New Prices for Petrol and Diesel Announced on March 22: Understand Fuel Prices in Your City

Today, March 22, 2024, marks an intriguing turn in the global market’s narrative. At approximately 6 am on this fine Friday morning, the esteemed WTI crude stood at $80.68 per barrel, registering a modest decline of 0.48%. Meanwhile, its distinguished counterpart, Brent crude, held its ground at $85.38 per barrel, reflecting a similarly marginal drop of 0.47%. Remarkably, within the nation’s confines, the valiant stance of petrol and diesel prices remains unaltered.

In the realm of India, the valuation of petrol and diesel finds itself subject to a constellation of factors, including freight levies, value-added tax (VAT), and local impositions, thus yielding a kaleidoscope of rates across various states.

Let us embark on a journey through the cityscapes, decoding the enigmatic tapestry of petrol and diesel prices on this auspicious March day:

Behold the metropolises, their tales spun in the currency of petrol and diesel:

Following the current ebb, the noble capital city, Delhi, finds its petrol priced at Rs 94.72 per liter, a marked descent from its previous valuation of Rs 96.72 per liter. Simultaneously, the gallant steed of diesel now stands at Rs 87.62 per liter, down from its erstwhile perch at Rs 89.62 per liter. Across the shores, Mumbai presents petrol at Rs 104.21 per liter, Kolkata at Rs 103.94, and Chennai at Rs 100.75. In the realm of diesel, Mumbai’s offering is priced at Rs 92.15 per liter, Kolkata’s at Rs 90.76, and Chennai’s at Rs 92.34.

Amidst these nuanced fluctuations, the esteemed government of Rajasthan recently decreed a reduction in VAT. The sage Chief Minister, Bhajan Lal Sharma, orchestrated a gracious 2% deduction in the VAT rates for petrol and diesel, effective this very Friday. Sharma’s magnanimous gesture promises solace, translating to savings ranging from Rs 1.40 to Rs 5.30 on petrol and Rs 1.34 to Rs 4.85 on diesel. Presently, the state of Rajasthan levies a VAT of 31.04% on petrol and 19.30% on diesel.

The annals of Indian fuel prices narrate a tale of steadfastness since the epoch of May 2022, following a judicious reduction in fuel levies orchestrated by both the central and various state governments.

The orchestration of fuel retail prices unfolds daily at the stroke of 6 am by the venerable OMCs, guided by the caprices of the global crude oil market. The august government, in its vigilance, regulates fuel prices through an intricate interplay of mechanisms such as excise duties, base pricing, and price ceilings.

Embark now, if you will, upon an odyssey through the intricate web of factors weaving the fabric of petrol and diesel prices in India:

• Crude oil price: The celestial conductor of petrol and diesel’s symphony, the price of crude oil, conducts its influence with unwavering certainty, shaping the destiny of these fuels.
• Exchange rate fluctuations: As India stands as a patron of the global crude market, the vicissitudes of the exchange rate between the Indian rupee and the US dollar wield a profound impact on the realm of petrol and diesel prices.
• Taxation: An elaborate tapestry of taxes, meticulously woven by the central and state authorities, casts its shadow upon the valuations of petrol and diesel, each thread contributing to the intricate design of pricing disparities across the nation.
• Refinement costs: The alchemy of refinement, wherein crude oil transmutes into the elixir of petrol and diesel, bears its own tolls. The arcane arts of refining, beset by costs influenced by crude oil varieties and refining efficiencies, inscribe their mark upon the final valuations of these fuels.
• Demand dynamics: The whims of demand, capricious and ever-changing, sway the tides of petrol and diesel prices, their fluctuations a reflection of the ebb and flow of societal needs.