Petrol and diesel prices in Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Lucknow, Noida, and Gurugram on May 12, 2023
Petrol, Diesel Prices Today On May 12, 2024: Every morning at 6 am, the rates for petrol and diesel are disclosed, regardless of whether they undergo fluctuations or remain stable. This consistent event is orchestrated by oil marketing companies (OMCs) as they adjust prices to shifts in global crude oil prices and foreign exchange rates. This process ensures that consumers stay informed about the daily adjustments in fuel costs.
In India, the pricing of petrol and diesel is subject to influences like freight charges, value-added tax (VAT), and local taxes, resulting in different rates across states.
Read More: Union Bank of India Q4 Results: Net profit rises 18% on lower provisions
Petrol Diesel Price Today In India (Check city-wise rate list below)
Mumbai Petrol & Diesel Price
As of May 12, the price of petrol in Mumbai continued to exceed the Rs 100 mark, reaching Rs 104.21 per litre, while diesel was priced at Rs 92.15 per litre.
Delhi Diesel Price Today
As of May 12, the cost of diesel is priced at Rs 87.62 per litre.
Delhi Petrol Price Today
As of May 12, the cost of petrol in Delhi is Rs 94.72 per litre.
Read More: Social Commerce Platform Meesho Raises $275 Million
Check city-wise petrol and diesel prices on May 12:
| CITY | PETROL PRICE (RS/LITRE) | DIESEL PRICE (RS/LITRE) |
| Chennai | 100.75 | 92.34 |
| Kolkata | 103.94 | 90.76 |
| Noida | 94.83 | 87.96 |
| Lucknow | 94.65 | 87.76 |
| Bengaluru | 99.84 | 85.93 |
| Hyderabad | 107.41 | 95.65 |
| Jaipur | 104.88 | 90.36 |
| Trivandrum | 107.56 | 96.43 |
| Bhubaneswar | 101.06 | 92.64 |
In March, the government reduced the petrol and diesel prices by Rs 2 per litre across India. Before that, the fuel prices were steady since May 2022.
Fuel retail prices are adjusted by OMCs daily at 6 am based on the global price of crude oil. The government oversees fuel prices through mechanisms such as excise tax, base pricing, and price caps.
Read More: Bank of Baroda’s Q4 net profit beats estimates, lender declares ₹7.60 dividend per share
Latest Crude Oil Prices
Crude oil prices fell by nearly $1 a barrel on Friday as comments from US central bank officials indicated higher-for-longer interest rates, which could hinder demand from the world’s largest crude consumers, according to Reuters.
Brent crude futures settled at $82.79 a barrel, down $1.09, or 1.3 per cent. US West Texas Intermediate crude settled at $78.26 a barrel, down $1.00, or 1.3 per cent.
For the week, Brent logged a 0.2 per cent loss, while WTI recorded a rise of 0.2 per cent.
Dallas Federal Reserve President Lorie Logan on Friday said it was unclear whether monetary policy was tight enough to bring down inflation to the US central bank’s 2 per cent goal.
Factors Affecting Petrol And Diesel Prices In India
Crude oil price: The primary raw material for the production of petrol and diesel is crude oil, and as such, its price directly influences the ultimate cost of these fuels.
The exchange rate between the Indian rupee and the US dollar: As a major importer of crude oil, India’s petrol and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.
Tax: Various taxes on petrol and diesel are imposed by both the central and state governments. These taxes may differ across states, exerting a notable influence on the ultimate prices of petrol and diesel.
The cost of refining:
The final price of petrol and diesel is additionally influenced by the expenses incurred in refining crude oil into these fuels. The refining process can be costly, and the refining expenses may fluctuate based on factors like the type of crude oil utilised and the efficiency of the refinery.
The demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.
