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Todays Petrol Price

05 July 2020

₹ 88.06

Current Petrol Per Liter

Petrol Prices in Metro Cities

Petrol Price In Bhopal

05 July 2020

Date

Petrol Prices

Change

  • 2020-07-05

    ₹ 88.06 /L

    ₹ 0.00 /L

  • 2020-07-03

    ₹ 88.06 /L

    ₹ 0.00 /L

  • 2020-07-02

    ₹ 88.06 /L

    ₹ 0.00 /L

  • 2020-07-01

    ₹ 88.06 /L

    ₹ 0.00 /L

  • 2020-06-30

    ₹ 88.06 /L

    ₹ 0.00 /L

  • 2020-06-29

    ₹ 88.06 /L

    ₹ 0.05 /L

  • 2020-06-28

    ₹ 88.01 /L

    ₹ 0.26 /L

  • 2020-06-27

    ₹ 87.75 /L

    ₹ 0.22 /L

  • 2020-06-26

    ₹ 87.53 /L

    ₹ 9.97 /L

  • 2020-06-25

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-24

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-23

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-22

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-21

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-20

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-19

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-18

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-17

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-16

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-15

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-14

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-13

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-12

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-11

    ₹ 77.56 /L

    ₹ 0.00 /L

  • 2020-06-10

    ₹ 77.56 /L

    ₹ -10.50 /L

Petrol price in Bhopal

Bhopal is called the ‘City of Lakes’, it is the capital city of Madhya Pradesh. It remains the largest employer in the oil and gas sector. The city is well connected and has reasonably sound public transportation system. It is the 17thlargest city in India and has seen substantial increase in registered vehicles. The population as of 2016 was recorded at 23.17 Lakh. The number of private vehicles registered in 2016 stood at 17 Lakh, this is over and above the public transport and commercial vehicles. The increase in number of vehicles have translated to increase in fuel consumption. The fuel production cannot be indigenously increased due to gross shortage in supply of raw material. Crude oil, which is the primary raw material, is imported from OPEC nations. The production cuts in crude oil along with exchange rate fluctuations (rupee depreciation), increasing petrol price across the nation.

Petrol price trend in Bhopal

The petrol price per litre in Bhopal is Rs. 84.57 as of 23 October, 2018; the price has hovered around these levels over the past 15 trading sessions. The petrol prices peaked in September 2018, the highest price recorded in the previous month was Rs. 89.37 as of 9 September 2018. The opening price as of January 2018 was 74.82, there has been an absolute rise of 13% in the petrol price over the past 10 months. The primary reason for frequent upward revision of price is due to the dynamic fuel pricing mechanism. The Government has refrained from intervening, however, when the prices peaked in September, Government provided a Rs. 2 / litre relief. Experts are of the view that the global cues continue to remain weak and the relief may be short lived. There could be a general northward trend in petrol pricing for the rest of the year.

Pricing mechanism of petrol in Bhopal

With the rest of the nation, Bhopal migrated to the dynamic fuel pricing mechanism where the oil marketing companies (OMCs) are allowed to revise petrol and diesel prices on a daily basis. The cost pressures arising due to fluctuation in crude prices and currency rates are passed on to the end user immediately under this mechanism. This pricing method is followed by most developed nations and encourages free trade economy. The Government intervention is minimal and this method brings in greater transparency in fuel pricing.

Tracking petrol prices in Bhopal

Latest petrol price in Bhopal can be tracked using online and offline methods. The OMCs website will provide daily updated price of petrol at 6 A.M everyday. The same will be aggregated by other websites and they will provide the daily price across all OMCs. There may be only a marginal difference between petrol and diesel prices among OMCs, this difference can be attributed to the brand name. The Indian OMCs have mobile applications which offer latest petrol price in Bhopal, the historical prices and latest news relating to petrol or diesel can also be viewed here. In Madhya Pradesh, fuel consumers can download SmartDrive which is the mobile application of BPCL, Fuel@ICO which is the mobile application pertaining to IOCL and My HPCL pertaining to Hindustan Petroleum for gaining access to latest petrol and diesel prices and recent reports or news. One can also use the SMS service provided by Indian OMCs to get the latest petrol and diesel price.

Components of petrol prices in Bhopal

The various components which constitute the petrol prices, there are international factors which influence the petrol price and there are local factors. Here is the list of factors that influence the petrol pricing. The list is not exhaustive and could vary based on the product variant and miscellaneous expenses.

Free on-Board Price (FOB): The price paid by the Indian oil marketing companies to purchase the crude oil from overseas dealers is termed as free on board price. It is also referred to as the sum total of crude oil price and dealer commission converted to local currency using the latest exchange rate applicable.

Customs Duty: Customs Duty is the tax imposed by the Government of India all items imported to India. The current customs duty on crude oil is 15.5% with 10% being the basic customs duty and 5% integrated goods and services tax. The custom duty is payable by Indian oil marketing companies.

Import Parity Price: Import parity price (IPP) is the combined price of import charges, duty and freight costs – this is paid by the Indian OMCs at the Indian port. The import charges are in addition to the custom duty paid to the custom authorities, the import charges are paid at the dock for other benefits availed.

Refinery Transfer Price: Refinery transfer price is the price settled by oil marketing companies to refineries for transferring the petrol to depots.

Inland Freight: Inland freight is the local transportation charge paid by oil marketing companies for transferring petrol from refineries to retail outlets. Often, the retail outlets are run by the OMCs themselves, hence it could be an inter-departmental or inter-subsidiary cost transference. The inland freight is paid by the Indian OMCs

Depot Price: Depot price is the price per litre of petrol paid by retail outlet owners to the OMCs distributing the petrol. The depot price could also be an inter-subsidiary transfer.

Import Charges: As indicated above, the import charges are different from that of customs duty. Three charges are included in import charges - insurance charges, port dues, and ocean losses. The premium which is paid to the Insurance provider for obtaining the protection is called Insurance charges. Port dues are charges paid in lieu of availing the temporary stocking or inventory facilities at the port. The ocean losses refer to the loss of commodity, in this case crude oil due to spillage or pilferage of oil. There is a provision made for the losses that may occur at the ocean during transit.

Excise Duty: This is a duty imposed by the Central Government on petrol imported. This rate would be uniform throughout the country. Currently the Excise charged is Rs. 19.48/Lt.

VAT: Value-added tax (VAT) is the tax imposed by the state Government on petrol. VAT differs across states, this leads to the price parity of petrol across States. As on October 2018, the tax rate imposed on petrol in Bhopal is 28%.

The aggregate of the above cost centres along with margin would determine the per litre petrol and diesel price.

GST (Goods and Services Tax) and petrol prices in Bhopal

GST was introduced in July 2017 to bring in uniformity in tax regime across all products and services. However, petrol and diesel have been kept out of the GST ambit. Hence, there is no direct impact of GST on the petrol prices in Bhopal. However, the ancillary services associated with marketing and distribution of petrol and diesel may incur GST, that could have a subtle and indirect impact on petrol prices in Bhopal.

Why are petrol prices and diesel prices different?

The basic raw material for both petrol and diesel is crude oil. The refining process for both petrol and diesel are starkly different. The process for petrol is more complex as compared to that of diesel, hence, there is a price differential. Further, the VAT applicable on petrol and diesel differ, the VAT on petrol is 28% and on diesel is 22%, thus creating a price differential between petrol and diesel price. The excise duty applicable on petrol and diesel are Rs. 19.48 per litre and Rs. 15.33 per litre. The per litre petrol price in Bhopal as of 23 October, 2018 is Rs. 84.57, the diesel prices applicable is Rs. 76.3 per litre.

Methods to save on petrol costs

With the increase in petrol costs, individuals are on the lookout for options which will help them reduce the outflow towards petrol. Also, there is a growing awareness on the carbon footprint due to fuel consumption, there is a need to look at ways in which one could reduce the carbon footprint to ensure environmental sustenance. Some of the methods by which one can achieve these two initiatives are mentioned below –

Carpooling – Many individuals car pool with their colleagues or friends or acquaintances to optimize on petrol usage. It not only helps save on petrol costs, but also spares them the stress of driving through the city traffic everyday. The only drawback in this arrangement is the syncing up of timings among all the parties involved.

Cab sharing – The cabs citing the need of customers to optimize on their ride charges, have started extending cab sharing service. The cab will pick up multiple individuals in the same cab and drop them off at their respective destinations. The charges of shared cab are lower than that of exclusive ride. This method eliminates the syncing of timings as required in the case of carpooling.

Alternate fuel / electric cars – While there is research on to identify alternate fuel, the electric cars have made their presence in urban cities. While they have proven to be efficient, the battery operated cars need more charging points across Surat and other cities across India. There is a need to make design and performance level changes to the model to enable it to handle the traffic congestion in cities.

Public transport – Bhopal is a well networked city with ample public transport to meet the current demand. Many cities have introduced Metro links within the city which are a convenient means to travel, especially longer distances, this is yet to make a headway to Bhopal. Metro links could elevate the status of the city and cater to a vast population of commuters within the city. At present bus and railway options should be opted by individuals, this will help them reduce the carbon foot print substantially, reduce stress levels and save petrol costs.

Frequently asked questions about petrol prices in Bhopal

1. What is the VAT and excise duty applicable on petrol and diesel in Bhopal?

VAT on petrol in Madhya Pradesh and Bhopal is 28% and on diesel it is 22%. The excise duty applicable on petrol and diesel are Rs. 19.48 per litre and Rs. 15.33 per litre.

2. Which oil marketing companies have a significant market share in Bhopal?

HP, BPCL and HPCL command a significant market share in Bhopal.

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