Today's Petrol Price in UP (Uttar Pradesh)

The petrol stations in India can be clubbed into two categories, which include automated petrol bunks and non-automated petrol stations. Automated petrol bunks are less in number in the county and revise the petrol rate automatically. On the other hand, the revision will be done manually by non-automated petrol bunks. The price revision is done at 06:00 a.m. every day. About the next day's price, dealers will be intimated by oil marketing companies at 08:00 p.m.

Since the implementation of the daily revision, petrol prices in Uttar Pradesh have fallen substantially. The daily revision directly impacts the financial and economic health of any state. Dynamic fuel pricing is beneficial for end petrol consumers and dealers. It ensures 100% fuel pricing transparency. This is the biggest advantage of this method. Dealers can have the best stock management practices in place.

How are Petrol Prices in Uttar Pradesh Assessed?

The following cost components are added to arrive at the retail selling price of petrol in the state:

1. Cost of crude oil including freight charges
2. Refinery transfer price
3. VAT and excise duty
4. Marketing expenses
5. Expenses incurred by oil marketing companies

As on 4 October 2017, the state VAT imposed on petrol in Uttar Pradesh was 32.90%. The central excise duty levied on petrol was Rs.19.48 per litre.

Factors Influencing Petrol Prices in Uttar Pradesh

The exchange rate, the cost of crude oil, the state VAT imposed on petrol and the central excise duty impact petrol prices in Uttar Pradesh. The value of the Indian currency, which is the INR, keeps changing against the USD. The INR/USD is the most commonly traded currency pair in the foreign exchange market. The exchange rate is fixed by the Reserve Bank of India, which is also called the central bank of India. Crude oil is a global commodity and is traded in the USD. Therefore, the retail selling price of petrol is affected by the exchange rate.

The cost of crude oil rate is another major influencer. As on 25 October 2017, the cost of crude oil per barrel was $49. When the cost of crude oil goes up, the final price of petrol increases. When the cost of crude oil reduces, the retail selling price decreases. Weather conditions, seasonal variations and global reserves are a few important elements affecting the price of unrefined oil. The state VAT and the central excise also affect petrol rates in Uttar Pradesh.

GST Impact Petrol Rates in Uttar Pradesh

The Goods and Services Tax (GST) has no impact on petrol rates in Uttar Pradesh since petrol has not been brought under the purview of GST. It covers all types of goods and services that are sold within the country. GST came into effect on 1 July 2017. It is the biggest economic reform since independence. GST replaces all types of indirect taxes by offering a combined platform for Indian taxpayers. Five petroleum products including petrol have not been covered under the GST regime.

Check - Todays Gold Rate in Uttar Pradesh

*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.