Petrol prices has crossed Rs.90/-.
Petrol plays a vital role in our day to day life as we are in need of fuel for various purposes. Therefore, any changes in its price affects the economy as it serves as a source of energy and raw materials for many industries. The petrol price fluctuates because of various factors such as change in Crude Oil cost, exchange rates(rupee to US dollar), Global Cues and demand for fuel. The selling price of fuel is determined based on the Excise duty, Value Added Tax(VAT varies from state to state), and Dealer Commission included.
Did you know about “Dynamic Fuel Price Method”?
The Dynamic Fuel Price Method, as on June 2017, petrol prices in India is revised daily, Petrol and Diesel rates are revised everyday at 6am but earlier it was revised every fortnight.
Àccording to the reports, today’s petrol price in Greater Mumbai is Rs.90.34 per liter. In the last change in Mumbai’s petrol price on December 19th there was an increase of 0.1 rupee. In the past 10 days Mumbai has witnessed fluctuations in the fuel price. The reason behind the fluctuations is the cost of Crude Oil and also the rupee value has moved lower against the dollar amount. The expensive cost can be reduced in the upcoming days if government decides to reduce excise duty.