Petrol, Diesel Prices Today On June 23, 2024: Every day at 6 am, oil marketing companies (OMCs) announce the prices of gasoline and diesel, maintaining consistency despite their inherent volatility. This routine, managed by OMCs, involves adjusting prices in response to global crude oil prices and foreign exchange rate fluctuations. This meticulous approach ensures that consumers are always aware of the latest fuel costs.
In India, petrol and diesel prices are affected by various factors, including freight charges, value-added tax (VAT), and local taxes, leading to differing rates across states.
Petrol Diesel Price Today In India (Check city-wise rate table below)
Check city-wise petrol and diesel prices on June 23;
In India, fuel prices have remained steady since May 2022, following a reduction in fuel taxes by the central government and several states.
Fuel retail prices are adjusted by OMCs daily at 6 am based on the global price of crude oil. The government oversees fuel prices through excise tax, base pricing, and price caps.
Crude Oil Price
Crude prices eased about 1 per cent on the last day of the week on Friday amid worries that global oil demand growth could be hit by a strong US dollar and negative economic news from some parts of the world, according to Reuters.
Prices declined despite signs of improving U.S. oil demand and falling fuel inventories that helped boost crude prices to a seven-week high a day earlier.
Brent futures fell 47 cents, or 0.6 per cent, to settle at $85.24 a barrel, while US West Texas Intermediate crude (WTI) ended 56 cents, or 0.7 per cent, lower at $80.73.
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; as such, its price directly influences the ultimate cost of these fuels.
The exchange rate between the Indian rupee and the 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 and US dollar.
Tax: Various taxes on petrol and diesel are imposed by both the central and state governments. These taxes may differ across states, exerting a notable influence on the ultimate prices of petrol and diesel.
The cost of refining:
The final price of petrol and diesel is additionally influenced by the expenses incurred in refining crude oil into these fuels. The refining process can be costly, and the refining expenses may fluctuate based on factors like the type of crude oil utilised and the refinery’s efficiency.
The demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.
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