Petrol Price in Punjab

Petrol Price In Punjab

• Today’s Petrol price in Punjab is ... per litre.

The trend of Petrol Price in Punjab for February 2022 (rates per litre):

Parameters	Rates/litre
1st February	Rs. 83.07
28th February	Rs. 87.71
Highest Rate in February	Rs. 87.71 on 27th and 28th February
Lowest Rate in February	Rs. 83.07 on 1st, 2nd, and 3rd February
Overall Performance	Rising
Percentage Change	5.59%

Monthly Petrol Price Trend in Punjab for February 2022:

• In Punjab, the petrol price began at Rs.83.07 per litre. When correlated to the fuel’s end-of-month rate for January, there was no change in the price.
• Petrol price in Punjab varied in the state over the month. It recorded its highest price for the month on 27th February when it attained the price of Rs.87.71/litre. The lowest price was reported on 3rd February when a litre of petrol was selling at the rate of Rs. 83.07.
• The fuel’s overall performance observed an inclining course in Punjab, with the percentage difference observing an incline of 5.59%.

The trend of Petrol Price in Punjab for January 2021 (rates per litre):

• In Punjab, the petrol price began at Rs. 79.28 per litre. When correlated to the fuel’s end-of-month rate for December, there was no change in the price.
• Petrol price in Punjab varied in the state over the month. It recorded its highest rate for the month on 28th January, when it attained the price of Rs. 83.07/litre. The lowest price was reported on 1st January when a litre of petrol was selling at the rate of Rs. 79.28.
• Petrol’s overall performance observed an inclining course in Punjab, with the percentage difference observing an incline of 6.56%.

The trend of Petrol Price in Punjab for December 2021 (rates per litre):

Parameters	Rates/litre
1st December	Rs.79.28
31st December	Rs.80.55
Highest Rate in December	Rs.80.59 on 7th, 8th, 12th through 28th December
Lowest Rate in December	Rs.79.28 on 1st December
Overall Performance	Incline
Percentage Change	1.61%

Monthly Petrol Price Trend in Punjab for December 2021:

• In Punjab, the petrol price began at Rs. 79.28 per litre. When correlated to the fuel’s end-of-month rate for November, there was no change in the price.
• Petrol price in Punjab wavered in the state over the month. It recorded its highest price for the month on 15th December, when it attained the price of Rs. 80.59/litre. The lowest price was reported on 1st December when a litre of petrol was selling at the rate of Rs. 79.28.
• The fuel’s overall performance observed an inclining course in Punjab, with the percentage difference observing an incline of 1.61%.

The trend of Petrol Price in Punjab for November 2021 (rates per litre):

Parameters	Rates/litre
1st November	Rs.78.26
30th November	Rs.79.28
Highest Rate in November	Rs.79.28 on 29th and 30th November
Lowest Rate in November	Rs.77.99 between 5th to 19th November
Overall Performance	Incline
Percentage Change	+1.43%

Monthly Petrol Price Trend in Punjab for November 2021:

• In Punjab, the petrol price began at Rs. 78.26 per litre. When correlated to the fuel’s end-of-month rate for October, there was no change in the price.
• Petrol price in Punjab wavered in the state over the month. It recorded its highest price for the month on 2nd November when it attained the price of Rs. 79.28/litre. The lowest price was reported on 5th November when a litre of petrol was selling at the rate of Rs. 77.99.
• The fuel’s overall performance observed an inclining course in Punjab, with the percentage difference observing an incline of 1.43%.

The trend of Petrol Price in Punjab for October 2021 (rates per litre):

Monthly Petrol Price Trend in Punjab for October 2021:

• The month of October opened with the price of petrol being traded at the rate of Rs.79.02 per litre in Punjab. There was no change in the price till the 3rd of October.
• Over the month, the price of petrol witnessed variations in the state of Punjab. The fuel recorded its lowest prices on 21st October, wherein it stood at the price of Rs. 78.26 per litre.
• The petrol price in Punjab closed the month of October, being sold at the price of Rs. 78.26 per litre. This was also the fuel’s highest price during the month and was recorded on 1st October. There was a declining trend in the fuel’s overall performance, with the percentage change being -0.07%.

The trend of Petrol Price in Punjab for September 2021 (rates per litre) :

Parameters	Rates/litre
1st September	Rs.79.02
30th September	Rs.77.99
Highest Rate in September	Rs.79.02
Lowest Rate in September	Rs.77.99
Overall Performance	Decline
Percentage Change	-1.30%

Monthly Petrol Price Trend in Punjab for September 2021:

• Petrol opened the month of September at Rs. 79.02 per litre in Punjab. The fuel price was up by 0 paise compared to the closing price of August.
• Having recorded its highest price for the month on an opening day, petrol rates fluctuated in the state over the opening week. The price of petrol didn’t slip after that.
• Petrol price in Punjab closed the month of September at Rs.77.99 per litre, which was the highest recorded price of the fuel for the month. Petrol’s overall performance witnessed a declining trend, with the percentage change standing at -1.30%.

Petrol Rate in Punjab

The mean petrol price in Punjab following the lowering of the central excise was Rs.68.54 per litre. The highest charge that lately charged was Rs.71.02. In September 2017, Punjab’s petrol prices increased by 1.98%. In August 2017, they quickened by 5.41% and by July 2017, that increase was 3.32%. On the first day of June, the petrol price was Rs. 67.22, which later reduced to Rs. 63.51 on the month’s last day. In May 2017, prices were relatively steady throughout the state that month.

How Frequently is Petrol Price in Punjab Reviewed?

The review is occurring daily by proposing a new fuel-pricing practice called dynamic fuel pricing or daily revision. The central government implemented the new pricing method to make fuel-pricing more honest from the consumers’ viewpoint. The contrast between the former and prevailing pricing systems is the rate of revision.

Petrol Costs in Punjab and the Other states

Petrol prices cannot be identical over the country. For instance, in Maharashtra, the local government’s tax on petrol is relatively high compared to other states. The average rates of petrol per litre were Rs. 68.54, Rs. 68.40, Rs. 70.89, and Rs. 71.71 in Punjab, New Delhi, Tamil Nadu, Ind West Bengal. New Delhi offers the lowest rate. The highest rate is being offered by Maharashtra, succeeded by Tamil Nadu.

Steps to Compute Petrol Prices in Punjab

The prevailing petrol price in Punjab is evaluated using the following formula:

• RSP= Price of crude oil (includes freights) + the primary excise + Refinery Transfer Price + OMCs’ profit margin + commission charged by merchants + VAT + pollution cess.
• Over 80% of India’s crude oil is imported from overseas oil-producing countries. Domestic production only serves the remaining 20%. The expense acquired by Indian oil retailing companies to buy crude oil is called COB (including freight charges). Oil marketing corporations also acquire the refinery transfer price (RTP), refineries charging crude oil into petrol.
• Pump owners also charge a particular percentage of profit margin for providing petrol. This may differ within the towns of Punjab. The share imposed by petrol bunks, which are more proximate to supply stations, is smaller than that of petrol pumps far from supply stations. Among all Indian states, the central excise duty imposed on petrol is identical, but VAT changes from one state to another. As of 1 September 2017, the state government of Punjab taxes petrol by 36.04%.

Factors Affecting Petrol Prices in Punjab

• Petrol rates in Punjab are regulated by the value of crude oil, which is traded internationally. It is impacted by:
  • The variations in the currency conversion valuation, 
  • Excise duty, 
  • Customs duty, and 
  • VAT. 
• Likewise, crude oil’s purchasing price is influenced by the following:
  • Weather and seasons changes, 
  • The equation of supply and demand, 
  • The percentage of resources and supplies, 
  • Need for crude oil from developing nations like India, and
  • National political events.
• The tax factor can be domestically governed, but The government cannot control other components like the transfer rate and crude oil prices.

How are Petrol Prices in Punjab Reacting to GST?

There is no other tax form except the GST in India. The Goods and Services Tax is in the system since 1 July 2017. It applies to all sorts of goods and services negotiated throughout the country, except petroleum derivatives like petrol, diesel, petroleum jelly, etc. As of now, petrol is not taxed under the administration of GST. Hence, petrol rates are not influenced by the existing tax slabs. The complete oil and natural gas enterprise has been kept outside the GST purview in a more comprehensive picture.

Diesel Rate vs Petrol Rates in Punjab

As mentioned earlier, the mean rate of petrol per litre in all ut areas was Rs. 68.54. According to the latest data, diesel’s mean price was Rs. 57.73 on 11 October 2017. The disparity between the 2 fuels does not vary much compared to other states such as Maharashtra, Kerala, Tamil Nadu, and Rajasthan. The prevailing petrol price is leading in an upward direction.

To know about the Petrol prices of other States and Union territories, please visit the Dialabank website.

News Snippet

Major hike in petrol prices in the cities of Punjab in recent months

Since the onset of FY21, the petrol prices have not seen any upward threshold. They are continuously rising daily, and as of 11th March, the petrol price in Punjab has risen to Rs. 87.71.45/litre. Its overall performance is termed as rising at a rate of 0.12%.

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