CreditMantri Finserve Private Limited
4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
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 Ghaziabad
05 July 2020
Current Petrol Per Liter
₹ 80.93 /L
₹ 0.00 /L
₹ 0.04 /L
₹ 80.89 /L
₹ 0.18 /L
₹ 80.71 /L
₹ 0.17 /L
₹ 80.54 /L
₹ 8.66 /L
₹ 71.88 /L
₹ -9.05 /L
Often referred to as the gateway to Uttar Pradesh (UP) because of its proximity to Delhi border, Ghaziabad is known for being the most well planned and developed industrial city in the state. It is also the commercial hub of the state. The Hindon River divides the city into two parts – east and west.
Transport infrastructure in Ghaziabad
Ghaziabad is connected by air to the rest of the world via the Indira Gandhi International Airport (IGIA). It serves as a pit stop to more than 100 rail routes facilitating engine change and servicing. Being a planned city, Ghaziabad has a good network of roadways connecting not just areas within the city but also surrounding cities and towns.
One of the major factors affecting the price of petrol in the city of Ghaziabad is the growing demand. The city is an industrial and commercial hub within the state of UP and immigrants from all over the country converge in search of not only employment but also training. As more and more people flock to the city, the demand transportation is inevitable. This increased demand pushes up the price of petrol.
Pricing for any product is determined by the forces of demand and supply. However, these are not the only factors that impact price. Let us take a look at other factors that impact the price of petrol in India.
The retail selling price (RSP) of petrol is computed based on import parity and export parity. Currently this ratio stands at 80:20. Put simply this means that the price of petrol is comprised of 80% import parity and 20% export parity.
Import parity is what importers pay to import crude oil. This includes the cost of shipping, insurance, custom duties, dock charges and transportation to depot.
Export Parity is the price that oil companies receive for on boarding petroleum and petroleum products onto the ship for export. This comprises of cost of refining and transportation to dock. It may also include dock charges.
Experts opine that this is not a fair basis of price computation – particularly after decontrol of petroleum in 2010. They claim that pricing should be based on cost + profit and determined by market forces.
The retail selling price (RSP) of petrol is computed based on import parity and export parity. Put simply this means that the retail price – the price per litre you pay to buy petrol - is determined by the ratio of crude oil imported to that of crude oil exported. Currently the ratio stands at 80:20 which means 80% Import parity and 20% export parity.
Import parity is the price that the importers of crude oil pay for having crude oil in their depots. It comprises of the price of crude oil, the ocean freight, shipping insurance, custom duties, and dock charges. It also includes transportation from the dock to the depot.
Export Parity Price (EPP) is the price that oil companies receive for petroleum products. It includes the free on boarding price – which comprises of ocean freight, freight insurance, custom duties, and dock charges – as well as the advance license benefit for duty free import of crude oil.
Critics argue against this method claiming that since the de-control of petrol price in 2010, the prices should be based on market forces of demand and supply as well as pricing structure of those involved in the production of petrol. This includes refineries, petrol retailers, logistics companies, and others. The pricing according to those against the parity system should be based on cost + profit margin.
Listed below are the various components of petrol prices -
International price of crude oil:
Natural forces of demand and supply operate in the international market as well as in local markets. Crude oil is a natural resource and as such a scarce commodity. Control lies in the hands of a few countries. Therefore there is a high fluctuation in the price of crude oil.
Currency Exchange Rate:
Crude oil prices are quoted in the international currency – the American dollar. The value of the rupee against the dollar therefore impacts the price of crude oil and consequently the price of petrol.
Both central and state taxes are levied on petrol. These add to the price of the fuel.
Custom duty is the tax levied on importing crude oil and Dock charges are the charges that importers pay to use docking facilities.
Refineries Administrative Cost
Importers transfer crude oil to refineries for processing. Owners of refineries add their own cost of running office and refining the oil to the price.
Dealer’s commission is the amount paid by the OMC to the pump owner for running the retail outlet.
As in the rest of the country, the petrol price in Ghaziabad is highly volatile. The following table shows the trend in September 2018.
Earlier prices of petrol were computed every fortnight all over the country. Government owned companies like IOL and HPCL followed this fortnightly pricing model. Every alternate week, the factors that impact the price of petrol were added up to determine the per litre cost of the fuel. Petrol was then sold to retailers and distributors at this new price. Since 2016, the government has adopted the dynamic pricing model under which the price computation is done on a daily basis. Each oil company is required to declare the newly computed price of petrol on its website at 6 AM every day.
This model was adopted to pass on the benefit or loss due to fluctuation in the price of crude oil to the end user immediately. The new model has also brought about transparency in the pricing discouraging malpractices such as hoarding and hidden costs. You can determine the daily price of petrol either on the internet or through one of the following channels -
1) Mobile Application : Most oil companies have their own mobile app so if you favour one or the other, simply download the app on your Android, iOS, or Windows phone and check the price in the app.
2) SMS Services : Send an SMS to the designated number of your favourite oil company – type in RSP Dealer Code – to get the latest price as an SMS on your phone. Dealer codes are prominently displayed at all pumping stations. If you cannot find it, just ask.
3) Online Portals : As mentioned earlier, every oil company posts the price of petrol on their website every day at 6 AM. You can simply visit the official website of any company to see the petrol price per litre for the day.
Note: Petrol prices may vary slightly from company to company and dealer to dealer because of varying commissions and profit margins.
The dynamic fuel pricing method has certain distinct advantages –
1. The model passes on any benefit of reduction in the price of crude oil to the end user immediately.
2. The model brings complete transparency in the pricing of petrol and petroleum products.
3. The model discourages malpractices such as hoarding and hidden costing.
4. It has curbed the speculation with respect to oil and petrol prices.
5. The new dynamic model brings relief to the oil companies as the burden of increase in price of crude oil is immediately passed on to the consumer.
GST and petrol prices in Coimbatore
India has yet to impose GST on petroleum products. Experts are of the opinion that levying GST will bring further uniformity in the pricing across the country since petrol will then not be subject to varying state taxes and VAT.
Diesel prices in Coimbatore
Similar to petrol, fluctuations in the price of crude oil also impact the price of diesel. Both price of petrol as well as that of diesel have shown an upward trend in recent times.
Cash backs on fuel cards
Customers experience some relief as they can avail cash back on fuel cards offered by several banks in India – both from the public as well as the private sector. This rebate comes in the form of waiver of surcharge applied on the per litre price of petrol. The percentage of rebate varies from bank to bank but generally falls within the range of 2.5 to 5%. Since the offers are at the sole discretion of the banks they are subject to change without notice.
Here are some ways in which you can save on petrol expenses -
Use of Public Transport:
Most Indian cities have a well-developed public transport system. There is also a network of busses and trains that ply from one city to another and one state to another. Using these facilities is much less expensive than using your own vehicle. It is also less exhausting.
Compressed Natural Gas (CNG) is a less expensive alternative to petrol. Not all vehicles can run on CNG so when you decide to make a purchase, consider the cost of fuel along with other factors.
Drive at moderate speed:
The faster you drive the more petrol your car – or other vehicle – will burn. Not only is this an expensive exercise it is disruptive and dangerous too not to mention the possibility of spending a night or two behind bars. It is advisable to drive at a sedate and safe pace.
If you and your neighbour travel to the same location for work why not alternate vehicles? It will give you companionship during the drive and save you pretty penny as well. If time co-ordination is a problem, just hop on to one of the app based shuttles – it will definitely work out cheaper since you split the cost with co-passengers.
(1) Do we have Dynamic Fuel Pricing Mechanism in Coimbatore?
Yes. Like the rest of the country, Coimbatore too follows the dynamic pricing model to determine the price of petrol.
(2) What is the best way through which I can check the daily rates of petrol?
Oil marketing companies flash the daily price of petrol on their respective apps and website. You can also send an SMS to the designated number of any oil marketing company to get the per litre price of petrol.
(3) Why do petrol prices vary from country to country when the price of crude oil sold by OPEC is the same?
(4) Why is petrol costlier than diesel?
The Indian Government offers better subsidy on diesel in an effort to uplift the lower strata of society. It is for this reason that the price of diesel is comparatively less than that of petrol although both are made from crude oil.
Highest Rate in July
Lowest Rate in July
Over all performance
Highest Rate in June
Lowest Rate in June
Get low interest loans & Lifetime FREE credit cards
Get customized Credit Health Report
Improve your creditworthiness
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.