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DayChange

Petrol0.33

Diesel0.32

CNG

Today101.392.87NA
10 Nov100.9792.55NA
09 Nov101.3592.92NA
08 Nov101.392.87NA
07 Nov101.3592.92NA
06 Nov101.3592.92NA
05 Nov101.4593.01NA
04 Nov101.392.87NA

Note : there may be slight variations in prices across outlets within a city

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Fuel prices in Puri

The recent changes in the price of fuel in India are affecting people across states. As the oil marketing corporations have taken control of petrol and diesel prices in the country. So, even a little change in crude oil price is reflected in the domestic economy. A hike in fuel prices has several impacts on the everyday life of people. Petrol prices in Puri are at an all-time high. Besides, the falling value of the rupee against the dollar is adding to the situation. An individual planning to go for a long trip must always check petrol prices to plan their budget.

Petrol price in Puri

The petrol price in Puri is ₹101.3 for every liter. Commuters should also check and compare petrol rates in other parts of Orissa. It must be noted that the petrol prices are inclusive of the state taxes.

Diesel price in Puri

Today diesel price in Puri is ₹92.87 for every leader. The value-added tax charged by the state accounts for 50% of the retail price.

Oil-producing countries cutting down on production

Globally there is a production cutback by major crude oil-producing countries. On the other hand, the demand for all forms of fuel is increasing steadily. Further, the inclusion of Central and state taxes has taken the prices to new heights.

Over the last few months, fuel prices in India is setting records every day. Petrol price is already over ₹100 and diesel is not far behind. One reason for this increasing fuel price is the increase in the cost of Brent crude. The raw material for Indian refineries has become a lot more expensive than before. There were some fluctuations but now the prices are mostly going up.

India has to import more than 80% of its crude oil consumption. So the increase in global prices shows a direct impact on the fuel price in the country. Also, the economy is emerging from the lockdown. It is one of the reasons for the high demand for fuel. In India, fuel consumption has increased by several folds which are requiring more imports.

The rising price of Brent Crude

The cost of crude oil is also increasing despite a global contraction in the economic scene. It is mostly because the oil-producing and exporting nations along with Russia have agreed to cut oil production and increase prices.

Even after multiple price revisions, petrol rates continue to be quite high. A significant portion of the high petrol cost is because of the taxes and other charges imposed by the state and Central Government. According to Indian Oil Corporation, 62% of the retail price includes taxes and other charges. Also, the increase in excise duty by the government is increasing fuel prices.

Government charging taxes to compensate revenue losses

The government is trying to justify taxes based on the compensation for loss in revenue during the lockdown. When the entire economy came to a halt the government was getting very low revenues. An estimate suggests more than 85% of the state revenue is earned from taxes. GST receipts contribute a major chunk of this revenue. As the state government can no longer revise tax rates the direct source of revenue becomes fuel and liquor.

The high price of fuel causes inflation

The high price of petrol and diesel is now taking the form of inflation. Retail inflation in the country is not that high. But the climbing prices of petrol and diesel are likely to take inflation to over 10%. It will further increase the burden of the poor and middle class. These people usually have a fixed monthly budget to make ends meet. But now the high fuel rates are compelling them to spend more every month. For some families running everyday expenses has become a real challenge. Vehicle owners as well as users of public transport are spending more to go from one place to another. Logistics expenses have gone up thereby increasing the price of all products.

At present everyone should keep an eye on the prices of diesel and petrol every day. The market is in a highly volatile state and the prices are fluctuating constantly. One can use the Park+ app or visit the Park+ website to check daily fluctuations in fuel prices. Here they also get to compare the historical price of your across the country.

FAQs

Why there is inflation due to rising fuel prices?

According to reports, a small increase in the price of crude oil will impact the wholesale price index. . The current rate at which fuel prices are rising will soon result in inflation. This is an alarming situation for the country and is affecting the poor and middle-class people.

How falling value of the rupee affects the petrol price?

At present crude oil accounts for a good chunk of the imports in the country. But the falling value of the rupee is making imports expensive. The government must take appropriate measures to keep a check on the retail price of petrol and diesel in the country. Rupee devaluation makes import more expensive and also increase inflation.

How rising petrol price is affecting the common people?

Rising prices of diesel and petrol are taking a toll on the lives of the common people. As the cost of essential commodities and services increases, middle-class families are having a difficult time making ends meet. Businesses are eventually passing on the expenses to the end consumer making every item more expensive than before. The high cost of fuel contributes directly to inflation by increasing input costs.