Bihar, situated in eastern India, is the third most populous state of the country. It is famous for its rich cultural heritage, festivals, and historical sites. The state’s economy mainly depends on agriculture, and the transportation industry plays a crucial role in the transportation of agricultural produce to different parts of the country. Hence, the price of petrol and diesel can significantly impact the state’s economy. In this article, we will discuss the current petrol and diesel prices in Bihar, factors that affect their prices, and trends in pricing.
Petrol Price in Bihar Today
As of August 2021, the price of petrol in Bihar is Rs. 99.91 per litre. The price has increased by approximately Rs. 10 in the last three years. However, the prices of petrol in Bihar are lower than that of neighboring states like West Bengal, Jharkhand, and Uttar Pradesh.
Diesel Price in Bihar Today
The current price of diesel in Bihar is Rs. 92.47 per litre. Similar to petrol, the prices of diesel have also increased in the last three years, with an increase of approximately Rs. 13. However, diesel prices in Bihar are lower than that of many other states.
How Petrol Prices are Determined in Bihar
The petrol prices in Bihar, like other states, are determined by the international crude oil prices and the currency exchange rate. The central and state government taxes also play a crucial role in the pricing of petrol. For example, the central government taxes include excise duty, while the state government imposes VAT.
How Diesel Prices are Determined in Bihar
The diesel prices in Bihar, like petrol, are determined by international crude oil prices, currency exchange rate, and central and state government taxes. The central government imposes a fixed excise duty on diesel, while the state government imposes VAT.
Factors Affecting Bihar’s Petrol Prices
Several factors affect the petrol prices in Bihar, including global crude oil prices, the exchange rate of Indian rupee against the US dollar, taxes imposed by the central and state governments, and transportation and distribution costs.
Factors Affecting Bihar’s Diesel Prices
The factors that affect diesel prices in Bihar are similar to the factors that affect petrol prices. Global crude oil prices, exchange rate fluctuations, taxes imposed by central and state governments, and transportation and distribution costs play a crucial role in determining diesel prices.
Bihar’s Petrol Prices Compared to Other States
As mentioned earlier, Bihar’s petrol prices are lower than neighboring states like West Bengal, Jharkhand, and Uttar Pradesh. However, the prices are higher than some other states like Goa, Andhra Pradesh, and Tamil Nadu.
Bihar’s Diesel Prices Compared to Other States
The diesel prices in Bihar, like petrol, are lower than neighboring states like West Bengal, Jharkhand, and Uttar Pradesh. However, the prices are higher than some other states like Goa, Andhra Pradesh, and Tamil Nadu.
Historical Trends in Bihar’s Petrol Prices
In the last ten years, the price of petrol in Bihar has increased by approximately Rs. 40. In 2011, the price of petrol was around Rs. 70 per litre, and in 2021, it is nearly Rs. 100 per litre.
Historical Trends in Bihar’s Diesel Prices
The price of diesel in Bihar has also increased in the last ten years, with an increase of approximately Rs. 30. In 2011, the price of diesel was around Rs. 60 per litre, and in 2021, it is nearly Rs. 90 per litre.
Forecasting Future Bihar Petrol Diesel Prices
The future prices of petrol and diesel in Bihar depend on various factors, including global crude oil prices, the exchange rate of Indian rupee, and government policies. However, experts predict a gradual increase in petrol and diesel prices in the future due to the increasing demand for crude oil and transportation costs.
In conclusion, petrol and diesel prices in Bihar are determined by various factors, including international crude oil prices, currency exchange rates, taxes imposed by different governments, and transportation and distribution costs. These prices play a crucial role in the state’s economy, particularly the agriculture and transportation industries. The future prices of petrol and diesel will depend on several factors and are subject to fluctuations and government policies.
Leave a Reply