Petrol and Diesel Prices on January 7: Even as Brent crude oil prices rose on Friday, petrol and diesel prices in India remained constant on Sunday. In the country, petrol prices in India vary across states and range between Rs 96 and Rs 106, while diesel remains in the range of Rs 84-Rs 94.
According to government oil companies, in Uttar Pradesh’s Gautam Budh Nagar district (Noida-Greater Noida), the price stood at Rs 96.79 a litre this morning, while diesel is being sold at Rs 89.96 a litre. In Chandigarh, the petrol and diesel prices remained the same at Rs 96.20 and Rs 84.26 a litre, respectively.
In Lucknow, petrol prices stood at Rs 96.57 a litre and diesel at Rs 89.76. In Gurugram, the price was at Rs 97.18 a litre and that of diesel rose by 33 paise to Rs 90.05.
Currently, petrol in Delhi is being sold at Rs 96.72 a litre while diesel is being sold at Rs 89.62 a litre. Whereas in Mumbai, petrol is available at Rs 106.31 and diesel at Rs 94.27 per litre. While petrol in Kolkata is Rs 106.03 and diesel is Rs 92.76 per litre. On the other hand, petrol is being sold at Rs 102.63 and diesel at Rs 94.24 per litre in Chennai.
In India, oil marketing companies (OMCs) such as Indian Oil, Bharat Petroleum and Hindustan Petroleum determine petrol and diesel prices. This is done on a daily basis, and rates are determined in accordance with the price of crude oil throughout the world.
Crude Oil Prices
Crude oil prices rose by over $1 on Friday as US Secretary of State Antony Blinken prepared to visit the Middle East to try to contain regional tensions as the Israel-Hamas conflict rages.
Brent crude futures were up $1.10, or 1.42 per cent, at $78.69 a barrel, while US West Texas Intermediate crude futures rose $1.45, or 2.01 per cent, to $73.64 by 1551 GMT.
Both benchmarks are on track to end the first week of the year higher, having recouped losses from Thursday that were triggered by hefty increases in US gasoline and distillate stocks.
Why do fuel prices vary across states?
The rates for each day, whether new or unchanged, are announced at 6 am on the day. These, however, vary from state to state; this is due to criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.
How to Check Petrol, and Diesel Prices City-Wise?
You can also know the daily rate of petrol and diesel through SMS. Indian Oil customers can get information by sending RSP and their city code to 9224992249 and BPCL customers can get information by sending an SMS to 9223112222 by typing RSP and their city code. Whereas, HPCL consumers can know the price by sending HPPrice and their city code to 9222201122.
Will Petrol Prices Fall?
Oil Minister Hardeep Singh Puri recently responded to expectations of a reduction in petrol and diesel prices in view of softening international oil rates, by saying that global market is in a “highly turbulent” situation and it has to stabilise before any cut.
“There has been no discussion with the oil marketing companies on any such issue,” Puri told reporters when asked if the government has held discussions with the three firms on a reduction in fuel prices.
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