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Petrol price in India is revised every day after adapting to dynamic pricing mechanism. Get today’s latest updated petrol price in Petrol Price In Bhopal
19 June 2021
Current Petrol Per Liter
₹ 105.19 /L
₹ 0.28 /L
₹ 104.91 /L
₹ 0.00 /L
₹ 0.26 /L
₹ 104.65 /L
₹ 0.30 /L
₹ 104.35 /L
₹ 104.07 /L
₹ 103.77 /L
₹ 0.25 /L
₹ 103.52 /L
₹ 0.29 /L
₹ 103.23 /L
₹ 102.95 /L
₹ 102.67 /L
₹ 0.27 /L
₹ 102.40 /L
₹ 102.10 /L
₹ 101.83 /L
₹ 101.58 /L
₹ -3.61 /L
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.
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.
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
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
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
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
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
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
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
The aggregate of the above cost centres along with margin would determine
the per litre petrol and diesel price.
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.
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.
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.
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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