Updated Prices for Gas and Diesel: Verify Prices in Your City on February 3
Petroleum and diesel prices as of February 3, 2024: Each dawn, at the stroke of 6 o’clock, the revelation of petroleum and diesel prices unfolds, indifferent to whether they sway or remain steadfast. This daily unfolding is orchestrated by oil marketing companies (OMCs), which make adjustments based on the ebb and flow of international crude oil prices and foreign exchange rates.
Latest Developments in Petroleum and Diesel Prices
Delhi’s Petroleum & Diesel Rates
As of February 3, the expense for a liter of petrol in Delhi stands at Rs 96.72, while diesel commands a price of Rs 89.62 per liter.
Petrol and Diesel Rates in Mumbai
On February 3, the cost of petrol in Mumbai ascended above the Rs 100 threshold, settling at Rs 106.31 per liter, whereas diesel marked its presence at Rs 94.27 per liter.
Peruse city-specific petrol and diesel rates on February 3:
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: 109.80–97.82
Jaipur: 108.48–93.72
Trivandrum: 109.73–98.53
Bhubaneswar: 103.19–94.76
In India, the pricing of petrol and diesel is swayed by factors such as freight charges, value-added tax (VAT), and local taxes, resulting in diverse rates from state to state.
Fuel rates have maintained their equilibrium since May 2022, a period when the central government, along with several states, enacted reductions in fuel taxes.
OMCs recalibrate fuel retail prices daily at 6 am, mirroring the global crude oil pricing. The government exercises control over fuel prices through excise taxes, base pricing, and price constraints.
Factors Influencing Petroleum and Diesel Prices in India
Crude oil pricing: Crude oil, the primary raw material in the production of petrol and diesel, exerts a direct influence on the ultimate cost of these fuels.
The exchange rate between the Indian rupee and the US dollar: As India largely relies on crude oil imports, the exchange rate between the Indian rupee and the US dollar becomes a determinant in shaping the prices of petrol and diesel.
Taxation: Various taxes imposed by both the central and state governments contribute to the overall taxation on petrol and diesel. The variability in these taxes across states can wield a substantial impact on the ultimate pricing of these fuels.
Refining costs: The process of refining crude oil into petrol and diesel is a significant factor influencing their final pricing. The refining process, characterized by expenses, can fluctuate based on factors such as the type of crude oil utilized and the efficiency of the refinery.
Demand for petrol and diesel: The pricing of these fuels can also be subject to the fluctuations in demand. An upsurge in demand can consequently lead to elevated prices.
