India Current Update

New Prices for Gas and Diesel Announced: Verify Prices in Your City on March 12

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<p>On March 12, 2024, the repercussions of the easing of global oil and gas prices are discernible in the domestic retail market. In the National Capital Region, CNG witnessed a reduction in price on Thursday morning, accompanied by a decline in the prices of petrol and diesel.</p>
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<p>Today, oil prices have dwindled in numerous cities in Uttar Pradesh and Bihar as well. Concurrently, the global market’s crude price has once again fallen below $83. Simultaneously, oil marketing companies in the nation have disseminated the latest rates for gasoline and diesel. In India, fuel prices undergo revision every morning at 6 am, a change from the previous bi-weekly revisions before June 2017.</p>
<p>The pricing of petrol and diesel in India is contingent upon factors such as freight charges, value-added tax (VAT), and local taxes, leading to disparate rates across states.</p>
<p><strong>Changes in Petrol and Diesel Prices Today</strong></p>
<p>Presently, the prices of petrol and diesel have escalated in Andhra Pradesh, Bihar, Chhattisgarh, Goa, Haryana, Himachal Pradesh, Jharkhand, Odisha, Puducherry, Uttar Pradesh, and West Bengal. In contrast, petrol and diesel have undergone a reduction in Gujarat, Karnataka, Nagaland, Punjab, Rajasthan, Telangana, and Uttarakhand.</p>
<p><strong>Petrol and Diesel Prices Today in India (Refer to the city-wise rate list below)</strong></p>
<p><strong>Mumbai: Petrol & Diesel Price</strong></p>
<p>As of March 12, the price of petrol in Mumbai continues to surpass the Rs 100 mark, standing at Rs 106.31 per litre, while diesel is priced at Rs 94.27 per litre.</p>
<p><strong>Delhi: Diesel Price Today</strong></p>
<p>As of March 12, the cost of diesel stands at Rs 89.62 per litre.</p>
<p><strong>Delhi: Petrol Price Today</strong></p>
<p>As of March 12, the cost of petrol in Delhi is Rs 96.72 per litre.</p>
<p><strong>Refer to the city-wise petrol and diesel prices on March 12:</strong></p>
<p>In India, fuel prices have maintained stability since May 2022, following a reduction in fuel taxes by the central government and several states.</p>
<p>Fuel retail prices are adjusted daily at 6 am by OMCs based on the global price of crude oil. The government oversees fuel prices through mechanisms like excise taxes, base pricing, and price caps.</p>
<p><strong>Factors Influencing Petrol And Diesel Prices In India</strong></p>
<li><strong>Crude oil price:</strong> The primary raw material for the production of petrol and diesel is crude oil, and as such, its price directly impacts the ultimate cost of these fuels.</li>
<li><strong>Exchange rate between the Indian rupee and the US dollar:</strong> As a significant 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.</li>
<li><strong>Tax:</strong> Various taxes on petrol and diesel are imposed by both the central and state governments. These taxes may vary across states, exerting a notable influence on the ultimate prices of gasoline and diesel.</li>
<li><strong>The cost of refining:</strong> 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 utilized and the efficiency of the refinery.</li>
<li><strong>The demand for petrol and diesel:</strong> The demand for these fuels can also affect their prices. An increase in demand for gasoline and diesel can lead to higher prices.</li>
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