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

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

Fuel Prices Today on July 31: India is among the important and biggest importers of fuel. So any changes in oil barrels will directly influence the fuel prices in India.

  • By
  • - Jul 31, 2024 10:15 AM
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Fuel Prices Today: Find the Latest Petrol and Diesel Rates in Your City - July 31 Updates
Fuel Prices Today on July 31

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.

Also Read: Fuel Prices Today on July 29: Check the Latest Petrol And Diesel Rates In Your City

Check the Latest Petrol And Diesel Rates In Your City

City

Petrol Rates 

Diesel Rates

Delhi 

          94.72

        87.62

Mumbai

        103.44

        89.97

Chennai

        100.85

        92.44

Kolkata 

        103.94

        90.76

Lucknow

94.65

87.76

Bengaluru

102.86

88.94

Hyderabad

107.41

95.65

Jaipur

104.88

90.36

Also Read: Gold and Silver Rates Today: Find Current Prices in Your Area - - July 31 Updates

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.

Also Read: Top Stocks to Watch on July 31: GAIL, Jindal Stainless, Tata Consumer, Vedanta, Coal India, Indus Towers, Adani Energy and more

For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on The National Bulletin

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