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Since crude oil is the key raw material for producing petrol and diesel, its price fluctuations directly affect the cost of fuels.
Petrol and diesel prices on December 16.
Petrol, Diesel Prices Today On December 16, 2024: Oil marketing companies (OMCs) update petrol and diesel prices daily at 6 AM. This practice ensures transparency and adapts to the inherent volatility of these commodities. The adjustments are based on changes in global crude oil prices and currency exchange rates, providing consumers with the latest fuel cost information.
Petrol Diesel Price Today In India (Check city-wise rate table below)
Check city-wise petrol and diesel prices on December 16
| City | Petrol Price (Rs/litre) | Diesel Price (Rs/litre) |
| Delhi | 94.72 | 87.62 |
| Mumbai | 103.44 | 89.97 |
| Chennai | 100.75 | 92.56 |
| Kolkata | 104.95 | 91.76 |
| Noida | 94.81 | 87.93 |
| Lucknow | 94.65 | 87.76 |
| Bengaluru | 102.86 | 88.94 |
| Hyderabad | 107.41 | 95.65 |
| Jaipur | 104.88 | 90.36 |
| Trivandrum | 107.25 | 96.13 |
| Bhubaneswar | 100.97 | 92.46 |
In India, fuel prices have remained unchanged since May 2022, following a reduction in fuel taxes by the central government and several states.
Fuel prices are updated daily at 6 a.m. by oil marketing companies (OMCs), based on fluctuations in global crude oil prices. The government regulates these prices through excise taxes, base pricing, and price caps.
Factors Influencing Petrol and Diesel Prices in India
Crude Oil Prices
As the primary raw material for petrol and diesel production, crude oil prices directly impact the cost of these fuels.
Exchange Rate
India’s reliance on crude oil imports means that the exchange rate between the Indian rupee and the US dollar significantly affects fuel prices.
Taxes
Both central and state governments impose taxes on petrol and diesel, which vary across states, leading to differences in fuel prices nationwide.
Freight and Local Charges
Freight costs, value-added tax (VAT), and other local taxes contribute to regional price variations across states.
Refining Costs
Converting crude oil into petrol and diesel adds to the final cost. Refining expenses depend on factors such as crude oil type and refinery efficiency.
Demand for Fuel
Market demand also plays a role—higher demand for petrol and diesel can push prices upward.
