The city of Faridabad in Haryana is a prime industrial hub where public and private vehicles supplement the transportation requirement for both commercial and personal use. With the consumption of petrol on the rise, it is a vital component of the common man’s daily financial budget. So, here we have mentioned everything you need to know about petrol prices in Faridabad today. We decipher the price trend over time to understand the different factors that influence the petrol price in Faridabad.
The cost of crude oil purchased from the international markets in US dollars is one of the most crucial factors in determining the price of petrol in Faridabad. Hence, the USD/INR exchange rate is vital while purchasing crude oil. On this, the oil marketing companies (OMC) add import and refinery charges and then pass the cost on to the dealers, who then add their commission. The petrol rate in Faridabad also hinges on the demand and supply of the product.
The state government adds the value-added tax (VAT) while the central government imposes excise duty as part of the petrol tax in Faridabad. You can continue to save on petrol purchases irrespective of the change in global fuel rates. All you need is a credit card ! Yes, with the right credit card, you can get a fuel surcharge waiver on your petrol purchases at a partner fuel station in India. You can head to Finserv MARKETS, browse the best options and apply for a credit card today!
The cost of petrol in Faridabad is revised daily. As per the June 2017 policy of dynamic petrol pricing, fuel outlets across the city reset the petrol prices at 06 AM every day. The daily revision improves competitiveness and ensures transparent fuel pricing. The retail outlets across the city display petrol prices for any given day. You can check the petrol price in Faridabad on the official websites and apps of oil companies.
There is no impact of GST on petrol prices as the Goods and Services Tax (GST) does not apply on petroleum products. In Faridabad, the only applicable rates on petrol are the state government’s VAT and the central excise duty.
The petrol rates in Faridabad are decided based on multiple factors. They are as follows:
Global cost of crude oil
INR/USD exchange rate fluctuation
Import and export charges
Central excise duty
Value-added tax (VAT)
The distance covered by a vehicle on 1-litre of petrol depends on its mileage or fuel efficiency.