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The country’s major public sector oil marketing companies (OMCs)—Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have officially announced the latest retail prices of petrol and diesel today at 6 am on October 15. This list, released after daily review of fluctuations in crude oil prices in the international market and domestic currency exchange rates, has seen stability in fuel prices in most of the metros and states today. A transparent system of revising retail fuel rates based on international benchmarks every day at 6 am is in place in India. In the midst of the festive season, when the general public is busy in preparing for the markets and long distance travel due to Dussehra, Karva Chauth and the upcoming Diwali-Chhath, the stable prices of petrol and diesel is a sign of relief for middle class families, daily drivers and freight traders. However, due to differences in local value added tax (VAT) and local transport (freight) charges applicable in different states, consumers have to pay different prices for petrol and diesel in different cities of the country.
Talking about the four major metros of the country, the prices of petrol and diesel in the national capital New Delhi remain stable at their old levels. Today in New Delhi, petrol is being sold at ₹ 102.12 per liter and diesel at ₹ 95.20 per liter. In Mumbai, the country’s financial capital, fuel prices are always on top due to relatively high local tax and cess rates. In Mumbai today, consumers have to pay ₹ 111.21 for 1 liter petrol and ₹ 97.83 for diesel. In Kolkata, the major center of Eastern India, the price of petrol has been recorded at ₹ 113.51 per liter and diesel at ₹ 99.82 per liter. At the same time, in Chennai, the largest metropolis of South India, the price of petrol remains around ₹ 100.85 per liter and diesel around ₹ 92.45 per liter. This difference in prices across the four metros directly depends on the VAT slab charged by the respective state governments and the transportation distance from the refinery to the depot.
Today is a day of relief for the consumers of Uttar Pradesh. Today in the state capital Lucknow, the price of petrol remains stable at ₹ 101.86 per liter and diesel at ₹ 95.36 per liter. Today, the same standard rates are applicable on petrol pumps in all areas of Lucknow like Hazratganj, Gomti Nagar, Aliganj, Indiranagar and Alambagh. Today in Gautam Buddha Nagar (Noida and Greater Noida) adjacent to the National Capital Region, petrol is being sold at ₹ 101.96 per liter and diesel at ₹ 95.01 per liter. In Kanpur, the state’s major industrial city, the price of petrol has been recorded at ₹ 101.75 and diesel at ₹ 95.25 per liter. In Sangam city Prayagraj, petrol is being sold at ₹ 102.30 and diesel at ₹ 95.80 per liter, while in the religious and cultural capital Varanasi, petrol is being sold at around ₹ 102.45 and diesel at around ₹ 95.95 per liter. In Ghaziabad in western Uttar Pradesh, petrol is stable at ₹101.88 and diesel at ₹94.95 per litre. Despite uniformity of state level VAT across Uttar Pradesh, there is a slight difference of some amount at the district level due to dealers commission and freight logistics.
International crude oil prices and the exchange rate of the Indian rupee against the US dollar play the biggest role in determining the direction of petrol and diesel prices in the domestic market. In the international energy market, the price of Brent crude oil is currently trading in a limited range of $ 75 to 78 per barrel, while the US West Texas Intermediate (WTI) crude is hovering around $ 71 to 74 per barrel. Despite ongoing geopolitical tensions in West Asia (Middle East) and uncertainties over the safety of merchant ships in the Red Sea route, a slowdown in global demand has kept oil prices in a tight range. On the other hand, due to the strength of the dollar index, there is pressure on the Indian rupee, due to which buying crude oil becomes expensive for an import-dependent economy like India. India imports more than 85 percent of its total crude oil requirement from abroad. In such a situation, without a big fall in international prices and strengthening of the exchange rate, domestic oil companies are avoiding making big unilateral cuts in retail prices.
When a common consumer pays more than ₹ 100 per liter at a petrol pump, a natural question arises in his mind as to what share the government and oil companies have in this huge price. In fact, the actual base price of petrol and diesel and refinery processing cost is only 45 to 50 percent of the total price. The remaining more than 50 percent is collected through indirect taxes from the Center and the states. First of all, after petrol is prepared from international crude oil, the Central Government imposes Central Excise Duty on it. After this, oil dealers’ commission is added, which currently works out to be around ₹3.75 to ₹4.00 per liter on petrol and around ₹2.50 to ₹2.70 per liter on diesel. On top of this, the respective state governments collect huge value added tax i.e. VAT and cess. Since petroleum products are currently outside the scope of the Goods and Services Tax (GST), state governments are free to set VAT as per their wish to bridge their revenue deficit. This is the reason why in states where VAT rates are high (like Maharashtra, Rajasthan, Telangana, Andhra Pradesh and West Bengal), oil prices cross ₹ 110, whereas in low tax states and union territories it is much cheaper.
In this era of Digital India, there is no need to go to the petrol pump or wait for the morning newspaper to know the latest prices of petrol and diesel. All three major government oil marketing companies of the country provide their consumers instant facility to check real-time rates through SMS and online portal. If you are a customer of Indian Oil (IOCL), then go to the message box of your mobile and type RSP Dealer Code and it 9224992249 Send it to. Within a few seconds, you will get today’s exact rate of your nearest pump on message. If you fill oil from Bharat Petroleum (BPCL) petrol pump, then from your phone RSP Dealer Code by writing 9223112222 Send to. At the same time, to know the rates of Hindustan Petroleum (HPCL). HPPRICE Dealer Code by writing 9222201122 You will have to send SMS. Every petrol pump has a unique 6 digit dealer code, which is displayed in big letters at every pump premises or you can also get it from the official website of the concerned company. Apart from this, by downloading official mobile apps like IOCL’s ‘IndianOil ONE’ and BPCL’s ‘Hello BPCL’, today’s latest prices can be easily seen based on live GPS location.