Petrol, diesel prices today, July 24: Check the fuel rates in your city

Petrol, diesel prices today, July 24: The prices have remained stable despite the fact that the price of crude oil has reached above $80 per barrel. The price of benchmark Brent crude is $ 81.07 per barrel, while the price of WTI crude is $ 77.07 per barrel.

Petrol and diesel prices on Monday (July 24) remained largely unchanged in New Delhi, Kolkata, Mumbai, and Chennai. These fuel rates have shown stability in recent months. However, it's essential to note that individual cities witness daily fluctuations in prices.

The variability in petrol and diesel prices is influenced by various factors, including Value Added Tax (VAT), freight charges, local taxes, and other criteria, varying from state to state. This complex interplay of factors contributes to the varying cost of fuel across different regions of the country.

The most recent nation-wide adjustment in fuel rates occurred on 21st May last year, initiated by Finance Minister Nirmala Sitharaman. At that time, the excise duty on petrol was reduced by Rs 8 per litre, and on diesel, it was reduced by Rs 6 per litre. Following this central government's excise duty cut in May 2022, several states took different approaches to manage fuel prices. Some states chose to lower VAT prices on fuels, while others opted to impose a cess on petrol and diesel. These measures have contributed to the varied fuel pricing landscape across different regions in the country.

Let us check Monday's fuel rates in some cities

Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre
Chandigarh: Petrol rate: Rs 98.65 per litre, Diesel rate: Rs 88.95 per litre
Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litre
Gurugram: Petrol rate: Rs 97.04 per litre, Diesel rate: Rs 89.91 per litre
Kolkata: Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre
Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre
Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litre
New Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre
Noida: Petrol rate: Rs 96.65 per litre, Diesel rate: Rs 89.82 per litre

These daily changes in oil prices are crucial in determining the final price of petrol and diesel. The retail prices are significantly higher due to the addition of excise duty, dealer commission, VAT, and other charges on top of the actual cost of crude oil.