An increase in fuel prices in Goa has affected not only the people who own private vehicles but also those who do not own one. It has become an essential part of our day-to-day life as it also affects the prices of other essential goods, such as food, textile, medicines, etc. Simply, it is a chain reaction, and when started, it will start affecting all. Petrol and diesel are essential fuels that play an essential role in daily life, from powering vehicles from cars to trucks to generating electricity.
The petrol price in Goa is 97.54 (average). Considering the price, the highest petrol price in Goa is 97.75, whereas the lowest petrol price in Goa is 97.11.
North Goa is the city with the highest petrol price in Goa priced 97.75, comparatively South Goa has the lowest petrol price of 97.11.
The petrol price has been rising steadily in recent years, impacting the economy and its citizens. Some major factors influencing fuel prices include global crude oil prices, taxes, exchange rates, distribution and marketing costs, and refining costs. The rise in petrol price has led to an increase in transportation, causing inflation. Some local factors that affect the petrol price in Goa are government taxes used to generate revenue and finance various social welfare programs.
The diesel price in Goa is 90.09 (average). Considering the price, the highest diesel price in Goa is 90.29, whereas the lowest diesel price in Goa is 89.68.
North Goa is the city with the highest diesel price in Goa priced 90.29. While looking at the city with the lowest price, it is South Goa with a price of 89.68.
The petrol price of diesel is rising for various reasons, including international crude oil prices, taxes imposed by the central and state governments, currency exchange rates, fluctuations in the international market, etc. The rise in diesel prices not only affects transportation but also impacts the agriculture and manufacturing industries. However, the government takes various steps to reduce the impact of rising diesel prices by offering subsidies, controlling taxes, and promoting the use of electric vehicles to reduce dependency.
Here are some factors influencing fuel prices in the country and worldwide.
Crude Oil Prices
Crude oil is also known as unrefined oil production in the international market. It is one of the main raw materials used in the production of petrol and diesel and the biggest factor that affects fuel prices. The changes in the price of crude oil impact the global prices of petrol and diesel in the respective country.
Necessity Of Petrol
According to the reports, the number of two-wheelers and four-wheelers is steadily increasing in India, leading to increased demand for petrol and diesel. For this, the oil refinery companies in India must attain crude oil from the International market. Hence, the supply of petrol cannot always be fulfilled, as when the supply is less, the demand is more. Based on this economic principle, the price of both is supposed to increase.
Taxes & Government Policies
Indian government imposes taxes on diesel and petrol, which also come with specific structures. Over the past years, the government of India has increased the tax rates many times. The changes can highly occur based on losses and marginal returns. Indian government use a dynamic fuel pricing system to determine the fuel prices, and it takes into account market factors, such as crude oil prices, taxes, and exchange rates, to calculate real-time fuel prices.
Fuel prices are also influenced by the changes the in the exchange rates between the Indian currency and the US dollar. When the value of the Indian currency decreases, comparable to the US dollar, the cost of importing crude oil in the country increases, leading to fuel prices.
Refining crude oil into petrol and diesel requires additional costs, including maintenance, labour, and energy, which are later reflected in the actual fuel price. However, the cost of refining price can vary according to the refining process and the availability of its capacity.
Several surveys show that many Indians have decreased their usage of vehicles to control the use of petrol and diesel. Some reports also show that monthly bills for petrol/diesel were low because of working from home or commuting to work via public transport.
There are various reasons that impact the petrol prices in India. India is the world’s third-biggest oil-consuming and importing nation, which imports approximately 85% of its oil needs. As the demand for petrol increases in the global market, the cost of producing petrol and other fuel also increases for oil companies in India. However, one major factor that has increased the disruptions in the supply of petrol is the war between Russia and Ukraine.
If you commute mostly in the city on a daily basis, then petrol is the best option for you. However, if you travel long distances regularly, diesel fuel offers more efficiency and saves a lot of money. The best part is, it lasts longer than petrol, as it is a light oil and when it is burned and used as a fuel, it lubricates the engine and produces energy.
Park+ is one prominent application available for both Android and iOS users. You can download the application and check the price daily. Besides, you can also set an alert notification that you will be receiving every day when the petrol prices change. The petrol price gets updated daily at 6 am in the morning.