In the international market, crude oil prices are showing an upward trend. However, WTI crude is witnessing a slight decline, trading at $75.24 per barrel as of early Wednesday morning. In contrast, Brent crude has surged by $2, reaching $81.07 per barrel. This fluctuation in global oil prices is influencing fuel rates in India, where daily revisions in petrol and diesel prices occur at 6 AM.

Key Points on Fuel Price Changes in India

  • Daily Price Revision: Since June 2017, fuel prices in India are revised every morning at 6 AM, replacing the previous system of fortnightly revisions.

 

  • Statewise Price Increase: In Uttar Pradesh, petrol and diesel prices have increased by 21 paise. West Bengal saw a rise of 44 paise for petrol and 41 paise for diesel. Similarly, Rajasthan, Maharashtra, Himachal Pradesh, and Karnataka are experiencing higher fuel prices.
  • Price Reduction in Some States: Andhra Pradesh shows a decrease in petrol prices by 21 paise and diesel by 19 paise. Himachal Pradesh also records a drop in prices for both fuels.

 

  • Metropolitan Cities’ Fuel Rates:
    • Delhi: Petrol at Rs 96.72 and diesel at Rs 90.08 per liter.
    • Mumbai: Petrol at Rs 106.31 and diesel at Rs 94.27 per liter.
    • Kolkata: Petrol at Rs 106.03 and diesel at Rs 92.76 per liter.
    • Chennai: Petrol at Rs 102.63 and diesel at Rs 94.24 per liter.

 

  • Changes in Other Cities:
    • Noida: Petrol at Rs 96.65 and diesel at Rs 89.82 per liter.
    • Ghaziabad: Petrol at Rs 96.58 and diesel at Rs 89.75 per liter.
    • Lucknow: Petrol at Rs 96.47 and diesel at Rs 89.66 per liter.
    • Patna: Petrol at Rs 107.24 and diesel at Rs 94.04 per liter.
    • Port Blair: Petrol at Rs 84.10 and diesel at Rs 79.74 per liter.

 

  • Excise Duty, Dealer Commission, and VAT: The final retail price of fuel almost doubles the basic cost due to the addition of excise duty, dealer commission, VAT, and other charges.
  • Checking Daily Prices: Customers can check the daily rates of petrol and diesel via SMS. Indian Oil consumers can send an SMS with ‘RSP’ and their city’s code to 9224992249. BPCL consumers can send ‘RSP’ and their city’s code to 9223112222, and HPCL consumers can send ‘HPPrice’ and their city’s code to 9222201122.

 

This fluctuation in fuel prices is a direct result of changes in the international crude oil market. Consumers in India need to stay updated with the latest fuel prices, especially in the context of the daily price revision system. The ongoing adjustments in fuel prices reflect the volatile nature of the global oil market and its impact on domestic rates.

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