The prices of petrol and diesel witnessed a massive cut on Tuesday (March 10, 2020). According to the Indian Oil website, the fuel rates were lowered by up to 30 paise across major metro cities of the country. After today’s (Tuesday) rate revision, petrol rates are Rs 70.29 per litre in Delhi, Rs 75.99 per litre in Mumbai, Rs 72.98 per litre in Kolkata, and Rs 73.02 per litre in Chennai, respectively. On the other hand, the diesel prices in Delhi, Mumbai, Kolkata, and Chennai remained at Rs 63.01, Rs 65.97, Rs 65.34, and Rs 66.48 per litre, respectively.
In Noida, petrol is retailing at Rs 72.58 a litre, while diesel price is Rs 63.58 a litre. The price of petrol in Gurugram is Rs 70.76 a litre while diesel was selling at Rs 62.69 a litre.
Why Petrol, Diesel Prices Change Every Day?
The fuel prices are in India are revised daily. Petrol and diesel prices are revised every day at 06:00 am to sync it with the variation in global oil prices. Oil marketing companies (OMC) review the global fuel prices and decide petrol and diesel daily. Indian Oil, Bharat Petroleum and Hindustan Petroleum release the new rates at 6 am every morning. Generally, when international crude oil prices gain, prices in India move higher. Other factors also impact the price of fuel like rupee to US dollar exchange rate, cost of crude oil, global cues, demand for fuel, and so on.
Why Fuel Prices Differ In Every City?
The price of fuel includes excise duty, value-added tax (VAT), and dealer commission. As VAT varies from state to state, the price of fuel is different in every city.
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