According to goodreturns.com, the cost of petrol and diesel in major cities has mostly stayed steady on Thursday. Since May 21 of last year, when the latest pan-India change of gasoline prices was carried out, fuel costs in key cities like Delhi, Mumbai, Kolkata, and Chennai have stayed constant.
How do OMCs set the price of fuel?
The gasoline prices are updated by Oil Marketing Companies (OMCs) in accordance with the most current market trends. The government has no influence on the cost of petrol. The OMCs must modify their pricing. These are established in line with the global price of crude oil.
Why do petrol prices differ across states?
At six in the morning on each day, the rates—new or unchanged—are revealed. However, they differ from state to state owing to factors like Value Added Tax (VAT), freight costs, municipal taxes, etc.
