Petrol Price in Punjab Today

The average trading petrol price in Punjab is Rs. 96.54. No change has been recorded in its price since 5th of September 2022. Last month on August 31st 2022, the petrol price in Punjab was closed at a price of Rs. 96.54 per liter. It has fallen by 0.03% during the month. These prices of the fuel are on the basis of the dynamic pricing system of the fuel with regular revision. Several factors such as the crude oil price, global cues, demand for fuel, and the rupee to dollar exchange rate determine these prices. Post the implementation of a new scheme, fuel rates have been getting revised daily, at 6 AM, since June 2017.

In Punjab, the petrol price is determined by several factors. From the time crude oil is purchased to the time it is sold, there are several determinants at play that control the price. Firstly, the price of crude oil varies as per the demand, global supply, and political factors. To add to this, the currency exchange rate of Indian rupee to US dollar is dynamic too. As a result, the price of oil is constantly fluctuating.

Once the oil is bought in, the oil marketing companies (OMCs) add the oil refining and transportation charges. This makes up the depot price, which is the cost at which the dealers buy the petrol from the OMCs. At this stage, the dealer’s commission and the central excise duty and value-added tax (VAT) levied by the state get added. This is the final retail price at which you can then buy petrol in Punjab.

Luckily, you can continue to save on petroleum purchases irrespective of the fluctuations in global fuel prices. All you need is a credit card! Yes. It is true! With the right credit card, you can enjoy a fuel surcharge waiver every time you buy petrol at partner fuel stations in the country. So, go ahead and browse the best card options on Bajaj Markets and apply for a credit card, today!

The petrol price in Punjab is revised on an everyday basis owing to the system of dynamic fuel pricing which was introduced in 2017. Under this, the price of petrol in Punjab is revised at 6 AM everyday as per the current global crude oil rates and the currency conversion rate. The system helps bring transparency and reduces the challenges that were there in the earlier system of fortnightly price revisions. Also, users can buy fuel at the market-determined prices, be it higher or lower.

In July 2017, the GST (Goods and Services Tax) was introduced as an all-inclusive tax to make purchasing items and services easy with uniform taxation across slabs. However, petrol was not included in the classification of goods and services that fall under the GST structure. As a result, the petrol price in Punjab is not impacted by GST.