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Crude oil prices are continuously fluctuating and rising in the international commodity market. Brent crude and WTI prices remain volatile due to geopolitical tensions and global supply concerns. After this rise in crude oil, a question is arising in the minds of common drivers and traders whether the prices of petrol and diesel can increase again in the country? Meanwhile, Indian oil marketing companies (IOCL, BPCL, HPCL) have released new fuel rates for petrol pumps across the country at 6 am today. Giving relief to the general public, government oil companies have kept the retail prices of petrol and diesel stable at the national level. However, there is slight variation in prices across cities due to local VAT and freight charges applicable in different states.
After the rise in crude oil, there is a possibility of increase in fuel prices in the domestic market because India imports more than 85% of its total petroleum consumption from abroad. When crude oil becomes expensive internationally, the costs of refinery companies increase.
However, energy sector experts believe that instead of making immediate changes in retail prices, oil companies look at the 15-day rolling trend of the international average. Additionally, state oil companies have a margin buffer built up from purchases of cheap crude in the past, allowing them to absorb the immediate upside. At present, the central government’s focus is also on keeping inflation under control, so unless crude oil remains at extremely high levels for a long time, the possibility of passing the direct burden of fuel prices on common consumers is very unlikely.
Fuel rates today remain stable in the four major metros of the country as follows:
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New Delhi: Petrol ₹102.12 per liter and diesel ₹95.20 per liter
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Mumbai: Petrol ₹111.21 per liter and diesel ₹97.83 per liter
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Kolkata: Petrol ₹113.51 per liter and diesel ₹99.82 per liter
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Chennai: Petrol ₹107.76 per liter and diesel ₹99.55 per liter
Due to higher VAT rates in the metropolitan cities of Mumbai and Kolkata, the prices of petrol and diesel remain higher than in the national capital Delhi.
Retail fuel prices today in major cities of Uttar Pradesh and neighboring states are recorded as follows:
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Lucknow: Petrol ₹101.86 per liter Diesel ₹95.36 per liter
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Noida/Greater Noida: Petrol ₹101.94 per liter Diesel ₹95.08 per liter
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Ghaziabad: Petrol ₹101.78 per liter Diesel ₹94.92 per liter
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Kanpur: Petrol ₹101.65 per liter Diesel ₹95.12 per liter
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Varanasi: Petrol ₹102.50 per liter Diesel ₹95.70 per liter
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Jaipur: Petrol ₹112.66 per liter Diesel ₹97.78 per liter
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Patna: Petrol ₹111.80 per liter Diesel ₹98.25 per liter
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Bengaluru: Petrol ₹111.68 per liter Diesel ₹99.56 per liter
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Hyderabad: Petrol ₹116.15 per liter Diesel ₹104.23 per liter
The final price we pay at the petrol pump includes a number of taxes and commissions, apart from the basic cost of the crude oil:
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Crude Oil Cost and Refinery Charges: The basic cost of purchasing crude oil from the international market and converting it into petrol and diesel.
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Central Excise Duty: Tax imposed by the central government.
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Dealer Commission: Dividend given per liter to petrol pump operator.
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State Level VAT: Every state government collects sales tax or VAT in different percentages as per its requirement and policies, due to which there is a big difference in the prices of petrol and diesel as the state changes in the same country.
If you want to know the accurate and updated price of your city or nearest petrol pump, you can get the information by sending a simple SMS from your mobile:
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Indian Oil (IOCL): from your phone RSP Dealer Code by writing 9224992249 send over.
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Bharat Petroleum (BPCL): RSP Dealer Code by writing 9223112222 Message me on.
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Hindustan Petroleum (HPCL): HPPRICE Dealer Code by writing 9222201122 Send SMS to.
(The dealer code is displayed on the main price board at any petrol pump premises in your area).