Note : there may be slight variations in prices across outlets within a city
Rising fuel prices burn a hole in every citizen's pocket, especially if you happen to be a middle-class salaried employee. There are many people who argue that the central government ought to reduce fuel prices and provide relief to people. But do you know, the government doesn't decide the rates directly. For instance, today petrol price in Navi Mumbai is Rs.111.35 / litre, and the diesel price in Mumbai is Rs. 97.28 / litre.
If you live in Mumbai and wish to know the petrol, and diesel price in Mumbai, the easiest way to find out is to download and install the Park+ app on your mobile. Once you download, you can enter the city, and the current day's rates will be displayed, along with the change from the previous day.
Since mid-2017, the government has introduced the dynamic pricing mechanism for fuel pricing. This means that daily fluctuations in international rates will reflect in the rates at the petrol station. Earlier, Oil Marketing Companies used to determine the retail rates every fortnight. So there were significant differences in rates, which were easily visible. In the new system, you didn't feel the pinch as the rates increased only by a few paise.
If you pay Rs. 111.35 for a litre of petrol, the break-up of the final today petrol price in Mumbai is -
VAT(by the state government) - Rs. 30
Nowadays, with fuel prices fluctuating, it helps to know how the prices are monitored and decided. Check out the Park+ site to know more about the fuel prices in Mumbai and to keep track of their increase or decrease. Park+ will help you keep track of petrol and diesel price in Mumbai today.
In June 2017, the central government decided to follow a dynamic pricing mechanism for fuel. This meant that daily fluctuations in international crude oil rates would reflect at the petrol pump. This revision will be visible from 6 am every day in petrol stations across the country.
You should remember that excise duty is a flat rate per litre that is fixed by the central government. It is uniform across all states in India. Whereas the state levies a tax on the sale of fuel, called Value Added Tax(VAT) which is a percent of the price per litre, whether it is petrol or diesel. So each state levies its own VAT, which may range from 20-25%, depending on the policies of each state.
Nowadays, it is very important to plan your travel and daily commute and allocate a budget accordingly. It is helpful to be aware of changes in fuel rates, and you could fill up your vehicle's tank on a day when the rates have fallen. The Park+ app will keep you informed in real time and help you plan your travel.