Petrol Prices in Kolkata===
Petrol prices are an essential concern for all vehicle owners in Kolkata. The cost of petrol has a direct impact on our daily expenses and budget. India imports crude oil to meet its petroleum requirements, making the country vulnerable to fluctuations in international crude oil prices. In this article, we will discuss the current petrol prices in Kolkata, the factors affecting them, daily price fluctuations, and future predictions.
Factors Affecting Petrol Prices in Kolkata
Several factors affect petrol prices in Kolkata. The primary factor is the international crude oil prices, which have been on the rise due to the Organization of the Petroleum Exporting Countries (OPEC) supply cuts and geopolitical tensions. The exchange rate of the rupee versus the dollar also impacts petrol prices in Kolkata, with the rupee depreciating against the dollar, raising the cost of importing crude oil.
The state and central taxes are also significant contributors to petrol prices in Kolkata. The central government levies a fixed excise duty, while the state government charges a value-added tax (VAT) on petrol. High taxes on petrol increase the final retail price for consumers.
Current Petrol Prices in Kolkata: A Quick Overview
As of 18th August 2021, the current petrol price in Kolkata is ₹102.08 per litre. Compared to last month, the price has increased by ₹0.26. The city has witnessed frequent petrol price hikes in the past few months, with a 35 paise increase in July and a 25 paise increase in May.
Daily Petrol Price Fluctuations in Kolkata
Kolkata’s petrol prices fluctuate daily, based on the changes in international crude oil prices and the exchange rate. The state-owned oil companies such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the petrol prices daily at 6 am. The changes in petrol prices affect the daily budget of vehicle owners, making it difficult to plan expenses.
Petrol Prices in Kolkata vs. Other Indian Cities
Kolkata’s petrol prices are relatively higher than other Indian cities due to the state’s high VAT of 25% on petrol. The central government’s excise duty on petrol is uniform across all states, but the state VAT varies, leading to different prices in different cities. As of August 2021, the petrol price in Delhi is ₹101.84 per litre, Mumbai is ₹107.83 per litre, and Chennai is ₹98.96 per litre.
Impact of GST on Petrol Prices in Kolkata
The Goods and Services Tax (GST) does not apply to petrol, as it is a petroleum product outside the GST ambit. The central and state taxes on petrol are not under the GST regime and are separately charged. The inclusion of petrol under GST could lead to a reduction in taxes and a decrease in petrol prices.
Crude Oil Prices and Petrol Prices in Kolkata
The international crude oil prices have a direct impact on petrol prices in Kolkata. The decreasing supply of crude oil globally, along with rising demand, has led to a surge in crude oil prices. The crude oil prices have been on the rise, with Brent crude oil prices standing at US$ 72.09 per barrel, affecting the petrol prices in Kolkata.
Petrol Prices in Kolkata: Future Predictions
The future predictions of petrol prices in Kolkata depend on various factors such as crude oil prices, exchange rates, and taxes. Experts predict that the petrol prices in Kolkata may increase further due to the rising crude oil prices and depreciating rupee value. The government may consider reducing taxes to control the rising petrol prices.
Petrol Price Hike in Kolkata: Reasons and Effects
Kolkata has witnessed frequent petrol price hikes in the past few months. The primary reasons for the hike are the increasing international crude oil prices, the exchange rate, and high state taxes. The hike in petrol prices affects the daily budget of the common man, leading to a rise in the cost of living.
How to Check the Latest Petrol Prices in Kolkata
Vehicle owners can check the latest petrol prices in Kolkata by visiting the oil companies’ websites or using mobile applications such as Fuel@IOC, HPCL, and BPCL. They can also check the petrol prices on the Indian Oil Corporation’s toll-free number, 1800-2333-555.
Tips to Save Money on Petrol in Kolkata
Vehicle owners can save money on petrol in Kolkata by adopting simple measures such as regular vehicle maintenance, driving smoothly and safely, reducing the weight of the car, and avoiding rush hour traffic. They can also opt for carpooling, public transport, or cycling to save on petrol expenses.
What to Expect from Petrol Prices in Kolkata===
In conclusion, petrol prices in Kolkata depend on various factors such as international crude oil prices, exchange rates, and taxes. The current petrol prices in Kolkata are high due to the state’s high VAT on petrol and frequent price hikes. The future predictions of petrol prices in Kolkata indicate an increase due to rising crude oil prices. Vehicle owners can check the latest petrol prices and save money by adopting simple measures. The government may consider reducing taxes to control the rising petrol prices and ease the burden on the common man.