Stable Fuel Prices Mark Year-End in India
As the year draws to a close, fuel prices in India remain unchanged, reflecting stability in the global oil market.
Morgan Riley
- 2023-12-28
- Updated 10:17 PM ET
(NewsNibs) - The daily revision of petrol and diesel prices, a practice in India since June 2017, sees rates updated every morning at 6 AM. Despite the day-to-day potential for change, prices are currently holding steady without significant fluctuation, showcasing a period of stability as the year ends. These fuel prices are directly linked to the international crude oil market pricing, which affects how the rates are calculated by government oil companies on a daily basis.
Regional Fuel Prices Across India
The stability in fuel prices is witnessed across various cities in India. For instance, Kolkata's latest price listing shows petrol at 106.03 rupees per liter and diesel at 92.76 rupees. Comparatively, in Delhi, the nation's capital, petrol costs 96.72 rupees while diesel is priced at 90.08 rupees per liter. Other metropolitan cities such as Chennai and Mumbai equally reflect this stability with petrol and diesel priced at 106.31 rupees and 94.24/94.27 rupees respectively. Meanwhile, in Port Blair, the capital of the Andaman and Nicobar Islands, prices are significantly lower with petrol at 84.10 rupees and diesel at 79.74 rupees per liter. The price variations among different regions can be attributed to local taxes and transportation charges.
Convenience in Fuel Price Updates
For the convenience of consumers, India's major government oil companies provide facilities to check daily fuel prices. BPCL customers can inquire about the latest rates by texting 'RSP' to 9223112222, while HPCL users can send 'HPPRICE' to 9222201122. Indian Oil Corporation (IOC) customers also have the option to text 'RSP' to 9224992249 to receive up-to-date fuel pricing. This text message service ensures customers have access to the latest fuel prices in real-time, enabling them to make informed decisions.
In conclusion, the consistency in fuel prices as the year concludes is indicative of a stable oil market internationally, which has been reflected across the diverse regions in India. Daily rate updates will continue, providing customers with transparency and the ability to monitor the market closely as they welcome the new year.
