Today’s gasoline and diesel prices on February 8, 2024: Every morning at 6 am, petrol and diesel prices are announced, whether they fluctuate or remain stable. This regular occurrence is managed by Oil Marketing Companies (OMCs), who adjust prices based on changes in global crude oil prices and foreign exchange rates. This mechanism ensures that consumers are informed of daily changes in fuel costs.

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.

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

Mumbai petrol and diesel prices

Today’s petrol price in Mumbai

As of February 8, petrol prices in Mumbai continued to cross the Rs 100 mark, reaching Rs 106.31 per liter

Today’s diesel price in mumbai

As of February 8, diesel price in Mumbai was Rs 94.27 per liter.

Diesel price in delhi today

As of February 8, diesel price was Rs 89.62 per liter.

Today’s petrol price in Delhi

As of February 8, petrol price in Delhi was Rs 96.72 per liter.

Check out the prices of gasoline and diesel in various cities on February 8;

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.