All you need to know about the fuel prices in Amritsar
The fluctuation in the prices of petrol and diesel is something all of us have to deal with daily. Whenever the price of crude oil rises or drops, the effects can be observed in our daily cost of living too (whether directly or indirectly). Besides fuel bills, rising and falling fuel prices also affect the prices of essential commodities and interest rates, among other things.
The effects of fuel price fluctuations can be far-reaching. Daily monitoring of fuel prices becomes important in such a scenario, as it makes it easier to manage your budget accordingly. If you want to stay on top of the daily petrol and diesel price in Amritsar, Park+ is the app for you. Before we jump into the features of the Park+ app for daily fuel price monitoring, we’ll take a look at the intricacies of fuel costs, including diesel price in Amritsar.
What makes petrol and diesel prices so volatile in India?
The petrol and diesel prices continue to remain volatile in India because of the following reasons –
Change from Administrative Price Mechanism to Dynamic Pricing System: Since the introduction of the Dynamic Pricing System in 2017, the fuel prices are revised every morning instead of every 14 days. The new system takes into account even the minutest changes in international oil prices, so the consumers and dealers can both benefit from the smallest changes. This system also prevents the big leaps in prices, which was observed in the previous method.
Greater dependency on international market sources: Since India can fulfil only one-fifth of the fuel demand from domestic production, there is a higher dependency on international markets. Almost 80-84% of fuel requirements are outsourced. This means that the prices will also be dependent on international markets.
Fluctuating value of INR against the USD.
Political jeopardy: International political affairs like the trade war between the US and China, and the United States' imposition of economic sanctions on Iran also cause fluctuations in the prices.
How are petrol and diesel prices determined for my city?
The retail diesel price in Amritsar and petrol price in Amritsar (or any other city for that matter) are dependent on the following factors – - Price of imported crude oil. - Freight charges. - Rupee valuation against the US Dollar. - Dealer commission - Taxes and excise duty imposed by central and state governments. - Value-added Tax (VAT), usually differs from state to state.
Monitor Daily Petrol and Diesel Prices in Amritsar
If you want to find out the petrol price in Amritsar today, all you need to do is enter the name of the city. You will then be presented with a list of the latest figures for the petrol prices in your city. You will also be able to see if it has risen/fallen from the previous day.
Conclusion
With the daily revision of fuel prices, it has become difficult to keep a track of the amount we need to pay to fill our fuel tanks and manage our budgets. This is where an app like Park+ comes in handy. It essentially displays the daily prices of petrol, diesel and CNG in your city, and also comes with a range of other features to make your life easier.