Petrol Price in Lucknow
As crude oil prices have been showing a firm trend, it is noticed that the Petrol price in Lucknow has been changing a lot. Since petrol and diesel prices fluctuate daily and it makes sense to check today’s petrol price in Lucknow to save some money on your next long trip. With drowning economy, the rupee has also slipped against dollar which has impacted the prices of petrol in India. However, it is rumored that central government will reduce the excise duty and it will make the petro a bit cheaper for common man.
The capital city of UP, Lucknow is the administrative hub of the eponymous district and division. The city has a population of over 3 million and is a popular tourist destination. Since the population is huge, the number of vehicles in the city is on a rise. With the increased number of two-wheelers and four-wheeler automobiles in the city, the usage of fuel is on a rise.
Most of the fuel stations in Lucknow are run by State-owned oil marketing companies such as Hindustan Petroleum, Bharat Petroleum, and Indian Oil. The petrol price in Lucknow is changed on a daily basis. To help you understand what affects this regular change in price of petrol, below we have listed some insights into the factors that lead to change in petrol price in Lucknow.
Modification in the price of International Crude Oil: Oil producing counties supply oil to India and the nature of price of crude oil is dynamic which depends on multiple factors such as production cuts, geopolitical reasons, and demand and supply factors. The price we pay to purchase one liter of petrol in Lucknow is determined by some of these factors.
Rupees and Dollar Exchange Rate: OMCs acquire crude oil by paying the price in US dollars, any variation in the exchange rate of Indian currency and US dollar, affects both the Lucknow’s petrol price and other cities across India.
Applicable tax: Another important factor that cannot be missed is the taxation that lead to the change in the petrol and diesel price in any city. The states levy Value Added Tax (VAT) on oil that also includes petroleum products.
Dealer’s commission: Dealers also add their profit as they run fuel stations and oil refineries to store and dispense petrol and diesel to customers.