Petrol, Diesel Prices Today On July 21, 2024: Every day at 6 a.m., oil marketing companies (OMCs) announce the prices of gasoline and diesel, maintaining consistency despite the inherent volatility of these commodities.
The OMCs adjust prices in response to global crude oil prices and fluctuations in foreign exchange rates, ensuring consumers are always informed about the latest fuel costs.
In India, petrol and diesel prices are influenced by several factors, including freight charges, value-added tax (VAT), and local taxes, resulting in varying rates across different states.
Petrol Diesel Price Today In India (Check city-wise rate table below)
Check city-wise petrol and diesel prices on July 21
In India, fuel prices have remained steady since May 2022, following a reduction in fuel taxes by the central government and several states.
Fuel retail prices are adjusted by OMCs daily at 6 am based on the global price of crude oil. The government oversees fuel prices through excise tax, base pricing, and price caps.
Factors Affecting Petrol And Diesel Prices In India
Crude oil price: The primary raw material for the production of petrol and diesel is crude oil; as such, its price directly influences the ultimate cost of these fuels.
The exchange rate between the Indian rupee and the US dollar: As a major importer of crude oil, India’s petrol and diesel prices are also influenced by the exchange rate between the Indian and US dollar.
Tax: Various taxes on petrol and diesel are imposed by both the central and state governments. These taxes may differ across states, exerting a notable influence on the ultimate prices of petrol and diesel.
The final price of petrol and diesel is additionally influenced by the expenses incurred in refining crude oil into these fuels. The refining process can be costly, and the refining expenses may fluctuate based on factors like the type of crude oil utilised and the refinery’s efficiency.
The demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.