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Petrol, Diesel Prices Today On February 18, 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 February 18, petrol prices in Mumbai continued to cross Rs 100, reaching Rs 106.31 per litre, while diesel prices stood at Rs 94.27 per litre.
Delhi diesel price today
As of February 18, the price of diesel is Rs 89.62 per liter.
Delhi petrol price today
As of February 18, the price of petrol in Delhi is Rs 96.72 per liter.
Check city wise petrol and diesel prices on 18th February ,
| City | Petrol Price (Rs/Litre) | Diesel Price (Rs/Litre) |
| Chennai | 102.63 | 94.24 |
| Kolkata | 106.03 | 92.76 |
| Noida | 96.79 | 89.96 |
| Lucknow | 96.57 | 89.76 |
| Bengaluru | 101.94 | 87.89 |
| Hyderabad | 109.66 | 97.82 |
| Jaipur | 108.48 | 93.72 |
| Thiruvananthapuram | 109.73 | 98.53 |
| Bhubaneswar | 103.19 | 94.75 |
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.
latest crude oil prices
reuters Crude oil prices hit a high on Friday as geopolitical tensions in the Middle East outweighed the International Energy Agency's forecast of slower demand, according to the .
Brent crude futures settled 61 cents, or 0.74 percent, higher at $83.47 a barrel. U.S. West Texas Intermediate crude closed $1.16, or 1.49 percent, higher at $79.19, with its nearest March contract expiring on Tuesday. The April contract rose 87 cents to $78.46.
During the week, Brent rose more than 1 percent and the U.S. benchmark gained nearly 3 percent.
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.
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.