Dhanbad is the second-most populated city in the amazing Indian state of Jharkhand. The city of Dhanbad is called the 'Coal Capital of India' for having one of the largest coal mines in India. In India, fuel prices or petrol and diesel prices have been increasing every day, and oil marketing companies keep revising oil prices almost every day. The petrol price in Dhanbad and in other cities in India has been skyrocketing. The demand for oil and gas in India is very high owing to its large population. The rise in diesel prices impacts the charges on the cost of freight. Thus, the prices of essential commodities like vegetables, fruits, and milk, among other things increase dramatically.

If the high prices are not controlled well in time then it may also lead to the situation of inflation. So, even if the government may reduce or cut down on fuel taxes in India, this will not be effective in the long run. It could even collapse the economy. There have been many domestic travellers visiting Dhanbad. If the same situation of high rising fuel prices continues, the number of people travelling in and around Dhanbad would fall. However, it is still better to stay informed about the differing fuel prices in Dhanbad.

Petrol price in Dhanbad

The petrol price in Dhanbad today is ₹ 97.77 per litre. This price is clearly very high compared with other neighbouring states. Also, the fuel costs in Dhanbad have been fluctuating between ₹97.77 and ₹98.12 over the past week preceding 10 December. It would be difficult to predict the fluctuation of these prices which may affect people who are planning to travel in and around this place.

Diesel price in Dhanbad

Currently, the diesel price in Dhanbad is ₹92.51 per litre. Diesel prices have also shown much fluctuation in the past few days. For instance, in the last eight days or one week, the cost of diesel in Dhanbad has fluctuated between ₹92.51 and ₹92.87. These diesel prices are on the higher side and they also include both the state and central taxes and excise duties.

Fluctuations, tax bifurcations, impact on the economy

There is an increase in oil demand in India, however, oil production in India is very low. Therefore, most of the domestic oil needs of India are met by importing crude oil. With the rising US dollar against the Indian rupee, this crude oil price increases. This further impacts the fuel prices in the country, which then affects the increase in the price of everyday commodities.

Therefore, crude oil prices have a direct impact on domestic fuel prices. In the past few months, Indian oil marketing companies have been revising fuel prices based on international market prices. Clearly, the international market is already affected by the Russia and Ukraine war and the aftermath of the covid-19 pandemic.

So, if the price of oil rises in the international market, then it directly affects the Indian market. This increases the price of fuel in the country. The central and state governments in India can make fuel prices more affordable to the common people by reducing or curbing taxes or excise duties on fuel. This step is sure to give some relief to the Indian citizens. However, if the high fuel prices persist for longer durations then it may be difficult to avoid situations of inflation in the country.

Conclusion

Even the slightest rise in the price of fuel in India affects people’s pockets and their monthly budgets. Their expenditures increase and savings reduce. Therefore, their monthly budgets expand. Rising fuel prices have also affected people who travel daily or are regular commuters for work or for other reasons. High fuel prices are sure to create much confusion, doubts and questions in the minds of people. This case is especially true for those who are directly impacted by increases in fuel prices.

However, there have some excellent apps like the Park+ app that guide us and inform us about the rising fuel prices in any city or state in India. You can check the fuel prices in any city or state as and when they are updated at fuel stations at 6 am every day.