Petrol Price in Punjab

The petrol rate Punjab is determined by using the below-mentioned formula: 

RSP= Cost of crude oil (including freights) + Refinery Transfer Price + OMCs' profit margin + the central excise + VAT + commission charged by dealers + pollution cess 

More than 80% of India’s crude requirements are imported. COB is the cost that is incurred by oil marketing companies in India. COB includes freight charges as weel, Apart from COB, Refinery Transfer Price (RTP) is also incurred by oil marketing companies. Refineries charge RTO to convert petrol from crude oil. A certain charge is also levied by pump owners to supply petrol. 

Elements Impacting Petrol Prices in Punjab 

Some of the factors that affect petrol prices in Punjab are mentioned below: 

1. Crude oil cost. 
2. Dealers price. 
3. Commission for dealers. 
4. Central excise duty. 
5. Demand for fuel. 
6. Local taxes. 
7. Value of the rupee against the dollar. 

How are Petrol Prices in Punjab Responding to GST? 

Since 1 July 2017, Good and Services Tax (GST) is the only tax that is levied in India. However, petrol does not fall under GST. Hence, no GST will be levied in case petrol is purchased. 

Diesel Rate vs. Petrol Rates in Punjab 

Like petrol, diesel prices are also revised by oil marketing companies on a daily basis. Currently, a litre of petrol in Punjab costs Rs.96.18, while a litre of diesel costs Rs.84.25. Petrol and diesel prices in the state have not been changed since June 2022. 

*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.