Petrol, Diesel prices cut by Rs. 2 per litre on March 15

Petrol, Diesel prices cut by Rs. 2 per litre on March 15

Mangalore Today News Network

New Delhi, March 15, 2024: In a big relief to common people, the Central government has slashed petrol, and diesel prices across the country ahead of the Lok Sabha Elections 2024. The Union Ministry of Petroleum and Natural Gas announced the price cut decision on March 14 via social media platform X (formerly known as Twitter). It said that OMCs have informed the ministry of the revision in prices across the country.

This is the first time since May 2022 that petrol and diesel prices have been reduced in the country. Meanwhile, oil marketing companies in the country have released the latest rates for petrol and diesel. In India, fuel prices are revised every morning at 6 am. Before June 2017, price revision was done every 15 days.

In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states.

Petrol Diesel Price Today Rate Changes

In Maharashtra, the price of petrol has fallen by 42 paise and that of diesel by 40 paise. Petrol and diesel have become cheaper by 21 paise in Uttar Pradesh. Today petrol and diesel have become cheaper by 17 paise in Rajasthan. In Bihar, the price of petrol and diesel has increased by 19 paise and 18 paise respectively. In Madhya Pradesh, petrol became costlier by 11 paise and diesel by 10 paise on Thursday. Apart from this, petrol has become cheaper by 50 paise and diesel by 49 paise in Chhattisgarh. The rates of petrol and diesel have been reduced in Himachal Pradesh. At the same time, the prices of petrol and diesel have also increased in Andhra Pradesh.

After this cut, the price of petrol in the national capital (Petrol Price Today in Delhi) is now Rs 94.72 per liter, which was earlier Rs 96.72 per liter. Whereas diesel (Diesel Price In Delhi) is Rs 87.62 per liter, which was earlier Rs 89.62 per liter. Today petrol has become Rs 104.21 per liter in Mumbai, Rs 103.94 in Kolkata and Rs 100.75 per liter in Chennai. Whereas the price of diesel has become Rs 92.15 per liter in Mumbai, Rs 90.76 in Kolkata and Rs 92.34 per liter in Chennai.

Rajasthan Govt Reduces VAT

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 mechanisms such as excise tax, base pricing, and price caps.

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, and 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 rupee and the 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 efficiency of the refinery.

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.

 

Courtesy: News18