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Fuel Prices Today, 6th October: Check petrol and diesel prices here

Unrefined oil, or crude oil, is what is used to make fuel and diesel. Indian petrol and diesel prices are directly impacted by global crude oil prices.

By Newsd
Published on :
Petrol and Diesel Prices Today On March 23 2024

Fuel Prices Today: At six o’clock in the morning on the day in question, the rates—new or unchanged—are revealed. These, however, differ between states due to factors like Value Added Tax (VAT), freight costs, local taxes, etc.

Factors Affecting Fuel Prices Today in India

The cost of petrol is constantly being updated in India due to the country’s dynamic fuel pricing mechanism. With the help of dynamic pricing, it is possible to inform fuel consumers and dealers of even minute changes in oil prices around the world. Refinery payments, excise taxes, dealer commissions and Value-Added Tax, sometimes known as VAT, are added together to determine the final price of petrol.

The price of petrol at the retail level practically doubles after they are added. The cost of crude oil, the price of crude oil, global cues, and demand for gasoline are only a few of the variables that affect the price of petrol. India’s fuel costs rise in response to increases in global crude oil prices.

According to the dynamic fuel price approach, which was implemented in India as of June 2017, petrol prices are updated every day. Every day at six in the morning, the price of petrol and diesel is updated. Prices were updated before once every two weeks.

Fuel Prices Today, 5th October: Check Petrol and Diesel Prices Here

How to use SMS to look for gas and diesel prices in your city?

Permit us to inform you that since state governments apply their own VAT on gasoline prices, the cost of petrol and diesel varies from state to state. Additionally, an SMS will let you know every day the cost of gas and diesel in your city. Customers of Indian Oil (IOCL) will receive RSP as a result. It is necessary to jot down the code and text it to 9224992249.

Fuel Prices Today in Major Cities

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

Factors Affecting Petrol Price

Additionally, the Petroleum Planning and Analysis Cell (PPAC) has outlined a few key variables that have an impact on changes in India’s petrol prices:

Unrefined oil, or crude oil, is what is used to make fuel and diesel. Indian petrol and diesel prices are directly impacted by global crude oil prices. Prices for crude oil are determined depending on factors such global supply and demand, future reserves, international relations, etc.

During the prolonged COVID-19 lockdowns, the demand for petrol had decreased significantly. As a result, several nations had seen proportionate decreases in production worldwide. When lockdowns ended and individuals went back to their pre-covid lives, however, demand shot up significantly. Oil prices rose globally as a result of the mismatch between supply and demand that resulted from the inability to increase supply so quickly.

The taxes imposed by the Central and State governments are one of the most important elements when it comes to determining the cost of fuel or diesel in India. As a direct result of the fluctuating tax rates, the cost of gas either goes up or down.

Petrol costs are directly impacted by the rupee’s value relative to the dollar. The price of the rupee also has a significant impact on the price of petrol as almost 80% of the oil used in India is imported. Petrol costs increase along with the rupee’s value decline against the dollar.

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