Petrol Price in Chandigarh Today

Chandigarh, one of the most beautiful planned cities of India, depends on petrol to fuel its growing economy. This Union Territory has a very high vehicle density which further contributes to its demand for the crucial commodity. Here is everything you need to know about the petrol price in the city of Chandigarh. Below, we look at the price trend over time and understand the different factors that determine and influence the petrol cost in Chandigarh.

The primary factors determining the current petrol price in Chandigarh are as follows:

• Crude oil

The cost of raw petroleum (crude oil) is determined by several market influencers such as universal geopolitics, OPEC (Organisation of the Petroleum Exporting countries), refinery consumption ratio, weather reports, demand and consumption pattern in emerging economies for oil, speculation in selling and buying, etc. The price of crude combined with import and export charges has a major effect on the final petrol price in Chandigarh. If the cost of crude oil rises across international markets, the final price of petrol also increases. On the other hand, if the cost of crude oil drops, the price of petrol will fall.

• US Dollar-Indian Rupee Exchange Rate

The extremely volatile exchange rate of the US dollar against the Indian rupee is one of the most vital components that influence the price of petrol in Chandigarh. This is because crude oil (which is refined to make petrol) is bought in the international markets with US Dollars.

• Charges Levied by OMCs

OMCs or Oil Marketing Companies levy certain charges, such as refinery processing charges and margins, OMC margin, freight cost and other logistics charges, during the petrol refining and transportation process. These costs get added to the petrol price which is presented to the Centre.

• Central Excise Duty, VAT, and Dealer Commission

Once the petrol is refined, the central government imposes excise duty and the dealers their (dealer) commission, which increases the final price of petrol. The Punjab and Haryana governments also add Value-Added Tax (VAT) as part of the petrol tax in Chandigarh.

The petrol rate in Chandigarh is revised on a daily basis as per the June 2017 policy of Dynamic Fuel Pricing. At 06 AM every day, fuel traders across Chandigarh update the price of petrol for the day. For each day, the petrol prices in Chandigarh are displayed at different petrol stations across the city and can also be accessed by consumers on the websites and apps of oil companies. It is recommended that you check the petrol prices for the day before going for a long drive.

Earlier, the Indian OMCs followed the pattern of revising petrol prices on a fortnightly basis. This essentially used to happen on the first and the sixteenth days of each month. However, with the extreme fluctuations in the currency exchange rate and the volatility of the international crude oil prices, OMCs found it difficult to keep up. This was especially because OMCs were not allowed to raise prices suddenly. As a result, a pilot scheme of Dynamic Fuel Pricing was taken up in Chandigarh, Jamshedpur, Puducherry, Udaipur, and Visakhapatnam from May 1, 2017. 

 

The Dynamic Fuel Policy allowed OMCs to pass down even the smallest change in the global oil price to the dealers and consumers at 6 AM every morning. As a result, the price of petrol did not need to be increased in large leaps at the end of the fortnight. The policy was later adopted on June 16, 2017, for the rest of the country. 

 

Other countries that follow the Dynamic Fuel Pricing Policy for transparency in petrol price and smooth cash flow into the economy are Russia, Australia, and the United States of America.

The Goods and Services Tax (GST) is a uniform tax structure that was introduced in 2017 to serve as an all-inclusive tax. However, petrol prices in Chandigarh are not affected by GST as petroleum products have been exempted from GST.

The petrol rate in Chandigarh per litre changes every day based on several factors. To understand the break-up of the different components that make up for the petrol price in Chandigarh, we will consider the below-mentioned example.

At this stage, the petrol is refined and ready to be sent to the fuel stations. This forms the base price of petrol in Chandigarh. Once the petrol is sold to the dealers, the dealer’s commission and the taxes imposed by the central government are added.

On this, a Value-Added Tax (VAT) is further levied, which adds up to the current petrol price in Chandigarh.

The cost of petrol in Chandigarh is updated every day, therefore, it is important to check it regularly. Fuel stations in India, managed by the OMCs, make the petrol price list of Chandigarh available through online and offline channels. There are three ways to do so:

1. Check current rate of Petrol in Chandigarh via OMC website

2. Check petrol pump-specific cost in Chandigarh via SMS

3. Check 1-litre petrol price in Chandigarh via mobile app

How to Check Petrol Cost in Chandigarh via OMC Website?

You can check the petrol price in Chandigarh yesterday as well as the petrol price in Chandigarh today by visiting the websites of the popular oil companies in India.

How to Check Petrol Pump Specific Cost in Chandigarh via SMS?

You can check the petrol price today in Chandigarh by sending an SMS to the registered numbers of the top oil companies operating in the region.

How to Check Petrol Price Today in Chandigarh via the Mobile App?

You can check the petrol rate in Chandigarh by downloading the below-mentioned mobile apps of the popular oil companies in India and completing the login process.

Luckily, you can continue to save on petroleum purchases irrespective of the fluctuations in global fuel prices. All you need is a credit card! Yes, it is true! With the right credit card, you can enjoy a fuel surcharge waiver every time you buy petrol at partner fuel stations in the country. So, go ahead and browse the best card options on Bajaj Markets and apply for a credit card, today!