Gasoline and diesel prices today February 12, 2024: A slight drop is observed in crude oil prices in the international market. At around 7 a.m. on Monday, WTI crude oil is selling for $76.38 a barrel. At the same time, Brent crude oil is trading at $81.76 per barrel. The country’s oil marketing companies have published the latest gasoline and diesel rates. In India, fuel prices are revised every morning at 6 am. Before June 2017, the price review was done every 15 days.
In India, the price of petrol and diesel is subject to influences such as freight charges, value added tax (VAT) and local taxes, resulting in different rates between states.
Diesel gasoline price today Rate changes
In Maharashtra, petrol has become cheaper by 25 paise and diesel by 24 paise. Petrol has become cheaper by 21 paise and diesel by 20 paise in Rajasthan. Apart from this, oil has also become cheaper in Odisha, Telangana, Himachal Pradesh and Kerala. On the other hand, in Haryana, petrol has become more expensive by 18 paise and diesel by 17 paise. A slight increase in petrol and diesel prices is also seen in Gujarat, Karnataka, UP and West Bengal.
Petrol and Diesel Price Today in India (See City Rate List Below)
Petrol and diesel price in Mumbai
As on February 12, the price of petrol in Mumbai continued to cross the Rs 100 mark, reaching Rs 106.31 per litre, while the price of diesel was Rs 94.27 per litre.
Delhi diesel price today
As of February 12, the cost of diesel is priced at Rs 89.62 per litre.
Petrol price in Delhi today
As of February 12, the cost of petrol in Delhi is Rs 96.72 per litre.
Check gasoline and diesel prices in the city on February 12:
|Petrol price (Rs/litre)
|Diesel price (Rs/litre)
In India, fuel prices have remained stable since May 2022, following a reduction in fuel taxes by the central government and several states.
Retail fuel prices are adjusted by OMCs daily at 6 am based on the global crude oil price. The government monitors fuel prices through mechanisms such as excise taxes, base prices, and price caps.
Factors Affecting Petrol and Diesel Prices in India
Crude oil price: The main raw material for the production of gasoline and diesel is crude oil and, as such, its price directly influences the final cost of these fuels.
The exchange rate between the Indian rupee and the US dollar: As a major crude oil importer, India’s gasoline and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.
Tax: Both the central and state governments impose various taxes on petrol and diesel. These taxes can differ between states, which has a notable influence on the final prices of gasoline and diesel.
The cost of refining:
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The final price of gasoline and diesel is also influenced by the costs of refining crude oil to convert it into these fuels. The refining process can be expensive and refining expenses can fluctuate depending on factors such as the type of crude oil used and the efficiency of the refinery.
The demand for gasoline and diesel: The demand for gasoline and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.
first published: February 12, 2024, 08:02 IST