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Petrol, diesel prices today March 31, 2024 : Petrol and diesel rates are announced every morning at 6 am, whether they fluctuate or remain stable. This continuous phenomenon is conducted by oil marketing companies (OMCs) as they adjust prices according to changes in global crude oil prices and foreign exchange rates. This process ensures that consumers remain informed about daily adjustments in fuel costs.
In India, the price of petrol and diesel is subject to influences such as freight charges, value added tax (VAT) and local taxes, resulting in different rates across states.
Petrol Diesel Price in India Today (See City Wise Rate List Below)
Mumbai petrol and diesel price
As of March 31, petrol prices in Mumbai continued to cross Rs 100, reaching Rs 104.21 per litre, while diesel prices stood at Rs 92.15 per litre.
Delhi diesel price today
As of March 31, the price of diesel is Rs 87.62 per liter.
Delhi petrol price today
As of March 31, the price of petrol in Delhi is Rs 94.72 per liter.
Check city wise petrol and diesel prices on 31st March ,
| City | Petrol Price (Rs/Litre) | Diesel Price (Rs/Litre) |
| Chennai | 100.75 | 92.34 |
| Kolkata | 103.94 | 90.76 |
| Noida | 94.83 | 87.96 |
| Lucknow | 94.65 | 87.76 |
| Bengaluru | 99.84 | 85.93 |
| Hyderabad | 107.41 | 95.65 |
| Jaipur | 104.88 | 90.36 |
| Thiruvananthapuram | 107.56 | 96.43 |
| Bhubaneswar | 101.06 | 92.64 |
Recently the government has reduced the prices of petrol and diesel by Rs 2 per liter across India. Earlier, fuel prices were stable from May 2022.
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.
latest crude oil prices
Oil prices jumped more than $1 a barrel on Thursday, according to Reuters, amid concerns over the possibility of OPEC+ continuing production cuts, ongoing attacks on Russia's energy infrastructure and a decline in the US rig count. This month it moved higher due to the possibility of supply shortage.
Brent crude futures for May closed at $87.48 a barrel after gaining $1.39, or 1.6%, their highest since October 27. The more actively traded June contract rose $1.58 to close at $87 a barrel, with the May contract expiring on Thursday.
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.