Fuel prices remain a critical topic for consumers and businesses alike, particularly as they fluctuate based on various economic factors. As of November 28, 2024, petrol and diesel prices in India have shown stability in several major cities.
Current Fuel Prices
Petrol Prices
- New Delhi: ₹94.77 per litre
- Mumbai: ₹103.44 per litre
- Bangalore: ₹102.92 per litre
- Chennai: ₹100.90 per litre
- Kolkata: ₹104.95 per litre
The petrol price in New Delhi has remained unchanged at ₹94.77 since November 1, 2024, indicating a period of stability after fluctuations earlier in the month. This price reflects a broader trend where petrol prices across India have been relatively static, with minimal variation observed throughout November 2024.
Diesel Prices
- New Delhi: ₹87.67 per litre
- Mumbai: ₹89.97 per litre
- Bangalore: ₹88.99 per litre
- Chennai: ₹92.48 per litre
- Kolkata: ₹91.76 per litre
Similar to petrol, diesel prices have also held steady in recent weeks, with New Delhi’s price at ₹87.67 per litre. The consistency in diesel pricing is notable given the historical volatility often seen in fuel markets.
Factors Influencing Fuel Prices
Fuel prices are influenced by several key factors:
- International Crude Oil Prices: The cost of crude oil on the global market directly impacts domestic fuel prices.
- Exchange Rates: Fluctuations in the value of the Indian Rupee against the US Dollar can affect import costs.
- Taxes and Duties: A significant portion of fuel prices is attributed to taxes levied by both central and state governments, which can vary widely across different regions.
- Dynamic Pricing Mechanism: Since June 2017, India has adopted a daily revision system for fuel prices based on market conditions, allowing for more transparent pricing.