Today’s gasoline and diesel prices on February 3, 2024: Every morning at 6 o’clock, gasoline and diesel prices are announced, whether they are fluctuating or stable. This daily phenomenon is driven by oil marketing companies (OMCs) adjusting prices based on international crude oil prices and foreign exchange rates.
Today’s Gasoline and Diesel Price News
Delhi petrol and diesel prices
As of February 3, petrol price in Delhi was Rs 96.72 per liter and diesel price was Rs 89.62 per liter.
Mumbai petrol and diesel prices
On February 3, petrol prices in Mumbai remained above the Rs 100 mark at Rs 106.31 per liter, while diesel prices were at Rs 94.27 per liter.
Check out the prices of gasoline and diesel in various cities on February 3:
| City | Petrol price (Rs/litre) | Diesel price (Rs/litre) |
| chennai | 102.63 | 94.24 |
| calcutta | 106.03 | 92.76 |
| Noida | 96.79 | 89.96 |
| Lucknow | 96.57 | 89.76 |
| bangalore | 101.94 | 87.89 |
| Hyderabad | 109.80 | 97.82 |
| jaipur | 108.48 | 93.72 |
| Trivandrum | 109.73 | 98.53 |
| bhubaneswar | 103.19 | 94.76 |
In India, petrol and diesel pricing is affected by factors such as freight, value-added tax (VAT) and local taxes, resulting in varying rates across states.
Fuel rates have remained unchanged since May 2022 when the central government and several states slashed fuel taxes.
The OMC changes retail fuel prices every day at 6 am based on global crude oil prices. The government controls fuel prices through excise duty, basic pricing and price caps.
Factors affecting petrol and diesel prices in India
Crude oil prices: Crude oil is the main raw material for the production of gasoline and diesel, and its price directly affects the final cost of these fuels.
Exchange rate between Indian Rupee and US Dollar: India imports most of its crude oil, so the exchange rate between the Indian rupee and the US dollar also affects the price of petrol and diesel.
Tax: Central and state governments levy various taxes on petrol and diesel. These taxes vary from state to state and can have a significant impact on the final price of gasoline and diesel.
Refining cost: The cost of refining crude oil into gasoline and diesel also affects the final price of these fuels. The refining process can be expensive, and refining costs can vary based on a variety of factors, such as the type of crude oil used and the efficiency of the refinery.
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.
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