Jharkhand, the leading manufacturer of mineral wealth, has 26 districts and 260 blocks. The three major cities of the state include Ranchi, the capital city; Jamshedpur, the most populous city; and Dhanbad, the second most populous city in Jharkhand. During the first two weeks of November 20017, the diesel price has moved in a rising trend in Ranchi. On 1 November 2017, the fuel was priced at Rs.61.07 per litre that reached to Rs.61.67 per litre on 10 November 2017.
October | September | August | July | June | |
Opening day | Rs.62.31 | Rs.60.44 | Rs.58.82 | Rs.56.58 | Rs.57.26 |
Closing day | Rs.61.04 | Rs.60.25 | Rs.60.36 | Rs.58.85 | Rs.56.74 |
Highest | Rs.62.54 | Rs.62.30 | Rs.60.71 | Rs.58.85 | Rs.57.26 |
Lowest | Rs.60.17 | Rs.60.44 | Rs.58.82 | Rs.56.58 | Rs.56.74 |
In Ranchi, in October, the fuel price slashed by 2.08% whereas in September increased by 2.91%. In August, the fuel rate was up by 2.55% and by 3.86% in July. Since the introduction of dynamic fuel pricing in June, fuel prices were down in the second half. Over the last five months, the highest fuel price was Rs.62.30 per litre on 3 September and the lowest price was 56.58 per litre on 1 July. The excise duty was reduced by Rs.2 per litre on petrol and diesel. This was the major price cut during the same period.
Diesel Price per litre Jamshedpur | Diesel Price per litre Dhanbad | |
1 April 2017 | Rs.59.29 | Rs.59.00 |
1 May 2017 | Rs.61.12 | Rs.60.82 |
1 June 2017 | Rs.59.76 | Rs.59.47 |
1 July 2017 | Rs.56.81 | Rs.56.54 |
1 August | Rs.59.06 | Rs.58.77 |
1 September | Rs.60.69 | Rs.60.39 |
1 October | Rs.62.56 | Rs.62.26 |
The fuel price in Jamshedpur was more compared to Dhanbad and Ranchi. It is inclusive of crude oil prices, taxes and dealer margins. According to the report released by Petroleum Planning and Analysis Cell (PPAC) on 4 October 2017, the local taxes levied on diesel and petrol in Jharkhand were 24.62% and 31.50% respectively. PPAC administers the subsidy on domestic LPG and PDS kerosene, and interprets the trends in overseas and domestic crude oil prices.
The current diesel price in Jharkhand is getting revised under the new fuel pricing system called dynamic fuel pricing. What is it? The system revises fuel prices on a daily basis in lieu of the earlier fortnightly revision. How is the revision done? Like the fortnightly revision, even the dynamic fuel pricing system, also called the daily revision, updates the diesel Costs on the basis of the variations in the INR/USD exchange rate and worldwide crude oil prices. This is the reason why the fuel is priced differently every day.
All diesel stations in Jharkhand will revise the price at 06:00 a.m. every day. The next day’s price is based on the trends in crude oil rates and the INR/USD exchange rate. Any variations in these two price determinants are replicated instantly in the retail selling price, which is charged to customers. Dynamic fuel pricing system has been in practice in India since 16 June 2017. Other nations that have adopted the system include Australia, Russia and the United States of America (USA). The daily revision system has many advantages over the previous fortnightly revision, which include:
January | February | March | |
Opening date price | Rs.63.19 a litre | Rs.67.77 a litre | Rs.65.9 a litre |
Closing date price | Rs.67.62 a litre | Rs.65.72 a litre | Rs.68.04 a litre |
Highest price | Rs.67.65 a litre booked on 30th | Rs.67.88 a litre booked on 6th and 7th | Rs.68.04 a litre booked on 31st |
Lowest price | Rs.63.19 a litre booked on 1st | Rs.65.65 a litre booked on 25th | Rs.65.09 a litre booked on 1st |
Trend | Upward | Downward | Upward |
%Change | +7.01% | -3.02% | +3.24% |
Trend in Diesel Price in Jharkhand in January 2018
Trend in Diesel Price in Jharkhand in February 2018
Trend in Diesel Price in March 2018 in Jharkhand
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