Petrol price in Chandigarh
Chandigarh is bordered across north, west and south by the state of Punjab, and east by the state of Haryana.
It is meant to be part of the Chandigarh capital area or Greater Chandigarh, that also includes Chandigarh, and Panchkula City (in Haryana) and Kharar, Kurali, Mohali, Zirakpur City (in Punjab). The city is spread over an area of 114 sq.km and is well operated by transportation through two and four wheelers. Chandigarhs transports rely on fuel to support it’s economy and growing transportation. Petrol has become the crucial commodity due to the growing vehicle density in the city. The petrol price of Chandigarh is determined by the Global Crude or Unrefined Oil Cost, Excise Duty & Value Added Tax, Dealer Commission and Pollution Cess. Although the aforementioned calculation provides a broad understanding of Indian petrol pricing, lets take a closer look at all those.
Cost of Global Crude Oil: As stated, India buys crude oil from oil-producing countries and crude oil costs are dynamic in nature which is modified depending on multiple factors such as increased demand, supply shortages, production cuts or geopolitical conflicts. The price we purchase for one litre of petrol in Chandigarh is influenced by some of these factors. Since India purchases crude oil in US dollars, any adjustment in the exchange rate affects both the Chandigarhs petrol price and other cities across India.
VAT: Petrol prices include taxes that are paid by the federal government and the states. And also the centre charges excise duty on per litre of petrol.
Dealer’s commission: Oil refineries or fuel stations are run to store and dispense petrol to customers for which the suppliers make a profit that is included in the price of the petrol before being marketed among the fuel consumers.
Why the petrol price of Chandigarh is updated regularly?
Petrol prices are updated regularly under the current dynamic fuel pricing system. Until July 2017, petrol prices were updated every fortnight by considering the US dollar exchange rate and the average global price of crude oil. However, this process did not allow dealers to raise or decrease the price if there are any fluctuations in crude oil. To cover the loses, the new strategy was implemented to supply fuel at the crude oil price of the previous day and the global exchange rate for the US dollar. Any rise in the international price of crude oil would also raise the current price of petrol in India, and vice versa.
Ways to check the petrol rate in Chandigarh
With the latest pricing system in place, the existing price of petrol is more or less different from those of the previous day. Noticing todays petrol price in a city is very complicated; however, OMCs have established many methods for verifying the price of petrol daily.
Via Mobile Apps: Oil firms have unveiled their corresponding mobile apps for regular monitoring or reviewing of the petrol price. IOC has released the Fuel@IOC app, the SmartDrive app can be used by BPCL consumers, while HPCL has released the MY HPCL app to search the latest petrol cost in a specific area.
Via SMS: To check the petrol rate of Chandigarh via SMS, follow the details below.
IOC: SMS RSP dealer code and send it to 9224992249.
HPCL: SMS HPPRICE dealer code and send it to 9222201122.
BPCL: SMS RSP dealer code and send it to 9223112222.
Via website: In addition, fuel customers can visit the specific OMC website to find the current price of petrol of Chandigarh. Apart from this, the customers can also visit Goodreturns.in regularly to find the best and correct petrol price of all the cities including Chandigarh.
How the petrol rate is calculated in Chandigarh?
Crude oil rates, the cost of the refinery, the retailers commission, the profit margin of the OMCs, the state VAT imposed on petrol and the excise duty imposed on petrol are some of the main components which decides the retail selling price (RSP) of petrol in Chandigarh. Crude oil is traded globally in US dollars. Oil markets are influenced by international supplies, supply and demand across major countries, natural factors, and the exchange rate of the USD against global currencies. Nationally, the price of refineries varies and is the price of refining crude oil into petrol through oil manufacturing firms. A certain portion of the profit margin on a litre of fuel sold to retail distributors is then enforced by Oil Marketing Companies (OMCs). The rates charged to retail petrol dealers are then imposed by both the state and central governments. In all regions of the country including Chandigarh, the central excise duty tends to be the same, primarily in relation to the pricing model of petrol and the State Value Added Tax (VAT) framework for petroleum products differs from state to state across India.
How the petrol price in Chandigarh is revised?
In order to adjust fuel prices, India is following the dynamic fuel pricing mechanism currently in operation. Dynamic fuel pricing is a system for fuel pricing that considers fuel prices on a regular basis, relying on crude oil markets and currency exchange rates. In June 2017, after a 40-day pilot operating in five cities across India, the method was established in India. The United States of America ( USA), Australia, and Russia are other countries are also following this new mechanism for petrol pricing in order to maintain smooth cash flow, economy and transparent petrol price. Let examine a look at the major benefits of dynamic fuel pricing.
- Petrol price adjustment is undertaken every day at 06:00 a.m.
- The price of petrol will be modified automatically by all the automated filling stations.
- The price of petrol will be manually adjusted by all non-automated refuelling stations.
- Distributors can manage working capital easily.
- The mechanism allows dealers to have craftier stock or stock control
- Adjustments in crude oil prices and INR / USD rates will be immediately transferred to end-users.
By downloading the smartphone apps of oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum and Shell Oil, Chandigarhs petroleum customers can monitor the current petrol price. Or they may either go via SMS or customer support facilities. Through all those mechanisms petrol consumers of Chandigarh can easily track the correct and transparent petrol price of the city.
OMCs’ Mobile Apps To Track The Transparent Petrol Price of Chandigarh
Fuel prices in all regions of the nation are revised on a regular basis. Petrol customers in Chandigarh also face barriers to monitor the accurate and transparent petrol price of the city. Not just for petrol consumers in Chandigarh, but this problem is also faced by petrol consumers in all other cities across the country. Indias pioneering oil companies, such as Indian Oil, Bharat Petroleum and Hindustan Petroleum, have been able to keep up-to - date with the current petrol cost in Chandigarh or any other area in diverse manners for fuel users, such as SMS, smartphone applications and customer support. Through following such tactics, petrol consumers can now forget their worry about assessing the citys correct petrol price. And apart from the old concept of so-called SMS or toll-free numbers, modern petrol customers in the electronic age can browse and install the mobile apps of the related OMCs to view the latest petrol rate anytime and anywhere they want. After June 2017, Indias leading oil firms have launched the Dynamic Fuel Pricing system, which leads to a regular revision of petrol prices across all Indias states or cities. Owing to certain reasons, such as state taxes, currency volatility and more, petrol rates appear to differ on a regular basis. The smartphone apps developed by the oil companies therefore allow you to witness your city or Chandigarhs transparent petrol price. Below are the mobile applications that make you to keep a lookout without missing your pleasure with the updated and straightforward petrol price of Chandigarh.
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