Today’s gasoline and diesel prices on February 12, 2024: Crude oil prices in the international market fell slightly. WTI crude oil was selling for $76.38 a barrel around 7 a.m. Monday. Meanwhile, Brent crude oil was trading at $81.76 a barrel. The country’s oil marketing companies have released the latest petrol and diesel rates. In India, fuel prices are adjusted every morning at 6 am. Before June 2017, prices were adjusted every 15 days.

In India, the pricing of petrol and diesel is affected by freight, value-added tax (VAT) and local taxes, resulting in different rates across states.

Gasoline and diesel prices exchange rate changes today

In Maharashtra, petrol is 25 paise cheaper and diesel is 24 paise cheaper. In Rajasthan, petrol is 21 paise cheaper and diesel is 20 paise cheaper. Apart from this, oil has also become cheaper in Odisha, Telangana, Himachal Pradesh and Kerala. On the other hand, in Haryana, petrol prices increased by 18 paise and diesel prices by 17 paise. Petrol and diesel prices also increased slightly in the states of Gujarat, Karnataka, Uttar Pradesh and West Bengal.

Today’s petrol and diesel prices in India (check price list by city below)

Mumbai petrol and diesel prices

As of February 12, petrol prices in Mumbai continued to cross the Rs 100 mark, reaching Rs 106.31 per liter, while diesel prices were at Rs 94.27 per liter.

Diesel price in delhi today

As of February 12, diesel price was Rs 89.62 per liter.

Today’s petrol price in Delhi

As of February 12, petrol price in Delhi was Rs 96.72 per liter.

Check out the prices of gasoline and diesel in various cities on February 12:

In India, fuel prices have remained stable since May 2022 as the central government and several states reduced fuel taxes.

The OMC adjusts retail fuel prices at 6 a.m. every day based on global crude oil prices. The government monitors fuel prices through mechanisms such as excise duty, basic pricing and price caps.

Factors affecting petrol and diesel prices in India

Crude oil prices: The main raw material for the production of gasoline and diesel is crude oil, therefore, its price directly affects the final cost of these fuels.

Exchange rate between Indian Rupee and US Dollar: As a major importer of crude oil, gasoline and diesel prices in India are also affected by the exchange rate of the Indian rupee against the US dollar.

Tax: The central and state governments levy various taxes on petrol and diesel. These taxes can vary from state to state and have a significant impact on the final price of gasoline and diesel.

Refining cost:

The final price of gasoline and diesel is also affected by the expense incurred in refining crude oil into these fuels. The refining process can be costly, and refining expenses can fluctuate based on factors such as the type of crude oil used and refinery efficiency.

Gasoline and Diesel Demand: Demand for gasoline and diesel also affects their prices. If demand for these fuels increases, it could lead to higher prices.