New Fuel and Diesel Prices Released: Verify Prices in Your City on February 7
Petrol and Diesel Rates on February 07, 2024: Each dawn at 6 am, the prices for petrol and diesel are unveiled, irrespective of whether they undergo fluctuations or remain steadfast. This consistent occurrence is orchestrated by oil marketing conglomerates (OMCs) as they align prices with shifts in global crude oil prices and foreign exchange rates. This process ensures that consumers are apprised of the daily fluctuations in fuel expenses.
In India, the pricing of petrol and diesel is subject to influences such as freight charges, value-added tax (VAT), and local taxes, resulting in disparate rates across states.
Petrol and Diesel Prices Today in India (Refer to the city-wise rate list below)
Mumbai Petrol & Diesel Rates
As of February 07, the price of petrol in Mumbai continued to surpass the Rs 100 mark, reaching Rs 106.31 per litre, while diesel was valued at Rs 94.27 per litre.
Delhi Diesel Price Today
As of February 07, the cost of diesel is pegged at Rs 89.62 per litre.
Delhi Petrol Price Today
As of February 07, the cost of petrol in Delhi stands at Rs 96.72 per litre.
Check city-wise petrol and diesel prices on February 07;
CITY PETROL PRICE (RS/LITRE) DIESEL PRICE (RS/LITRE)
Chennai 102.63 94.24
Kolkata 106.03 92.76
Noida 96.59 89.82
Lucknow 96.62 89.66
Bengaluru 101.94 87.89
Hyderabad 109.66 97.82
Jaipur 108.48 93.72
Trivandrum 109.73 98.24
Bhubaneswar 103.19 94.75
In India, fuel prices have remained unwavering since May 2022, subsequent to a reduction in fuel levies by the central government and several states.
Fuel retail prices are revised 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.
Factors Influencing Petrol And Diesel Prices In India
Crude oil price: The fundamental raw material for the production of petrol and diesel is crude oil, and consequently, 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 petrol and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.
Tax: Various taxes on petrol and diesel are levied by both the central and state governments. These taxes may vary across states, exerting a significant impact on the ultimate prices of petrol and diesel.
The cost of refining:
The ultimate price of petrol and diesel is additionally affected by the expenditures 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 petrol and diesel: The demand for petrol and diesel can also impact their prices. If the demand for these fuels rises, it can lead to higher prices.
