Daily Petrol Prices In India On June 26 2023: On Monday, June 26, the price of petrol and diesel remained largely unchanged in New Delhi, Kolkata, Mumbai, Gurugram, and Chennai. In Delhi, petrol was priced at Rs 96.72 per litre and diesel at Rs 89.62 per litre. In Mumbai, petrol cost Rs 106.31 per litre and diesel cost Rs 94.27 per litre.
Petrol was priced at Rs 101.94 per litre in Bengaluru, while diesel was priced at Rs 87.89 per litre. In Chennai, the price per litre of petrol was Rs 102.63, while diesel cost Rs 94.24. In Kolkata, petrol cost Rs 106.03 per litre, while diesel cost Rs 92.76 per litre.
Influencing petrol prices are:
Prices for international crude oil
The global crude oil market has an immediate effect on the cost of fuels in India. Since India imports a substantial portion of its crude oil needs, fluctuations in international crude oil prices have a direct impact on the price of fuels. Geopolitical events, supply-and-demand dynamics, and OPEC (Organisation of the Petroleum Exporting Countries) decisions can cause oil prices to rise or decline, thereby affecting the price of petrol in India.
Exchange Rates
The exchange rate between the Indian rupee and the United States currency also affects the price of petrol in India. Since crude oil is predominantly traded in US dollars, fluctuations in the exchange rate can have a direct effect on the price of importing oil. A weaker rupee relative to the dollar makes oil imports more costly, resulting in higher petrol prices, whereas a stronger rupee can have the opposite effect.
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Duties and Taxes
The retail price of petrol in India is considerably affected by taxes and duties levied by both the federal and state governments. The federal government imposes an excise tax on fuels, while state governments levy a value-added tax (VAT) on it. These taxes contribute significantly to the ultimate retail price paid by consumers. Changes in tax rates can directly impact the price of fuels.
Costs of refining and transporting crude oil
Refining crude oil into petrol incurs expenses that are passed on to consumers. The final pricing of petrol is affected by refining costs, transportation expenses, and dealer commissions. These costs can fluctuate as a result of factors including refinery maintenance, supply chain disruptions, and enhancements.
Demand and Utilisation
The demand for fuels in India is fueled by the country’s expanding population, urbanisation, and vehicle ownership. Greater demand exerts upward price pressure. In addition, seasonal fluctuations in demand, economic expansion, and shifting consumer preferences can influence the consumption patterns of petrol, thereby influencing its price.
