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Petrol and diesel prices today 20 March 2024 : In the international market, around 6 am on Wednesday, WTI crude is being sold at $ 83.16 per barrel, down by 0.37%. At the same time, Brent crude is trading at $ 87.26 per barrel with a decline of 0.14 percent. Today i.e. on March 20, there has been no change in the prices of petrol and diesel in the country.
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.
Check city wise petrol and diesel prices on March 20 ,
Noida: Petrol Rs 94.83 per liter and diesel Rs 87.96 per liter
Gurugram: Petrol Rs 95.19 per liter and diesel Rs 88.05 per liter
Lucknow: Petrol Rs 94.65 per liter and diesel Rs 87.76 per liter
Chandigarh: Petrol Rs 94.24 per liter and diesel Rs 82.40 per liter
Jaipur: Petrol Rs 104.88 per liter and diesel Rs 90.36 per liter
Patna: Petrol Rs 105.18 per liter and diesel Rs 92.04 per liter
Hyderabad: Petrol Rs 107.41 per liter and diesel Rs 95.65 per liter
Bengaluru: Petrol Rs 99.84 per liter and diesel Rs 85.93 per liter
Petrol diesel prices in metropolitan cities
After this cut, the price of petrol in the national capital (Petrol Price Today in Delhi) is now Rs 94.72 per liter, which was earlier Rs 96.72 per liter. Whereas diesel (Diesel Price In Delhi) is Rs 87.62 per liter, which was earlier Rs 89.62 per liter. Today petrol has become Rs 104.21 per liter in Mumbai, Rs 103.94 per liter in Kolkata and Rs 100.75 per liter in Chennai. Whereas the price of diesel has become Rs 92.15 per liter in Mumbai, Rs 90.76 in Kolkata and Rs 92.34 per liter in Chennai.
Rajasthan government reduced VAT
On Thursday, Rajasthan Chief Minister Bhajan Lal Sharma also announced a 2% cut in VAT rate on petrol and diesel in the state from Friday. Sharma said that with this VAT cut, buyers will get relief of Rs 1.40 to Rs 5.30 on petrol and Rs 1.34 to Rs 4.85 on diesel. Currently, the Rajasthan government charges 31.04% VAT on petrol and 19.30% VAT on diesel.
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.