Today 17 November petrol and diesel prices 2024: Every morning at 6 am, oil marketing companies (OMCs) update petrol and diesel prices, providing consistency despite the volatility of these commodities. These adjustments reflect changes in global crude oil prices and fluctuations in foreign exchange rates, ensuring consumers stay informed of the latest fuel costs.
Petrol Diesel Price in India Today (Check City wise Rate Table below)
Check City wise petrol and diesel prices on November 17
In India, fuel prices have remained stable since May 2022 following reductions in fuel taxes by the central government and some states.
Retail fuel prices are set by OMC based on the global price of crude oil at 6 am every day. The government monitors fuel prices through excise tax, base pricing and price caps.
Factors Affecting Petrol and Diesel Prices in India
In India, petrol and diesel prices are affected by several factors, including freight charges, value-added tax (VAT) and local taxes, resulting in varying rates across states.
Crude Oil Price: The primary raw material for the production of petrol and diesel is crude oil; As such, its price directly affects the final price of this fuel.
Exchange rate between Indian Rupee and US Dollar: As a major importer of crude oil, India’s petrol and diesel prices are also affected by the exchange rate between the Indian and US dollars.
taxes: Various taxes are imposed on petrol and diesel by the central and state governments. These taxes may vary across states having a significant impact on the final prices of petrol and diesel.
Cost of Refinement:
The final price of petrol and diesel also influences the cost of refining the crude oil into these fuels. The refining process can be expensive, and refining costs can fluctuate based on factors such as crude oil usage and refinery efficiency.
Demand for Petrol and Diesel: Demand for petrol and diesel can also affect their prices. If demand for this fuel increases, it may lead to higher prices.