Fuel Prices Come Down Again: Check Latest Petrol, Diesel Rates On Today, March 5

Petrol Rate, Diesel Rate Today (March 5): The petrol and diesel prices fell again on Thursday. Petrol and diesel prices had come down on Tuesday, but the state-run Oli Marketing Companies (OMC) had not make any change in the prices on Wednesday.

According to the fuel price data available on the website of Indian Oil Corporation Ltd (IOCL), the petrol price in Delhi is Rs 71.29 per litre on Thursday, while diesel price was at Rs 63.94. In Mumbai, the rate of one litre of petrol is Rs 76.98 today and a litre of diesel is priced at Rs 66.96 per litre. In Chennai, the retail price of petrol is Rs 74.07 a litre, while diesel was being sold at Rs 67.47 a litre. In Kolkata, petrol rate is down to Rs 73.96 a litre today, while diesel price is at Rs 66.27 a litre. In Noida, petrol is retailing at Rs 73.37 a litre, while diesel price reduced to Rs 64.38 a litre. The price of petrol in Gurugram is Rs 71.54 a litre while diesel was selling at Rs 63.94 a litre.

India is 84 per cent dependant on imports to meet its oil needs and any spike in global prices has a direct bearing on its economy. Not just imports but even domestic crude oil—which forms the raw material for making petrol, diesel and other petroleum products—is priced according to international benchmarks. Middle East accounts for more than two-thirds of the country’s oil imports, with Iraq and Saudi Arabia being the top suppliers.

Why Petrol, Diesel Prices Change Every Day?

The fuel prices are in India are revised on a daily basis. Petrol and diesel prices are revised every day at 06:00 am to sync it with the variation in global oil prices. Oil maketing companies (OMC) review the global fuel prices and decide petrol and diesel daily. Indian Oil, Bharat Petrolium and Hindustan Petrolium 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?

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.