Today's Diesel Price in Haryana

In Haryana, diesel prices are revised on a daily basis, unlike the earlier fortnightly revision, which came to an end on 15 June 2017. The daily revision of prices, also known as dynamic fuel pricing, came in to effect on 16 June 2017 to bring transparency in the fuel pricing in India. With the dynamic fuel pricing in place, even the slightest change in the international crude oil prices will be reflected in the daily updated diesel price in India, thus benefits the end customer who would be enjoying even the slightest benefit in the fuel price. 

In Haryana, diesel prices will be updated every day by 6 a.m. at every petrol pump. The same will be displayed high at the fuel stations. Customers can also view the daily revised diesel prices in the websites of the oil marketing companies including Indian Oil, Hindustan Petroleum, Bharat Petroleum and other private players such as Shell and Essar.

Factors Affecting Diesel Rate in Haryana

Some of the factors that affect diesel rates in Haryana are mentioned below:

• Demand and Supply: The domestic demand for diesel, which is high in an agrarian and industrial state like Haryana, can also influence prices.

• Government Policies and Taxes: Both the central and state governments can revise the taxes they levy on diesel, which can lead to a change in the final price for consumers.

• Value of Rupee against Dollar: Since crude oil is purchased in US dollars, any change in the exchange rate between the rupee and the dollar impacts the import cost. A weaker rupee makes imports more expensive, leading to higher fuel prices.

• International Crude Oil Prices: The global price of crude oil is the most significant factor determining diesel prices. Any volatility in the international market due to geopolitical tensions, supply and demand, or actions by oil-producing countries directly affects the price in India.

How is the Diesel Price in Haryana Calculated?

The several components that are considered when determining diesel prices in Haryana are mentioned below: 

• Dealer Commission: This is the commission paid to the petrol pump owners, and it is also a fixed amount per litre.

• State Government Taxes: The state government of Haryana imposes a Value Added Tax (VAT) on diesel. This is a percentage of the fuel's price and can be revised by the state government.

• Central Government Taxes: The central government levies an excise duty on diesel, which is a fixed amount per litre and is the same across the country.

• Crude Oil Price: This is the base price of crude oil, which is imported from other countries. India imports over 85% of its crude oil, so international prices have a significant impact on domestic fuel costs.

Effect of GST on Diesel Price in Haryana

While the implementation of GST impacted the prices of most of the commodities in India both positively and negatively, its effect on prices of diesel and other petroleum products, for now is, zero. This is because of the exemption that was given for diesel and other petroleum products, which are currently kept outside the purview of GST. Therefore, diesel is still taxed as per the old tax regime, which includes both central and state taxes.