Diesel Price In Udupi Today

This is absolutely a tough question to retort. The trend is based global and domestic elements. But, you can expect a marginal hike in the future. The current fuel price in Udupi is 8-9% higher than what it was 6 months ago. The excise duty and the VAT on diesel may be modified whenever required. So, comprehending the future trend is a daunting task for market watchers.

Excise Duty on Diesel in Udupi

The excise duty is one of the prime elements in the Retail Selling Price of diesel. It is charged commonly across the nation. In Udupi, the excise duty on petrol, in the month of November 2014, was Rs.9.20 a litre. In the month of August 2017, it stood at Rs.21.48 a litre. Further, the Central Government reduced it to Rs.19.48 a litre in the month of February 2018.

What Type of Fuel Pricing System is Used in Udupi Today?

Today, state-owned fuel companies such as Bharat Petroleum (BPCL), Indian Oil (IOCL) and Hindustan Petroleum (HPCL) shall be reviewing the RSP of diesel in tandem with crude oil rates and the Dollar-Rupee conversion rate regularly. Today's diesel price in Udupi may not be the same tomorrow. It may rise or decline. The system of daily price revision is called 'Dynamic Fuel Pricing.' It was introduced in India in the month of June last year.

Will the Move Benefit the Industry Stakeholders? Yes!

Have you ever faced the issue of stock over the last 8-9 months? The answer should be 'NO.' Since the fuel price is getting revised each day, fuel companies are uninterruptedly distributing diesel to consumers in the city. Consumers can envision complete transparency with regard to the revision of fuel rates. This is a key benefit they will get from dynamic fuel pricing, which also helps fuel corporations in several ways. Under dynamic fuel pricing, the Indian OMCs can deteriorate administration expenses, augment their overall business results, strike a balance between incomes and expenses, and manage working capital intelligently.

Smart Ways to Obtain Today's Diesel Price in Udupi

The consumers of Indian Oil are recommended to download its mobile application called 'Fuel@IOC' to instantly get the latest fuel price. Similarly, the consumers of Bharat Petroleum are advised to download the mobile application called 'SmartDrive.' If you are willing to get the fuel price offered at Hindustan Petroleum, download the mobile application called 'My HPCL.'

You can also make use of SMS services. To obtain today's diesel rate in Udupi, just type RSP, give a space, type the dealer code and send to 9224992249 if you are a customer of IOCL. The consumers of BPCL should follow the same process, but the SMS request should be sent to 9223112222. If you are a customer of HPCL, type the same text and send it to 9222201122. Fuel companies will respond you instantaneously.

Price Structure of Diesel in Udupi

Forces Impacting Current Fuel Price in Udupi

The market price of unrefined oil, the dollar-rupee exchange rate and taxes will directly impact the diesel rate in Udupi. How? The crude oil cost jumped to $65 a barrel in April 2018. One year ago, it was below $4 a barrel. Needless to say, it has been an unusual trudge and pushed the fuel rate in the city to Rs.66 a litre. Fuel companies tend to reset their offerings based on the movements in crude oil costs.

The exchange is another influencer. The exchange rate of the greenback against the INR was Rs.65.21 on 11 April 2018. It stood at Rs.65.11 at the end of March 2018 and Rs.65.21 at the end of February 2018. The USD/INR exchange rate was Rs.63.50 towards the end of January 2018. The greenback has appreciated against the INR over the last three months. It makes a big difference to the market value of crude oil since crude oil is globally retailed.

GST versus Diesel Price in Udupi

GST, a multi-phase tax system, has not been imposed on the entire oil segment in the country. The players in the industry are overburdened if the GST is implemented to the industry. The cost of compliance will be doubled. Oil Minister recently said that the people across the country are demanding to bring diesel under the GST and the Oil Ministry requested the GST Committee to enforce the same. Will it happen? The rollout of the GST on diesel will bring down the cash inflows of the Central Government at the current tax slabs. Therefore, the Committee has to take a wise decision.

*Disclaimer: BankBazaar makes no guarantee or warranty on the accuracy of the data provided on this page, the prevailing prices are susceptible to change and provided on an as-is basis. We accept no liability for any loss arising from the use of the data contained on this website.