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The Indian fuel market reflects global price dynamics

In a slight change, petrol and diesel prices saw little change in several cities in India on October 30, 2023. Meanwhile, a slight decline was recorded in the international crude oil market, with WTI selling at $84.82 per barrel. barrel and Brent at $89.84 per barrel. Indian oil companies announced the latest petrol and diesel prices, marking a daily revision of fuel prices at 6:00 a.m. This system replaced the previous practice of reviewing prices every 15 days prior to June 2017.

In the state of West Bengal, petrol prices rose by 44 paise, while diesel prices rose by 41 paise. Similarly, petrol prices increased by 27 paise in the state of Punjab and diesel prices increased by 25 paise. In Madhya Pradesh and Himachal Pradesh, petrol and diesel prices increased by more than 20 paise. On the other hand, Jharkhand saw a reduction of 22 paise in petrol and diesel prices. This downward trend was repeated in Uttar Pradesh with a 27 paise drop in petrol and diesel prices.

Petrol price in Delhi currently stands at Rs 96.72 per liter while diesel is priced at Rs 89.62 per litre. In Mumbai, petrol is sold at Rs 106.31 per liter and diesel costs Rs 94.27 per litre. Residents of Kolkata can buy petrol at Rs 106.03 per liter and diesel at Rs 92.76 per litre, while petrol and diesel prices in Chennai are Rs 102.63 and Rs 94.24 per litre, respectively.

These fluctuations reflect the dynamic nature of the global energy market. Factors such as geopolitical tensions, supply and demand, and economic conditions affect crude oil prices, which in turn affect fuel prices in several countries, including India. It is critical that consumers and businesses stay informed about these changes in order to effectively manage their spending and make informed decisions.

Frequently asked questions

1. Why are fuel prices revised daily in India?

Fuel prices in India are reviewed daily to align with the dynamic global crude oil market, ensuring that consumers receive fuel at prices that reflect the latest international trends.

2. What factors affect fuel prices in India?

Fuel prices in India are affected by a number of factors, including global crude oil prices, geopolitical tensions, supply and demand dynamics, exchange rates and government regulations and taxes.

3. How can consumers manage their fuel costs?

Consumers can regularly monitor fuel prices, adopt fuel-efficient driving habits, consider carpooling or public transportation, and stay updated on government policies and initiatives that promote alternative fuel options.

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