On July 3, 2024, government oil marketing companies (OMCs) have announced the latest petrol and diesel prices. These prices are updated daily at 6 am and are influenced by the fluctuations in international crude oil prices. The recent update shows no change in most parts of the country since March 2024 when the central government cut petrol prices by Rs 2. Before this, fuel prices had remained steady since May 2022, following a reduction in fuel taxes by the central government and several states.
City-Wise Petrol and Diesel Prices
Here are the latest petrol and diesel prices in key cities across India:
| City | Petrol Price (Rs/litre) | Diesel Price (Rs/litre) |
|---|---|---|
| Delhi | 94.72 | 87.62 |
| Mumbai | 103.44 | 89.97 |
| Chennai | 100.85 | 92.44 |
| Kolkata | 103.94 | 90.76 |
| Noida | 94.66 | 87.76 |
| Lucknow | 94.65 | 87.76 |
| Bengaluru | 102.86 | 88.94 |
| Hyderabad | 107.41 | 95.65 |
| Jaipur | 104.88 | 90.36 |
| Trivandrum | 107.62 | 96.43 |
| Bhubaneswar | 101.06 | 92.91 |
Factors Influencing Petrol and Diesel Prices
The primary factor influencing petrol and diesel prices in India is the price of crude oil, which is the raw material for fuel production. Changes in crude oil prices on the international market lead to corresponding changes in fuel prices domestically. Other factors that can affect fuel prices include:
- Exchange Rates: The value of the Indian rupee against the US dollar can impact the cost of crude oil imports.
- Taxes: Central and state government taxes play a significant role in determining the final price of petrol and diesel.
- Logistics and Transportation Costs: The cost of transporting fuel from refineries to distribution points affects prices.
- Demand and Supply Dynamics: Seasonal demand fluctuations and supply chain disruptions can also influence prices.
OMCs like Hindustan Petroleum Corporation and Indian Oil Corporation of India regularly update their websites with the latest petrol and diesel prices, helping consumers stay informed.