Petrol and Diesel Prices Remain Unchanged in New Delhi
Key Highlights :
Petrol and diesel prices in New Delhi remain unchanged on Friday compared to the previous day, with petrol at ₹96.72 per litre and diesel at ₹89.62 per litre. This trend has been consistent since May 21 last year, followed by a pan-India revision. However, some minor fluctuations in prices were observed in certain cities such as Gurugram, Noida, and Lucknow.
Petrol and diesel prices in India are closely linked to the international prices of crude oil, and the responsibility of revising these prices rests with oil marketing companies such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum. When crude oil prices rise globally, petrol prices in India follow suit and experience a corresponding increase, while a fall in international crude oil prices leads to a decline in daily or current petrol prices in India. Notably, these oil marketing companies adjust fuel retail prices every day at 6 am in accordance with the prevailing price of crude oil worldwide. Starting from 2017, petrol prices in India undergo daily revisions, which marks a significant deviation from the prior practice of revising petrol prices every two weeks.
In Chennai, one litre of petrol can be bought at ₹102.63, while in Noida, petrol is priced at ₹96.65 and diesel at ₹89.93. In Gurugram, petrol costs ₹96.84 per litre, and diesel rate stands at ₹89.72 per litre. Meanwhile, in Lucknow, petrol can be bought at ₹96.47 per litre, and diesel at ₹89.67 per litre.
According to a Bloomberg report, crude oil is on track to record its sixth consecutive monthly decline, marking its longest losing streak in over eight years. This downward trend can be attributed to concerns about a slowdown in the US and Asia.
The global crude oil market has been volatile, with prices fluctuating due to a variety of factors including demand and supply, economic growth, geopolitical tensions, and the US dollar exchange rate. The Indian government has also been looking to reduce its dependence on imported crude oil, and has taken various measures to encourage domestic exploration and production.
It is important to note that petrol and diesel prices in India are subject to a variety of taxes, which vary from state to state. For instance, the central government levies an excise duty of ₹19.48 per litre on petrol and ₹15.33 per litre on diesel, while states charge Value Added Tax (VAT) on these fuels.
Given the uncertainty in the global crude oil market, it is important to keep a close watch on petrol and diesel prices in your city. You can check the daily prices of petrol and diesel in your city on the official website of the oil marketing companies. This will help you plan your fuel budget accordingly and save money.
