Petrol and Diesel Prices Today On March 23 2024: Petrol and diesel rates are released every morning at 6 a.m., regardless of whether they fluctuate or remain constant. This consistent event is orchestrated by oil marketing companies (OMCs) as they adjust prices to shifts in global crude oil prices and foreign exchange rates. By following this process, consumers are informed about daily fuel price changes.
Petrol and diesel prices in India are influenced by factors such as freight charges, value-added tax (VAT), and local taxes.
Before last week, fuel prices had been steady since May 2022, when the government reduced petrol and diesel prices by Rs 2 per litre across the country.
The government oversees fuel prices through mechanisms such as excise taxes, base pricing, and price caps. Retail fuel prices are set by OMCs daily at 6 am based on the global price of crude oil.
Crude Oil Prices
A possible ceasefire in Gaza weakened crude benchmarks on Friday, while the war in Europe and shrinking U.S. rig count cushioned the fall.
As a result, Brent futures for May delivery fell 35 cents and U.S. crude settled at $80.63 a barrel, down 44 cents. Both benchmarks logged less than a 1% change on the week.
Petrol and Diesel Prices Today On March 23 2024:
| City | Petrol Rates | Diesel Rates |
| Chennai | 100.75 | 92.34 |
| Kolkata | 103.94 | 90.76 |
| Noida | 94.83 | 87.96 |
| Lucknow | 94.65 | 87.76 |
| Bengaluru | 99.84 | 85.93 |
| Hyderabad | 107.41 | 95.65 |
| Jaipur | 104.88 | 90.36 |
| Trivandrum | 107.56 | 96.43 |
| Bhubaneswar | 101.06 | 92.64 |
A refinery’s efficiency and the type of crude oil used to produce petrol and diesel also influence the final price of petrol and diesel.
As a result of factors such as the type of crude oil used and the efficiency of the refinery, refining expenses can vary.
Check Out: Petrol and Diesel Prices Today On March 22, 2024: Check Rates In Your Cities
