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Petrol And Diesel Prices Today On May 12, 2024: Check Rates In Your City

Oil marketing companies (OMCs) adjust prices in response to changes in crude oil prices and foreign exchange rates in this consistent event.

By Newsd
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Petrol And Diesel Prices Today On May 12

Petrol And Diesel Prices Today On May 12: Petrol and diesel rates are disclosed every morning at 6 am, regardless of fluctuations or stability.

Oil marketing companies (OMCs) adjust prices in response to changes in crude oil prices and foreign exchange rates in this consistent event.

Consumers are kept informed about fuel price adjustments on a daily basis through this process.

There are differences in petrol and diesel prices across states due to factors such as freight charges, value-added tax (VAT), and local taxes.

Since May 2022, petrol and diesel prices in India have remained stable since the government reduced them by Rs 2 per litre in March.

Petrol And Diesel Prices Today On May 12

CITY PETROL PRICE (RS/LITRE) DIESEL PRICE (RS/LITRE)
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

The government controls the cost of fuel with tools like the sales tax, base pricing, and price caps. Every day at 6 a.m., OMCs change retail fuel prices based on the price of crude oil around the world.

Reuters says that the price of a barrel of crude oil dropped by almost $1 on Friday after US central bank officials said they thought interest rates should stay high for longer.

Brent lost 0.2% this week, while WTI rose 0.2%.

On Friday, Dallas Federal Reserve President Lorie Logan said it was unclear whether monetary policy was tight enough to reduce inflation to the US central bank’s target of 2%.

Petrol and diesel prices in India: Factors affecting them

Prices of crude oil directly affect the cost of petrol and diesel, since crude oil is the primary raw material for these fuels.

  • Because India gets a lot of crude oil, the exchange rate between the Indian rupee and the US dollar affects gas and oil prices.
  • Oil and gasoline prices have gone up because of different federal tax breaks given to different states.
  • The cost of gasoline and oil can also be affected by how much people want them. If more people want them, they might cost more.

Also Read: Petrol And Diesel Prices Today On May 11, 2024: Check Rates In Your City

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