Petrol and Diesel Price in Parbhani

Considering the latest changes in diesel and petrol prices across the country, fuel prices in Parbhani have soared to new heights. Today the petrol price in Parbhani Maharashtra is ₹106.41 per liter. From the previous rates, the prices have decreased by around ₹0.83. On the other hand, the prices of diesel in Parbhani are ₹92.86 per liter. The rise in the cost of fuel is likely to have an impact on the life of the common people. Fuel prices in Parbhani and other parts of the country have become increasingly fluctuating. It is due to rapid changes in the cost of crude oil in the global market.

Another major reason behind the rising petrol price in Parbhani is the decreasing value of the Indian rupee against the American dollar regularly. It is one of the primary reasons that fuel prices have increased significantly. People that have to travel long distances should always keep their eye on the current prices of petrol and diesel in Parbhani.

Petrol price in Parbhani

Today the petrol price in Parbhani is ₹106.41 liters. The price by ₹ in the last 24 hours. Petrol prices in Parbhani are ranging between ₹106.41 and ₹107.39 over the last week. It is no secret that increasing prices of fuel in India have taken a toll on all formats of businesses.

Besides, it has become a major challenge for common people. As they would have a limited budget to make ends meet. Post-pandemic the use of vehicles has increased by several folds which has further increased fuel consumption around the nation. The increasing number of vehicles also contributes to a rise in the consumption of fuel.

Diesel price in Parbhani

On the other hand, diesel price in Parbhani is ₹92.86. People that depend on public transport for everyday commutes also have to pay high ticket prices. The transportation service providers are also suffering huge losses due to the high prices of diesel in Parbhani. The most adverse effect of the rising cost of fuel is on the living expenses of the poor and middle class. Most people are having a difficult time as they have to stretch their budgets beyond a limit.

Increase in fuel prices after deregulation

Prices of fuel in the country are set by oil marketing companies regularly. Diesel and petrol prices in India are formulated based on various factors like the price of crude oil in the global market and domestic taxes. As the retail price of petrol is greatly dependent on excise when it is increased the overall cost for the end consumer also increases.

Affect of fuel prices on businesses

The rising prices of fuel result in inflation that affects many businesses. But the worst to hit by the price is the inflation situation faced by small business owners. The rising cost of fuel is also pushing input costs and transportation costs for small businesses. With time it is making a significant impact on the position of businesses to negotiate prices from wholesalers and manufacturers. India is in an inflationary economy which is harming the consumer.

Reduced profit margin and sales

Also, the rising fuel prices are resulting in lower consumer expenditure which will also affect profit margin. If the prices of crude oil decrease or stabilize in the global market, it is hoped the prices of diesel and petrol will decrease. Even though the government is focusing on the use of alternative fuel and electric vehicles. The nation is still largely dependent on diesel and petrol. The government should also come up with and reduce the taxes on fuel.

The oil companies can also reduce the prices to some extent to help the economy sustain. Another major factor is the falling value of the rupee against the dollar. Since India gets a more than 80% of its fuel from other countries. A lot of the revenue goes into purchasing crude oil outside. All these factors together contribute to the rising price of fuel in the country.

Indian refineries are not sufficient

The efficiency of the refineries in India is significantly lower when compared to the demand for fuel. This has created a shortage of fuel for sale in different parts of the country. The low supply has in turn increased well prices.

It is hoped that the government will make necessary changes to its policies. The change in tax structure focuses on marginal returns from the sale of diesel and petrol. The government also makes revenue to cover the losses during the pandemic period.

Conclusion

Currently, oil prices are at their peak. There is an utmost need for some research and analysis to reduce the burden on the common people. If you wish to keep yourself updated with the latest prices of fuel use the Park+ app. Here you will find the complete historical price of petrol and diesel in different parts of the country. Click here to download the app now.