Petrol-Diesel Price: After the implementation of GST 2.0, the biggest question on consumers’ minds was whether it would affect petrol and diesel prices. However, let’s be clear: GST does not apply to petrol and diesel. These taxes are still levied by the central government as excise duty, and by state governments as VAT. These taxes constitute a significant portion of the states’ income, making them unaffordable for GST.
Are prices fixed every day?
Petrol and diesel prices in India are updated every day at 6 am. Oil marketing companies (OMCs) determine rates based on changes in international crude oil prices and the dollar-rupee exchange rate. This is why fuel prices vary across cities, and consumers pay based on local taxes.
No change in prices
When it comes to price stability, the central government along with several states cut taxes after May 2022. Since that time, petrol and diesel prices have stayed pretty steady, even with the ups and downs of international crude oil prices. Experts think this stability is a big relief for consumers in India.
There are a few factors that influence fuel prices. These include international crude oil prices, the exchange rate between the rupee and the dollar, taxes and duties from both central and state governments, refining costs, and the balance of supply and demand in the market. If international crude oil prices go up or the rupee weakens, it directly impacts the Indian market. Prices also tend to rise when demand spikes during festivals or seasonal changes.
Here’s how you can check the latest rates
Consumers can get the latest rates for their city through SMS. Indian Oil customers can text “RSP <city code>” to 9224992249. BPCL customers can text “RSP” to 9223112222, and HPCL customers can send “HP Price” to 9222201122.
