If you check the petrol price in Gurdaspur for the past few days, the price has been fluctuating. Petrol and diesel prices in India have been on a steep rise for the past couple of years. International geopolitics, depreciating currency value, and production cut by oil exporting countries are some of the major factors that have caused a sharp rise in petrol and diesel prices in India, including Gurdaspur.
Petrol price in Gurdaspur
The petrol price in Gurdaspur today stands at ₹ 97.22 per liter. If you look at the petrol price in Gurdas over the last week, the average cost of buying petrol in Gurdaspur has been fluctuating.
Diesel price in Gurdaspur
The diesel price in Gurdaspur today stands at ₹ 87.72 per liter.
Fluctuating fuel prices in Gurdaspur
Rising petrol and diesel costs in India are harming businesses across the board. But common citizens are the worst affected.
The cost of transportation in Gurdaspur has climbed new heights and there is hardly any relief available. People need to adjust their earnings-to-savings ratios to accommodate the extra burden of rising fuel charges in the city. It is believed that the government might consider cutting excise duty to give relief to the common people. But such a move is yet to be confirmed.
What are the factors that determine petrol and diesel price in Gurdaspur?
Cost of crude oil in the international market: The cost of crude petroleum oil constantly changes which impacts the price in the domestic market.
Dealer charges: The oil marketing companies distribute petrol and diesel to dealers across the country. And they charge a fee for that which varies after taking several factors like refining costs, freight costs, and other associated costs.
Commission for dealers: The dealers selling the fuels charge a commission against every liter of fuel they sell.
Central excise duty: The central government levies excise duty on petrol and diesel. The current excise duty stands at ₹32.98 per liter for petrol and ₹31.83 per liter for diesel.
Sales Tax or VAT (Value Added Tax): The respective state governments levy this tax. The VAT or sales tax is determined after a few other elements are taken into account. These elements include the central excise duty, the intermediary prices, and so on.
Supply and Demand mismatch: If the demand for fuel increases but the supply is not up to that level, the price is bound to increase.
Consumption ratio of refineries: The imported crude oil is transported to various refineries across the country for processing. In case the number of oil refineries is less, the total amount of petrol or diesel available in the market for sale will be less. This will automatically reduce the supply and increase demand, causing a price rise for petrol and diesel.
Exchange rate of INR against USD: The strength of the US dollar against the Indian rupee is a direct factor that impacts the oil trade. The cost of acquiring crude oil will rise if the US dollar strengthens. This will result in a greater price for refined petrol and diesel.
Fuel price rise and its impact on common people
The rise in daily used commodities like petrol and diesel impacts common citizens in both direct and indirect ways.
Direct impact of fuel price rise
Among the direct impacts, the first impact of the price rise is increased fuel expenses for people who own personal vehicles. A hike in fuel prices increases the monthly budget for fuel for people.
The high fuel rate has also a direct impact on the automotive sector of the country which is a large source of employment.
People using public transport may have to pay extra expenses as traveling fares increase with an increase in fuel charges.
The sale of vehicles may see a sharp fall due to increasing fuel prices.
Indirect impact of fuel price rise
When fuel prices rise, it causes extra expenses for logistics and freight services which in turn impacts the other sectors that are interlinked with freight and logistics.
The high price may cause low demand for fuel and automotive vehicles which can cause job losses in this sector.
Conclusion
You can stay updated with the daily diesel price in Gurdaspur and the daily petrol price in Gurdaspur with the Park+ app. You can also check out the Park+ official website and follow the fuel price indicator for all major cities, including Gurdaspur to stay informed of the changing fuel price in Gurdaspur. You can set a daily reminder for the latest change in diesel prices in Gurdaspur and petrol prices in Gurdaspur.