Today's Petrol Price in Patna

However, any revision of domestic factors impact Petrol rate accordingly. Let's see how and why these factors are responsible for varying petrol prices in Patna.

1. Crude oil prices: With India importing more than 70% of its crude oil requirements from the OPEC nations, the price of crude oil in the international market plays a key role in petrol pricing in India.

With the implementation of dynamic fuel pricing model, petrol prices in India are being aligned to international crude oil prices on a daily basis. The volatile nature of crude oil price that changes dynamically thus impacts the petrol price in Patna.

To calculate petrol price in Patna today, the price of international crude oil in yesterday's market will be considered.

1. Currency exchange rate: Indian oil companies purchase crude oil in US dollars. While calculating petrol price in Patna, each US dollar will be converted into Indian rupee, based on the exchange rate prevailing on the previous day. The fluctuating nature of dollar thus shows impact on the petrol price on a daily basis. Whenever rupee falls against US dollar, petrol prices in India will increase and vice versa.
2. Central government tax on Petrol: One of the domestic factors that affect petrol price in Patna is the excise duty levied by the central government on petrol. Currently, the government charges an excise duty of Rs.19.48 per litre of petrol. The rate remains same across states.

1. Bihar state tax on Petrol: Bihar state government charges 24.64% value-added tax (VAT) on every litre of petrol sold in Patna. Whenever there is a revision in state taxes, petrol rate will be adjusted accordingly.

1. Profit margins of oil companies: The profit margins of oil companies affect petrol price in Patna but not on a daily basis. It is one of the components that make-up petrol price in the city.

1. Dealer's commission: The refined petrol will be purchased by petrol dealers from the oil companies. The dealers add their own costs such as oil transportation cost, station maintenance cost, etc., in the form of dealers commission to the cost price of petrol. The commission is usually decided by the Indian oil companies and will be revised once every year. Whenever there is a revision of commission petrol price will get 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.