Check out today’s Petrol and Diesel prices in your city on April 8

8 Apr 2024 , 10:28 AM

Oil marketing companies (OMCs) unveil the prices of petrol and diesel daily at 6 am, irrespective of market fluctuations. This pricing strategy, managed by OMCs, is closely tied to changes in global crude oil prices and foreign exchange rates. The objective is to keep consumers well-informed about the day-to-day fluctuations in fuel costs.

In India, the pricing of petrol and diesel is influenced by various factors including freight charges, value-added tax (VAT), and local taxes. Consequently, fuel rates can vary significantly across different states within the country.

Here are the current prices of Petrol and Diesel in select cities:

City	Petrol Rate (Rs/Litre)	Diesel rate (Rs/Litre)
Bangalore	99.84	85.93
Chandigarh	94.24	82.40
Chennai	100.75	92.34
Gurugram	95.04	87.90
Kolkata	103.94	90.76
Lucknow	94.65	87.76
Mumbai	104.21	92.15
New Delhi	94.72	87.62

Several factors contribute to the final prices of petrol and diesel in India:

1. Crude Oil Price: The cost of crude oil, being the primary raw material for petrol and diesel production, significantly influences the final prices of these fuels in India.
2. Exchange Rate (INR to USD): As a major crude oil importer, India is vulnerable to fluctuations in the exchange rate between the Indian rupee and the US dollar. Changes in this exchange rate directly impact petrol and diesel prices.
3. Taxation: Both central and state governments impose various taxes on petrol and diesel, which can vary across different states, thereby affecting the overall pricing dynamics.
4. Refining Expenses: The costs associated with refining crude oil into petrol and diesel also play a crucial role in determining retail prices. Factors such as the type of crude oil used and the efficiency of the refinery contribute to the variability in refining expenses.
5. Demand: Market demand for petrol and diesel is another significant factor influencing pricing dynamics. Increased demand typically leads to upward pressure on prices, in line with the principles of supply and demand in the energy market.

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