Today Petrol Price in Bihar is INR 108.33 per liter and Diesel Price in Bihar today stand at INR 95.05 per liter.
India is the world's fourth-largest energy consumer. India's petrol usage has expanded along with the country's car population. The government must act quickly to address the increase in petrol prices in Bihar since it harms the average person's economy. The situation for car owners in Bihar is challenging due to the rise in petrol and diesel prices.
The leading cause of the increase in petrol and diesel prices in Bihar is the greater demand for fuel than the available supply.
Today's Petrol Price in Bihar is INR 108.33 per liter.
In the last few years, the price of petrol has rapidly increased nationwide. Petrol prices in Bihar are updated regularly on our Park+ app. It assesses how the price changes for crude oil on the international market have affected the price of petrol.
A tiny change in the crude oil price in the international market would significantly affect the petrol price in Bihar. If you own a car and travel frequently, you should use this app to stay informed about the price of petrol in Bihar. The Indian government's cash reserves are insufficient due to the economic slump.
The price of petrol has escalated enormously due to the inclusion of numerous components. However, the nation's rising petrol prices are aiding the government in closing the funding shortfall.
The Diesel Price in Bihar Stand at INR 95.05 per liter.
The problems experienced by car owners and daily travellers are exacerbated by the growing trend in diesel costs that appears to have no end in India. In Bihar, the cost of diesel is always fluctuating.
In addition, the recent increase in diesel prices has caused the federal government and numerous states to lower their excise duties and VAT. So, to know the latest updates, it is imperative to keep a close eye on diesel prices in Bihar. Through the Park+ app, you can keep track of updated diesel prices in Bihar.
The petroleum firms in India update the cost of gasoline in Bihar each day at six in the morning. Dynamic fuel pricing refers to the process of daily revisions of gasoline prices based on the value of the Indian rupee relative to the US dollar and the cost of crude oil on world markets. All areas of the nation, including Bihar, use the dynamic fuel pricing system.
This contributes to the ongoing transparency of diesel and petrol prices in Bihar. It prevents governmental meddling in the operations of oil firms. Moreover, car owners can easily access information about changes in the price of crude oil and the USD/INR exchange rate.
Several factors influence the prices of petrol and diesel in Bihar.
Some of them are:
Crude oil prices: The crude oil cost is constantly fluctuating. They differ because of supply and demand, political stability in oil-producing countries, and other things. Lower crude oil production can also be caused by political unrest or natural disasters. As a result of increased demand, oil prices rise.
Comparison of the rupee to the US dollar: US dollars are used worldwide in the trade of crude oil. Indian enterprises have to pay more money to buy crude oil when the dollar's value rises. As a result, the price of petrol in Bihar increased.
Dealer's Commission: After purchasing gasoline and diesel, the owners of the petrol pumps add on their commission. The oil companies determine the dealer's commission, which is periodically revised. This commission is incorporated into the petrol prices in Bihar.
Sales and excise taxes: Regardless of changes in fuel prices, the federal government imposes a predetermined excise duty. The state government then levies sales tax and VAT on fuel after deducting dealer commissions, excise fees, etc. These taxes have an impact on the price of petrol in Bihar.
Shipping costs: India is one of the world's top oil consumers, importing nearly 76% of its fuel needs. Iraq, Iran, Kuwait, Malaysia, Nigeria, Saudi Arabia, and the United Arab Emirates produce most of the world's oil. These nations trade crude oil in US dollars, and India pays freight fees to international oil corporations.
The government levies two types of tax on petrol prices in Bihar. VAT and excise duty are these two types of taxes. The union government of India charges excise duty, which is the same in Bihar. The value-added tax, or VAT, is imposed by the state and varies from state to state. These taxes significantly influence the price of petrol in Bihar. Petrol and diesel are exempt from GST, so no GST is applied to them.
The Indian economy relies extensively on petroleum. The price of petrol is skyrocketing because there is more demand than supply. India has a high need for petrol because of its growing car use, transportation requirements, and other factors.
Every car owner needs to be aware of the main aspects that go into the price of petrol in Bihar. Knowledge about the price of petrol in Bihar will benefit you.
The cost of crude oil, the exchange rate of the rupee against the US dollar, excise duty and VAT, distribution costs, and marketing expenditures all impact the price of petrol and diesel in Bihar.
In Bihar, the price of petrol is rising due to rising taxes.
BPCL, IOCL, and HPCL are the three main Indian oil firms that provide better fuel economy and guarantee the long-term functioning of the car.