Petrol, Diesel Prices Today On February 01, 2024: Every day at 6 am, the prices of petrol and diesel are revealed, regardless of whether they undergo fluctuations or remain steady. This regular occurrence is a result of oil marketing companies (OMCs) adjusting prices based on shifts in global crude oil prices and foreign exchange rates.
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Petrol Diesel Price Today In India (Check city-wise rate list below)
Delhi Diesel Price Today
As of February 01, the cost of diesel is priced at Rs 89.62 per litre.
Delhi Petrol Price Today
As of February 01, the cost of petrol in Delhi is Rs 96.72 per litre.
Mumbai Petrol & Diesel Price
As of February 01, the price of petrol in Mumbai continued to exceed the Rs 100 mark, reaching Rs 106.31 per litre, while diesel was priced at Rs 94.27 per litre.
Check city-wise petrol and diesel prices on February 01;
In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states
Fuel prices have remained steady since May 2022, following a reduction in fuel taxes by the central government and several 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.
Factors Affecting Petrol And Diesel Prices In India
Crude oil price: The primary raw material for the production of petrol and diesel is crude oil, and as such, its price directly influences 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 imposed by both the central and state governments. These taxes may differ across states, exerting a notable influence on the ultimate prices of petrol and diesel.
The cost of refining:
The final price of petrol 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 utilised and the efficiency of the refinery.
The demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.
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