Petrol, Diesel Prices: Check Latest Rates In India On October 16

Petrol Rate, Diesel Rate Today (October 16): The petrol and diesel prices remained unchanged on Wednesday, October 16. Petrol and diesel prices have fallen in the last few days after more than two weeks of upward movement that started after a drone attack on Saudi Arabia’s crude oil processing facilities on September 14. Sanjiv Singh, IndianOil Chairman, recently said that the price of products was affected after the attack in Saudi Arabia. "Now the price of Gasoline is coming down and we can see a similar trend in the Indian market over the coming weeks. The price in the Indian has started to come down from today," he added.

Fuel (Petrol, Diesel, CNG) Rates In Indian Cities

According to the fuel price data available on the website of Indian Oil Corporation Ltd (IOCL), the petrol prices in Delhi was at Rs 73.27 per litre on Wednesday, while diesel price was at Rs 66.41 per litre today.

In Mumbai, the rate of one litre of petrol is Rs 78.88 per litre on Wednesday. A litre of diesel is priced at Rs 69.61 per litre in Mumbai. In Chennai, the retail price of petrol is Rs 76.09 a litre, while diesel was being sold at Rs 70.15 a litre. In Kolkata, petrol rate is down to Rs 75.92 a litre today, while diesel price is at Rs 68.77 a litre today.

In Noida, petrol is retailing at Rs 74.89 a litre, while diesel price reduced to Rs 66.67 a litre. The price of petrol in Gurugram is Rs 73.09 a litre while diesel was selling at Rs 65.62 a litre.

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 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?

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.

(Disclaimer: This information is based on external sources and News Nation is not responsible for any difference in the rates)