Petrol, Diesel Prices Today On February 20, 2024: If you have also reached or are going to the petrol pump to fill the tank of your car or bike, then this news is useful for you. There is a big jump in the prices of crude oil in the global market. Its impact was also visible on the prices of petrol and diesel released in the retail market on Tuesday morning. Government oil companies have changed the prices of oil in many cities today.
In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states.
Petrol Diesel Price Today Rate Changes
According to government oil companies, today petrol in Gautam Buddha Nagar became cheaper by 7 paise to Rs 96.58 per litre. Here diesel also fell by 7 paise and is being sold at Rs 89.78 per litre. In Uttar Pradesh’s capital Lucknow, petrol has become costlier by 12 paise to Rs 96.59 per liter and diesel by 12 paise to Rs 89.78 per litre. Apart from this, petrol has become costlier by 24 paise in Faridabad, Haryana and has reached Rs 97.49 per litre, while diesel is being sold at Rs 90.35 per liter with an increase of 24 paise.
Petrol Diesel Price Today In India (Check city-wise rate list below)
Mumbai Petrol & Diesel Price
As of February 20, the price of petrol in Mumbai continued to exceed the Rs 100 mark, reaching Rs 106.31 per litre, while diesel was priced at Rs 94.27 per litre.
Delhi Diesel Price Today
As of February 20, the cost of diesel is priced at Rs 89.62 per litre.
Delhi Petrol Price Today
As of February 20, the cost of petrol in Delhi is Rs 96.72 per litre.
Check city-wise petrol and diesel prices on February 20:
In India, fuel prices have remained steady since May 2022, following a reduction in fuel taxes by the central government and several states.
Fuel retail prices are adjusted by OMCs daily at 6 am based on the global price of crude oil. The government oversees fuel prices through mechanisms such as excise tax, base pricing, and price caps.
Factors Affecting Petrol And Diesel Prices In India
Crude oil price: The primary raw material for the production of petrol and diesel is crude oil, and as such, its price directly influences the ultimate cost of these fuels.
The exchange rate between the Indian rupee and the US dollar: As a major importer of crude oil, India’s petrol and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.
Tax: Various taxes on petrol and diesel are imposed by both the central and state governments. These taxes may differ across states, exerting a notable influence on the ultimate prices of petrol and diesel.
The cost of refining:
The final price of petrol and diesel is additionally influenced by the expenses incurred in refining crude oil into these fuels. The refining process can be costly, and the refining expenses may fluctuate based on factors like the type of crude oil utilised 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.
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