Petrol-Diesel Price: What are the prices of petrol and diesel on the second day of February; Know the condition of your city – News India Live

Petrol, diesel prices today on February 2, 2024 : Petrol and diesel prices are revealed every morning at 6 am, whether they are fluctuating or remain stable. This daily phenomenon is driven by oil marketing companies (OMCs) adjusting prices based on international crude oil prices and foreign exchange rates.

petrol diesel price news today

Delhi petrol and diesel price

As of February 2, the price of petrol in Delhi is Rs 96.72 per liter and the price of diesel is Rs 89.62 per liter.

Mumbai petrol and diesel price

On February 2, petrol price in Mumbai crossed Rs 100 mark at Rs 106.31 per litre, while diesel was available at Rs 94.27 per litre.

Check city wise petrol and diesel prices on February 2:

City Petrol Price (Rs/Litre) Diesel Price (Rs/Litre)
Chennai 102.63 94.24
Kolkata 106.03 92.76
Noida 96.79 89.96
Lucknow 96.57 89.76
Bengaluru 101.94 87.89
Hyderabad 109.80 97.82
Jaipur 108.48 93.72
Thiruvananthapuram 109.73 98.53
Bhubaneswar 103.19 94.76

In India, the price of petrol and diesel is influenced by factors such as freight charges, value added tax (VAT) and local taxes, due to which prices vary from state to state.

Fuel rates remain unchanged from May 2022, when the central government and several states cut fuel taxes.

OMCs change fuel retail prices every day at 6 am based on the price of crude oil across the world. The government controls fuel prices through excise duty, base pricing and price caps.

Factors affecting petrol and diesel prices in India

Crude Oil Price: Crude oil is the main raw material used to produce petrol and diesel, so its price has a direct impact on the final cost of these fuels.

Exchange rates between Indian Rupee and US Dollar: India imports most of its crude oil, so the exchange rate between the Indian rupee and the US dollar also affects the price of petrol and diesel.

Tax: Central and state governments impose various types of taxes on petrol and diesel. These taxes may vary from state to state and can have a significant impact on the final price of petrol and diesel.

Cost of Refining: The cost of refining crude oil into petrol and diesel also affects the final price of these fuels. The refining process can be expensive, and the cost of refining can vary depending on several factors, such as the type of crude used and the efficiency of the refinery.

Demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it could lead to higher prices.

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