Petrol & Diesel Price in Haryana

Today petrol price in Haryana is INR 95.35 per liter and Diesel Price in Haryana is INR 88.19 per liter (average).

In December 2022, the average price of petrol in Haryana ranged from INR 94 to INR 98 per litre. The cost of crude oil, state fuel taxes, and the rate at which the Indian rupee and the US dollar are exchanged are just a few of the variables that affect the price of diesel petrol in Haryana.

Petrol Price in Haryana

In Haryana, the average petrol price as of 2021 was about INR 80 per litre. Today petrol price in Haryana is INR 95.35 per liter. However, because these underlying elements can change over time, costs might vary by area and fluctuate. Taxes are one way that the price of petrol in Haryana is altered. Fuel is subject to a value-added tax (VAT) levied by the state government based on gasoline's cost. State-by-state variations in VAT rates might affect the final price consumers pay for fuel.

Another aspect that impacts the price of petrol in Haryana is the cost of crude oil. Petrol's main raw ingredient is crude oil. Therefore variations in its price can greatly impact the fuel cost at the pump. Several variables, including global demand and supply, political unrest in nations that produce oil, and market speculation, all impact the price of crude oil.

Diesel Price in India

Today's Diesel Price in Haryana is INR 88.19 per liter.

The diesel price in Haryana has ranged from Rs. 90 to Rs. 91 on average for the last three months. Diesel is India's most commonly used fuel, and its use is directly related to economic growth. It accounts for nearly 40% of the country's refined fuel sales. According to the most recent government data, diesel demand fell 17% month on month in May to 5.53 million tonnes. Diesel demand had been declining even before the pandemic. High oil prices exacerbate inflationary pressures. Inflation is a threat to economic growth. Record high diesel prices mean the cost of transporting goods across the country rises, potentially raising the prices of essential commodities such as fruits and vegetables. Household incomes fall noticeably, and demand for discretionary goods begins to fall gradually.

How are Petrol Prices in Haryana Calculated?

Like every other state in India, the cost of crude oil, the cost of refining, the cost of distribution and marketing, and taxes all play a role in determining the price of petrol in Haryana.

• The price of crude oil is the main element that affects petrol prices. Global supply and demand dynamics, as well as geopolitical factors like political unrest in oil-producing nations and the value of the US dollar, all impact the price of crude oil (since oil is traded in dollars).

• The expenses incurred by refineries to transform crude oil into petrol are referred to as refining costs. These expenses may change depending on the refinery's efficiency and the kind of crude oil being processed.

• The price of petrol in Haryana is significantly influenced by taxes as well. In India, state and central taxes might differ from one state to the next. Value-added tax (VAT) is charged by the state of Haryana on petrol and is reflected in the retail price of petrol.

Who is Impacted by the Petrol Price Increase in Haryana?

A rise in the price of petrol could impact many people and businesses in Haryana and other Indian states. A rise in gas prices could have an impact on several groups, including:

• Customers: Many people need petrol to power their cars, making it a necessary commodity. Consumer costs may rise due to increasing gas prices because they may have to spend more to fill their tanks.

• Businesses: Many businesses use petrol to power their vehicles and equipment. These firms may need to pass on the higher operating costs to their customers by raising the prices for their goods or services due to a spike in petrol prices.

• Farmers: Farm machinery and equipment are also powered by petrol. Farmers may experience greater costs due to higher gas prices, which could affect their profitability.

How Will GST Affect Petrol Prices in Haryana?

A value-added tax known as the Products and Services Tax (GST) is imposed on the delivery of goods and services in India. Petroleum items, including petrol, currently have a 28% GST charge. This indicates that 28% of the selling price of petrol is used to calculate the GST.

The price you pay at the gas pump includes the GST on petrol. It is collected by the government and put toward various infrastructure and public services.

Although other factors also have a role in determining the price of gasoline, the GST on gasoline may impact petrol prices in Haryana and other Indian states. The cost of crude oil is another aspect that might affect the price of petrol in Haryana.

Conclusion

The cost of crude oil, market demand, regional taxes and subsidies, and transportation and distribution expense have a considerable impact on petrol prices in Haryana. These and other variables generally cause petrol prices to change over time. Political or economic developments, such as alterations in governmental policy or interruptions in the world oil market, may occasionally impact petrol prices. It's also important to remember that, depending on regional market conditions, petrol prices might vary considerably from one nation to the next or even within a single country. Many things are needed when you travel in your car, like insurance, parking and many more. All these services have a one-stop solution which is Park+. You can visit the Park+ website for more details.