Reeling from checking your fuel tank and wincing at the pump price? You are not alone if you are in India. Even as global crude oil prices have been volatile, petrol and diesel rates in many Indian cities have remained unaltered today, November 7th. Let’s digress into the details.
Why is it so?
There are several factors influencing the retail prices of petrol and diesel in India. The most prominent ones are: Global Crude Oil Prices: The international market is responsible for fuel in the domestic market. An increase in crude oil prices will be passed on to the pump. Taxes by the center and the states: The center and the states collect taxes from various segments of the petroleum products. A certain percentage adds up to the final prices paid by the consumer at the pump.
Refinery Costs
The cost incurred in refining crude oil into petrol and diesel adds up to the final retail price. Distribution Costs: The cost to transport fuel from refineries to the retail outlets also comes in.
City-wise Prices
Nothing, however, changed dramatically today; let’s first look at the current prices of petrol and diesel in some of India’s major cities:
Petrol – ₹94.77/litre; Diesel – ₹87.67 /litre Delhi
Petrol – ₹103.44/litre; Diesel – ₹89.97/litre Mumbai
Petrol – ₹104.95/litre; Diesel – ₹91.76/litre Kolkata
Petrol – ₹100.80/litre; Diesel – ₹92.39/litre Chennai.
Check Fuel Prices Ever wonder how you can receive updates on the latest fuel prices in your city? Well, it’s very simple! All major oil marketing companies, including Indian Oil, come up with SMS-based services. All you have to do is send an SMS to 9224992249 using your city’s RSP code, and the current fuel prices will be received back.
In a Nutshell
Even though global crude oil prices have witnessed fluctuations, retail prices of petrol and diesel in India were relatively stable. Cost-conscious customers do keep an eye on the extent of rise in fuel bills. To put this in perspective, pump price is a culmination of international market trends, government policies, and local-level distribution costs.
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