Petrol Price In Munger Today

Petrol prices in Munger are revised daily. They are revised every day at 6.00 A.M. So, it is ideal that you check the changes before you leave for work daily. The daily revision may be just for a few paise. But if you are filling in huge amounts, a small revision could make a big difference. You have to be well-planned especially when you travel long distances.

Dynamic Fuel Pricing

Earlier, the petrol prices in Munger used to change monthly twice only - the first and sixteenth of every month. This was since oil companies were facing difficulties to alter the prices due to various issues. However, with changing times, petrol prices rally daily.

This is called dynamic fuel pricing. The moment crude oil prices in the international markets change, the new petrol prices will get updated. Dynamic fuel pricing is also based on currency conversion.

This system is in operation across 58,000 petrol bunks in India. It brings transparency and addresses the problems involved in the previous fortnightly-based revision. It lets fuel users pay market-regulated prices despite the impact.

There are two types of petrol bunks:

1. Automated petrol bunks which revise petrol prices without manual intervention

2. Non Automated petrol bunks which do manual revision.

Only 20% of the 58,000 petrol bunks are automated, and the rest are non-automated. The revised rates are displayed in bunks for public view.

How are Petrol Prices Assessed?

The major components of the Retail Selling Price (RSP) of petrol in Munger are the cost of crude oil, the refinery cost, the dealer’s commission, the profit margin of the oil marketing companies - OMCs, the state VAT imposed on petrol, and the excise duty charged on petrol.

• Cost of crude oil: Crude oil is traded all across the globe in USD. The cost of oil is influenced by the following factors

  • Global supplies and reserves

  • Seasonal variations

  • Weather conditions

  • The demand from leading countries

  • Exchange rate of USD against the major currencies

• Refinery expenses: refinery expenses are the expenses acquired by oil marketing companies to convert unrefined oil into petrol. They vary within India.

• The profit margin of OMCs: OMCs add a fixed percentage of profit margin to every litre of petrol sold to retail petrol suppliers. The prices paid by retail petrol suppliers are then taxed by the central and state governments.

• The central excise duty: It is collected by the central government, so its value remains the same across all parts of India.

• The State VAT: The state VAT is levied by the state government, and it varies across states.

• The dealer’s commission: This varies from dealer to dealer and across metropolitan cities. This dealer’s profit is evaluated by the distance between the supply stations and retail petrol pumps. This differs for petrol and diesel and according to the locality of the fuel stations.

What Are The Reasons for Fluctuating Petrol Prices In Munger?

The following are the reasons for the varying petrol prices

• The changing trends in global markets

• Demand for the oil

• Importing and exporting charges

• Statistics show that the number of vehicles is increasing with the increasing population. Also, more and more people desire to own a vehicle.

• Premium oil companies such as Indian Oil include duties, tolls, and charges for petrol price calculation. Within the state itself, petrol prices will differ across cities due to the variations in tolls and duties.

Why Are The Petrol Prices in Munger Very High and Change Daily?

In the earlier days, petrol prices in India changed every fortnight, and they were centralized. But, nowadays due to frequent and several changes in the political situation in the country, petrol prices change every day. State governments impose taxes, which are included in the computation of petrol prices. This is the reason why petrol prices vary across cities in India itself. In the case of Munger, the price of petrol has been affected by the increase in state tax.

The other reason for the increase in petrol prices is the changing face of crude oil in the global markets and also the movement of the currency. For example: when the rupee falls against the dollar, import prices for crude oil soar. During these times, petrol prices go sky-high. Also, the prices of other commodities rise since petrol is needed for transportation. Economists are anticipating an upsurge in these values in the coming months as well.

Influence of GST on Petrol Prices in Munger?

The highest GST rate fixed till date has been 28%. Petroleum products fall under the realm of GST but petrol does not. If GST is imposed, all tax elements in the current price structure of petrol price should be removed. GST when applied at its peak point will lead to a fall in the retail selling price (RSP) by a wide margin. This move will be detrimental to the state and central governments. Bringing petrol under the ambit of GST will be the choice of the central government.

The entire oil and natural gas industry has been kept outside the GST horizon. The industry includes several participants right from OMCs to petrol bunk owners. The implementation of GST on the industry will have a negative impact on its members. For instance, industry stakeholders will have to stick to double tax regimes causing increased compliance costs.

The GST council can probably increase the rate of GST to bring petrol under the purview of GST. It should ensure that the central and state revenue does not get affected.

How To Check Petrol Prices In Munger Every Day?

State-owned oil marketing establishments account for at least 90% of retail fuel stations in India. Popular oil brands such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL), and Indian Oil have come up with strategic initiatives that can help customers get the latest prices.

You can track petrol prices regularly through the following options.

You can also go here to get petrol prices daily. Prices for the last 5 days will also be available.

What Are The Top Aspects That Determine Petrol Bunk Prices In Munger?

1. Seasonal conditions:The productivity of oil-producing companies vary across seasons. A drop in productivity increases the purchasing cost of raw oil at global markets thereby affecting petrol prices at bunks.

2. Weather reports:Crude oil purchased by OMCs is processed in refineries. The raw oil is transported to refineries. If bad weather hinders transportation, there will be an inadequate amount of refined petrol. This, in turn, impacts petrol bunk prices

3. Limiting refining capabilities:Refineries set restrictions on refining crude oil due to lack of facilities. So, there will be a scarcity of refined oil, and this increases the prices of refined petrol at bunks.

4. The weakening of the USD:Crude oil prices are traded in USD. When the USD weakens against all other major currencies, oil companies adjust the prices of petrol.

FAQs

1. Where do we get petrol from?

Petrol and diesel come from crude oil. Crude oil is taken from deep underground and it is refined to make petrol and diesel

2. What are the top 6 brands of petrol pumps in India?

The top 6 brands are:

• Indian Oil. Indian Oil Corporation is the largest oil company. It is a state-owned company and India’s most profitable one.

• Bharat Petroleum

• Hindustan Petroleum

• Reliance Petroleum

• Shell

• Essar Oil

3. Is Rosneft an oil company?

Rosneft is one of the leading oil companies from Russia. It bought a 49% stake in Essar Oil of India, an oil company based in Mumbai. It is the owner of 5000 retail fuel outlets in India

4. Who is fixing the prices of fuel in India?

The central government fixes the fuel rates through base prices and cap prices. Dealers and OMCs deal with each other at these prices that are decided by the PPAC - Petroleum planning and analysis cell under the Ministry of Petroleum and Natural Gas.

5. Is petrol from Shell better than that from BP?

Shell has consistently earned higher revenues than BP. This is because it performs operations on a larger scale than BP. In the recent ten years, Shell's revenues were 22.2% higher compared to BP's, on an average.

6. How does power petrol differ from normal petrol?

The main difference between regular and power fuel lies in the number of octanes. Power fuel has an octane number ranging between 91 to 94. In Normal fuel, it ranges from 88 to 90.

7. What is the profit margin in petrol pumps?

The monthly income of a petrol pump owner in India can be around Rs 3,58,000. If your commission comes across as 3 Rupees per liter, then your monthly gross earnings will be 5,70,000 Rupees.

These are also the most efficient diesel cars.

8. Which petrol is best in Munger?

The top 6 best petrol brands are:

• Indian Oil Corporation Limited (IOCL)

• Bharat Petroleum Corporation Limited (BPCL)

• Hindustan Petroleum Corporation Limited (HPCL)

• Reliance Industries Limited (RIL)

• Shell India Private Limited (Shell)

• Essar Oil(Nayara Energy)

9. Which petrol is best for cars?

Major Indian oil companies like BPCL, IOCL, and HPCL supply premium fuel, which give a good mileage and ensure long-run performance of the car. In India, unleaded petrol typically has octane ratings of 87, whereas premium fuel has an octane level of 93–94.

These are also the most efficient diesel cars.

10. Which petrol car has the best mileage in India?

A highlight of the Maruti Suzuki Ignis is the peppy 83hp, 1.2 liter K12M petrol engine, which delivers an ARAI-rated efficiency of 20.89kpl in manual and AMT automatic form.

11. Which is the best petrol car in India?

Maruti Wagon R 2022, Maruti Baleno, and BMW 3 Series are the 3 best petrol cars in India.

12. What are the latest petrol prices in India?

Today, the petrol rates in major cities of India are at Rs 94.77 per liter in New Delhi, Rs 104.95 per liter in Kolkata, Rs 103.44 per liter in Mumbai, and Rs 105.46 per liter in Munger.