On February 12, 2024, slight fluctuations were observed in the prices of crude oil in the international market. WTI crude was trading at $76.38 per barrel, while Brent crude stood at $81.76 per barrel around 7 am. These fluctuations in global prices often influence the domestic rates of petrol and diesel in India.
Petrol-Diesel Price Revisions
In Maharashtra, petrol prices saw a reduction of 25 paise per litre, while diesel prices decreased by 24 paise. Similarly, in Rajasthan, petrol became cheaper by 21 paise and diesel by 20 paise. States like Odisha, Telangana, Himachal Pradesh, and Kerala also experienced a decline in fuel prices. However, Haryana saw a slight increase in petrol and diesel rates by 18 paise and 17 paise, respectively. Gujarat, Karnataka, Uttar Pradesh, and West Bengal observed marginal increases in fuel prices.
City-Wise Fuel Rates
Petrol prices in Mumbai remained above the Rs 100 mark, reaching Rs 106.31 per litre, whereas diesel was priced at Rs 94.27 per litre.
As of February 12, the cost of petrol in Delhi stood at Rs 96.72 per litre, while diesel was priced at Rs 89.62 per litre.
Stability in Fuel Prices
Since May 2022, fuel prices in India have maintained stability following a reduction in fuel taxes by both the central government and several states. The prices are adjusted daily at 6 am by Oil Marketing Companies (OMCs) based on global crude oil prices. The government also plays a crucial role in overseeing fuel prices through mechanisms such as excise tax, base pricing, and price caps.