Fuel prices in Paschim Medinipur

The prices of diesel and petrol in Paschim Medinipur increase further as the price of oil in the global market increase steadily. Therefore, in the present time, it is important to keep track of petrol price in Paschim Medinipur. The demand for fuel increased steadily in 2021 as every nation was recovering from the covid 19 pandemic. The low supply of coal further contributed to the sharp rise in the price of petrol and diesel.

Petrol price in Paschim Medinipur

Today the petrol price in Paschim Medinipur is ₹105.59 per liter. This piece of information is valuable for vehicle owners as well as users of public transport. Besides the value of the rupee has moved down against the dollar. This is another reason the prices of petrol in Paschim Medinipur become more expensive than before. The common people can only hope the government comes forward and reduce exercise duties so that petrol price in Paschim Medinipur becomes affordable.

Diesel price in Paschim Medinipur

Currently, the diesel prices in Paschim Medinipur are ₹92.33. In India, the prices of diesel and petrol go through revisions every day. The practice is commonly known as the dynamic fuel price method. The oil manufacturing companies revise fuel prices at 6:00 a.m. regularly to align the prices with the international rates. Before the introduction of this practice, the prices were revised every fortnight.

It is important to know that various factors affect the price of fuel. These include the cost of crude oil in the global market, the value of the rupee against the US dollar, demand for fuel and more. When the price of international crude oil increases the rates of diesel and petrol in India also move higher. The retail price of diesel and petrol also includes value-added tax, excise duty, and commission paid to the dealer. Following the inclusion of excise duty, VAT, and dealer commission the price gets nearly double. The cost of Brent Crude in the global market is rising consistently. This has significantly contributed to the increase in the retail price of fuels in India.

High central and state taxes

Increasing Central and state taxes are the primary reason for the rise in fuel prices. Diesel and petrol price in India also includes value-added tax. In some states, the percentage can be as high as 36%. The overall effect is more apparent as crude oil prices rise due to increasing demand. In some parts of the country, state and central taxes comprise more than 58% of the fuel price.

Rising oil consumption in India

India has a huge oil consumption for which it imposes more than 80% of the oil from outside countries. When the dollar is valued higher than the Indian rupee the cost of oil-making companies increases by several folds. This causes a hike in the retail price of petrol and diesel. Every commodity in the market is becoming more expensive due to the rising price of diesel and petrol.

Rising prices of crude oil are causing inflation

It is surprising to note that the import of crude oil accounts for a significant portion of India's import bill. Increased prices of crude oil will increase the expenses of Indians and adversely affect their budget. Similarly, an increase in oil prices will result in a corresponding hike and the production and transportation of different goods. This likely results in higher inflation, causing panic in the equity market.

Ways to cut down on the consumption of diesel and petrol

The use of carpooling and switching to electric vehicles can provide some relief. The government is actively promoting electrification with different subsidies and incentives. However, electric vehicles are relatively more expensive than conventional vehicles in the same category. Also, the maintenance expenses are higher than those petrol or diesel vehicles. All these factors are keeping people from switching to electricity or other alternative forms of fuel. Certain lifestyle changes can also prove to be beneficial in cutting down on the consumption of petrol and diesel in the country.

Everyone would admit that the high taxes are largely responsible for the record-breaking prices of fuel in the country. Recently the central government raised the price of petrol by ₹16 every liter to earn more revenue. This in turn is slowing down the economy and impacting businesses of all shapes and sizes. Post-pandemic fuel prices have become even more expensive in India. There was a 4-month gap during which the OMCs kept the prices and changed. But the prices started to increase again during the Russia-Ukraine war.

Conclusion

Considering the above factors one must always keep an eye on the prices of diesel and petrol in Paschim Medinipur. The Park+ app or the Park+ website is truly helpful for checking fuel prices around the country. People can use it for planning a monthly budget in this challenging economy.