Petrol Price in Jharkhand Today

Here is everything you need to know about the petrol price in the state of Jharkhand today. We evaluate the price trend over time and understand the various elements that determine and influence the cost of petrol in Jharkhand.

Some of the key features that influence the daily petrol rate in Jharkhand are the price of crude oil globally and the US dollar (USD) exchange rate against the Indian Rupee (INR). Oil marketing companies (OMCs) then also add several charges during the petrol refining process, increasing the cost of petrol. The Jharkhand government also adds the value-added tax (VAT) on the product while the central government applies excise duty. Finally, the dealer adds their commission to the final petrol price in Jharkhand.

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The Dynamic Fuel Pricing policy was implemented in June 2017. Earlier, retailers used to revise the petrol prices every fortnight. However, since June 2017, the petrol rates in India are now revised daily. The main idea behind this policy is to benefit the oil marketing companies, dealers, as well as the consumers in case of any rise or dip in global crude oil prices and be more aligned with the existing market prices. Some of the important features of implementing the dynamic fuel pricing policy include:

• Consumer alignment with changing market dynamics

• Implementing this policy assures you can adhere to the precise stock management throughout the country

• The country’s retail fuel system can quickly adapt to global markets

Since crude oil is a global commodity, the price for it has to be paid in USD. Thus, the exchange rate between USD and INR also needs to be taken into consideration apart from the cost of crude oil. Further, the value of tax levied on the petrol also needs to be added. The central government levies an excise duty, whereas each state government further levies their individual value-added tax on petrol prices. Thus, apart from the central excise, we also have to add the VAT levied by the Jharkhand state government to compute petrol rate in Jharkhand.

Apart from fluctuating crude oil prices and taxes, other costs such as the OMC’s refining and processing costs along with dealer commission also needs to be considered when computing the final petrol price in Jharkhand.

The petrol rate in Jharkhand is revised every day as per the Dynamic Fuel Pricing. At 06 am daily, dealers at various outlets in Jharkhand update the price of petrol for the day. The petrol prices for the day are also displayed at fuel stations across Jharkhand and can also be verified on the website and apps of oil companies.

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 Jharkhand are not affected by GST as petroleum products are exempted from GST.

Crude oil prices, taxes, and the INR/USD exchange rate all have an impact on Jharkhand's gas costs. The most popular and actively traded currency pair is INR/USD. The Reserve Bank of India, often known as the Central Bank of India, controls the exchange rate, and changes it frequently. Interest rates, the country's general performance, the export-import ratio, and the balance of payments all have an impact on the exchange rate.

The price of gasoline increases in response to changes in the price of crude oil on the world market; conversely, the price of gasoline drops in response to changes in the price of crude oil. Numerous elements have an impact on it. Some of the common influencers are weather conditions, seasonal variations, global surpluses, and the oil demand in emerging countries.