Today’s gasoline and diesel prices on January 31, 2024: Every morning at 6 o’clock, the prices of gasoline and diesel are announced, whether they are fluctuating or stable. The routine incident stems from oil marketing companies (OMCs) adjusting prices based on changes in global crude oil prices and foreign exchange rates.
Today’s petrol and diesel price in India
Today’s petrol price in Delhi
As of January 31, petrol price in Delhi was Rs 96.72 per liter.
Diesel price in delhi today
As of January 31, diesel price was Rs 89.62 per liter.
Mumbai petrol and diesel prices
As of January 31, 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.
Check out the prices of gasoline and diesel in various cities on January 31;
| City | Petrol price (Rs/litre) | Diesel price (Rs/litre) |
| chennai | 102.63 | 94.24 |
| calcutta | 106.03 | 92.76 |
| Noida | 96.65 | 89.82 |
| Lucknow | 96.47 | 89.66 |
| bangalore | 101.94 | 87.89 |
| Hyderabad | 109.66 | 97.82 |
| jaipur | 108.48 | 93.72 |
| Trivandrum | 109.42 | 98.24 |
| bhubaneswar | 103.18 | 94.75 |
In India, petrol and diesel pricing is affected by freight, value-added tax (VAT) and local taxes, resulting in different rates across states
Fuel prices have remained stable since May 2022 after 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.
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