Petrol Price in Bihar Today: Dec 26 2024
The Petrol Price in Bihar today is ...
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Last 10 days Petrol Rate in Bihar
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Petrol Price in All Cities of Bihar Today
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State-wise Petrol Prices
Petrol Prices in Major Cities
Petrol price in Bihar
From the introduction of a new fuel pricing approach to the recently announced Union Budget 2018-2019, the fuel retailing industry in India has seen several changes in 2017. This page aims to provide you with in-depth information about recent developments, and its target audience will be petrol users in the Indian state of Bihar..
How Frequently are Petrol Price in Bihar Reviewed?
Under the dynamic fuel pricing approach, fuel prices, including petrol and diesel, are updated daily. On June 16, 2017, India proposed replacing the previous fortnightly-based fuel revision system with dynamic fuel pricing. All publicly-held oil marketing firms in Bihar, including Hindustan Petroleum, Bharat Petroleum, Indian Oil, and Shell Oil, will adjust fuel prices in accordance with the currency conversion rate and the global crude oil purchase price.
Procedure to Compute Petrol Prices in Bihar
There is no science involved in computing the petrol price in Bihar. It is assessed by adding the following cost elements:
- Cost of Crude Oil : The spot rate of standard unrefined oil refers to the cost of crude oil, or the cost of unrefined oil. There are many brands of crude oil. WTI, which stands for West Texas Intermediate, OPEC, and Brent Crude Oil are the most prevalent. India is currently importing crude oil at a price of $65-$67 per barrel.
- OMC Expenditures : Oil marketing firms (OMCs) spend a lot of money. They import crude oil from countries that produce it. The crude oil was then transported to refineries, which used the refinery transfer price to convert the crude oil into usable fuel. Entry taxes, freight charges, landing costs, and other overheads are also incurred by OMCs.
- VAT and Custom Duties : The Value-Added Tax (VAT) is a state tax levied on gasoline by the Bihar State Government. It was 26% as of October 4th, 2017. The central levy on petrol was reduced to 15.34 per litre in the Union Budget 2018, which was introduced in the first week of February 2018.
Elements Impacting Petrol Prices in Bihar
When the Indian currency depreciates against the US dollar, crude oil prices rise in international markets, the Central Government lowers customs duties, and the State Government lowers the value-added tax, the petrol rate in Bihar is expected to rise (VAT). On the other hand, it is expected to fall if the US dollar depreciates against the Indian rupee, crude oil prices fall in global markets, the Central Government accelerates customs duties, and the State Government increases the Value-Added Tax (VAT).
How are Petrol Prices in Bihar Responding to GST?
The Goods and Services Tax (GST), an indirect tax, has taken the place of a number of different taxes in the country. The Central Government passed it in March 2017, but it only became operational in July 2017. The GST is also known as a “holistic taxation platform” because it taxes all types of goods and services except gasoline, petroleum derivatives, and diesel. The Central Government would lose money if gasoline were to be included in the GST. The opposition party wants to tax gasoline at GST rates, but it’s up to the GST Council to decide whether or not to include it in the tax system.
News Snippets
Petrol prices increased by 28 paise in the national capital on 6 December
On December 6, 2020, OMCs increased the price of petrol in all Indian metros. Petrol prices in Delhi have been raised by 28 paise. Petrol prices in all metros have been raised for the fifth day in a row. Because of the VAT, the price of gasoline varies by state. On a daily basis, OMCs adjust the price of gasoline. Following the hike, a litre of petrol costs Rs.83.41, Rs.90.05, Rs.84.31, and Rs.82.79 in Delhi, Mumbai, Chennai, and Kolkata, respectively. Because India imports more than 80% of its crude, the value of the rupee against the dollar and the price of crude oil on foreign markets determine petrol prices in the country.
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Petrol and diesel prices hold steady in the country
The price of gasoline and diesel in the country’s metro cities remained unchanged on July 10th, with no signs of a rise. After being raised by 5 paise per litre on June 29, the price of petrol has remained unchanged for 11 days.
On July 7, diesel prices in the National Capital Region were raised by 25 paise per litre, bringing the price of the fuel to its all-time high of Rs.80.78 per litre. According to the Indian Oil Corporation, the price of petrol in the National Capital remained stable at Rs.80.43 per litre.
The price of diesel was revised and increased 22 times in June, while the price of petrol was changed and increased 21 times. Since the beginning of the cycle on June 7, the total rise in petrol and diesel prices has been Rs.9.17 and Rs.11.39, respectively. The price of diesel has been rising faster than the price of gasoline.
Fuel prices in Chennai, Bengaluru, Mumbai, and Kolkata are also unchanged. The price of diesel and petrol in the country is determined by crude oil prices and foreign exchange rates, and varies by state due to VAT.
Petrol At 90 Rupees in This Maharashtra City
Petrol and diesel prices continued to rise on Tuesday, with oil companies raising prices once more. Petrol is being sold at Rs.90.11 per litre in Parbhani, Maharashtra, setting a new national record. Petrol prices Rs.80.87 per litre in Delhi, Rs.83.75 in Kolkata, Rs.88.26 in Mumbai, and Rs.84.07 in Chennai. Diesel, on the other hand, costs Rs.72.97 per litre in Delhi, while it costs Rs.75.82, Rs.77.47, and Rs.77.15 in Kolkata, Mumbai, and Chennai, respectively. The governments of Andhra Pradesh and Rajasthan have announced that the local sales tax or VAT on gasoline and diesel will be reduced. The Centre levies Rs.19.48 on a litre of petrol and Rs.15.33 on diesel. Additionally, the respective State charge VAT on fuel. Fuel prices are fixed daily based on the global crude oil price and the exchange rate of the rupee over the US dollar. Fuel prices have been on the rise since 15 August 2018. While the petrol price has risen by Rs.3.73 per litre, diesel rates have gone up by Rs.4.25 a litre since then.
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FAQs
✅ What is the price of petrol in Patna?
Today’s Petrol price in Patna (Bihar) is Rs. 93.64 per Litre. Last change in Patna petrol price was on March 22, 2021 and it was increased by +0 rupees.
✅What is the rate of diesel in Bihar?
The price of Diesel in Bihar is at Rs 86.73 per litre Today.
✅What is the price of CNG in Bihar?
Gas Authority of India Limited (GAIL) officials claim CNG costs around Rs 63.47 per kg in Patna. The prices of diesel and petrol, on the other hand, were Rs 69.39 and Rs 75.08 per litre, respectively on Tuesday. “The cost of CNG is higher in Bihar compared to other states, owing to 26% tax imposed by the government.
