Latest Fuel Price In India

The current petrol prices in India are as follows:

• In New Delhi, petrol is trading at Rs 96.76 per liter.
• In Mumbai city, petrol is trading at Rs 106.29 per liter.
• In Kolkata, petrol is trading at Rs 106.01 per liter.
• In Chennai, petrol is trading at Rs 102.62 per liter.

Please note that these prices are subject to change and may vary across different locations in India. It's always a good idea to verify the latest prices from V3Cars or check with your nearest local petrol stations.

Andhra Pradesh has the highest Petrol, Diesel, and CNG prices today.

Andaman and Nicobar Islands has the lowest Petrol and Diesel prices today.

Petrol prices in Delhi are Rs 96.72 per liter without any changes.

Use the V3Cars Fuel Cost Calculator or apply this formula: Fuel cost = (Distance / Consumption) × Cost per gallon. Fuel cost = (Distance / 100 × Consumption) × Cost per gallon.

Fuel price in India is affected by many factors. Here are some of the key reasons why petrol and diesel prices may be relatively high in the country:

• World Crude Oil Prices: India relies heavily on crude oil imports to meet its domestic oil requirements. Fluctuations in crude oil prices across the world have a direct impact on gasoline prices in India. When international oil prices rise, it increases the cost of importing crude oil, which in turn affects the retail price of fuel.
• Taxes and Duties: Taxes and duties imposed by the central and state governments contribute significantly to the cost of gasoline in India. Central taxes, such as excise duty, and state-level taxes, such as value-added tax (VAT), are levied on gasoline, which increases its retail price. These taxes are subject to change based on government policies and income requirements.
• Currency Exchange Rates: The exchange rate between the Indian Rupee and the US Dollar also affects the determination of gasoline prices. Since crude oil is traded globally in dollars, any fall in the rupee's value against the dollar could lead to higher import costs and subsequently impact gasoline prices.
• Transportation and Distribution Costs: Transportation and distribution costs associated with getting gasoline from refineries to points of sale also contribute to the final price. Factors such as logistics, infrastructure, and distance covered can affect these costs.
• Supply and Demand Dynamics: An imbalance of supply and demand can affect gasoline prices. If demand exceeds supply or if there are interruptions in the production or distribution of gasoline, this can cause prices to rise.

It is important to note that fuel prices may vary between states in India due to variations in taxes and local factors. The government regularly reviews and revises fuel prices based on market conditions and prevailing policy decisions.

After presenting the Union Budget 2023 in Parliament on Wednesday, February 1, the government maintains stability in diesel and petrol prices.

Oil Marketing Companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) primarily determine retail fuel prices in India. These state entities control a significant portion of the fuel market in the country.

The Government of India introduced the dynamic pricing mechanism called the 'Daily Review of Fuel Prices' in June 2017, which led to daily changes in fuel prices in India.

Refineries are paid by Indian Oil Corporation for each litre of fuel, and subsequently, the corporation sells it to distributors at a higher rate than the amount paid to refineries. The retail price is determined by adding excise duty, dealer commission, and VAT to the selling price.

According to the brokerage, the companies have estimated a loss of Rs 1.2 per liter on the sale of diesel in the current quarter so far. However, the combined margin of both fuels has been made positive by a profit of Rs 6.8 per liter.