Since crude oil is the main raw material for the production of petrol and diesel, fluctuations in its price directly affect fuel costs.
Today 07 December petrol and diesel prices 2024: Oil Marketing Companies (OMCs) update petrol and diesel prices every day at 6 am. This practice ensures transparency and acknowledges the inherent volatility of these commodities. These adjustments are based on changes in global crude oil prices and currency exchange rates, providing consumers with the latest fuel price information.
Petrol Diesel Price in India Today (Check City wise Rate Table below)
Check city wise petrol and diesel prices on December 07
| city | Petrol Price (Rs/Litre) | Diesel Price (Rs/Litre) |
| Delhi | is 94.72 | is 87.62 |
| Mumbai | 103.44 | 89.97 |
| Chennai | 100.75 | 92.56 |
| Kolkata | 104.95 | is 91.76 |
| Noida | 94.81 | 87.93 |
| Lucknow | is 94.65 | is 87.76 |
| Bengaluru | 102.86 | 88.94 |
| Hyderabad | 107.41 | 95.65 |
| Jaipur | 104.88 | 90.36 |
| Trivandrum | 107.25 | 96.13 |
| Bhubaneswar | 100.97 | 92.46 |
In India, fuel prices remain unchanged from May 2022, following reductions in fuel taxes by the central government and some states.
Fuel prices are updated daily at 6 am by Oil Marketing Companies (OMCs) based on fluctuations in global crude oil prices. The government regulates these prices through mechanisms such as excise tax, base pricing and price caps.
Factors Affecting Petrol and Diesel Prices in India
Crude oil prices
As the primary raw material for the production of petrol and diesel, crude oil prices directly affect the cost of these fuels.
exchange rate
India’s dependence on crude oil imports means that the exchange rate between the Indian rupee and the US dollar significantly affects fuel prices.
tax
Both the central and state governments impose taxes on petrol and diesel, which vary across states, leading to variation in fuel prices across the country.
Freight and local charges
Freight costs, value-added tax (VAT), and other local taxes contribute to regional price variation across states.
Refining costs
The process of converting crude oil into petrol and diesel increases the final cost. Refining costs depend on factors such as the type of crude oil and the efficiency of the refinery.
Fuel demand
Market demand also plays a role—higher demand for petrol and diesel will push prices upwards.