In the last few weeks, global crude oil prices have experienced a sharp decline. After an attack by Israel near Iran’s military base, crude oil prices dropped by around 4% today, Monday. Both Brent and WTI crude oil saw significant corrections following last week’s 4% price increase.
This morning, Brent crude oil prices were around $72 per barrel, while WTI crude oil fell below $69 per barrel. Changes in crude oil prices directly impact the prices of petrol and diesel.
Government oil marketing companies (OMCs) like Indian Oil, Bharat Petroleum, and Hindustan Petroleum update fuel prices daily. As of Monday, October 27, 2024, petrol and diesel prices have not changed. The last update was in March 2024, with a price cut of ₹2 per liter for both fuels.
Petrol and Diesel Prices in Major Cities
Here are the current prices for petrol and diesel in major metro cities:
Petrol Prices (₹/L)
| City | Price (₹/L) |
|---|---|
| Kolkata | 103.93 |
| Mumbai | 104.19 |
| New Delhi | 94.76 |
| Chennai | 100.73 |
Diesel Prices (₹/L)
| City | Price (₹/L) |
|---|---|
| Chennai | 92.32 |
| Mumbai | 92.13 |
| New Delhi | 87.66 |
| Kolkata | 90.74 |
Why is Petrol and Diesel Expensive?
OMCs calculate fuel prices based on multiple factors. For instance, the petrol price in Delhi (₹94.72 per liter) is determined as follows:
- Base Price: ₹55.46
- Freight Charges: ₹0.20
- Excise Duty: ₹19.90
- Dealer Commission: ₹3.77
- VAT: ₹15.39
This calculation results in the final petrol price of ₹94.72 per liter. Diesel follows a similar formula, with a base price of ₹56.20 and additional charges like freight, excise duty, dealer commission, and VAT, resulting in a final price of ₹87.62 per liter in Delhi.
Recent Price Changes and Daily Updates
OMCs release fresh petrol and diesel rates daily at 6:00 AM. The last change, made on March 14, 2024, saw a reduction of ₹2 per liter for both petrol and diesel. Customers can check daily prices on OMC websites or by SMS. Indian Oil customers, for example, can send an SMS with “RSP <city code>” to 9224992249.
Petrol and Diesel Rates in Other Major Cities
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| Hyderabad | 107.39 | 95.63 |
| Jaipur | 104.86 | 90.34 |
| Gurugram | 95.18 | 88.03 |
| Noida | 94.81 | 87.94 |
| Patna | 105.16 | 92.03 |
| Chandigarh | 94.22 | 82.38 |
| Lucknow | 94.63 | 87.74 |
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