Petrol prices hiked again at Rs. 101.67; Mumbai Rs. 106.93 | Know Today Price

Petrol Prices Hiked Again: Rs. 101.67; Mumbai Rs. 106.93 | petrol diesel price per litre:- Petrol and diesel prices are still high nationwide. Today in Chennai the petrol price is Rs 101.67 per litter. Check petrol and diesel price prices of different states in India.

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Petrol Prices Hiked Again International crude oil prices

Oil companies fix petrol and diesel prices based on current international crude oil prices and the value of the Indian rupee against the dollar. There was no change in petrol and diesel prices for a few months after the Corona Curfew was implemented in March last year.

Petrol Prices are rising

Since then, oil companies have been raising prices slowly again since last January. To be continued petrol Prices are rising in Tamil Nadu, Bihar, Rajasthan, Maharashtra and also other states. The price crossed Rs 100.

In such a situation, the prices of petrol and diesel are still petrol Prices are rising. Petrol in Chennai was sold at Rs 101.37 per litre and diesel at Rs 94.15 per litre yesterday. so today petrol the price of diesel has increased by 30 Paise to Rs 101.67 per litre and diesel by 24 Paise to Rs 94.39 per litre.

Here’s the data presented in a table format:

Summary:

Petrol Prices in Delhi, Mumbai and Kolkata

Petrol in Delhi is being sold at Rs 100.91 per litre and diesel at Rs 89.88 per litre

Petrol in Mumbai is being sold at Rs 106.93 per litre and diesel at Rs 97.46 per litre.

Petrol in Kolkata is being sold at Rs 101.01 per litre and diesel at Rs 92.97 per litre.

Petrol Prices Hiked Again

Petrol prices have once again spiked, an issue that affects economies and households around the world. Understanding why these price hikes occur and their broader implications is important for everyone from policymakers to ordinary consumers.

The Basics of Petrol Pricing

What Determines Petrol Prices?

Petrol prices are determined by a combination of several factors, including crude oil prices, refining costs, distribution and marketing expenses, and taxes. However, crude oil plays the most important role.

The Role of Crude Oil in Petrol Pricing

Crude oil is the primary raw material for petrol. Its price fluctuates based on global supply and demand, making it a key component in the final price of petrol at the pump.

Factors Influencing Crude Oil Prices

Global Supply and Demand

The balance between the supply and demand of oil is a major determinant of crude oil prices. When supply exceeds demand, prices fall, and when demand exceeds supply, prices rise.

Geopolitical Tensions

Political instability in oil-producing regions can disrupt supply chains, causing price spikes. Conflicts, sanctions, and other geopolitical events play a key role in this dynamic.

Natural Disasters and Their Impact

Natural disasters, such as hurricanes and earthquakes, can damage oil infrastructure, reducing supply and causing prices to rise temporarily.

Technological Advances in Extraction

Improvements in extraction technology, like fracking, can increase supply by making it economically feasible to access previously unreachable reserves, potentially lowering prices.

Historical Context

Past Trends in Crude Oil Prices

Over the past few decades, crude oil prices have experienced significant volatility, influenced by various economic, political, and environmental factors.

Significant Price Hikes in History

Events such as the 1973 oil crisis and the 2008 financial crisis saw dramatic increases in oil prices, highlighting the commodity’s sensitivity to global events.