Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On May 05

Petrol, Diesel Prices Today On May 05, 2024: Each day at 6 am, oil marketing companies (OMCs) unveil the prices of petrol and diesel, unfazed by their volatility. This systematic practice, managed by OMCs, involves adapting prices in response to shifts in global crude oil prices and foreign exchange rates. Such a meticulous strategy guarantees consumers are kept abreast of the fluctuating fuel costs.

In India, the pricing of petrol and diesel is contingent upon factors such as freight charges, value-added tax (VAT), and local taxes, leading to varying rates across states.

Petrol Diesel Price Today In India (Check city-wise rate table below)

Check city-wise petrol and diesel prices on May 05;

In India, fuel prices have remained steady since May 2022, following a reduction in fuel taxes by the central government and several states.

Fuel retail prices are adjusted by OMCs daily at 6 am based on the global price of crude oil. The government oversees fuel prices through mechanisms such as excise tax, base pricing, and price caps.

Factors Affecting Petrol And Diesel Prices In India 

Crude oil price: The primary raw material for the production of petrol and diesel is crude oil, and as such, its price directly influences the ultimate cost of these fuels.

The exchange rate between the Indian rupee and the US dollar: As a major importer of crude oil, India’s petrol and diesel prices are also influenced by the exchange rate between the Indian rupee and the US dollar.

Tax: Various taxes on petrol and diesel are imposed by both the central and state governments. These taxes may differ across states, exerting a notable influence on the ultimate prices of petrol and diesel.

The cost of refining:

The final price of petrol and diesel is additionally influenced by the expenses incurred in refining crude oil into these fuels. The refining process can be costly, and the refining expenses may fluctuate based on factors like the type of crude oil utilised and the efficiency of the refinery.

The demand for petrol and diesel: The demand for petrol and diesel can also affect their prices. If demand for these fuels increases, it can lead to higher prices.