Petrol Diesel Price Today: Did petrol and diesel become cheaper amid the huge fall in crude oil? See the latest rates in your city

After the sharp fall in the prices of Brent crude and WTI crude oil in the international commodity market, crores of drivers in the country have their eyes fixed on the domestic fuel prices. Crude oil prices have been under pressure due to slowdown in global demand and supply policies of producing countries. Meanwhile, Indian oil marketing companies—Indian Oil Corporation (IOCL), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL)—have released the latest daily prices of petrol and diesel at 6 am. A question is arising in the minds of the general public whether the retail prices of petrol and diesel at the pumps in India have decreased due to cheaper crude in the global market. According to the data, even today the oil companies have not made any change in the retail prices of petrol and diesel at the national level and have kept the rates constant.

Whenever crude oil falls in the international market, expectations of a cut in retail prices increase. According to experts, it takes time for the direct impact of the fall in global crude oil prices to be seen immediately on petrol pumps. The main reason behind this is under-recovery and outdated margin balancing model of oil marketing companies (OMCs). In the past, when international crude oil prices were very high, companies had to bear huge losses to prevent excessive increase in prices in the domestic market. Currently when crude prices fall, state oil companies are the first to recover their foregone losses and buffer margins. Additionally, central government excise duty, state VAT, dealer commission and refinery freight charges form a major component of the retail pricing of petrol and diesel in India. Unless the central or state governments cut the tax structure or companies directly reduce the base price, the direct benefits of the international decline are not immediately passed on to consumers.

Today, fuel prices in major metros of the country including Lucknow, the capital of Uttar Pradesh, remain stable at the previous level. Petrol price in Lucknow is stable at ₹101.86 per liter and diesel at ₹95.36 per liter. Today’s latest rates applicable in major cities of the country are as follows:

The movement of crude oil prices in the global energy market is an extremely positive sign for a large import-dependent economy like India. India imports more than 85 percent of its total crude oil needs. Due to low crude oil prices, the country’s foreign exchange reserves get strengthened and the current account deficit (CAD) remains under control. Industry analysts believe that if this decline in crude oil in the global market continues for the next few weeks and the Indian Rupee remains stable against the US Dollar, then oil companies may consider cutting retail prices by Rs 2 to 3 per liter in the coming quarters of the current financial year. However, in the short term this stability is helping to strengthen the financial health and balance sheets of oil companies.

Government oil companies in the country update new fuel rates every day at 6 am. If you are going on a trip or want to know the latest rates of the nearest petrol pump in your city, then you can know the exact rates through just an SMS sitting at home. For this, companies provide dealer code based SMS service:

• Indian Oil (IOCL): Go to the message box of your mobile and type RSP dealer code and type it. 9224992249 Send it to.

• Bharat Petroleum (BPCL): Type the RSP dealer code from your phone and enter it 9223112222 Send to.

• Hindustan Petroleum (HPCL): By typing HPPRICE dealer code from your mobile 9222201122 Send SMS to. As soon as you send the SMS, within a few seconds you receive a return message from the concerned company on your mobile with the exact retail price of petrol and diesel applicable at that particular petrol pump. Apart from this, the latest prices can also be tracked on the basis of live location from the official mobile apps of the respective oil companies.