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Since the execution of the Goods and Services Tax (GST), many states have accelerated the VAT, leading petrol rates to upsurge significantly. The government reduced the excise duty on petrol by Rs.2 per litre in order to bring down fuel rates.

Maharashtra has joined Gujrat in reducing VAT imposed on fuel rates. After the announcement, the petrol rate in Mumbai was down by Rs.2 per litre. According to the latest reports, the VAT imposed on petrol in Thane, Navi Mumbai and Mumbai is 47.94%. It is 46.81% in rest of the state. The reduction in the state VAT is an additional financial burden.



Let’s make a comparative analysis of petrol prices in Maharashtra.
Revision of Petrol Prices in Maharashtra
All petrol bunks across the state have adopted dynamic fuel pricing system in order to revise the rate of petrol. Dynamic fuel pricing is alternatively called the daily revision. The new pricing system improves the competitiveness of the country and ensures transparent fuel pricing. With the introduction of dynamic fuel pricing, India joined Australia and the United States of America (USA).

State retailers will reset the price of petrol every day at 06:00 a.m. in sync with the exchange rate and worldwide crude oil prices. On a wider note, the daily revision aligns the retail pricing of crude derivatives in line with price fluctuations in overseas markets. The move also fosters the capability of oil marketing companies to transmit the rates into the economy efficiently.

Petrol Price Trend in Maharashtra in April 2018

Petrol price stood at Rs.81.59 a litre on 1st in the capital city of Maharashtra, Mumbai. In Pune, the second largest city in Maharashtra, the fuel price was lower because of Value-added Tax.
As on 1 April 2018, VAT was 39.95% in Mumbai, Thane and Navi Mumbai; and in rest of the state, it was 38.93%.
State-owned fuel companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum will take into account the currency conversion rate and the price of unrefined oil.
In this month, petrol price in Maharashtra was increased by 1.09% caused by an upsurge in the price of crude oil per barrel. It remained unaffected by indigenous factors. The crude oil market was sluggish since the demand for unrefined oil has fallen in global markets.
Petrol rates in Maharashtra were stable at Rs.81.84 a litre on 3rd and 4th, and Rs.82.48 a litre during the last week of the month.
The highest petrol price was registered at Rs.82.52 a litre on 24th whereas the lowest fuel price was recorded at Rs.81.59 a litre on 1st for the month.
Petrol Price Trend in Maharashtra in May 2018

Petrol continued to retail at a price of Rs.82.48 a litre during the first ten days of the month under the system of dynamic fuel pricing. The same price was offered at all fuel stations owned by Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Crude oil costs have increased by $6 per barrel and therefore, petrol rates in all parts of the country have increased significantly. In Maharashtra, fuel rates were up by 4.51% this month.
The impact of the exchange rate is considered since India imports unrefined oil from oil-exporting nations such as OPEC. Since there were no noticeable variations in the exchange rate of the INR against the USD, petrol prices in Maharashtra were not impacted.
At Indian Oil, the highest fuel price was declared at Rs.86.28 a litre. The lowest fuel price for the month was booked at Rs.82.48 a litre for the month.
The neighboring states of Maharashtra such as Madhya Pradesh, Gujarat and Karnataka have also increased the price of petrol in sync crude oil rates.
Petrol Price Trend in Maharashtra in June 2018

The opening date price was down by 6 paise per litre. Fuel prices have steadily fallen over the first week of June 2018.
By the end of the second week, the fuel price in Maharashtra was reduced to Rs.84.26 a litre. By the end of the third week, fuel enterprises have further reduced the fuel price to Rs.83.95 a litre by the end of th

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