In the dynamic world of inflation, keeping up with the latest petrol and diesel prices is crucial. As of January 29, 2024, the fresh prices for these fuels have been announced, marking another day of the daily price update ritual. Every morning at 6 am, oil marketing companies (OMCs) reveal the new rates, adjusting to the ever-changing international crude oil prices and foreign exchange rates.
Today’s Petrol, Diesel Rates in Major Cities In India
Petrol, Diesel Rates In Delhi:
In the capital city, petrol prices are at Rs 96.72 per litre, while diesel costs Rs 89.62 per litre as of January 29.
Petrol, Diesel Rates In Mumbai:
The financial hub sees petrol prices breaching the Rs 100 mark, standing at Rs 106.31 per litre, and diesel at Rs 94.27 per litre.
Petrol, Diesel Rates Chennai:
In Chennai, petrol costs Rs 102.63 per litre, and diesel is priced at Rs 94.24 per litre.
Petrol, Diesel Rates in Bengaluru:
In Bengaluru, petrol is available at Rs 101.94 per litre, whereas diesel is being sold at Rs 87.89 per litre.
Check city-wise petrol and diesel prices on January 29
What Influences Petrol and Diesel Prices in India?
Several factors play a pivotal role in determining the cost of petrol and diesel in India:
Crude Oil Price:
Being the primary raw material for petrol and diesel, the fluctuations in crude oil prices directly impact fuel rates.
INR-USD Exchange Rate:
As a major importer of crude oil, India’s exchange rate with the US dollar significantly influences fuel pricing.
Taxation Impact:
Both central and state taxes contribute substantially to the final retail price of petrol and diesel, varying from state to state.
Refining Costs:
The process of converting crude oil into usable fuel incurs costs, influenced by the type of crude used and the refinery’s efficiency.
Demand Dynamics:
The market demand for petrol and diesel can cause price variations. Increased demand typically leads to higher prices.
Staying updated with these prices is essential for budget planning and understanding the economic landscape. For the most current petrol and diesel rates in your city, stay tuned to local updates and official announcements.