Petrol and Diesel Price in Giridih
Giridih is a city and the headquarters of the Giridih district in the eastern state of Jharkhand. The city is witnessing frequent fluctuations in the prices of petrol and diesel and it has beocme a cause for concern for both the residents and tourists.
The fuel prices in Giridih are decided by the Indian Oil Corporation (IOCL). It is a public sector company that manages and determines the fuel prices in India after considering factors like global oil rates, currency exchange rates, local taxes, etc. The final retail prices of petrol and diesel in Giridih also depend on the dynamic market conditions. .
Petrol price in Giridih
The petrol price in Giridih today is Rs. 98.58 per litre.
Just like in every city, petrol price in Giridih can affect the finances of individuals and businesses. People use petrol frequently for their vehicles. Industries and businesses also use petrol and so, a rise in prices affect their monthly expenses. They end up spending more money and this can make it difficult for them to manage their finances. In particular, frequent fluctuations in the price of petrol can be a problem. This is because they need to keep readjusting their budget.
Diesel price in Giridih
The diesel price in Giridih today is Rs. 93.31 per litre. Due to a large number of industries, diesel is one of the most demanded fuel in Giridih. Industries are largely depended on diesle for their daily requirements like transportation, generator operation, etc. Unlike individuals who buy diesel in lesser quantities, industries buy in bulk. So, even a small increase in price can affect them severely.
Giridih fuel price changes
It is a known fact that fuel prices change almost daily. The reason for this is the deregulation of fuel prices, where the price is decided by the market. There are many factors that determine the price of petrol and diesel. These factors include:
Crude oil price: To make petrol and diesel, crude oil is imported. Changes in price in the international price of crude oil happen daily. This affects the price of fuel in India.
Exchange rate: India has to pay in dollars to buy crude oil. The exchange rate has an effect on the crude oil price. If it is adverse, then India has to pay more leading to higher costs.
Oil Company’s rate: The oil company gets the oil refined at refineries, for which they incur costs. They also need to transport the oil to dealers across the country. All these charges are added to decide the oil company’s rate, which also includes their margin.
Dealer commission: The dealers who sell fuel at the petrol bunk charge a commission for every litre sold. This is to cover their costs. Usually, the commission amount does not change frequently.
Central excise: This is the tax charged by the central government. Taxes remain the same unless the government changes them.
VAT or Sales tax: The state government also taxes fuel to earn revenue from it. This is in the form of sales tax or VAT and varies from one state to another.
Demand and supply: If there is a greater demand for petrol with a lesser supply, prices automatically go up. Prices can go down if supply is more and demand is less.
Conclusion
The petrol prices in Giridih have been a topic of concern for its residents. If you live in the city or are planning to travel there, keeping a track of the prices and making informed decisions can help you manage expenses efficiently. This is why you should consider downloading the Park+ app to your mobile and use it to get to know the latest fuel prices. The app is extremely useful since it has many features useful for vehicle owners. The home screen has the latest prices of petrol and diesel displayed. You can even get notifications whenever there is a price change.