Petrol and Diesel Prices on November 26: Although crude oil prices slightly fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium, petrol and diesel prices in India remained constant. The petrol prices in India vary across states and range between Rs 96 and Rs 106, while diesel remains in the range of Rs 84-Rs 94.

According to government oil companies, in Uttar Pradesh’s Gautam Budh Nagar district (Noida-Greater Noida), the price stood at Rs 96.79 a litre this morning, while diesel is being sold at Rs 89.96 a litre. In Chandigarh, the petrol and diesel prices remained the same at Rs 96.20 and Rs 84.26 a litre, respectively.

In Lucknow, petrol prices stood at Rs 96.57 a litre and diesel at Rs 89.76. In Gurugram, the price was at Rs 97.18 a litre and that of diesel rose by 33 paise to Rs 90.05.

Currently, petrol in Delhi is being sold at Rs 96.72 a litre while diesel is being sold at Rs 89.62 a litre. Whereas in Mumbai, petrol is available at Rs 106.31 and diesel at Rs 94.27 per litre. While petrol in Kolkata is Rs 106.03 and diesel is Rs 92.76 per litre. On the other hand, petrol is being sold at Rs 102.63 and diesel at Rs 94.24 per litre in Chennai.

In India, oil marketing companies (OMCs) such as Indian Oil, Bharat Petroleum and Hindustan Petroleum determine petrol and diesel prices. This is done on a daily basis, and rates are determined in accordance with the price of crude oil throughout the world.

Crude Oil Prices

Oil fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium, but prices notched their first week of gains in over a month ahead of next week’s OPEC+ meeting to decide on production cuts in 2024.

Brent crude futures settled down 84 cents, or 1 per cent, at $80.58 a barrel, while US West Texas Intermediate crude fell $1.56, or 2 per cent, from Wednesday’s close to $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday.

Why do fuel prices vary across states?

The rates for each day, whether new or unchanged, are announced at 6 am on the day. These, however, vary from state to state; this is due to criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.