Diesel Price in Jharkhand

Jharkhand is one of the new states which attained statehood during the year 2000. The state has an area of 79,710-kilometre square. The state has a huge deposit of mineral resources in the country. Jharkhand contributes USD 726.80 as per capita annual income for the country. Fuel is one of the most essential resources for the development and continuation of industries in a country. The large deposits of minerals in the state have led to the development of industries.

Diesel Prices in Jharkhand Vs Other States in India

The diesel prices in India is not fixed across the country owing to several reasons, one such reason is the state levied value-added tax which differs from one state to another and the same is decided by the respective state governments. Apart from this the demand and supply pattern, global crude prices, logistics, customs duty by the central government also act as the factors which determine the diesel rates in Jharkhand.

The Value Added Tax on diesel in Jharkhand stands at 23.26% and in Bihar, the VAT on diesel is at 18.32%. The residents of Jharkhand pay more for diesel as compared with the residents of Bihar.

Features of Dynamic Fuel Pricing Technique

The following are the features of Dynamic Fuel Pricing Technique:

• The fuel prices are revised on a daily basis.
• Fuel rates are fixed in sync with global crude oil prices.
• The consumers can be aligned to the market dynamics.
• Working Capital can be managed by both the dealers as well as the oil marketing companies.
• Indian fuel retail segment can be aligned with the global oil market.
• It is one of the best stock management principles which can be adopted.