Petrol, Diesel Prices Today On December 31, 2024: Oil marketing companies (OMCs) update petrol and diesel prices every day at 6 AM to ensure transparency and reflect the volatility in global markets. These daily adjustments take into account fluctuations in international crude oil prices and currency exchange rates, allowing consumers to receive accurate and current fuel cost information.
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Check city-wise petrol and diesel prices on December 31:
| City | Petrol Price (Rs/litre) | Diesel Price (Rs/litre) |
| Delhi | 94.72 | 87.62 |
| Mumbai | 103.44 | 89.97 |
| Chennai | 100.85 | 92.44 |
| Kolkata | 103.94 | 90.76 |
| Noida | 94.66 | 87.76 |
| Lucknow | 94.65 | 87.76 |
| Bengaluru | 102.86 | 88.94 |
| Hyderabad | 107.41 | 95.65 |
| Jaipur | 104.88 | 90.36 |
| Trivandrum | 107.62 | 96.43 |
| Bhubaneswar | 101.06 | 92.91 |
In India, fuel prices have remained steady since May 2022, after the central government and various state governments reduced fuel taxes.
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Oil marketing companies (OMCs) update fuel prices daily at 6 a.m., reflecting changes in global crude oil prices. The government controls these prices using tools such as excise taxes, base pricing, and price caps.
Factors Influencing Petrol and Diesel Prices in India
- Crude Oil Prices: As the key raw material for producing petrol and diesel, fluctuations in global crude oil prices have a direct impact on fuel costs in India.
- Exchange Rate: India imports a significant portion of its crude oil, so changes in the exchange rate between the Indian rupee and the US dollar influence fuel prices. A weaker rupee generally leads to higher fuel costs.
- Taxes: Petrol and diesel prices are subject to various taxes imposed by both the central and state governments. These taxes can vary from state to state, contributing significantly to the final price consumers pay at the pump.
- Refining Costs: The process of refining crude oil into petrol and diesel incurs costs that influence fuel prices. These expenses can vary based on factors such as the type of crude oil processed and the efficiency of the refinery.
- Demand: The balance of supply and demand plays a crucial role in determining fuel prices. Increased demand for petrol and diesel typically results in higher prices, as suppliers adjust to market conditions.
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Check Petrol and Diesel Prices via SMS
You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.
