Fuel Rates Today On October 16: Check the Latest Petrol and Diesel Price in Your City

Fuel Rates Today On October 16

Fuel Rates Today On October 16: On Wednesday, the oil price slightly increased in the morning trade amid the conflict going on in the Middle East which may directly influence the market outlook.

Brent crude futures were quoted at $74.39 per barrel, with an increase of 14 cents.

On Wednesday, October 16 the petrol rate today in Hyderabad is Rs 107.41 per litre while the diesel rate today is Rs 95.65 per litre.

The Mehta Equities Ltd, VP of commodities Rahul Kalantri said, ‘’We anticipate that crude oil prices will remain volatile during today’s session. Support levels are identified at $69.65–69.00, while resistance is expected between $71.00 and $71.65. In INR terms, crude oil has support at Rs 5,850–5,780, with resistance at Rs 6,100–6,180.’’

Also Read:

However, the latest petrol and diesel prices are published daily by oil marketing companies such as HPCL, BPCL, and Indian Oil.

The highest petrol price and diesel rate is in Hyderabad while the lowest petrol rate is in Lucknow and the lowest diesel and petrol rate is in Delhi.

Let’s check the latest diesel and petrol price prevailing in different cities in India.

Also Read: Top Stocks to Watch On October 16: Cochin Shipyard, G R Infraprojects, PNC Infratech, IndiGo, KEI Industries, ONGC

Check the Latest Petrol and Diesel Price in Your City

Factors Affecting the Fuel Prices in India

There are various factors that affect the price of fuel in India. Some of these factors are:

Demand and Supply: As the demand for petrol and diesel rises, the price of the fuel also increases. On the other hand, as the supply of petrol and diesel increases, the fuel rate decreases or vice versa.

Geopolitical factors: Geopolitical factors include dead of the highest political leader, war, political instability, or any uncertainty that affects the fuel and petrol rates significantly.

Taxes: Taxes also play an important role in the fluctuation of fuel prices. Rise in taxes such as central and state governments, Excise duty and value-added taxes highly influence the fuel rates in India.

Also Read: Gold and Silver Rates Today On October 16: Check the Latest Gold Rates in Your City