Petrol, Diesel Prices Today On March 5, 2024: There is a slight decline in the prices of crude oil in the international market. At around 6 am on Tuesday morning, WTI crude is being sold at $ 78.51 per barrel. At the same time, Brent crude is trading at $ 82.80 per barrel. Oil marketing companies in the country have released the latest rates of petrol and diesel. In India, fuel prices are revised every morning at 6 am. Before June 2017, price revision was done every 15 days.
In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states.
Petrol Diesel Price Today Rate Changes
In Bihar, petrol has become costlier by 36 paise and diesel by 34 paise. Petrol has become costlier by 44 paise and diesel by 41 paise in West Bengal. Apart from this, the prices of petrol and diesel have increased in Kerala, Karnataka, Chhattisgarh, Arunachal Pradesh and Telangana. On the other hand, in Uttar Pradesh petrol has become cheaper by 14 paise and diesel by 13 paise. In Rajasthan too, the prices of petrol and diesel have fallen by Rs 18 and Rs 16 respectively. There is a decline in the prices of petrol and diesel in Madhya Pradesh and Maharashtra.
Petrol Diesel Price Today In India (Check city-wise rate list below)
Mumbai Petrol & Diesel Price
As of March 5, the price of petrol in Mumbai continued to exceed the Rs 100 mark, reaching Rs 106.31 per litre, while diesel was priced at Rs 94.27 per litre.
Delhi Diesel Price Today
As of March 5, the cost of diesel is priced at Rs 89.62 per litre.
Delhi Petrol Price Today
As of March 5, the cost of petrol in Delhi is Rs 96.72 per litre.
Check city-wise petrol and diesel prices on March 5:
In India, fuel prices have remained steady since May 2022, following a reduction in fuel taxes by the central government and several states.
Fuel retail prices are adjusted by OMCs daily at 6 am based on the global price of crude oil. The government oversees fuel prices through mechanisms such as excise tax, base pricing, and price caps.
Factors Affecting Petrol And Diesel Prices In India
Crude oil price: The primary raw material for the production of petrol and diesel is crude oil, and as such, its price directly influences the ultimate cost of these fuels.
The exchange rate between the Indian rupee and the US dollar: As a major importer of crude oil, India’s petrol and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.
Tax: Various taxes on petrol and diesel are imposed by both the central and state governments. These taxes may differ across states, exerting a notable influence on the ultimate prices of petrol and diesel.
The cost of refining:
The final price of petrol and diesel is additionally influenced by the expenses incurred in refining crude oil into these fuels. The refining process can be costly, and the refining expenses may fluctuate based on factors like the type of crude oil utilised and the efficiency of the refinery.
The demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.
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