Crude Oil Prices are rising and US Crude oil prices rose above $75 a Barrel for the first time since 2014. The threat of US sanctions on Iran, one of India’s main crude oil suppliers is sending crude oil prices, higher and higher.
The effect of high crude oil prices is seen in India. For the second straight day in a row, petrol prices were raised in the range of 14-15 paise.
State run oil marketing Companies like IOC, BPCL, HPCL revise fuel prices on a daily basis with effect from 6 AM.
Take a look at the price of petrol and diesel in Bengaluru, on July 6th 2018. The price of petrol in Bengaluru was Rs 77.08 and Diesel was Rs 68.64.
The Karnataka Government has increased petrol and diesel rates. The Karnataka CM, HD Kumaraswamy, has increased tax on petrol from 30% to 32%. The tax on diesel has increased from 19% to 21%. The petrol prices will be increased by Rs 1.14/Litre. The diesel prices will be increased by 1.12/Litre.
After this hike, petrol and diesel in Bengaluru will be higher than Delhi and on par with metro cities like Chennai and Kolkata.
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Why is price of petrol and diesel so high in Bengaluru? There are 2 types of taxes on petrol and diesel. The Central Excise Duty imposed by the Center and the State VAT (Value Added Tax) imposed by the State. The Current Excise Duty is Rs 21.48 a litre for Petrol. The Central Excise Duty on Diesel was Rs 17.33 a litre.
States in India impose State VAT on Petrol and Diesel. State VAT on Petrol is the highest in Mumbai at 39.78%. This is why Petrol is very costly in Mumbai. State VAT on Diesel is the highest in Andhra Pradesh at 28.47%.
Now, Karnataka Chief Minister HD Kumaraswamy has said that tax on petrol will be increased from 30% to 32% and diesel from 19% to 21%. This will result in a hike of Rs 1.14/Litre on Petrol and Rs 1.12 on Diesel.
Take a look at this chart:
See how Karnataka compares with other States:
Indian Oil, HPCL and BPCL are the oil marketing and distribution Companies in India. These Companies have come up with a number of initiatives to help customers get an idea on the daily prices of petrol and diesel.
Fuel Stations in India update petrol and diesel prices daily at 6AM. The oil marketing companies use mobile apps, SMS services and so on to update you and other customers on petrol and diesel prices in India.
1. SMS Service:
Indian Oil offers you a service where you can check petrol and diesel prices on your smart phone. To use this service, you will have to send an SMS to 9224992249 in the following format.
"RSP Dealer Code of Petrol Pump”
You simply SMS “RSP 133593” to 9224992249 for Petrol/Diesel prices in Chennai.
2. You can also locate the nearest petrol pump or check Petrol/Diesel prices at IndianOil Petrol Pump
3. The IndianOil mobile app
You can get daily petrol and diesel prices using the Indian Oil mobile app at Fuel@IOC. You also have the services like e-bills which help you track fuel purchases, loyalty transactions and even a grievance tracker.
If you are a customer of Bharat Petroleum you can get petrol/diesel prices through an SMS. You will have to send SMS in the following format to 9223112222.
RSP Dealer Code to 9223112222
If you are a customer of Hindustan Petroleum you can get petrol/diesel prices through an SMS. You will have to send SMS in the following format to 9222201122.
HPPRICE DEALER CODE to 9222201122.
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