On July 15, 2024, oil marketing companies (OMCs) in India announced unchanged prices for petrol and diesel, maintaining consistency amidst global market fluctuations. The daily adjustment of fuel prices at 6 am by OMCs reflects movements in global crude oil prices and foreign exchange rates, ensuring transparency for consumers nationwide.
Since March 2024, petrol prices have remained steady across most regions following a government-led reduction of Rs 2 per litre. Prior to this adjustment, prices had been unchanged since May 2022, following a reduction in fuel taxes by the central government and several states.
City-wise Petrol and Diesel Prices on July 15, 2024:
Delhi: Petrol – Rs 94.72 per litre, Diesel – Rs 87.62 per litre
Mumbai: Petrol – Rs 103.44 per litre, Diesel – Rs 89.97 per litre
Chennai: Petrol – Rs 100.85 per litre, Diesel – Rs 92.44 per litre
Kolkata: Petrol – Rs 103.94 per litre, Diesel – Rs 90.76 per litre
Noida: Petrol – Rs 94.66 per litre, Diesel – Rs 87.76 per litre
Lucknow: Petrol – Rs 94.65 per litre, Diesel – Rs 87.76 per litre
Bengaluru: Petrol – Rs 102.86 per litre, Diesel – Rs 88.94 per litre
Hyderabad: Petrol – Rs 107.41 per litre, Diesel – Rs 95.65 per litre
Jaipur: Petrol – Rs 104.88 per litre, Diesel – Rs 90.36 per litre
Trivandrum: Petrol – Rs 107.62 per litre, Diesel – Rs 96.43 per litre
Bhubaneswar: Petrol – Rs 101.06 per litre, Diesel – Rs 92.91 per litre
Factors Influencing Petrol and Diesel Prices
Several factors influence the pricing of petrol and diesel in India, including:
Crude Oil Prices: The primary determinant, as India imports most of its crude oil.
Exchange Rate: Fluctuations between the Indian Rupee and US Dollar impact import costs.
Taxation: Central and state taxes play a significant role in price adjustments.
Refining Costs: Expenses incurred in converting crude oil into fuel.
Demand: Variations in consumer demand can affect pricing dynamics.
The daily adjustment of fuel prices by OMCs aims to reflect these factors, ensuring consumers are informed about the latest developments in fuel costs.
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