Petrol and Diesel Price in Moradabad
Moradabad is an exemplary city in the Indian state of Uttar Pradesh. It is well-known for its thriving handicraft industry, especially the brass work. Since Moradabad’s economy is largely dependent on tourism, fuel prices play an important role in the lives of people living in the city. The city is heavily reliant on transportation as it serves as the lifeline of the local handicraft heritage. So, the petrol price in Moradabad is an essential factor that regulates the economic growth of the city to a large extent.
Petrol price in Moradabad
The petrol price in Moradabad today is INR 94.86 per litre. Petrol price in Moradabad keeps changing, much like the rest of the country.
The people here could experience a tough time dealing with the higher fuel costs and higher prices of most goods. People of the lower socio-economic strata are bearing the heaviest burden.
As the price of diesel, petrol and other petroleum products directly influence the cost of living, people here have had to cut back on discretionary spending heavily. The price of petrol is increased even more by the tax duties coming from the state government and the central government. It’s difficult to predict the price movement of fuel so the only option is to keep yourself updated with the latest price.
Diesel price in Moradabad
The diesel price in Moradabad today is INR 88 per litre. Diesel is cheaper than petrol in most parts of the country, but some cities have recently witnessed the same price for petrol and diesel.
On average, the diesel price in the city seldom exceeds INR 91 per litre. Demand for diesel is at an all-time high as public/private commutes and businesses depend on this resource heavily.
Diesel is derived from crude oil by the process of fractional distillation. This is a cost-intensive process and takes place in oil refineries within India. The quantity of crude oil we buy from other countries has a huge influence on the local price of diesel. India currently imports more than 80% of its crude oil requirements from overseas.
The Uttar Pradesh government collects heavy tax revenues from the sale of diesel within the state. This also helps increase the local market price of diesel, adding to the cost of living worries of the common man.
Reasons for the high fuel prices in India
There are many factors on which the price of diesel and petrol are dependent. Typically, the final retail price of any fuel is a sum-total of these values - international crude oil price, refinery charges, transport charges, dealer's commission, central excise duty, VAT, and surcharges.
The central excise duty comes from the central government and the VAT and surcharges come from respective state governments. The high tax charges are one of the major factors behind the high fuel price in our country, as it is one of the most highly fuel-taxed nations in the world.
The government justifies this heavy tax by allocating the revenue to welfare schemes. If petrol and diesel come under the GST (Goods & Service Tax), taxes would be much lower, resulting in lower fuel prices.
Petroleum refineries in India are notoriously poor in efficiency. This is another crucial factor in increasing the domestic fuel price. Also, our country does not have a lot of internal oil reserves. So, we have to import a large amount of oil from other countries, and the additional import cost does not help.
When will fuel prices fall?
Several factors can lead to a decrease in the price of petrol and diesel. One major factor is the price of crude oil, as petrol and diesel are derived from crude oil. If the price of crude oil drops, it can lead to a decrease in the price of petrol and diesel.
Additionally, if there is an oversupply of petrol and diesel on the market, it can also lead to a decrease in price. Economic factors, such as a decrease in demand due to a recession, lead to a decrease in the price of petrol and diesel. Government policies and taxes can also play a role in determining the price of petrol and diesel.
Factors such as subsidies and regulations can affect the price of petrol and diesel. In summary, various factors can influence the price of petrol and diesel, including global market conditions, economic factors, and government policies.
Conclusion
You can closely track petrol, diesel, or CNG prices in various cities and states in India easily, with the help of the Park+ app. If you want a dependable app to keep yourself up-to-date about fluctuating petrol or diesel price in Moradabad - log into the app, and on the search section, enter - Moradabad.