Fuel Price Today on March 11, 2024: The decrease in global oil and gas prices is starting to reflect in the domestic retail sector. This Thursday morning, the National Capital Region saw a reduction in CNG prices, accompanied by a decline in petrol and diesel rates. Additionally, fuel prices have dropped in several cities across Uttar Pradesh and Bihar. Concurrently, the global crude oil price has dipped below the $83 mark. Domestic oil marketing companies have updated the petrol and diesel prices, which are adjusted daily at 6 am since the practice was changed from a fortnightly revision in June 2017. Fuel pricing in India considers various factors including freight charges, value-added tax (VAT), and local taxes, leading to price variations across different states.

Insight into Today’s Fuel Price Variations

Today’s adjustments in fuel prices reveal a mixed picture across the country. States like Gujarat, Haryana, Madhya Pradesh, Maharashtra, and Odisha are experiencing a decrease in petrol and diesel prices, providing some respite to consumers. However, this contrast sharply with the situation in Assam, Goa, Himachal Pradesh, Karnataka, Mizoram, Punjab, Rajasthan, Tamil Nadu, Telangana, UP, Uttarakhand, and West Bengal, where fuel prices have climbed. This variability underscores the multifaceted factors influencing fuel prices, from international oil price fluctuations to regional tax policies.

Today’s Petrol and Diesel Rate Adjustments

In regions such as Gujarat, Haryana, Madhya Pradesh, Maharashtra, and Odisha, today marks a reduction in fuel prices. Conversely, states including Assam, Goa, Himachal Pradesh, Karnataka, Mizoram, Punjab, Rajasthan, Tamil Nadu, Telangana, UP, Uttarakhand, and West Bengal have experienced price hikes.

City-Specific Fuel Rates as of March 11

Mumbai’s Fuel Prices:
On March 11, Mumbai’s petrol price stood above Rs 100, at Rs 106.31 per litre, whereas diesel was priced at Rs 94.27 per liter.

Diesel Price in Delhi Today:
The diesel rate in Delhi on March 11 was Rs 89.62 per litre. Since May 2022, India’s fuel prices have remained stable following a cut in fuel taxes by the central government and various states.

Fuel prices are set by oil marketing companies (OMCs) daily at 6 am, reflecting the international crude oil costs. Government regulation of fuel prices includes excise tax, base pricing, and price caps.

Key Factors Influencing Fuel Prices in India

Crude Oil Price: The cost of crude oil is a direct determinant of petrol and diesel prices.
Exchange Rate: The pricing is also affected by the exchange rate between the Indian rupee and the US dollar, due to India’s significant crude oil imports.
Taxation: The central and state governments impose various taxes on fuel, contributing to regional price differences.
Refining Costs: The process of refining crude oil into fuel incurs costs, influencing the final price. These costs vary based on the crude oil type and refinery efficiency.
Market Demand: The demand levels for petrol and diesel can also impact their market prices.

Understanding these factors offers valuable insights into the dynamics of fuel pricing in India, enabling consumers and stakeholders to make informed decisions. Keeping abreast of these trends is essential for effective budgeting and planning, especially in a landscape where fuel prices significantly impact daily life and the economy.

Stay informed with the latest fuel price trends and factors affecting them for smart travel planning and budget management.