Petrol Price in Bihar

Bihar is the 13th largest state in the country located in the eastern part of India with an area of 94,163 square km. The state occupies the third position in terms of population in the country and around 11.3% of its people live in urban areas. It is estimated that around 58% of people in the state are below the age of 25 years and giving the state the highest proportion of young inhabitants as compared with any other state in the country. The total number of motor vehicles in the state of Bihar for 2016 was recorded at 5.482 million. The state is clocking growth at a rate of 17.06% in fiscal 2014-2015, making it one of the fastest-growing states. With many industries present in its Hajipur area, the state requires more fuel to fulfil its needs on its path towards development.

Petrol Price in Bihar

The fuel prices in the country are revised on a regular basis starting from 6 am in the morning in sync with the global crude oil prices which are currently experiencing volatility owing to geopolitical tension apart from uncertainty in the oil industry. The petrol prices in Bihar are revised under the Dynamic Fuel Pricing Technique. Under this method, all the oil marketing companies in India including Indian Oil Corporation, Hindustan Petroleum, Bharat Petroleum, and Shell Oil will change the fuel rates based on the purchase price of crude oil from the global market, tax rates as well as the currency conversion rate.

Benefits of Dynamic Fuel Pricing Technique

The dynamic fuel pricing method which is currently adopted by oil marketing companies to revise fuel prices offers many benefits not only to the oil refinery companies but also to the end users – consumers. By following the above-mentioned method to price the petrol across all the fuel stations, the oil marketing companies are able to manage the working capital of the company. It also helps them to keep their respective cash inflows and cash outflows unaffected throughout the year.

The fuel pricing under this method can be done in two ways – manually and automatically. The method of pricing can be done automatically by automated petrol bunks and manually in non-automated petrol pumps.

List of Petrol Pump Companies in India

India is the third largest consumer of oil globally. With a vast population and limited oil resources in the homeland, the country depends on oil imports from abroad to fulfil the domestic fuel requirements. Hence any changes in the global crude prices will have a direct impact on the fuel prices in India. Despite this, the last revision of petrol and diesel prices in India was on May 21, 2022.

Here is the list of petrol pump companies in India which supplies fuel to customers across the length and breadth of the country.

• Indian Oil Corporation
• Hindustan Petroleum Corporation
• Bharat Petroleum
• Reliance Petroleum Limited
• Oil India Limited
• Oil and Natural Gas Corporation (ONGC)
• Tata Petrodyne
• Adani Welspun Exploration Limited
• Cairn India
• Nayara Energy