On February 12, 2024, slight fluctuations in crude oil prices were observed in the international market. WTI crude oil was trading at $76.38 per barrel, while Brent crude oil was trading at $81.76 per barrel around 7 a.m. These fluctuations in global prices often influence the domestic prices of petrol and diesel in India.
Gasoline-diesel price reviews
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 saw a drop 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 saw marginal increases in fuel prices.
Fuel rates by city
Petrol prices in Mumbai remained above Rs 100, reaching Rs 106.31 per litre, while diesel was priced at Rs 94.27 per litre.
On February 12, the cost of petrol in Delhi was 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 remained stable following a reduction in fuel taxes by both the central government and several states. Prices are adjusted daily at 6 am by the Oil Marketing Companies (OMC) based on global crude oil prices. The government also plays a crucial role in overseeing fuel prices through mechanisms such as excise taxes, base prices and price ceilings.