Here is everything you need to know about the petrol price in the state of Odisha today. We decipher the price trend over time and understand the different factors that influence the petrol cost in Odisha.
The global cost of crude oil, which is purchased from the international markets in US dollars, is one of the most important factors while determining the price of petrol in Odisha. The USD/INR exchange rate is vital when the initial purchase is made by oil marketing companies, who then add a charge while refining the product and passing it on to dealers.
The petrol prices in Odisha also hinge on the demand and supply of the product. Due to the increase in the number of people using vehicles, the cost of petrol has also risen. Furthermore, the state government adds the value-added tax (VAT), while the central government imposes excise duty as part of the petrol tax in Odisha.
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In Odisha, the petrol rate is revised daily as per the June 2017 policy of dynamic fuel pricing. Fuel outlets across the state reset the price of petrol at 06 AM every day. The daily revision improves competitiveness and ensures transparent fuel pricing. The petrol prices for any given day are displayed on the retail outlets across the state. Consumers can also check the petrol price rate in Odisha on the websites and apps of oil companies.
The VAT and excise duty are the applicable taxes on petrol in Odisha as petroleum products are out of the purview of the Goods and Services Tax (GST). Thus, there is no impact of GST on petrol rates in Odisha.
The daily Odisha petrol price rates are decided based on multiple factors. They include global cost of crude oil, INR/USD exchange rate fluctuation, import and export charges, refinery fees, dealer commission, central excise duty, and value-added tax (VAT) levied by the state government.
The distance that your vehicle can cover on 1-litre of petrol depends on its mileage or fuel efficiency.