The government oil companies have updated the petrol and diesel prices on Wednesday, 12 February. The impact of declining global crude oil prices is now evident in India’s retail market, leading to price reductions in several cities, while some regions have experienced price hikes.
Fuel Price Drop in Ghaziabad
In Ghaziabad, Uttar Pradesh, petrol prices have fallen by 39 paise, bringing the cost down to Rs 94.50 per liter. Diesel prices have also dropped by 45 paise, now retailing at Rs 87.58 per liter. This reduction is directly linked to the decrease in global crude oil prices.
Price Fluctuations in Bihar and Haryana
In Patna, the capital of Bihar, petrol prices have increased by 35 paise, now costing Rs 105.58 per liter. Diesel has also seen a hike of 33 paise, reaching Rs 92.42 per liter.
Conversely, in Gurugram, Haryana, petrol prices have dropped by 24 paise to Rs 94.87 per liter, while diesel rates have decreased by 24 paise to Rs 87.73 per liter.
Stable Prices in Major Metros
The four major metro cities have seen minimal changes in fuel prices:
- Delhi: Petrol at Rs 94.72 per liter, Diesel at Rs 87.62 per liter.
- Mumbai: Petrol at Rs 103.44 per liter, Diesel at Rs 89.97 per liter.
- Chennai: Petrol at Rs 100.76 per liter, Diesel at Rs 92.35 per liter.
- Kolkata: Petrol at Rs 104.95 per liter, Diesel at Rs 91.76 per liter.
Crude Oil Prices on the Decline
Crude oil prices have also dipped slightly in the past 24 hours. Brent crude is now priced at $74.31 per barrel, while WTI crude stands at $70.60 per barrel.
How Petrol and Diesel Prices Are Determined
Petrol and diesel prices are revised daily at 6 AM. These rates fluctuate based on excise duty, dealer commission, VAT, and other charges, which contribute to the final retail price. This explains why fuel prices in India are significantly higher than the base market price.
