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US West Texas Intermediate (WTI) futures showed an up move by 22 cents or 0.3 per cent and touched $67.42 per barrel.…Petrol, Diesel Price Today 6 December 2024: Check latest update on petrol and diesel prices in Mumbai, Kozhikode, Shimla, New Delhi and Chennai…Petrol, Diesel Price Today 5 December 2024: Check the latest updates on fuel prices in Chennai, Mumbai Bengaluru, Jammu and Indore…Despite the fact that both diesel and petrol are derivatives of the same crude oil, the prices of both commodities vary in India.

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Even the dealer's commission varies depending on the commodity.In addition to the basic price of the diesel, other components that would make up diesel price are the central and state government taxes, OMCs and dealer's profit margins and transportation charges.While the central excise duty is the same across all Indian states, the VAT varies by state.

For example, the Delhi government levies 16.75% VAT, whereas Mumbai levies 24%.It is primarily due to the cost of transportation and the operation of the fuel station.

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In addition, the pump's operating costs, such as salaries, rent, and utilities, would influence diesel pricing at each petrol station.

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Diesel prices are now directly linked to international crude prices and are thus determined by the respective OMCs.

Each OMC charges a different price for diesel based on the transportation and other charges included; it is then up to the dealer to add other costs involved in running the pump as well as supplying the fuel, which eventually adds up to the selling price of diesel.More than 90% of petrol pumps in India are controlled by three oil marketing companies (OMCs): Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL).how to build wealth by trading in commodity futures contracts Financial Freedom with High Returns: Join Now