Petrol and Diesel Prices Today: March 9, 2024
Every morning at 6 am, oil marketing companies (OMCs) disclose the rates for petrol and diesel, adjusting them according to global crude oil prices and foreign exchange rates. This ensures consumers are informed about daily fluctuations in fuel costs. In India, petrol and diesel prices vary across states due to influences like freight charges, value-added tax (VAT), and local taxes.
Petrol and Diesel Price Today in India
As of March 9, 2024, the prices of petrol and diesel in major cities are as follows:
| City | Petrol Price (Rs/litre) | Diesel Price (Rs/litre) |
|---|---|---|
| Mumbai | 106.31 | 94.27 |
| Delhi | 96.72 | 89.62 |
| Chennai | 102.63 | 94.24 |
| Kolkata | 106.03 | 92.76 |
| Noida | 96.79 | 89.96 |
| Lucknow | 96.57 | 89.76 |
| Bengaluru | 101.94 | 87.89 |
| Hyderabad | 109.66 | 97.82 |
| Jaipur | 108.48 | 93.72 |
| Trivandrum | 109.73 | 98.53 |
| Bhubaneswar | 103.19 | 94.75 |
Fuel prices in India have remained stable since May 2022, following reductions in fuel taxes by the central and state governments. Oil marketing companies adjust retail prices daily at 6 am based on global crude oil prices, with government oversight through mechanisms like excise tax and price caps.
Latest Crude Oil Prices
Oil prices closed 1% lower on Friday due to concerns over soft Chinese demand despite OPEC extending supply cuts. Brent crude settled at $82.08 a barrel, while WTI crude fell to $78.01 a barrel. Both benchmarks saw weekly declines, with Brent down 1.8% and WTI down 2.5%.
Factors Affecting Petrol and Diesel Prices in India
- Crude oil price: Fluctuations in crude oil prices directly impact the cost of petrol and diesel.
- Exchange rate: India’s petrol and diesel prices are influenced by the exchange rate between the Indian rupee and the US dollar as India is a major crude oil importer.
- Taxes: Central and state governments impose various taxes on petrol and diesel, affecting their final retail prices.
- Refining costs: The expenses involved in refining crude oil into petrol and diesel contribute to their final prices, with refining costs subject to fluctuations.
- Demand: Increased demand for petrol and diesel can lead to higher prices.