Fuel Prices Today: Find the Latest Petrol and Diesel Rates in Your City - July 31 Updates

Fuel Prices Today on July 31: The fuel prices prevailing over India remain stable for another day, the prices haven't changed for months.

The oil marketing companies such as HPCL, Indian Oil, and many others publish the fuel prices every morning at 6 am after comparing the crude oil prices and US dollar value.

The price was last reduced before the Lok Sabha Election in March 2024 by Rs 2 and before that, petrol and diesel prices fluctuated in May 2022 when the central government and several states reduced the taxes imposed on fuel.

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Check the Latest Petrol And Diesel Rates In Your City

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Factors Influencing the Fuel Prices In India

Here are some of the factors that highly influence the petrol and diesel price in India:

• International Oil barrels prices: India is among the important and biggest importers of fuel. So any changes in oil barrels will directly influence the fuel prices in India. For example if the prices of oil barrels increase then the fuel prices will also increase.
• Exchange Rates: Another major factor that affects fuel prices is the value of the US dollar against the Indian rupee. For example, when the value of the rupee decreases, it increases the import cost of fuel, and then the price of petrol and decreases increases.
• Tax: In developing countries like India, Taxes play a key role in influencing the petrol and diesel process. Taxes such as excise duty, state tax, value-added tax, and central tax affect fuel prices to fluctuate.
• Refining: Converting crude oil into petrol and diesel takes up a lot of money and is expensive. When the refining costs of crude oil prices increase, the prices of petrol and diesel also increase.
• Geopolitical Factors: Geopolitical matters include some important leaders' deaths, war, or natural disasters that can affect the supply of fuel thus increasing its demand and price.

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