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Petrol and Diesel Prices Update: March 23, 2024

 Petrol and Diesel Prices Update: March 23, 2024

Stay informed about the latest petrol and diesel prices in your city as of March 23, 2024. Every morning at 6 am, oil marketing companies (OMCs) reveal the rates, reflecting fluctuations in global crude oil prices and foreign exchange rates.

In India, petrol and diesel prices vary across states due to factors like freight charges, value-added tax (VAT), and local taxes.

City-wise Petrol and Diesel Rates on March 23:

CityPetrol Price (Rs/Litre)Diesel Price (Rs/Litre)

Last week, the government reduced petrol and diesel prices by Rs 2 per litre nationwide, breaking a steady trend since May 2022.

Fuel prices are adjusted daily at 6 am based on global crude oil prices, overseen by the government through mechanisms like excise tax and price caps.

Factors Affecting Petrol and Diesel Prices in India:

Crude oil price: Directly influences fuel costs as it's the primary raw material.

Exchange rate: Fluctuations between the Indian rupee and US dollar affect prices due to India's reliance on crude oil imports.

Tax: Central and state government taxes play a significant role in pricing.

Refining costs: Expenses involved in refining crude oil impact the final price.

Demand: Changes in demand can influence prices, with higher demand leading to increased costs.

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