Petrol, Diesel Prices Today On May 14, 2024: Oil marketing companies (OMCs) update petrol and diesel prices every morning at 6 am. These adjustments reflect changes in global crude oil prices and foreign exchange rates, keeping you informed about daily fuel cost variations. 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.
Petrol Diesel Price Today In India (Check city-wise rate list below)
Mumbai Petrol & Diesel Price
As of May 14, the price of petrol in Mumbai continued to exceed the Rs 100 mark, reaching Rs 104.21 per litre, while diesel was priced at Rs 92.15 per litre.
Delhi Diesel Price Today
As of May 14, the cost of diesel is priced at Rs 87.62 per litre.
Delhi Petrol Price Today
As of May 14, the cost of petrol in Delhi is Rs 94.72 per litre.
Check city-wise petrol and diesel prices on May 14:
In March, the government reduced the petrol and diesel prices by Rs 2 per litre across India. Before that, the fuel prices were steady since May 2022.
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.
Latest Crude Oil Prices
Crude oil prices rose on Monday, as signs of improving demand in the US and China, the top two oil consumers, aided the bounce from the previous session’s $1 a barrel slide, according to Reuters.
US West Texas Intermediate crude futures rose 86 cents, or 1.1 per cent, to settle at $79.12 a barrel. Brent crude futures gained 57 cents, or 0.7 per cent, to settle at $83.36 a barrel.
Prices drew support from expectations of strong US gasoline demand, as motorist group AAA forecast this year’s Memorial Day travel activity will be the highest since 2005, with road trips at a record since 2000.
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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