Petrol and Diesel Price in Mysore
Mysore or Mysuru is a city in the state of Karnataka. The city is known for being a heritage place and tourists flock to the city to see the palaces and temples. It is an urban city with many businesses and industries. This has created a major demand for petrol and diesel in the city. Not only this, but people also travel to the capital city of Bangalore frequently.
Thus, it is essential to track the petrol price in Mysore regularly. Knowing about the accurate fuel rates helps you in planning your budget. It also helps in deciding whether to go out in your own vehicle and buy petrol and diesel or travel by public transport on a given day.
In this article, we will walk you through the latest petrol and diesel prices in Mysore. We will also talk about the major reasons affecting them. Read on!
Petrol price in Mysore
Petrol price in Mysore is decided based on various factors, which include the price of crude oil in the international market, dealer commission, central excise duty, and state government sales tax. The petrol price in Mysore today is 102.54 per litre. There have been some fluctuations in the price over the past few days.
Diesel price in Mysore
The diesel price in Mysore today is 88.65 per litre. There have been only marginal fluctuations in diesel prices over the past few days. Also, the diesel price in Mysore is relatively less compared to other places.
Factors causing changes in fuel prices in Mysore
India follows a dynamic fuel pricing policy. This leads to frequent fluctuations in the prices of petrol and diesel in Mysore and the rest of the country as well.
Today, the price of petrol and diesel depends on the market prices. There are multiple factors that determine the price of petrol and diesel. Let's have a look at the major ones:
The cost of crude oil in global markets: The cost of crude oil is the key factor in deciding the price of fuel. The international price of crude oil is used by oil companies to fix the price all over the world.
INR vs. Dollar exchange rate: The exchange rate of the dollar plays an important role. If the rupee weakens, then India has to pay more dollars to buy oil. This makes petrol and diesel more expensive in the country. This makes oil costlier for oil companies.
Other factors: The oil company fixed the fuel price not only by keeping the crude oil price but also by considering factors like transportation cost, storage cost, refining cost, etc. Dealers who sell fuel like petrol bunks charge a commission as their profit.
Central government's excise duty: This is the tax payable to the government of India. India imports a large about of crude oil from foreign nations. Thus, the central government of India also levies heavy excise duty on crude oil.
State VAT or sales tax: This is the tax collected by the state government as a part of its earnings. Every state has levied its own VAT tax on petrol. Some levy high VAT tax and some states levy low tax.
Market demand: The market demand for petrol and diesel also affects fuel prices. If there is a higher demand, then the supply may not be enough. This can cause prices to go up. Similarly, lesser demand can bring down prices.
Working capacity of refineries: If the refineries are slow in processing fuel, then there would be a demand problem. This can lead to an increase in prices.
Conclusion
Whether you are an individual or running a business, you would want to track fuel prices regularly. Fortunately, you no longer have to you don’t have to go to the petrol bunk to check the fuel prices. You can do it at any time from your home by simply installing the Park+ app on your mobile phone.
Park+ is a user-friendly application that comes with a large variety of features for vehicle users. You would be able to see the petrol and diesel price in your city on the home screen. You can also search for fuel prices in any other place in the country. A very useful feature is the ability to get notifications that will tell you whenever there is any change in the price of petrol and fuel.