Petroleum and Diesel Rates on February 24, 2024: Each dawn at 6 am, the pricing for petroleum and diesel is unveiled, whether they undergo fluctuations or remain steadfast. This regular occurrence is orchestrated by oil marketing companies (OMCs) as they harmonize prices with shifts in global crude oil rates and foreign exchange values. This procedure ensures that consumers are apprised of the daily alterations in fuel expenses.
In India, the pricing of petroleum and diesel is subject to influences such as freight charges, value-added tax (VAT), and local levies, resulting in disparate rates across states.
Petroleum Diesel Price Today In India (Examine city-wise rate list below)
Mumbai Petroleum & Diesel Price
As of February 18, the cost of petroleum in Mumbai continued to surpass the Rs 100 threshold, reaching Rs 106.31 per litre, while diesel was valued at Rs 94.27 per litre.
Delhi Diesel Price Today
As of February 18, the expense of diesel is set at Rs 89.62 per litre.
Delhi Petroleum Price Today
As of February 18, the expense of petroleum in Delhi is Rs 96.72 per litre.
Check city-wise petroleum and diesel prices on February 24:
CITY PETROLEUM PRICE (RS/LITRE) DIESEL PRICE (RS/LITRE)
Chennai 102.63 94.24
Kolkata 106.03 92.76
Noida 96.79 89.96
Lucknow 96.57 89.76
Bengaluru 101.94 87.89
Hyderabad 109.66 97.82
Jaipur 108.48 93.72
Trivandrum 109.73 98.53
Bhubaneswar 103.19 94.75
In India, fuel prices have remained unswerving since May 2022, subsequent to a reduction in fuel taxes by the central government and various states.
Fuel retail prices are adjusted by OMCs daily at 6 am based on the global price of crude oil. The government oversees fuel prices through mechanisms such as excise tax, base pricing, and price caps.
Latest Crude Oil Prices
Oil prices descended nearly 3 per cent on Friday and recorded a weekly decline after a U.S. central bank policymaker indicated interest rate cuts could be deferred by at least two more months, according to Reuters.
Brent crude futures settled down $2.05, or 2.5%, at $81.62 a barrel, while U.S. West Texas Intermediate crude futures (WTI) were down $2.12, or 2.7%, to $76.49.
For the week, Brent declined about 2% and WTI fell more than 3%. However, indications of robust fuel demand and supply concerns could rekindle prices in the imminent days.
Factors Influencing Petroleum And Diesel Prices In India
Crude oil price: The primary raw material for the production of petroleum and diesel is crude oil, and as such, its price directly impacts the ultimate cost of these fuels.
The exchange rate between the Indian rupee and the US dollar: As a major importer of crude oil, India’s petroleum and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.
Tax: Various levies on petroleum and diesel are imposed by both the central and state governments. These levies may differ across states, exerting a notable influence on the ultimate prices of petroleum and diesel.
The cost of refining:
The final price of petroleum and diesel is additionally influenced by the expenses incurred in refining crude oil into these fuels. The refining process can be costly, and the refining expenses may fluctuate based on factors like the type of crude oil utilized and the efficiency of the refinery.
The demand for petroleum and diesel: The demand for petroleum and diesel can also impact their prices. If demand for these fuels increases, it can lead to higher prices.