Oil marketing companies (OMCs) has changed the petrol and diesel prices at 6 AM every day. As we know that Fuel prices play a crucial role in shaping household budgets and industry dynamics. The latest petrol and diesel rates have been announced, reflecting adjustments influenced by global crude oil trends and local taxation policies.
The changes depend on international crude oil prices and currency exchange rates, ensuring consumers get the most accurate and updated fuel costs. Hence, the change in petrol and diesel prices directly impact daily commutes, transportation costs, and overall market sentiments.
In fact, petrol and diesel rates in India are determined based on international crude oil prices. Fuel prices change every morning. The prices of petrol and diesel are adjusted daily based on the international market’s crude oil prices and foreign exchange rates.
After reviewing the prices, oil marketing companies set the daily rates for petrol and diesel. Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise and release the petrol and diesel prices daily at 6 AM.
Petrol and diesel prices in India have remained steady since May 2022, following substantial tax cuts by the central and several state governments to ease the burden on consumers. While prices have stabilized, the government continues to manage fuel costs through mechanisms such as excise duties, base pricing, and price caps.
The global price of crude oil is the primary determinant of fuel prices in India. Any fluctuation in crude oil rates directly impacts the cost of petrol and diesel in the country.
Crude oil is traded in US dollars, so the value of the Indian rupee against the dollar significantly influences fuel prices. A weaker rupee makes imports costlier, driving up prices.
The central and state governments impose taxes such as excise duty and Value Added Tax (VAT) on fuel. These taxes form a substantial part of the final retail price.
Changes in global demand for oil, geopolitical tensions, production cuts by oil-exporting countries, or disruptions in supply chains can also impact fuel prices in India.
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