Petrol and Diesel Prices Today on September 24, 2024: Every day at 6 a.m., oil marketing firms (OMCs) adjust petrol and diesel prices, ensuring consistency despite commodity volatility. These modifications include changes in global crude oil prices as well as fluctuations in foreign exchange rates, ensuring that customers are up to date on gasoline expenditures.

Check city-specific fuel and diesel prices for September 24, 2024:
 

In India, fuel prices have stayed stable since May 2022, when the national government and numerous states reduced fuel taxes. OMCs change fuel retail prices every day at 6 a.m. depending on the worldwide crude oil price. The government regulates fuel prices via excise taxes, base pricing, and price limits.

Factors Affecting Petrol and Diesel Prices in India

In India, fuel and diesel costs are affected by a number of variables, including freight charges, value-added tax (VAT), and municipal taxes, resulting in differing rates between states.

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

The exchange rate between the Indian rupee and the United States dollar: As a significant crude oil importer, India's petrol and diesel prices are impacted by the exchange rate between the Indian rupee and the US dollar.

The national and state governments levy various taxes on fuel and diesel. These taxes may change by state, having a significant impact on the final pricing of gasoline and diesel.

Cost of Refining

The costs associated with refining crude oil into these fuels also have an impact on the ultimate price of gasoline and diesel. The refining process may be expensive, and the costs may vary depending on factors such as the kind of crude oil used and the refinery's efficiency. The demand for fuel and diesel can also influence their costs. If demand for these fuels grows, prices may rise.