Petrol & Diesel Price in UP

Today Petrol Price in UP is INR 95.06 per liter and Today Diesel Price in UP is INR 88.19 per liter.

UP has the largest population among the Indian states. It accounts for the most consumption of petrol in the country.

The Ministry of Finances, GoI, revises the fuel prices daily at 6 am. The prices depend on underlying factors like the forex value, crude production, and consumer demands that make you pay extra when refuelling.

Petrol price in UP

Today Petrol Price in UP is INR 95.06 per liter.

Petrol prices in UP lie between INR 94.24 to INR 96.27 across 75 districts. UP is the largest consumer of petrol in retail sales, comprising 12% of the nationwide gasoline retail consumption. Although Uttar Pradesh houses the IOCL refinery at Mathura, there's no significant trace of crude presence in the state.

Petrol rates are cheap in UP, given the lower excise duty of the state government. Besides, check out the price division to know how much you pay for petrol over the original dealer's price.

• UP state excise duty is 16.97% or INR 13.14/l, whichever is higher.

• INR 19.90/l of petrol (central excise duty)

• Dealer commission (around 5%)

Diesel Price in UP

Today Diesel Price in UP is INR 88.19 per liter.

Uttar Pradesh accounts for the most diesel consumed in India during FY 2021-2022, measured provisionally at 9496 TMT (thousand metric tonnes). It accounts for nearly 12.4% of the national retail sales of diesel. The latest diesel prices in UP lie between INR 94.24 to INR 96.27.

The final diesel rate includes the joint excise duty on the dealer's commission on the subsidised dealer price at which OPC sells fuel to pump owners. Check out how much you pay at the nearest fuel pump station:

• UP state excise duty is 17.08% or INR 10.41/l, whichever is higher.

• Central excise duty is INR 15.80/l

• Dealer's commission (around 5%)

What triggers fuel prices in UP?

Petrol prices in Uttar Pradesh are subject to underlying factors like global crude rate, availability of sufficient fuel, and the rate of forex used to import petroleum products. It includes:

Dearer forex rates

The GoI uses USD as the preferred import currency for crude products. As USD is subject to fluctuation in money markets, its rate against the INR spirals, making crude prices more expensive than before. Since the ongoing clash between Russia and Ukraine, the GoI has scaled up oil purchases in massive volumes from Russia, using INR-RUB, thus minimising USD fluctuations.

Low production of crude oil

Crude oil availability is subject to onshore and offshore drilling rigs. However, the OPEC+ countries have reduced petroleum outputs after the COVID-19 and Ukrainian crises to control the sliding prices in the international market. It has led to limited availability of crude while demands are soaring, leading to dearer rates of petrol and diesel prices to compensate for expensive buys. This affects the petrol price in Uttar Pradesh, like the rest of the states of India.

Excise duty rates

Petrol prices in Uttar Pradesh stay controlled, thanks to the reduction in state excise duty. While petroleum is yet under the GST scheme, it's estimated to be 18%. However, the latest excise duty charged is over 30% per litre over the dealer's rate sold by OPCs.

What are the side effects of inflation on petrol prices in Uttar Pradesh?

Uttar Pradesh is undergoing rapid industrialisation, and expensive fuel charges will dampen its economic growth. It's critical to support the well-being of nearly 30% of the BPL population staying in the state. Although reducing the state excise duty has provided temporary relief among people, here's how expensive fuel can affect Uttar Pradesh.

• Sudden retail inflation (increase in CPI%)

• Expensive diesel affects the agricultural and transport sectors

• Reduces industrial output and increases unemployment

• Dip in the retail sale of motor fuels

Conclusion

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