Petrol Prices Govt Relief October 2023
Petrol Prices Govt Relief (Fast News) — On Sunday, the interim government announced a significant reduction in Petrol Prices and high-speed diesel (HSD) prices for the upcoming two weeks.
As per an official notification issued by the Ministry of Finance, the revised price for Petrol Prices stands at Rs283.38 per liter, while HSD will now be available at Rs303.18 per liter. This decision marks a noteworthy reduction of Rs40 per liter for gasoline and Rs15 per liter for high-speed diesel.
For the second consecutive time, the interim government has chosen to lower petroleum prices following three consecutive bi-weekly increases.
During the prior adjustment, they had reduced the cost of Petrol Prices by Rs8 per liter and high-speed diesel by Rs11 per liter.
Petrol Prices and high-speed diesel August & September
Between August 15 and September 15, Petrol Prices and high-speed diesel prices surged by Rs58.43 and Rs55.83 per liter, respectively, reaching unprecedented Rs331-333 per liter at retail outlets. This recent price revision has been attributed to fluctuations in international petroleum product prices and improvements in the exchange rate.
At the beginning of this week, there were expectations that high-speed diesel (HSD) and petrol prices would dip below Rs300 per liter in the upcoming review.
This anticipated decrease was primarily attributed to a substantial decline in global oil prices and the rupee appreciation.
On Thursday, the dollar’s value declined by an additional 93 paise, closing at Rs278.58 in the interbank market. Interestingly, this dollar depreciation occurred independently of the discouraging remittance figures.
Nevertheless, the interim government may opt for a different course of action, especially concerning high-speed diesel. High-speed diesel carries a petroleum development levy of Rs50 per liter, in contrast to the Rs60 levy imposed on Petrol Prices.
International Monetary Fund (IMF).
It is worth noting that the government has set a target to collect approximately Rs869 billion in levy on petroleum products for the current fiscal year. This target aligns with the commitments made to the International Monetary Fund (IMF).
Since September 1, Petrol Prices and diesel prices have remained consistently above the Rs300 per liter. In addition to expensive electricity, fuel costs have been pivotal in driving consumer prices, resulting in a significant inflation rate of 31.4 percent in September.
Given this context, the price reduction has the potential to put a brake on the upward trajectory of inflation.
It is essential to highlight that on September 15, the government enacted a significant hike in petrol and diesel prices despite previous assurances of alleviating the burden on the public.
During this adjustment, the price of petrol was raised by a significant Rs26.2 per liter, reaching a new rate of Rs331.38 per liter. Furthermore, diesel substantially increased Rs17.34 per liter, leading to a new price of Rs329.18 per liter.
Within one month, the caretaker government raised the petrol price by Rs58 per liter and diesel by Rs56 per liter.
PETROL PRICE IN MANDI TODAY
Today, the current petrol price in Mandi, Himachal Pradesh, is Rs. 96.18 per liter. The most recent alteration in Mandi’s petrol price occurred on October 14, 2023, when it saw a reduction of -0.44 rupees. Over the past ten days, the petrol price in Mandi has been fluctuating, ranging between Rs. 95.72 and Rs. 96.94 per liter.
To get updated information on petrol rates in other regions of Himachal Pradesh today and compare them with the previous day’s prices, you can refer to available sources. It’s important to note that the petrol price includes Himachal Pradesh state taxes.
Daily & Monthly Petrol Price in Almi Mandi : 2023
The rate of petrol in Mandi
Although Mandi boasts a well-established public transportation system, many residents continue to rely on their vehicles for commuting.
The continuous increase in petrol prices has notable consequences for the household budgets of these commuters. It’s essential to understand that many factors influence petrol prices.
For instance, an uptick in the Brent crude oil price directly impacts the local petrol prices. Likewise, when the US dollar appreciates against the Indian rupee, it exerts upward pressure on petroleum prices.
How are petrol prices calculated in Mandi?
Calculating petrol prices in Mandi involves several key components, including the Indian crude oil basket’s price, dealer and refining margins, transportation expenses, state value-added tax (VAT), and central excise duty.
It’s important to highlight that the state levy on petrol varies from one state to another, which accounts for the disparities in petrol prices across different regions.
Alterations in central excise duties have a substantial impact on petroleum prices. Reducing the foremost excise duty is crucial in mitigating the rise in petrol prices. Additionally, fluctuations in the price of Brent crude oil directly influence the domestic petroleum price.
How to check the correct daily petrol rate in Mandi Online via App, Website and SMS?
Under the dynamic fuel pricing system, petrol prices undergo daily updates, occurring at 6 AM.
To access current petrol prices, consumers can utilize the customer care services provided by state-run oil marketing companies, such as the Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation. Additionally, these companies offer SMS-based services that enable consumers to obtain real-time information on petrol prices.