Oil marketing companies (OMCs) in India update petrol and diesel prices daily at 6 a.m. to maintain transparency amidst the volatile nature of these essential commodities. These price revisions reflect changes in global crude oil rates and currency exchange fluctuations, providing consumers with up-to-date fuel costs.
Petrol and Diesel Prices for December 3, 2024
City-wise prices for petrol and diesel on December 3 are as follows:
Delhi: Petrol – ₹94.72, Diesel – ₹87.62
Mumbai: Petrol – ₹103.44, Diesel – ₹89.97
Chennai: Petrol – ₹100.85, Diesel – ₹92.44
Kolkata: Petrol – ₹103.94, Diesel – ₹90.76
Noida: Petrol – ₹94.66, Diesel – ₹87.76
Lucknow: Petrol – ₹94.65, Diesel – ₹87.76
Bengaluru: Petrol – ₹102.86, Diesel – ₹88.94
Hyderabad: Petrol – ₹107.41, Diesel – ₹95.65
Jaipur: Petrol – ₹104.88, Diesel – ₹90.36
Trivandrum: Petrol – ₹107.62, Diesel – ₹96.43
Bhubaneswar: Petrol – ₹101.06, Diesel – ₹92.91
Key Factors Influencing Fuel Prices in India
Several factors influence the pricing of petrol and diesel across the country:
Crude Oil Prices: As the primary raw material for refining petrol and diesel, fluctuations in global crude oil prices have a direct impact on fuel costs.
Exchange Rates: India’s status as a major crude oil importer means that the value of the Indian rupee against the US dollar significantly affects fuel prices.
Taxes: Fuel prices are also shaped by taxes levied by both central and state governments, which vary across regions and affect the final retail price.
Refining Costs: The cost of refining crude oil into usable petrol and diesel is another factor influencing fuel prices. These costs depend on factors such as crude oil quality and refinery efficiency.
Demand: Increased demand for petrol and diesel can drive up fuel prices, reflecting the basic economic principle of supply and demand.
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