New prices of petrol and diesel released on January 11! Know how much Petrol Diesel Price is available in your city – StudyToper

Petrol and diesel prices in India are updated every day at 6 am. This dynamic fuel pricing system has been in effect since 2017, under which oil companies decide fuel prices daily. New prices of petrol and diesel have also been released on January 11, 2025.

The determination of these prices depends on several factors, such as international crude oil prices, foreign exchange rates, taxes imposed by central and state governments, and dealer’s commission. Due to all these factors, the prices of petrol and diesel vary in different parts of the country.

Overview of petrol and diesel prices

How are the prices of petrol and diesel decided?

Determining petrol and diesel prices is a complex process involving many factors:

1. International prices of crude oil: This is the most important factor. When the prices of crude oil increase, the prices of petrol and diesel also increase.
2. Foreign Exchange Rates: Since crude oil is traded in dollars, fluctuations in the value of rupee also affect fuel prices.
3. Taxes: The central government levies excise duty, while state governments levy VAT or sales tax. These taxes form a large part of the final price.
4. Dealer Commission: Commission paid to petrol pump operators is also added to the prices.
5. Logistics Cost: The cost of transporting the oil from the refinery to the petrol pump is also included in the prices.

Petrol and diesel prices in major cities (11 January 2025)

Petrol and diesel prices in major cities of Uttar Pradesh

Diesel prices in other major cities

Factors affecting prices of petrol and diesel

1. Crude Oil Prices: Crude oil prices in the international market directly affect the prices of petrol and diesel. When crude oil prices rise, fuel prices also rise.
2. Taxes: Central and state governments impose excise duty and VAT, which push up prices. Tax rates are high in some states, due to which fuel becomes expensive there.
3. Logistics: The cost of transporting the oil from the refinery to the dealer also adds to the price. This cost is higher in remote areas.
4. Foreign Exchange Rates: A fall in the value of the rupee against the dollar increases the cost of imported crude oil, which ultimately leads to an increase in fuel prices.
5. Demand and supply: When demand for fuel increases and supply decreases, prices increase. Conversely, lower demand and higher supply may cause prices to decline.

Effect of petrol and diesel prices

impact on general public

1. Transportation costs: Increase in fuel prices increases the cost of travel and freight.
2. Inflation: Increase in transportation costs increases the prices of all goods, which increases inflation.
3. Household Budget: Increasing expenditure on fuel puts pressure on the budget of families.

impact on economy

1. Inflation: Increase in fuel prices increases inflation.
2. Foreign exchange reserves: Higher expenditure on oil imports puts pressure on the country’s foreign exchange reserves.
3. Impact on industries: Increasing production and transportation costs affect the profitability of industries.

Measures to reduce prices of petrol and diesel

1. Tax Reduction: The government can reduce fuel prices by cutting excise duty and VAT.
2. International relations: Oil can be imported at cheaper rates by building better relations with oil producing countries.
3. Indigenous Production: Import dependence can be reduced by increasing oil production in the country.
4. Alternative Fuels: Dependence on petrol-diesel can be reduced by promoting the use of electric vehicles and other alternative fuels.

How to get information about petrol and diesel prices

1. Mobile Apps: Daily price information can be obtained from mobile apps of many oil companies.
2. SMS Service: Some oil companies provide daily price information through SMS.
3. Website: Prices are updated daily on the official websites of oil companies.
4. Petrol Pump: Information about prices can also be obtained by visiting the local petrol pump.

Estimate of future prices of petrol and diesel

1. Crude Oil Prices: Fluctuations in crude oil prices in the international market will affect the prices of petrol and diesel in future.
2. Government policies: Tax changes or other policy decisions may cause price changes.
3. Alternative Fuels: The increasing trend of electric vehicles may impact the demand and prices of petrol and diesel in the long run.
4. Geopolitical situation: Political instability or conflict in oil producing countries can cause sudden changes in prices.

Disclaimer

This article is for informational purposes only. Petrol and diesel prices vary on a daily basis and are influenced by various factors. The prices and information in this article are accurate as of the time of writing, but actual prices may vary. For accurate and updated information, please contact your local petrol pump or official website of oil companies. The author or publisher is not responsible for any errors or omissions.