Fuel prices in India, after a prolonged period of stability, have seen an increase of Rs 1 per liter in petrol and diesel rates across select states. These prices, determined daily by oil marketing companies at 6 am, hinge on global crude oil prices and currency exchange rates.
The early morning announcements by oil companies serve a dual purpose: to keep consumers informed about the latest fuel rates and to prevent potential misinformation or fraudulent activities.
As of July 25, the price of petrol in Delhi stands at Rs 94.72 per liter, with diesel priced at Rs 87.62 per liter. Kolkata has experienced a slight decrease in petrol prices to Rs 103.94 per liter, while diesel is now at Rs 90.76 per liter. In Mumbai, petrol is priced at Rs 103.44 per liter, and diesel at Rs 89.97 per liter.
Here’s a snapshot of petrol and diesel prices across different cities in India:
Lucknow: Petrol Rs 94.65, Diesel Rs 87.76
Bengaluru: Petrol Rs 102.86, Diesel Rs 88.94
Hyderabad: Petrol Rs 107.41, Diesel Rs 95.65
Jaipur: Petrol Rs 104.88, Diesel Rs 90.36
Noida: Petrol Rs 94.66, Diesel Rs 87.76
Chennai: Petrol Rs 100.85, Diesel Rs 92.44
Factors Affect Fuel Prices In India
Crude Oil Prices: Directly impacting petrol and diesel costs, any rise in global crude oil rates leads to a corresponding increase in fuel prices.
US Dollar Exchange Rate: Inversely related to oil barrel costs, a weaker US dollar tends to elevate crude oil prices and, consequently, fuel rates.
Taxation: Significant components such as excise duties, GST, and state taxes exert considerable influence over fuel pricing in India.
These factors collectively shape the daily adjustments in petrol and diesel rates across the country, impacting both consumers and businesses alike.
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