Crude oil prices play a major role in determining the cost of petrol and diesel, as these fuels are derived from crude. Given that India is one of the largest importers of crude oil, the fuel prices here are closely tied to the exchange rate between the Indian rupee and the US dollar.
Oil Marketing Companies (OMCs) have announced updated petrol and diesel prices across major Indian cities as of October 16, 2024. Despite ongoing fluctuations in global crude oil prices, the OMCs have maintained stability in domestic fuel rates. These prices, revised daily at 6 am, are determined by changes in crude oil costs and foreign exchange rates, ensuring consumers stay informed about fuel costs in real-time.
As of today, the petrol and diesel prices in key cities are as follows:
Delhi: Petrol - ₹94.72/litre, Diesel - ₹87.62/litre
Mumbai: Petrol - ₹103.44/litre, Diesel - ₹89.97/litre
Bengaluru: Petrol - ₹102.86/litre, Diesel - ₹88.94/litre
Chennai: Petrol - ₹100.85/litre, Diesel - ₹92.44/litre
Kolkata: Petrol - ₹103.94/litre, Diesel - ₹90.76/litre
Hyderabad: Petrol - ₹107.41/litre, Diesel - ₹95.65/litre
Gurugram: Petrol - ₹95.11/litre, Diesel - ₹87.97/litre
Noida: Petrol - ₹94.81/litre, Diesel - ₹87.93/litre
Impact of Global Crude Oil and Exchange Rates
The price of crude oil is a significant factor in determining petrol and diesel prices, as both fuels are derived from it. India, being one of the largest importers of crude oil, is sensitive to changes in the exchange rate between the Indian rupee and the US dollar. A weaker rupee can lead to higher fuel prices domestically, even if crude prices remain relatively stable.
Fuel prices in India are also impacted by taxes imposed by both the central and state governments. These taxes, which vary from state to state, can significantly affect the final price consumers pay at the pump. As a result, fuel rates differ across Indian cities.