Petrol Price in Jharkhand

Jharkhand is situated in the eastern part of India. The state was carved out of Bihar and was given statehood in the year 2000. The per-capita annual income from this state stands at $726.8. The state has several minerals deposits and hence one can see many industry belts located in centres like Dhanbad, Jamshedpur, Ranchi and Bokaro. Fuel is one of the most essential resources for the development and continuation of industries and hence their prices also contribute to the growth.

Mechanism Used to Determine the Petrol Price in Jharkhand

The country is following the Dynamic Fuel Pricing Technique and joins the group of elite countries around the globe which are already using this method to price the fuel across the country. As per this method, the fuel rates are revised on a daily basis in sync with the global crude oil rates which keeps on fluctuating. The changed fuel prices come into effect starting from 6 am in the morning across all the fuel filling stations in the country. In some fuel stations the fuel prices get changed automatically and in some of the fuel stations, the prices of petrol have to be changed manually by the fuel station employees.

The fuel pricing is done after taking into consideration the following things which include rupee-dollar conversion rate, logistics, global crude oil prices, demand and supply of fuel and so on.

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.