Petrol Price in Palakkad Today is Rs. 80.79/Ltr : Find today's and tomorrow's Petrol Prices in Palakkad, Kerala from all Oil Marketing Companies (Indian Oil, HPCL, Bharat Petroleum). Now Petrol prices are chanaged every day. New revised prices are applicable from 6 AM in the morning. You can find lowest Petrol prices in your city Palakkad here. Scroll down for latest and historical Petrol prices in Palakkad. Or find the Petrol, Diesel prices in other cities.
Petrol price has been recently revised on 03 Jul, 2020. The new prices which includes international crude oil prices, INR-USD exchange rate and state levies, will be effective from morning 6 AM of 03 Jul, 2020.
After this revision, a litre of Petrol in Palakkad will cost Rs. 80.79/Ltr
Petrol Price in Palakkad Today is Rs. 80.79/Ltr
Petrol Rate in Palakkad for Last 10 Days
Influencing Factors for Petrol Price in Palakkad
As On June 2017, Petrol Prices In India Are Revised Daily, And ThIs Is Called The Dynamic Fuel Price Method. Petrol And Diesel Rates Are Revised At 06:00 A.m. Every Day. Before This Prices Were Revised Every Fortnight. Various Factors Impact The Price Of Fuel. These Include Rupee To US Dollar Exchange Rate, Cost Of Crude Oil, Global Cues, Demand For Fuel, And So On. When International Crude Oil Prices Gain, Prices In India Move Higher. Price Of Fuel Includes Excise Duty, Value Added Tax (VAT), And Dealer Commission. VAT Varies From State To State. After Adding Excise Duty, Dealer Commission And VAT, The Retail Selling Price Of The Petrol Gets Nearly Doubled.
The Central government raised excise duties by Rs 10 per litre on petrol and Rs 13 per litre on diesel, which will kick into effect from May 6.The increase in excise comes amid crude oil prices still remaining at relatively lower levels of $23.86 a barrel, compared to peak level prices. Officials however said that the duty increase will not lead to fuel price changes for retail consumers.
How are Fuel Prices Calculated in India
Crude Oil Prices are its lows with Prices almost reduced by over 50% from 65.93$ per Barrel in January 2020 to just 31.49$ per barrel in March 2020 and settling at 33$ per barrel on 14th March 2020
However, wondering are the Petrol and Diesel Prices in sync to fall. Answer is No as
» on 1st January 2020 - Petrol Prices were Rs 75.14 / Litre and Diesel was Rs 67.96 per Litre
» on 14th March 2020 - Petrol Prices were Rs 69.87 / Litre and Diesel was Rs 62.58 per Litre
Wondering, when International Crude Oil Prices reduced by 50% - why in India Petrol and Diesel prices not fallen by even 10%
Below is Crude Oil Cost Comparison from 3rd March to 14 March 2020
As can be seen that even after Depreciating Currency, the Crude Oil Cost is 40% lower in March 2020 than as what was in January 2020. But the Benefits are not what passed on to consumers
Petrol price is calculated on the basis of worldwide supply and demand factors. Foreign suppliers sell crude oil to Oil Marketing Companies (OMCs) in India at benchmark prices. Delivery price at the refinery and Brent crude’s daily price are considered to calculate actual cost of petrol in India.
One barrel of crude oil contains about 160 litres of oil priced in US dollars. To calculate price, US dollars are converted to Indian rupee and then divided by 160.
After buying, crude oil is transported to refineries in India. India at present has about 20 refineries. Crude oil is then separated into various products like petrol, diesel, coal tar, etc in distillation towers of these refineries. Cost of distillation and refining is added to the price of petrol. Also crude custom levy and charges from ports to the refinery is added.
Separated petrol is now ready to be stored in the storage tanks of the oil companies. Oil companies now pay to the refineries and to this added the cost of transporting petrol from refinery to OMC’s tanks. So the actual price of petrol that a consumer pays includes all the above mentioned cost plus commission of a dealer, VAT, excise duty, total duties and taxes.
Thus petrol price is the cost price that includes procuring, refining and marketing plus taxes that include central and state taxes.