Fuel prices in India are among the highest in the world. With diesel and petrol prices at record highs, many drivers are feeling the impact. In fact, India ranked fourth on the list of most expensive places to own a car in 2018! So what do you do as a driver to deal with rising fuel prices? To start, you can start by keeping an eye on these fuel price forecasts. If you live in Dui, or work in the area, read on to know all the fuel prices in Dui.
Petrol Price in Diu
The petrol price in Diu is similar to the prices in Goa and Gujarat. This is natural, for the island of Diu is connected to the mainland of Gujarat via two bridges. Prices in Gujarat would influence the petrol price in Diu.
The petrol price in Diu today is INR 93.4. The price has remained the same for nearly 3 months. An increase was visible 6 months before when it went up nearly 8- 9 rupees.
Diesel Price in Diu
The diesel price in Diu is about 5 rupees lower than that of petrol. In India especially you can notice this difference in pricing. The price of diesel has remained steady for the past 3 months. The last visible price increase was more than 6 months ago.
The diesel price in Diu today is INR 88.88. This is almost 7 rupees lower than the previous 6 months. And about 2 rupees lower than the previous year.
Importance of Diesel in Fishing Industry
Diu is surrounded on three sides by the Arabian Sea. The location specific industry that is revenue generating is the fishing. To make the catch profitable, motorboats are used by the fisher folk. This causes an increased demand for diesel. The fishing boats are fuel dependent, making fuel prices an important factor in the growth of the island’s economy.
Impact of Fuel Prices in Diu
Tourism in Diu is an industry which depends on fuel. To get around the island vehicles are required and the price of petrol and diesel directly impacts the tourists and locals. Water sports play a major attraction in Diu’s beaches. For rides like water scooter, parasailing, water-skiing, and the ferry ride, fuel is the key. Any increase in fuel prices results in increased price of these activities.
Reasons for Fuel Price Fluctuations
Numerous factors which are global and local play a vital role in determining the fuel price. The price of the crude oil imported, is dependent on the country we import from. In India, we only refine the crude oil. Diu is dependent on the Oil refining companies like Indian Oil, Bharat Petroleum and others, to supply fuel to the island. At every stage there is a price to be paid.
For example, one of the largest oil reserves is found in Saudi Arabia. If there is a war in the nearby region, it immediately causes a price escalation. While there is a general supply and demand, during times of war the demand for fuel skyrockets.
Closer to home, the middle class aspiration is to own a four-wheeler. As the car sales goes up so does the demand for petrol and diesel in the country. Depending on the reserves in the oil refineries, the price is set.
Another influential reason is the value of the US Dollar to the Indian Rupee. As the value of the Dollar increases, the cost of fuel prices increases.
Effect of Central and State Tax on Petrol and Diesel Prices
The Centre levies the Customs and the Excise duty on petrol and diesel. The State levies the VAT, additional Cess, local tax to name a few. The percentage of VAT applied differs from State to State.
In the mark-up of the petrol and diesel price are the elements of
Base Price
Freight Price
Charge to Dealers
Excise Duty
Dealer Commission
VAT
Retail Selling Price
The customer pays around 30 -35% to the Centre and around 20-24% to the State governments in the form of taxes. This constitutes more than 55% of the fuel price. This is not an absolute figure, as there are variations in these percentages.
Conclusion
Keeping track of fuel prices has become a necessity. Imagine you are a tourist in Diu and you have not decided whether taking a taxi or renting a bike is economical. An easy way to make the decision is to calculate the number of km you plan to travel and factor in the cost of fuel. And to help you with the daily fuel prices, the Park+ app is available. Staying up-to-date with fuel prices got easier as the app provides this information in a few minutes.