not the same across the state. Other costs incurred by oil marketing companies include entry taxes, operational costs and transportation costs. The state VAT imposed on petrol in Maharashtra is the highest among all Indian states.

Factors Affecting Petrol Prices in Maharashtra

The factors that affect petrol prices in Maharashtra can be clubbed into two categories:

• Domestic factors and
• Global factors. The cost of crude oil and the currency conversion rate are the global factors impacting petrol rates. The cost of crude oil relies on the economy of oil-producing companies. If it goes up in global markets, the cost of petrol will increase.

The USD, the currency of the United States of America, is the base currency. Crude oil is valued in the USD. The Indian currency should be converted into US dollars. If the INR gains against the USD, the cost of crude oil will marginally reduce. If the INR falls against the USD, the crude oil rate will increase. The currency exchange rate is determined by seasonal fluctuations, weather conditions, global reserves and supplies and the demand for petrol.

Impact of GST on Petrol rices in Maharashtra

The Goods and Services Tax (GST), a new tax, is imposed on all kinds of services and goods throughout the country. The fundamental objective of GST was to remove excessive taxation. Petrol has been exempted from the GST regime. Therefore, GST has no impact on petrol prices in Maharashtra. If GST is imposed on petrol:

1. The cost of petrol per litre in Maharashtra will fall by at least 20-30%.
2. The cost of compliance will increase by 200%.
3. The revenue source for the government will be affected.

*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.