Petrol Diesel Price Today: India’s Fuel Prices Steady for Two Months, Mumbai Sees No Change in Petrol or Diesel
As of today, the price of petrol in Mumbai is ₹103.44 per litre. This rate has remained stable, with no change recorded compared to yesterday. Remarkably, petrol prices in India have been consistent for the past two months, maintaining the same rate since June 29, 2024. This stability reflects a broader trend of unchanged petrol rates across the country during this period. For those looking to compare, today's petrol prices are available for all states and districts in India, and these rates already incorporate the relevant state taxes.
The pricing of petrol in India is influenced by a complex interplay of factors, including international crude oil prices, domestic tax structures, and currency exchange rates. Despite these fluctuations, petrol prices have remained higher in India compared to several neighboring countries. This discrepancy is primarily due to the higher taxes levied on petrol in India, which significantly impact the final retail price. As a result, the cost of petrol for consumers in India is notably elevated, reflecting the country's taxation policies and the broader economic landscape.
In the context of global oil markets, India’s petrol prices are subject to changes in international crude oil prices, which can fluctuate based on geopolitical events, supply-demand dynamics, and other market factors. Additionally, the value of the Indian rupee against major currencies like the US dollar plays a crucial role in determining the cost of petrol. The domestic tax structure, which includes excise duty, VAT, and other state-specific levies, further contributes to the overall price at the pump. Despite the recent stability in petrol rates, these underlying factors continue to influence pricing trends and can lead to future adjustments.
Diesel Price in India
Today, the price of diesel in Mumbai stands at ₹89.97 per litre. Similar to petrol, diesel prices have also remained unchanged compared to the previous day, marking a period of stability over the past two months. Since June 29, 2024, diesel prices have not fluctuated, reflecting a consistent rate across the country during this time. For those interested in detailed comparisons, today's diesel prices are available for all states and districts in India, with rates already including state taxes.
The pricing of diesel in India, like petrol, is influenced by a range of factors including international crude oil prices, domestic tax structures, and currency exchange rates. Diesel prices have also been observed to be higher in India compared to some neighboring countries, largely due to the higher taxes imposed on diesel fuel. The tax structure in India includes various levies that contribute to the final retail price of diesel, affecting the cost for consumers.
Global oil price trends, domestic taxation, and currency exchange rates all play a significant role in determining diesel prices. International crude oil prices, influenced by global supply and demand dynamics, geopolitical tensions, and production levels, impact the base cost of diesel. The value of the rupee against major currencies affects the cost of oil imports, while the domestic tax structure further influences the retail price. Despite the recent stability in diesel prices, these factors remain crucial in shaping future pricing trends.
Overall, both petrol and diesel prices in India have demonstrated notable stability over the past two months, reflecting a period of consistent pricing. However, the interplay of international and domestic factors continues to impact the final retail costs, making it essential for consumers to stay informed about ongoing price trends and factors influencing fuel costs.