The Dynamic Fuel Pricing system, which is revised every day, is the basis for the current petrol price in Gujarat. You may check Gujarat's current petrol prices here. In Gujarat, you can also check the current price of petrol together with quarterly price trends. Every day at 6:00 am IST, Gujarat updates its new petrol pricing. Learn how Gujarat's petrol prices are determined and how they stack up against those in other states. Discover the elements influencing the price of petrol in India as well as the current pricing for Gujarat. Here is everything you need to know about the petrol price in Gujarat today. Below, we look at the price trend over time and understand the different factors that determine and influence the petrol cost in Gujarat.
The changes in petrol price in Gujarat depend on a few distinct variables. Some significant components that impact the change in rate include the cost of raw petroleum (crude oil) in the global market and the US dollar conversion rate against the Indian Rupee. The INR/USD rate of exchange varies consistently, which impacts the cost of crude oil, import and fare charges, financing costs, as well as the general productivity of the two nations. For instance, if the cost of crude oil rises in the worldwide business sector, the price of petrol also increases simultaneously.
Indian oil marketing companies (OMCs) add their profit margins for petrol refining and other processes. Various dealers help in transporting the refined petrol from OMCs across petrol pumps in the country. Their commissions also get added to the petrol cots. Further, the state government of Gujarat also adds the Value-Added Tax (VAT) while the central government imposes an excise duty as part of the petrol tax in Gujarat.
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Petrol prices in Gujarat are computed after considering various factors like global crude oil prices, USD-INR conversion rates, charges levied by OMCs for refining and freight, dealer commission, and the Central and state government's excise duty and VAT, respectively. Thus, the final petrol price in Gujarat depends on all these variables.
In Gujarat, the petrol rate is revised daily according to the Dynamic Fuel Pricing policy of June 2017. Every day at 06 AM, dealers at various outlets in Gujarat update the price of petrol for the day. Due to the aforementioned factors, the petrol rates may vary from the previous day. The petrol prices for the day are often displayed at different petrol stations across Gujarat and can also be accessed by consumers on the website and apps of oil companies.
A platform for all indirect taxes is the Goods and Services Tax (GST). It is relevant to all transactions involving services and goods of every kind. Petroleum items and petrol are not subject to the GST system. All members of the industry continue to be taxed at the same rate, nevertheless. Consumers will pay less for petrol if it is subject to the GST system, but the central and state governments stand to lose significant tax money.
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 Gujarat are not affected by GST as petroleum products are exempted from its ambit.
Bank |
Credit Card |
Ideal For |
State Bank of India |
4.25% value back on fuel purchases at BPCL Petrol Pumps |
|
State Bank of India |
7.25% value back on fuel purchases at BPCL Petrol Pumps |
|
Axis Bank |
4% value back on fuel purchases at Indian Oil Petrol Pumps |
FAQs on Petrol Price in Gujarat
What decides the petrol price in Gujarat?
The petrol price in Gujarat is primarily decided based on the cost of crude oil in the global market, the INR/USD exchange rate, import, refinery, and freight charges imposed by oil marketing companies (OMCs). The final petrol rate in Gujarat is decided by adding the central excise duty, dealer commission, and Gujarat state’s Value-Added Tax or VAT.
How far can you go on 1 litre of petrol?
The distance that your vehicle can cover on 1 litre of petrol depends on its mileage or fuel efficiency.
What is the percentage of tax on petrol in gujarat?
The percentage of tax on petrol in Gujarat is 20.1% VAT plus 4% Cess on Town Rates and VAT.
How is petrol’s value calculated?
Prices fluctuate in accordance with changes in government regulations imposing taxes on fuels; there are two main taxes imposed on petrol. The excise tax and the value-added tax are as follows in rupees and dollars: The cost of purchasing OMCs rises as the US Dollar appreciates against the Indian Rupee, which also raises the petrol price in Gujarat.
