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Petrol Diesel Prices Today on December 14
Petrol Diesel Prices Today on December 14: As of December 14, 2023, petrol and diesel prices remain constant in major Indian cities. The rates have shown stability for an entire year, as per the latest notification from fuel retailers.
Factors Affecting Price Variation
While prices stay the same on a national level, it’s essential to note that they can vary from state to state. This variation is influenced by factors such as Value Added Tax (VAT), freight charges, and local taxes
Daily Revisions by OMCs
Public sector oil marketing companies (OMCs) like Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd. (IOCL), and Hindustan Petroleum Corporation Ltd. (HPCL) adjust their prices daily. This is in line with international benchmark prices and forex rates.
Petrol Diesel Prices Today: Citywise Rates
Petrol Diesel Prices Today on December 14, Citywise rates across India at different metropolitan cities are as given below;
Petrol Diesel Price in Delhi Today
In Delhi, petrol is priced at Rs 96.72/litre, and diesel is available at Rs 89.62/litre.
Petrol Diesel Prices Mumbai 14 December
Mumbai witnesses petrol rates at Rs 106.31/litre and diesel at Rs 94.27/litre.
Chennai Petrol Diesel Price Today
In Chennai, petrol costs Rs 102.63/litre, and diesel is Rs 94.24/litre.
Petrol Diesel Prices Kolkata Today
Kolkata experiences rates of Rs 106.03/litre for petrol and Rs 92.76/litre for diesel.
Hyderabad Petrol Diesel Prices Today
Hyderabad witnesses petrol rates at Rs 109.66/litre and diesel at Rs 97.82/litre.
Petrol Diesel Price in UP Today
In Uttar Pradesh, petrol costs Rs 96.77/litre, and diesel is Rs 89.93/litre.
Petrol Diesel Price in Maharashtra Today
In Maharashtra, petrol costs at Rs 106.97/litre and diesel at Rs 93.46 /litre.
Petrol Diesel Prices Today: Important News
Last Nationwide Change
The last countrywide alteration in fuel rates occurred on May 21 last year. During this change, Finance Minister Nirmala Sitharaman reduced excise duty on petrol by Rs 8 per litre and diesel by Rs 6 per litre.
Checking Prices from Home
Checking petrol and diesel prices is convenient. You can do so from the comfort of your home by sending a message with your city code to 9224992249. City codes are available on the Indian Oil website.
Oil Price Update 14 December 2023
In early Asian trade on December 14, 2023, oil prices experienced an increase. Brent futures rose by 46 cents, a 0.6 percent increase, settling at USD 74.72 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude saw a 0.7 percent uptick with a 48-cent increase, settling at USD 69.95.
What Triggers Fuel Prices in India
Dearer forex rates
The GoI uses USD as the preferred import currency for crude products. As USD is subject to fluctuation in money markets, its rate against the INR spirals, making crude prices more expensive than before. Since the ongoing clash between Russia and Ukraine, the GoI has scaled up oil purchases in massive volumes from Russia, using INR-RUB, thus minimizing USD fluctuations.
Low production of crude oil
Crude oil availability is subject to onshore and offshore drilling rigs. However, the OPEC+ countries have reduced petroleum outputs after the COVID-19 and Ukrainian crises to control the sliding prices in the international market. It has led to limited availability of crude while demands are soaring, leading to dearer rates of petrol and diesel prices to compensate for expensive buys. This affects the petrol price in India.
Excise duty rates
State Excise Duty also play very important role in determining petrol diesel prices. While petroleum is yet under the GST scheme, it’s estimated to be 18%. However, the latest excise duty charged is over 30% per litre over the dealer’s rate sold by OPCs.
Conclusion
While petrol and diesel prices exhibit stability on a national level, it’s crucial to stay informed about the variations based on your location. The ability to check prices from home adds to the convenience for consumers.
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