Updated Prices for Gas and Diesel: Verify Prices in Your City on February 21
On February 21, 2024, global crude oil prices have once again experienced a decline, now resting below the $83 mark. Simultaneously, alterations in petrol and diesel rates, as proclaimed by government-owned oil enterprises on Wednesday morning, have taken place. This morning has witnessed the most significant surge in petrol and diesel prices within the precincts of Azamgarh district, Uttar Pradesh. Nevertheless, a decrease in oil costs has been observed in the capital, Lucknow, while Bihar has also encountered a decline in oil prices today.
Within India, the pricing dynamics of petrol and diesel are susceptible to various factors such as freight charges, value-added tax (VAT), and local taxes, culminating in disparate rates across different states.
Changes in Today’s Petrol and Diesel Prices
As per official announcements from government oil corporations, petrol has seen an increase of 91 paise, now priced at Rs 97.73 per liter in Azamgarh district. Correspondingly, diesel has escalated by 89 paise, reaching Rs 91.08 per litre. In the capital city of Uttar Pradesh, Lucknow, petrol has experienced a marginal reduction of 2 paise, now at Rs 96.57 per liter, and diesel has seen a similar decrease, being sold at Rs 89.76 per litre. Additionally, in the capital of Bihar, Patna, petrol has diminished by 21 paise, presently standing at Rs 107.59 per litre, while diesel has undergone a reduction of 20 paise, being retailed at Rs 94.36 per litre.
Petrol and Diesel Rates Across India on February 21 (Refer to the city-wise rate list below)
Mumbai’s Petrol & Diesel Price
As of February 21, the petrol price in Mumbai has persisted above the Rs 100 benchmark, settling at Rs 106.31 per litre, with diesel priced at Rs 94.27 per litre.
Diesel Price in Delhi Today
As of February 21, the diesel cost is marked at Rs 89.62 per litre.
Petrol Price in Delhi Today
As of February 21, the petrol cost in Delhi stands at Rs 96.72 per litre.
Refer to the city-wise petrol and diesel prices on February 21:
| CITY | PETROL 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 maintained stability since May 2022, following a reduction in fuel taxes by the central government and various states.
Fuel retail prices are recalibrated by Oil Marketing Companies (OMCs) daily at 6 am based on the global crude oil price. The government regulates fuel prices through mechanisms such as excise tax, base pricing, and price caps.
Factors Impacting Petrol And Diesel Prices In India
Crude oil price: The primary raw material for petrol and diesel production is crude oil, and consequently, its price directly affects the ultimate cost of these fuels.
The exchange rate between the Indian rupee and the US dollar: As a significant 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: Both central and state governments impose various taxes on petrol and diesel, with discrepancies across states significantly impacting the final prices of these fuels.
The cost of refining: The ultimate price of petrol and diesel is further influenced by the expenses incurred during the refining process. This process, known for its potential costliness, may vary based on factors like the type of crude oil used and the efficiency of the refinery.
The demand for petrol and diesel: Price fluctuations can be observed based on the demand for these fuels. An increase in demand may lead to a subsequent rise in prices.
