Petrol rates in India are revised on a daily basis. Prices are revised at 06:00 a.m. every day. This makes sure that even a minute’s variation in global oil prices can be transmitted to fuel users and dealers.
Price of fuel includes excise duty, value added tax (VAT), and dealer commission. It is worth mentioning here that VAT varies from state to state. After adding excise duty, dealer commission and VAT, the retail selling price of petrol gets nearly doubled. Various factors impact the price of fuel.
These include rupee to US dollar exchange rate, cost of crude oil, global cues, demand for fuel, and so on. When international crude oil prices gain, prices in India move higher. Read More