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Fuel Prices Today, 18th October: Check petrol and diesel prices here

The exchange rate between the rupee and the dollar has a direct impact on the price of petrol.

By Newsd
Published on :
Petrol And Diesel Prices Today On May 24

Fuel Prices Today: The daily rates, regardless of whether they have been modified or remain the same, are officially disclosed at 6 am on the respective day. However, these variations are contingent upon the specific state and are influenced by factors such as Value Added Tax (VAT), freight charges, local taxes, and other relevant criteria.

Factors Affecting Fuel Prices Today in India

The pricing of petrol in India is determined by a dynamic fuel pricing mechanism, resulting in periodical revisions. The implementation of dynamic pricing enables the efficient transmission of even minor fluctuations in global oil prices to both gasoline consumers and dealers. The ultimate price of petrol is determined by the inclusion of payments to refineries, excise duty, dealer commission, and Value-Added Tax (VAT). Upon the inclusion of these factors, the retail selling price of petrol experiences an approximate twofold increase.

The price of petrol is influenced by various factors, including the exchange rate between the Rupee and the US dollar, the cost of crude oil, worldwide market trends, and the demand for fuel, among other determinants. When there is an increase in international crude oil prices, there is a corresponding upward movement in fuel costs in India.

The dynamic fuel price technique, often known as daily revision of petrol prices in India, has been implemented since June 2017. The prices of petrol and diesel undergo revision on a daily basis at 06:00 am. Prior to this, prices were adjusted on a biweekly basis.

Fuel Prices Today, 17th October: Check petrol and diesel prices

How to check petrol and diesel price in your city through SMS?

It should be noted that state governments levy Value Added Tax (VAT) on gasoline costs based on their own policies, resulting in varying pricing of petrol and diesel across different states. One can acquire daily updates on the prices of fuel and diesel in their own city by SMS. This study examines the response of customers of Indian Oil (IOCL) to the Retail Selling Price (RSP) of its products. The task at hand necessitates the composition of a code, which is then required to be transmitted to the designated recipient with the numerical identifier of 9224992249.

Fuel Prices Today in Major Cities

  • Delhi: 97.2
  • Kolkata: 106.03
  • Mumbai: 106.31
  • Chennai: 102.63
  • Hyderabad: 109.66

Factors Influencing the Petrol Price in India

The Petroleum Planning and Analysis Cell (PPAC) has identified many significant elements that influence the fluctuations in fuel prices in India:

Crude oil refers to the raw, unprocessed form of oil from which petroleum and diesel fuels are derived. The international prices of crude oil have a direct impact on the cost of petrol and diesel in India. The determination of crude oil prices is contingent upon various factors, including international supply and demand dynamics, future reserves projections, and foreign relations considerations, among others.

The taxation policies implemented by the Central and State governments play a significant role in determining the price of petrol and diesel in India. The fluctuation in tax rates has a direct impact on the price of petrol, causing it to either rise or fall.

The exchange rate between the rupee and the dollar has a direct impact on the price of petrol. The dependence on imported oil in India, which accounts for around 80% of its total consumption, establishes a significant correlation between the price of petrol and the value of the rupee. When there is a depreciation in the value of the rupee relative to the dollar, it leads to an increase in the pricing of petrol.