Today’s Petrol Price in Haryana

As we all know, state-run oil marketing companies in India have quit the 15-year-old fortnightly based price revision and have adopted a new fuel pricing mechanism called dynamic fuel pricing. The system was introduced in June 2017. 

However, all petrol stations in all cities of the Haryana state are currently updating fuel prices on a daily basis. The new pricing system is good for consumers who are mapped to market dynamics. 

Any variations in global crude oil prices and the currency conversion rate are instantly transmitted. This was not the case in the previous daily price revision mechanism. 

Each bunk in Haryana will revise petrol and diesel rates at 06:00 a.m. every day and the updated rates will be made accessible to customers. They can get the latest prices through online or offline means. The primary objective behind the new pricing system is to make fuel pricing more transparent.

How Are Petrol Prices in Haryana Calculated?

• Crude Oil Price: The price of crude oil on the international market is the most significant factor. As India imports a majority of its crude oil, global price fluctuations have a direct impact on domestic prices. 

• Excise Duty: The central government levies an excise duty on petrol, which is a fixed amount and does not change with the price of crude oil. 

• Value Added Tax (VAT): The state government of Haryana imposes a Value Added Tax (VAT) on petrol. This is a percentage of the price of petrol before VAT is applied, and it varies from state to state. 

• Dealer Commission: A commission is paid to the petrol pump owners, which is included in the final price of the fuel. 

• Rupee-Dollar Exchange Rate: As crude oil is purchased in US dollars, the exchange rate between the Indian Rupee and the US Dollar plays a vital role. A weaker rupee makes it more expensive to import crude oil, leading to higher petrol prices. 

Factors Affecting the Cost of Petrol in Haryana

The cost of crude is the biggest factor influencing the RSP of petrol in any part of the country. Oil is always traded in the base currency, which is the USD. India is an oil importing country.

If the base currency strengthens against the local currency, the purchasing cost of oil will go up; if it falls against the local currency, then buying cost of oil will be diminished. As a result, the RSP of petrol in Haryana is proportionately impacted by the cost.

The state VAT, which varies from state to state and the central excise duty, which is the same across the country have a direct impact on the final price. If the local and central governments amend any changes, the petrol price in Haryana will be adjusted accordingly.

Variations in the dealer's commission can affect the price in an imperceptible margin.