Fuel prices in Patna

Petrol falls in the category of essential commodities and impacts the price of almost every consumer good. The price that a buyer pays at the petrol pump is the retail price of the fuel. State-owned oil manufacturing companies control the petrol price in Patna. Petroleum Planning And Analysis Cell are in charge of managing the manufacturers. Over the last few months, diesel and petrol prices have become highly volatile. It is mostly because of the increasing price of crude oil in the global market. It so happens that the falling value of the rupee against the dollar is a major cause of the fluctuating nature of the petrol price in Patna.

Individuals that travel long distances regularly or use public transport should always be aware of the latest prices.

Petrol price in Patna

The petrol price in Patna today is ₹106.11 per liter.

Diesel price in Patna

For 1 liter of diesel, price in Patna is ₹92.32. State taxes are imposed on both diesel and petrol.

Reasons behind fluctuating fuel prices in India

In India, the retail price of fuel gets regular revisions and the price change is effective from 6:00 a.m. every day. It ensures that even a minute variation and the global rate of crude oil are transmitted to the dealers and users.

It is critical to note that diesel price in Patna includes value-added tax, excise duty, and dealer commission. VAT varies from state to state. However, after the inclusion of all three components, the retail price of fuel becomes double. When the price of oil in the international market raises the price in India also moves up. An individual must check petrol prices every day to plan their budget. Factors affecting the price of fuel in India involve the taxes set by the center and state, refinery consumption, etc.

Impact on the poor and middle class

People have to pay prices that are at an all-time high leaving businesses and the general public in trouble. The rising prices of petrol are impacting different industries and causing damage to all types of businesses. Predictions by market experts reveal that the prices are likely to make a severe impact on the overall economy of the country.

In recent months fuel prices rose significantly which has been great for the transport sector of the country. For example, the logistics sector has been hurt badly by the current economic condition. The pandemic initially affected fleet operators. Besides the soaring prices of fuel have further built up the difficulties.

As the price of fuel continues to rise logistics startups are increasing their charges resulting in a decrease in demand. Even worse many of the prominent businesses in this sector have been forced to shut down. The increasing price of fuel has also hurt freight owners and thereby affecting profit margins.

Increase in the price of everyday commodities

Additionally, many of the services and commodities that people use on a regular basis are shipped all across the country. The prices of such goods are certain to increase. Similarly, the rising price of petrol is hitting the automotive sector which provides jobs in the country. The increase in fuel prices is likely to negatively influence the customer’s ability to buy cars and motorcycles. With time it is likely to have sharp drops in the sale of vehicles. All these together will further add to the inflationary strain on the economy. Besides poor vehicle demand will have a severe impact on the automotive industry.

Role of government in the price of diesel and petrol

The government continue to change the prices of petrol and diesel for several years. But in recent times the cost of fuel in India has reached new heights. Even in the neighboring countries, people have access to petrol for half the price. It is an alarming situation that is causing severe damage to the economy. It is no secret that businesses are suffering, and so are the common people with the poor and middle class having a tough time managing their budgets.

Both the center and state governments should take initiative to put a check on the rising price of fuel. Reducing the excise duty and dealer commission can significantly lower the prices of diesel and petrol. Even though electric vehicles are becoming popular. The commercial transport sector, manufacturing facilities, and a major chunk of the population still rely on petrol. Therefore the government must take the necessary step to keep a check on the highly volatile oil price.

Conclusion

People that need to keep an eye on the regular changes in fuel prices can make use of the Park+ app or visit the Park+ website. Here, they can get complete details of the rising petrol prices along with historical data. The app also provides the benefit of notifications and a daily reminder to keep track of the daily changes in the price of diesel and petrol.