Today Petrol Price in Odisha is INR 104.66 per liter and Diesel Price in Odisha today stand at INR 96.17 per liter.
Odisha has been ranked as the fastest-growing economy in India. This shows how the lifestyle of people is slowly changing in the state. This state is home to multiple mineral-based industries; thus, the fluctuating fuel prices affect the state's economy directly. The state government of Odisha has been actively taking initiatives to build infrastructure and make the life of the people living in the state easier. And this includes the regulation of the petrol price in Odisha. But certain factors affect fuel prices collectively.
Today's Petrol Price in Odisha is INR 104.66 per liter.
The price of petrol in Odisha is influenced by several factors, including global crude oil prices, the exchange rate of the Indian rupee, taxes and levies imposed by the government, distribution and refining costs, and international events and geopolitical tensions. These factors can cause petrol prices to fluctuate daily. Rising fuel prices can negatively affect individuals and the economy, such as increased expenses, reduced disposable income, and reduced economic growth.
Across Odisha, petrol is being traded above INR 100. Prices have not changed since yesterday, Jan 31 2023. Odisha's average petrol price last month was Rs 104.90 per litre on Jan 31, 2023, down -0.16%.
The Diesel Price in Odisha Stand at INR 96.17 per liter.
Averagely, the diesel and petrol prices in Odisha have been retailing above INR 100 line per litre, which is very high. With a population of 4.75 crores, car owners have increased exponentially. This has also added to the overall fuel demand of the state.
But fuel like petrol and diesel is a global commodity. Even though India has its own 23 crude oil refineries, it's still not enough to satiate the whole fuel demand of the country. Therefore, we export from other countries like the Middle East, Russia, etc.
There is a total of three companies that have fuel bunks in Odisha. They are Hindustan Petroleum, Indian Oil, and Bharat Petroleum. The difference in petrol prices in Odisha is due to state VAT.
India has joined the United States and Australia in revising fuel prices regularly. This process is known as Dynamic Fuel Trading or periodic modification. According to this approach, all fuel bunks in Odisha, whether automated or not, would modify petrol prices in Odisha every day at 6:00 am.
Petrol prices in Odisha and other states of India are revised daily based on the global crude oil prices and the exchange rate of the Indian rupee to the US dollar. The petrol prices in Odisha are determined by state-owned oil marketing companies, such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, based on the average crude oil cost and the fuel cost. State taxes and other levies may also be included in the final price of petrol.
The retail price of fuel comprises the following cost components:
The global market determines the price of crude oil, with the actual benchmark prices being the West Texas Intermediate (WTI) and Brent crude oil prices. The WTI crude oil price is used as a benchmark for oil prices in the United States, while the Brent crude oil price is used as a benchmark for oil prices in the rest of the world.
The price at which imported crude oil is transferred to refinery plants for further refining. The amount paid by refineries to transform crude oil into petrol is known as the refinery transaction price. It is anticipated that it will stay consistent for some time.
The taxes on petrol in Odisha include the Central Excise Duty, which the Government of India levies, and the Value Added Tax (VAT), which the Government of Odisha levies. The Central Excise Duty is levied at approximately Rs. 32.98 per litre of petrol, and VAT is charged at a rate of about 26% on the retail selling price of petrol.
The currency rate, the price of crude oil, and the fuel tax all have an impact on petrol prices in Odisha. The exchange rate of the INR versus the USD significantly impacts the cost of crude oil. The Indian Reserve Bank controls the exchange rate, which is influenced by the rate of interest, inflation expectations, and a country's total debt. Furthermore, seasonal swings, meteorological conditions, and world political events all influence the petrol prices in Odisha.
When the Indian rupee falls in value versus the US dollar, the price of crude oil will rise overall. This is also due to the ongoing Russia-Ukraine conflict, which has impacted the oil-trading routes and the value of crude oil. As a consequence, the petrol prices in Odisha rise invariably.
Several variables influence the petrol prices in Odisha, including the Rs to the USD exchange rate, the petrol prices in Odisha, international signals, and fuel demand, among many others. When worldwide crude oil prices rise, so do fuel costs in India.
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Rising fuel prices can lead to increased expenses and reduced disposable income for individuals, affecting their standard of living. It also encourages people to reduce their energy consumption, shift to more fuel-efficient vehicles or alternative modes of transportation, and change their consumption patterns.
Dealers are paid a commission. Oil Companies pay gasoline retailers a commission. This commission covers the gas station owners' revenues, costs, and profits. It's one of the factors that contribute to the price of petrol.
Crude oil prices and the volume of gasoline supply consumption primarily influence retail petrol prices in Odisha. The strong and growing need for petrol, as well as other petroleum products across the US and throughout the globe, may put a strain on the existing supply.