Fuel prices continue to be a significant concern for the general public as well as businesses, given their impact on transportation costs and overall inflation. On 17th June 2024, let’s take a look at the petrol and diesel rates in key Indian cities such as Delhi, Noida, Mumbai, Chennai, and Kolkata. Maintaining track of these prices is crucial as they frequently fluctuate based on factors like international crude oil prices, currency exchange rates, and policy changes by the government.
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In Delhi, the national capital, the price of petrol stands at Rs 102.50 per liter, while diesel prices are at Rs 92.40 per liter. These rates make Delhi one of the cities with relatively moderate fuel prices. The government’s excise duties and the Value Added Tax (VAT) imposed by the state significantly impact these prices.
Noida, part of the National Capital Region (NCR), shows a slightly different scenario. The petrol prices here are pegged at Rs 101.70 per liter, while diesel is being sold at Rs 91.80 per liter. This difference from Delhi is primarily due to the varying state taxes, despite the geographical proximity between the two locations.
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Mumbai, India’s financial capital, is often known for having some of the highest fuel prices among major cities. On 17th June 2024, petrol prices in Mumbai are at Rs 114.30 per liter and diesel at Rs 104.20 per liter. The higher rates can be attributed to the substantial state-imposed VAT in Maharashtra, which significantly boosts the cost per liter for both fuels.
Moving towards Southern India, Chennai exhibits relatively lower fuel prices compared to Mumbai. Petrol in Chennai is priced at Rs 106.40 per liter, while diesel costs Rs 98.10 per liter. The state government’s policies towards fuel taxation and the operational costs incurred by fuel distribution companies affect these prices.
Kolkata, the capital city of West Bengal, also has a distinctive fuel pricing structure. As of 17th June 2024, petrol prices in Kolkata are Rs 107.20 per liter, and diesel is priced at Rs 98.80 per liter. The state VAT and transportation logistics play a crucial role in determining these rates.
The city of Surat, primarily known for its diamond and textile industries, also shows competitive fuel prices. Today, the petrol price in Surat is Rs 94.53 per liter, and diesel is available at Rs 90.22 per liter. Lower state taxes in Gujarat compared to other states might be a contributing factor towards these lower rates.
It’s essential to note that fuel prices in India are updated daily based on global market trends. The dynamic pricing mechanism ensures that even minor fluctuations in the international crude markets are mirrored in the rates consumers see at the pump in real-time.
Another critical aspect that influences these prices is the exchange rate of the Indian Rupee against the US Dollar. Since crude oil is traded globally in dollars, any depreciation of the Rupee makes importing oil more expensive, which gets translated into higher prices for petrol and diesel.
Moreover, the government’s policy decisions, such as adjustments in excise duty and subsidies for oil marketing companies, also have a direct impact on fuel prices. During times of significant price hikes, governments sometimes reduce these taxes to provide relief to consumers.
The interplay between crude oil prices, currency exchange rates, and government policies creates a fluctuating environment for fuel prices. For instance, an increase in global demand for crude oil or geopolitical instability in oil-producing regions can lead to higher prices. Conversely, a surplus in supply or advancements in oil extraction technology might lower prices.
In conclusion, staying informed about daily fuel price updates is vital for consumers and businesses alike. On 17th June 2024, cities like Delhi, Noida, Mumbai, Chennai, and Kolkata experienced varying petrol and diesel prices due to a complex mix of international and domestic factors. By understanding these variables, one can better anticipate changes in living expenses and plan accordingly.
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