Petrol Price in Maharashtra Today

Here is everything you need to know about petrol prices in the state of Maharashtra today. We decipher the price trend over time and understand the different factors that determine and influence the petrol cost in Maharashtra.

The cost of crude oil, which is purchased in the international market in US Dollars (USD), is one of the most important factors that help determine the final price of petrol in Maharashtra. The USD/INR exchange rate is vital when oil marketing companies (OMCs) make the initial purchase. Post purchase, OMCs add refinery charges for processing the crude into petrol before passing it on to the dealers.

 

The petrol prices in Maharashtra also hinge on the demand and supply of the product. Due to the increase in the number of people using vehicles, the cost of petrol has also risen. Furthermore, the state government adds the value-added tax (VAT) while the central government imposes excise duty as part of the petrol tax in Maharashtra.

 

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 browse the best card options on Bajaj Markets and apply for a credit card, today!

In Maharashtra, the petrol rate is revised daily as per the June 2017 policy of dynamic fuel pricing. Petrol bunks across the state reset the price of petrol at 06 AM every day. The daily revision process improves competitiveness and ensures transparent fuel pricing. The petrol prices for any given day are displayed on the retail outlets across the state. Consumers can also check the petrol price rate in Maharashtra on the websites and apps of oil companies.

Value-Added Tax and excise duty are the applicable taxes on petrol in Maharashtra. However, petroleum products are out of the purview of the Goods and Services Tax (GST). Therefore, there is no impact of GST on petrol rates in Maharashtra.

However, if petrol is subject to GST:

 

• The petrol price in Maharashtra per litre will decrease by at least 20–30%.

• Compliance will now cost a whopping 200% more.

• The government's source of funding will be impacted.

 

The three key players in the oil and natural gas business are dealers, refineries, and oil marketing corporations. Contractually, oil marketing businesses will import crude oil from international oil marketing organisations. Crude oil will be refined into gasoline in refineries. End users will receive gasoline from dealers. 

 

The price of crude oil imposed by oil marketing companies, the refinery transfer cost billed by refineries, the fees charged by oil marketing companies, the central excise duty, the state value added tax, and the commission charged by dealers are all included in the retail selling price of petrol in Maharashtra.

 

Freight costs are included in the price of crude oil. The prices charged at different petrol stations in the state are different. Entry taxes, operations charges, and transportation costs are some additional expenses borne by oil marketing businesses. Maharashtra has the highest state VAT on gasoline of any Indian state.