Petrol Diesel Price Today: Is there relief or increased expenditure today? Will it affect your pocket? Know the latest rates of petrol and diesel here

Petrol Diesel Price Today: On July 11, fuel prices remained almost the same across India. Oil prices fell on Friday on hopes that shipping through the Strait of Hormuz would resume. Brent crude futures fell 0.38% to $76.01 per barrel. That’s well below the peak price of more than $120 a barrel in late April, when the Strait of Hormuz closure roiled global energy markets. Petrol and diesel prices have remained stable since May 25, when state-run oil marketing companies (OMCs) increased petrol prices by ₹2.61 per liter and diesel by ₹2.71 per litre.

Today’s petrol diesel prices

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How are petrol and diesel prices decided in India?

A combined impact of global, economic and domestic factors falls on fuel prices at petrol pumps. The most important of these is the international price of crude oil, which is the main raw material for both petrol and diesel and has the greatest impact on the price paid by customers. The rupee-dollar exchange rate is also an important factor, because India is heavily dependent on imported crude oil. When the rupee weakens against the dollar, the cost of purchasing crude oil increases, which can directly lead to an increase in retail fuel prices.

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