Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On January 01, 2024

Petrol, Diesel Prices Today On January 01, 2024: The costs of petrol and diesel are disclosed each day at 6 am, irrespective of whether they have fluctuated or remained steady. This occurs because oil marketing companies (OMCs) adjust their prices by international crude oil prices and foreign exchange rates.

Mumbai Petrol & Diesel Price

In Mumbai, petrol price on January 01 continued to retail above Rs 100 mark at Rs 106.31 for a litre, while diesel was being sold at Rs 94.27 per litre.

Delhi Petrol & Diesel Price

As of January 01, in Delhi, the price of petrol stands at Rs 96.72 per litre, while diesel is priced at Rs 89.62 per litre.

Check city-wise petrol and diesel prices on January 01;

In India, petrol and diesel prices are decided based on factors such as freight charges, value-added tax (VAT) and local taxes. This leads to the rates being different from state to state.

The fuel rates have remained unchanged since May 2022, when the central government and several states cut fuel taxes.

OMCs change fuel retail prices every day at 6 am by the price of crude oil throughout the world. Through excise tax, base pricing, and price caps, the government controls fuel prices.

Factors Affecting Petrol And Diesel Prices In India 

Crude oil price: Crude oil is the main raw material used to produce petrol and diesel, so its price has a direct impact on the final cost of these fuels.

The exchange rate between the Indian rupee and the US dollar: India imports most of its crude oil, so the exchange rate between the Indian rupee and the US dollar also affects the price of petrol and diesel.

Tax: The central and state governments levy several taxes on petrol and diesel. These taxes can vary from state to state, and they can have a significant impact on the final price of petrol and diesel.

The cost of refining: The cost of refining crude oil into petrol and diesel also affects the final price of these fuels. The refining process can be expensive, and the cost of refining can vary depending on several factors, such as the type of crude oil used 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.