Petrol and Diesel Prices Today: Fuel Rates Remain Unchanged on August 4

Petrol and diesel prices remained unchanged across India’s major cities on Tuesday, August 4, with state-owned oil marketing companies (OMCs) retaining retail fuel rates. Daily revisions continue at 6 a.m., but there has been no change in pump prices in key markets.

Domestic fuel prices have stayed largely stable in recent weeks even as the crude price has witnessed volatility in the international market. Retail fuel prices in India are revised by OMCs after considering multiple factors, including international oil prices, exchange rates, freight costs and applicable central and state taxes.

Petrol and Diesel Prices in Major Cities

The latest retail fuel rates for August 4 are as follows:

Why Fuel Prices Differ Across Cities

Even though OMCs update their rates of petrol and diesel on a daily basis, this does not mean that prices remain the same throughout the country. State level value added tax (VAT), local taxes, transport costs, and dealer charges give rise to price variations in different cities.

A change in the price of international crude oil does not necessarily imply a corresponding revision of domestic fuel prices. The OMCs consider many factors before changing the prices; this is why the prices remain constant despite the volatility in international oil markets.

Global Crude Price Remains a Key Factor

The movement in the crude price continues to be closely tracked by the domestic fuel market. International benchmark oil prices influence the cost of imports, although retail prices in India may not move in tandem on a daily basis because of the pricing mechanism followed by OMCs.

Being dependent on the import of crude oil to meet its requirements, India is greatly influenced by the international price of oil and the exchange rate. But it must be mentioned that the pricing policy of the oil is dependent on the decision of the state-owned oil retailers.

Daily Price Revision Continues

OMCs continue to update petrol and diesel prices every morning at 6 a.m. Consumers can also check the latest city-wise fuel prices through the official websites and SMS services offered by the companies.

With no revision announced on August 4, motorists across the major metro cities will continue to pay the same petrol and diesel prices as the previous day while the market awaits any future changes linked to movements in the global crude price.