Petrol Price in Andhra Pradesh

Petrol Price in Andhra Pradesh Today (Dec 26 2024)

The Petrol Price in Andhra Pradesh Today is ...

Last 10 days Petrol Rate in Andhra Pradesh

Petrol Price in All Cities of Andhra Pradesh

State-wise Petrol Prices

Petrol Prices in Major Cities

Petrol Price in Andhra Pradesh:

According to a recent report, Andhra Pradesh’s income from the sale of gasoline has decreased after the Karnataka government removed the 5% entry tax at petrol stations. The difference in price per litre is Rs.6.00. In order to avoid losses, Andhra Pradesh should also eliminate entry taxes. What is the current price of gasoline in Andhra Pradesh? Let’s take a look at Andhra Pradesh’s three major cities.

How Frequently is Petrol Price in Andhra Pradesh Reviewed?

Since June 16, 2017, all petrol bunks in the state have been upgrading the price of gasoline on a daily basis. Dynamic fuel pricing refers to a system that adjusts fuel prices on a daily basis. The daily price adjustment will be based on changes in global crude oil prices as well as the exchange rate. The Indian fuel retail market will be aligned with global oil markets if the dynamic fuel pricing system is implemented. The daily revision of fuel rates is likely to benefit oil marketing companies (OMCs).

Regardless of the nature of petrol bunks, the daily revision of petrol prices in Andhra Pradesh takes place at 06:00 a.m. every day. Non-automated petrol outlets must manually reset the price, while automated petrol outlets can do so automatically. Dynamic fuel pricing facilitates the automation of gas stations and ensures that fuel prices are completely transparent. Petrol users can be affected immediately by changes in crude oil prices and currency conversion rates.

Petrol prices in Andhra Pradesh have been revised and can be easily tracked. All oil marketing companies have created mobile applications to assist consumers in getting the most up-to-date price information. These firms’ websites will be updated with the revised prices. Following the revision of gasoline prices, each gas station will display the new price. Another option is to send a text message in the format specified. Customer service is another service provided by oil marketing firms.

Petrol Price in Andhra Pradesh and the Other States

Andhra Pradesh’s capital city is Hyderabad. In October 2017, the average price of petrol was over Rs.72.00 per litre. For the previous three months, the highest rate was Rs.74.83 per litre, while the lowest rate was Rs.66.99 per litre. In September, August, and July of 2017, the price of gasoline increased. They were low in June 2017 due to the impact of dynamic fuel pricing.

Andhra Pradesh’s financial capital is Visakhapatnam. In October 2017, the city’s average petrol price was Rs.73.60 per litre. On September 1, 2017, the price of petrol was Rs.74.79. The price was Rs.70.78 on August 1, 2017. The fuel was sold for Rs.68.20 on July 1, 2017. In October 2017, the average petrol price in Visakhapatnam was less than the average price in Vijayawada and Hyderabad.

Petrol Prices in Major Cities

State-wise Prices

Procedure to Compute Petrol Prices in Andhra Pradesh

The following cost elements combine to form the Retail Selling Price (RSP) of gasoline in any state:

Cost of crude oil: Crude oil is not a domestic product, so its price fluctuates. It is imported by Indian oil marketing firms from transnational oil marketing companies. The cost of crude oil refers to the price paid by Indian oil marketing firms for unrefined oil. Because crude oil is traded on global markets, its price is often expressed in US dollars. The exchange rate and the cost of crude oil per barrel are used to calculate the cost of crude oil. The cost of crude oil would be Rs.3,250 if the exchange rate is Rs.65 and the cost of crude oil is $50. (65X50).

Taxes: The central excise duty and the state VAT are the two types of taxes that are levied on gasoline. The excise duty is imposed by the central government and remains constant throughout the country. As of 4 October 2017, the central excise tax on petrol was Rs.19.48 per litre. State governments levy taxes on gasoline as well. As of October 4, 2017, the state VAT on petrol in Andhra Pradesh was 38.93 percent. Taxes account for almost half of the retail selling price of gasoline.

Expenses incurred by OMCs: The refinery transfer price, entry taxes, marketing expenses, operational costs, and freight charges are all expenses incurred by oil marketing firms. Refineries in India charge a refinery transfer fee. The cost of crude oil includes freight charges. Oil marketing firms’ profit margin is added to the costs they incur. The commission charged by dealers is another component of the petrol price structure.

Elements Impacting Petrol Price in Andhra Pradesh

Three factors influence petrol prices in Andhra Pradesh: the cost of crude oil, the exchange rate, and taxes. The value of the Indian currency in terms of the US dollar is expressed by the INR/USD exchange rate. Changes in the exchange rate have an equal effect on the cost of crude oil, which in turn has an impact on the retail sale price of gasoline. In the foreign exchange market, the INR/USD is a widely traded currency pair. The INR/USD exchange rate is set by the Reserve Bank of India.

Interest rates and the country’s overall performance have an impact on the exchange rate. Crude oil, as we all know, is a global commodity. Many factors have an impact on it. The most common influencers include seasonal variations, weather conditions, global surpluses, and global political trends. The petrol rate increases when the tax imposed on petrol goes up. The rate decreases when the tax levied on petrol decreases.