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Petrol, diesel prices today 05 May to 2024: Every day at 6 am, oil marketing companies (OMCs) reveal the prices of petrol and diesel, irrespective of their volatility. This systematic exercise managed by OMCs involves optimizing prices in response to changes in global crude oil prices and foreign exchange rates. Such a careful strategy guarantees that consumers remain aware of fluctuations in fuel prices.
In India, the price of petrol and diesel depends on factors such as freight charges, value added tax (VAT) and local taxes, causing rates to vary across states.
Petrol Diesel Price in India Today (See City Wise Rate Table Below)
Check city wise petrol and diesel prices on 05 May ,
| City | Petrol Price (Rs/Litre) | Diesel Price (Rs/Litre) |
| Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Chennai | 100.75 | 92.34 |
| Kolkata | 103.94 | 90.76 |
| Noida | 95.01 | 88.14 |
| Lucknow | 94.56 | 87.66 |
| Bengaluru | 99.84 | 85.93 |
| Hyderabad | 107.41 | 95.65 |
| Jaipur | 104.88 | 90.36 |
| Thiruvananthapuram | 107.62 | 96.49 |
| Bhubaneswar | 101.06 | 92.64 |
In India, fuel prices have remained stable since May 2022, following cuts in fuel taxes by the central government and several states.
Retail prices of fuel are adjusted daily by OMCs at 6 am based on the global price of crude oil. The government monitors fuel prices through mechanisms such as excise duty, base pricing and price caps.
Factors affecting petrol and diesel prices in India
Crude Oil Price: The primary raw material for the production of petrol and diesel is crude oil, and thus, its price directly affects the final cost of these fuels.
Exchange rates between Indian Rupee and US Dollar: As a major importer of crude oil, India's petrol and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.
Tax: Various taxes are imposed on petrol and diesel by both the central and state governments. These taxes may vary from state to state, which can significantly impact the final prices of petrol and diesel.
Cost of Refinement:
The final price of petrol and diesel is also affected by the cost of refining crude oil into these fuels. The refining process can be expensive, and refining expenses can fluctuate depending on factors such as the type of crude oil used and the efficiency of the refinery.
Demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it could lead to higher prices.