Today's Petrol Price in Odisha

How to Track Petrol Prices in Odisha?

There are three options through which the latest petrol price can be tracked. All oil marketing companies offer an SMS service. They have also designed unique mobile applications, which can be downloaded by customers to track the latest price. The mobile application designed by Hindustan Petroleum is called 'My HPCL'. The mobile application created by Indian Oil is called 'fuel@OIC'. The mobile application designed by Bharat Petroleum is called 'SmartDrive.' Customers can avail the benefit of these services.

How are Petrol Prices in Odisha Calculated?

The following table shows the price structure of Petrol in Odisha.

A barrel of crude oil is equivalent to 159 litres. Crude oil is traded in international markets and it is paid in the USD. Freight charges are remitted by oil marketing companies and are included in the cost of crude oil. Other expenses incurred by oil marketing companies consist of marketing costs, transportation expenses, processing costs, entry taxes and refinery transfer price.

State Levies on Petrol in Different States

According to the data published by Petrol Planning and Analysis Cell, the state VAT imposed on petrol was 26% in Odisha, 27% in New Delhi, 26.25% in Haryana, 32.91% in Rajasthan and 47.64% in Maharashtra. In Goa, it is just 17%. Among all Indian states, the VAT in Maharashtra was the highest as on 1 September 2017. It is the lowest in Goa.

Factors Affecting Petrol Price in Odisha

Which factors do you think affect the petrol price? Why do petrol prices differ from one state to another? Why do petrol prices change? As we know, the price of petrol in New Delhi is the lowest compared to all Indian cities. It is because of the fact that the state VAT imposed on petrol by the Delhi government is comparatively less. In Odisha, the petrol price is more compared to New Delhi. The higher the state VAT, the higher will be the cost of petrol. The lower the state VAT, the lower will be the petrol price.

The central excise duty has been recently reduced to Rs.19.48 per litre by the central government on 3 October 2017. After the revision, petrol prices across all Indian states including Odisha were down almost Rs.2 per litre. This is how the revision of the excise duty impacts the petrol price charged to customers. The excise duty and the state VAT are domestically controlled. Another determinant is the cost of crude oil, which cannot be domestically controlled. When the cost price of crude oil falls in global markets, the cost of petrol falls. On the other hand, if the cost of crude oil goes up, the petrol price increases as a result.

Does GST Impact Petrol Prices in Odisha?

GST does not impact petrol prices in Odisha. Petrol was priced at Rs.66.77 in October 2017. If GST is levied on petrol, the petrol price will fall down approximately to Rs.45.00 per litre at 28%. Whether or not to bring petrol under the regime of GST is left at the discretion of the central government. The imposition of GST on petrol at the current rate will bring down the petrol rate in Odisha. Eventually, the government stands to lose the major chunk of revenue source.