Petrol-Diesel Price Today: After the start of Israel-Hamas war, crude oil prices went on fire. The effect of unrest in West Asia is being seen all over the world. However, there was a slight relief in the prices of crude oil at 6 am on Tuesday. WTI crude was being sold at $86.11 per barrel. Whereas, Brent crude was also trading at $ 87.93 per barrel. Meanwhile, Indian oil distribution companies released the prices of petrol and diesel at 6 am today. There has been no change in prices at the national level by oil companies. Whereas, changes in oil prices have been seen in Punjab, Haryana, Rajasthan, Uttar Pradesh and Bihar. Today there has been a relief of 48 paise in petrol prices in Punjab. Whereas, the rise in petrol prices continues in Rajasthan. Here today an increase of 6 paise has been seen in the prices of petrol. Apart from this, the prices of petrol and diesel in Uttar Pradesh have increased by 10 paise. However, in the capital Delhi, petrol is being sold at Rs 96.72 and diesel at Rs 89.62 per liter.
Petrol and diesel prices released in other cities
City Petrol (Rs/per litre) Diesel (Rs/per litre)
Mumbai 106.31 94.27
Kolkata 106.03 92.76
Chennai 102.74 94.34
Noida 96.59 89.76
Ghaziabad 96.58 89.75
Lucknow 96.44 89.62
Patna 107.74 94.51
Port Blair 84.10 79.74
Crude oil futures prices rise due to strong spot demand
Crude oil prices rose by Rs 241 to Rs 7,116 per barrel in futures trade on Monday as traders increased the size of their deals following strong spot demand. On the Multi Commodity Exchange, the contract of crude oil for delivery in October rose by Rs 241 or 3.51 percent to Rs 7,116 per barrel. It was traded for 10.131 lots. Market analysts said crude oil futures prices rose as traders increased the size of their deals. Globally, West Texas Intermediate crude oil rose 2.90 percent to $ 85.19 per barrel, while the price of Brent crude showed a rise of 2.68 percent. Was trading at $86.85 per barrel. Despite the rise in crude oil prices, petrol and diesel prices are unlikely to increase due to the general elections next year. This was said in a report by Moody’s Investors Service. Three public sector fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have kept the prices of petrol and diesel stable for 18 consecutive months. These companies control about 90 percent of the market.
How to check the fuel rate of your city
To know the fuel rate of your city through message, BPCL customers will have to send the message RSP
How are the prices of petrol and diesel decided in India?
Petrol and diesel prices in India are decided by the government and it is a dynamic process that depends on various factors. Here are some of the main factors that influence this process:
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International Market Prices: India does not have a reliable distribution network of petrol and diesel for the users. Therefore, despite the succession of prices of petrol and diesel in the world market, India is finally defined in quantity and distribution.
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Taxes and Duties: Taxes and duties imposed by various states and union territories are included in determining the prices of petrol and diesel. This is usually subject to change based on various updated decisions.
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Contribution of State Governments: State governments can also include their contribution to control the prices of petrol and diesel. They may impose various duties and taxes in their state.
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Demand for Currency and Supply of Petroleum Products: The balance between demand for petroleum products and their supply can also affect prices. If demand for products is high and supply is low, prices may increase. If demand for products is low and supply is high, prices may decrease.
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Export and Import Events: Various export and import events can also affect the prices of petrol and diesel.