Every day, at 6 am, the curtain lifts on the prices of petrol and diesel, unfazed by the ebb and flow of market dynamics. This daily practice is a product of the strategic manoeuvres of oil marketing companies (OMCs), adept at recalibrating prices based on the mercurial shifts in global crude oil prices and foreign exchange rates.
The transparency and punctuality of this routine serve as a testament to the intricacies of the fuel market, where even the slightest ripple in global economic indicators can cast its influence on the pocketbooks of consumers.
The fluctuating tide of fuel prices unfolds each morning. The dynamic pricing of petrol and diesel is intricately woven into the fabric of international market trends and foreign exchange rates. With a finger on the pulse of global crude prices, oil marketing companies, including Indian Oil, Bharat Petroleum, and Hindustan Petroleum, meticulously reassess and set the rates for petrol and diesel every day at 6 am.
Check petrol and diesel prices today in different cities
| CITY |
PETROL PRICE (RS/LITRE) |
DIESEL PRICE (RS/LITRE) |
| Delhi |
96.72 |
89.62 |
| Noida |
96.65 |
89.82 |
| Mumbai |
106.31 |
94.27 |
| Kolkata |
106.03 |
92.76 |
| Chennai |
102.63 |
94.24 |
| Lucknow |
96.47 |
89.66 |
| Bengaluru |
101.94 |
87.89 |
| Jaipur |
108.48 |
93.72 |
| Bhubaneswar |
103.18 |
94.75 |
| Trivandrum |
109.42 |
98.24 |
| Hyderabad |
109.66 |
97.82 |
Factors affecting petrol and diesel prices in India
Crude oil stands as the fundamental building block for the production of petrol and diesel, and consequently, its market price serves as a direct determinant of the final cost of these fuels.
Given India's substantial reliance on importing crude oil, the exchange rate between the Indian rupee and the US dollar plays a pivotal role in shaping the nation's petrol and diesel prices.
The intricate web of taxes imposed by both central and state governments on petrol and diesel adds an additional layer of complexity. Varying across states, these taxes wield significant influence over the ultimate retail prices of petrol and diesel, accentuating the multifaceted factors contributing to the cost dynamics of these essential fuels.
ALSO READ: Budget 2024: Government trims budget support for oil firms, defers filling strategic oil reserves
Latest India News
