Oil companies in India update petrol and diesel prices every day at 6 AM. These changes depend on the price of crude oil in the global market and the exchange rate of the Indian Rupee against the US Dollar. Daily updates help keep prices transparent and fair for consumers.
Are Petrol and Diesel Prices Changing?
Fuel prices in India have remained the same since May 2022, after the central and state governments cut down taxes on fuel. Even though the prices are updated daily, there haven’t been major changes for a while.
What Affects Petrol and Diesel Prices in India?
Several factors influence how much you pay at the pump:
- Crude Oil Prices: India imports crude oil to make petrol and diesel. When global crude oil prices go up, fuel becomes more expensive here.
- Currency Exchange Rate: If the Indian Rupee becomes weaker compared to the US Dollar, it costs more to import oil, which can increase fuel prices.
- Taxes: Central and state governments add taxes on petrol and diesel. These taxes vary from state to state, which is why fuel prices differ across cities.
- Refining Costs: Converting crude oil into petrol and diesel also involves costs. These depend on the type of crude oil and the efficiency of the refinery.
- Demand and Supply: When more people use petrol and diesel, prices usually go up due to higher demand.
How to Check Petrol and Diesel Prices in Your City
You can easily find out the latest fuel prices using SMS:
- Indian Oil (IOCL): Type your city code + “RSP” and send it to 9224992249
- Bharat Petroleum (BPCL): Send “RSP” to 9223112222
- Hindustan Petroleum (HPCL): Send “HP Price” to 9222201122.
