Petrol, Diesel Price in Panipat

Currently, the petrol price in Panipat is ₹94.54 per liter. It has increased by 0.03 from the last price. Over the last 10 days, the fuel price in Panipat has been fluctuating between ₹94.73 and ₹94.51. The fuel price is inclusive of taxes imposed by the Haryana state government. The prices of petrol and diesel continue to remain high across the country. However, the retail prices of fuel vary from state to state because of local taxes and freight charges. The public sector OMCs revise the petrol price in Panipat keeping in line with the international benchmark rates and foreign exchange rates.

Petrol price in Panipat

The excessively high prices of petrol at ₹94.54 per liter have turned into a burning issue for a long period. Recently the prices have been soaring to record levels. It is challenging for middle-class families to keep up with their everyday expenses.

Also, the weakening rupee against the dollar daily is causing an increase in fuel prices in Panipat. For people travelling long distances for personal or professional needs, the high prices of fuel in Panipat are a major concern.

It is critical to note that fuel prices are largely influenced by state taxes. In Panipat, the prices of both petrol and diesel continue to fluctuate due to this reason. The high petrol price in Panipat has a severe effect on all forms of business. The common people suffer the most as fuel consumption has increased significantly post covid.

This has also taken a toll on the cost of public transport. People in transportation services have suffered huge losses due to rising fuel prices. The monthly budgets of every average Indian family are going beyond the set limit. Individuals have to rearrange their earnings and savings to keep up with the rising cost of commodities. It is expected to make consumer goods more affordable in the coming days. The government will take initiatives to lower excise duties.

Diesel price in Panipat

Diesel is the primary fuel for all kinds of commercial vehicles transporting goods in different corners of the country. However, in recent times the petrol price in Panipat has also reached new heights that are reflected in the prices of goods and services. The price of diesel in Panipat is ₹87.33 inclusive of state taxes. The rising diesel price in Panipat is having an impact on all forms of commercial activity. Agricultural equipment, industries, commercial transportation, etc. use diesel as it is the cheaper alternative available in the country. But the present prices of fuel have taken a toll on these sectors. As a consequence of which the common people are suffering.

Components affecting the price of fuel

Excise duty

The Central government charges it on the retail fuel price and constitutes a significant portion of the fuel price. Estimates suggest that it has increased by two folds in the last few years.

Value added tax

This tax is collected by the state and it’s charged on the price of fuel and dealer commission. Both these components add up to 63% of the retail price. The dealer commission and freight charge further add up to 50% of petrol prices. Petroleum-based products find you as a raw material in the transport services and industries for running machinery. The rise in fuel price quickly adds up to the price of products as transportation and production expenses increase.

Role of the government

Previously the centre was in control of the prices of diesel and petrol. After deregulation by the government, oil companies now determine the retail cost every fortnight. Now the prices are revised daily to eliminate instability in the prices. But it does not work as expected and the CNG price in Panipat continues to fluctuate. It is clearly understood that more than half of the rate comes from excise taxes and dealer commissions.

Impact of the fuel prices on the global market

Also, the change in global prices of raw petroleum has a direct impact on the Indian economy. It is because of this reason India import 84% of the product available in the country. It includes any change in the global price of crude oil that has a substantial impact on the domestic price of petroleum products. It is primarily because of this reason India imports more than 80% of the petrol-based products used across the country.

It means that any type of increase or decrease in the global rates of raw oil will have a substantial effect on the rates of petroleum products. The use of fuel within India has also increased drastically due to recent trends. Another notable factor is that the petroleum processing units in the country are not efficient which further adds to the rising price of diesel and petrol.

Conclusion

Users can easily keep track of the daily prices of petrol, diesel, and CNG in Panipat using the Park+ app. All they need to do is open the application and type the name of the place in the search bar. Here they can find information like the daily rates, change in fuel rates and also compare the prices. Click here to download it now.