Latest Petrol And Diesel Rates For August 1 Announced: Check Rates In Your City

Oil marketing companies (OMCs) in India continue to announce fuel prices at 6 am daily, reflecting adjustments based on global crude oil prices and foreign exchange rate fluctuations. This practice ensures that consumers remain informed about the latest fuel costs.

The government-run OMCs have kept petrol and diesel prices stable in most parts of the country since March 2024, following a Rs 2 cut in petrol prices by the central government. Prior to this, fuel prices had remained unchanged since May 2022, due to reductions in fuel taxes by the central government and various states.

Petrol and Diesel Prices Across Major Cities

Here are the petrol and diesel prices for August 1, 2024, in major Indian cities:

Factors Influencing Fuel Prices

1. Crude Oil Price: The cost of crude oil, the primary raw material for petrol and diesel, directly impacts the prices of these fuels.
2. Exchange Rate: The value of the Indian rupee against the US dollar affects fuel prices, as India imports a significant amount of crude oil.
3. Taxes: Central and state government taxes on petrol and diesel vary across states, significantly influencing the final prices.
4. Refining Costs: The expenses involved in refining crude oil into petrol and diesel also play a role in determining the final prices. These costs can vary based on the type of crude oil used and the efficiency of the refinery.
5. Demand: The demand for petrol and diesel can lead to price fluctuations. Higher demand often results in higher prices.

Checking Fuel Prices via SMS

Consumers can easily check the latest petrol and diesel prices in their city via SMS:

• Indian Oil: Text RSP followed by the city code to 9224992249.
• BPCL: Text RSP to 9223112222.
• HPCL: Text HP Price to 9222201122.

These mechanisms ensure that customers are always aware of the current fuel prices, helping them plan their expenses better.