Petrol Price In Surat Today

Petrol Rate in Surat: 

Find the current petrol rate and factors affecting petrol prices in Surat. Mentioned in the tables below is the petrol price trend every month: 

Trend of Petrol Price in Surat for October 2024 (rates per litre) 

Monthly Petrol Price Trend in Surat for October 2024  

1. Petrol prices opened the month of October standing at the rate of Rs.94.29 per litre in Surat. When compared to the closing rates of the previous week, there were no changes in the price of the fuel.  

1. The price of the fuel was stable and witnessed no fluctuations during the month of October in Surat.  

1. In Surat, the last week of October closed with the price of the fuel standing at the rate of Rs.94.29 per litre. Over the week, the fuel prices displayed a stability in its overall performance in Surat. 

Trend of Petrol Price in Surat for September 2024 (rates per litre) 

Monthly Petrol Price Trend in Surat for September 2024  

1. Petrol prices opened the month of September standing at the rate of Rs.94.29 per litre in Surat. When compared to the closing rates of the previous week, there were no changes in the price of the fuel.  

1. The price of the fuel was stable and witnessed no fluctuations during the month of September in Surat.  

1. In Surat, the last week of September closed with the price of the fuel standing at the rate of Rs.94.29 per litre. Over the week, the fuel prices displayed a stability in its overall performance in Surat. 

Trend of Petrol Price in Surat for August 2024 (rates per litre) 

Monthly Petrol Price Trend in August for August 2024  

1. Petrol prices opened the month of August standing at the rate of Rs.94.29 per litre in Surat. When compared to the closing rates of the previous week, there were no changes in the price of the fuel.  

1. The price of the fuel was stable and witnessed no fluctuations during the month of August in Surat.  

1. In Surat, the last week of August closed with the price of the fuel standing at the rate of Rs.94.29 per litre. Over the week, the fuel prices displayed a stability in its overall performance in Surat. 

Quarterly Petrol Price in Surat between July 2024 and September 2024 

Quarterly Petrol Price in Surat between April 2024 and June 2024 

1. On 1 April, the price of petrol in Surat was Rs.94.29 for a litre. Petrol prices remained the same throughout the month in the city.  

1. In May, the price for a litre of petrol in Surat was Rs.94.29. Petrol rates remained the same throughout May in the city.  

1. On 1 June, the price of petrol in Surat was Rs.94.29 for a litre. Petrol prices remained the same throughout the month in the city. 

About Petrol 

Petrol is one of the widely used fuel oils in India. Popular for its efficiency and mileage, the petroleum distillate is used to power motor vehicles and equipment installed with petrol engines or compression-ignition engines. 

The fortnightly-based revision has now been replaced by the daily revision since 16th June 2017. All petrol outlets in the city will update fuel prices on a day-to-day basis. 

Factors Affecting the Prices of Petrol in India 

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

1. Crude Oil Prices in the Global Markets 
2. Demand 
3. Seasonal Changes 
4. Value of the Rupee against the Dollar 

Analysis of Petrol Price in Surat

On 1 January 2018, petrol rate was Rs.69.23 per litre. The closing price was up Rs.3.03 to Rs.72.26 per litre. On 1 February 2018, the fuel was valued at Rs.72.39 per litre. The closing rate this month was down Rs.1.53 to Rs.70.86 per litre. For March 2018, the opening and closing date prices stood at Rs.70.99 per litre and Rs.72.45 per litre. In April 2018, petrol price in Surat was up 80 paise. Over the last four months, the highest price was reported at Rs.73.74 per litre and the lowest price at Rs.69.23 per litre. So far this year, the fuel has gained its price by Rs.3.90 per litre in the city of Surat. It is a big difference unquestionably.

Dynamic Fuel Pricing

Prices are revised every day because of the introduction of dynamic fuel pricing in our country. Under this model, state-run oil brands such as Hindustan Petroleum, Indian Oil and Bharat Petroleum will consider the performance of the USD/INR exchange rate and crude oil. For instance, if there is a fall in crude oil rates today, fuel rates will be adjusted accordingly tomorrow. 

Dynamic fuel pricing is useful to: 

1. Solve the existing problems and make fuel pricing transparent. 
2. Reduce the quantum of working capital needed to maintain day-to-day business activities. 
3. Fully computerised oil stations to minimise time required to revise fuel prices regularly. 
4. Interlink our fuel industry to overseas crude oil markets. 

Trace Today's Petrol Price in Surat via mobile applications

We use several types of mobile applications. Fuel consumers have three mobile applications designed by HPCL, BPCL and IOCL. Indian Oil company offers Fuel@IOC, a mobile applications designed for its customers to trace today's petrol rate in Surat. Likewise, SmartDrive, a mobile application offered by BPCL, provides the same features. My HPCL, a mobile application developed by Hindustan Petroleum, also offers significant benefits to its users.

Computation of retail selling price of petrol in Surat

Petrol price in Surat = excise duty + VAT + crude oil expenses + commission

The Central Government collects excise duty on petrol and diesel. As of early May 2018, excise duty on petrol was Rs.19.48 per litre. On diesel, it was Rs.15.33 per litre. The government will impose excise duty universally. It can be changed based on current circumstances. We have discussed about Value-added Tax (VAT) in the previous section.

Crude oil is priced in international markets. Moreover, the crude oil produced in India is sold at international prices. The pricing of crude oil depends on many elements such as political conditions, production cuts, weather reports, etc. On 20 May 2018, the cost of a barrel of crude oil was $73. When converted into Indian rupees, the cost of a litre of crude oil worked out to be Rs.31.

Factors Impacting Fuel Prices in Surat

Opposition party leaders have started criticising the Central Government that has not declined excise duty recently. If the government decides to reduce excise duty, fuel rates in Surat will be reset accordingly. To make it clear, if the government drops excise duty by Rs.2 per litre, petrol price will fall by Rs.2 per litre. VAT was decreased in October 2017 in Gujarat. Put simply, variations in VAT and excise duty will directly affect fuel rates.

Crude oil is bought from overseas markets. It has to be priced in dollars. Therefore, the exchange rate is taken into consideration. The dollar and petrol rates have an inverse relationship. If the USD/INR exchange rate drops, fuel rates will proportionally increase. On the flipside, if the USD/INR exchange rate appreciates, oil marketing companies will decrease fuel rates. Crude oil prices also impact directly. If WTI and Brent crude oil prices drop, fuel rates will drop. If Brent and WTI crude oil prices increase, fuel rates are increased by fuel companies.

Impact of GST on Current Petrol Price in Surat

Goods and Services Tax (GST) is a multi-phase indirect tax, which was implemented in 2017. It is not applicable to petrol and diesel. So, the pricing of petrol is not affected by GST in India. Other commodities have been taxed at 18%, 12%, 5% and 28% respectively. Fuel consumers will pay excise duty and VAT currently. If the GST Committee accepts the proposal of implementing GST on petrol, the current tax slabs have to be replaced by GST. In that case, petrol rates in Surat will be cheaper. Thus, the government will incur losses.

*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.