Petrol Prices fluctuating only on the higher side
Petrol and Diesel Prices Update: April 2, 2024
Global crude oil prices continue their upward trend, with crude trading at $84.05 per barrel and Brent crude at $87.71 per barrel. Despite this, oil marketing companies have announced new prices for petrol and Diesel for April 2. The good news is that the spike in crude oil prices hasn’t directly impacted petrol and diesel prices. If you’re hitting the road, check the latest fuel rates before refueling, as prices are updated daily.
Due to multiple additives in the form of taxes & rates, the final cost of the fuel is on the higher side and different across the states in India.
Current Petrol and Diesel Prices in Major Cities:
- Delhi: Petrol: ₹94.72/ltr (down from ₹96.72), Diesel: ₹87.62/ltr (down from ₹89.62)
- Mumbai: Petrol: ₹104.21/ ltr, Diesel: ₹92.15/ ltr
- Kolkata: Petrol: ₹103.94/ ltr, Diesel: ₹90.76/ ltr
- Chennai: Petrol: ₹100.75/ ltr, Diesel: ₹92.34/ ltr
However, prices have slightly decreased in states like Assam, Arunachal Pradesh, and Uttar Pradesh.
These trace-up as the factors affecting the prices of Petrol & Diesel in India:
- Crude Oil Price: The cost of crude oil directly impacts the production cost of petrol and Diesel.
- Exchange Rate: Since India is a major crude oil importer, fluctuations in the exchange rate between the Indian rupee and the US dollar affect fuel prices.
- Taxes: Both central and state governments levy taxes on petrol and Diesel, contributing to price variations across states.
- Refining Costs: The expenses of refining crude oil into petrol and Diesel also influence final prices.
- Demand: Changes in demand for petrol and Diesel can lead to price fluctuations. Increased demand typically results in higher prices.
[Image Source: Free Press Journal]
