Petrol Prices surged in several states, Here to check some points

by Psu Connect
Date: 17-02-24

The petrol rates are revised at 6 am every day. This dynamic pricing ensures that even a minute’s variation in global oil prices can be transmitted to fuel users and dealers.

Petrol Prices surged in several states, Here to check some points

New Delhi: Petrol prices in India are based on a dynamic fuel pricing system and hence revised regularly. The petrol rates are revised regularly every morning at 6 am per day. The final petrol rates are decided by adding payment to the refineries, excise duty, dealer commission, and Value-Added Tax or VAT. After adding these, the retail selling prices of petrol nearly doubled.

Several factors determine the price of petrol-like Rupee to US Dollar exchange rate, cost of crude oil, global cues, and demand for fuel, among others. When international crude oil prices gain, fuel prices in India move higher.

The states which witnessed the hike are Chattisgarh, up by 0.60% to Rs 103.58 per litre, Daman and Diu, up by 0.07% to Rs 94.31 per litre, Goa, up by 0.13% to Rs 97.54 per litre, Gujarat, up by 0.02% to Rs 96.42 per litre, Haryana up by 0.21%, to Rs 97.45 per litre. Other states which have witnessed the hikes are Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Puducherry, Punjab, Rajasthan, Telangana and Uttar Pradesh.

The largest hike is witnessed in the state of Odisha as per the latest update, up by 0.33%. The oil marketing companies determine the daily fuel prices, which are then implemented at their fuel stations across the country.