Fuel prices on August 24: Check rates in Chennai, Bengaluru and Vijayawada

Auto fuel prices eased on August 24 across South Indian cities, as per state-run oil companies. Petrol price declined by 10 to 16 paise per litre, while diesel dropped by 11 to 16 paise. The petrol price eased for the first time on August 22 after remaining static for 35 days in a row. On the other hand, diesel prices started easing last week after holding steady for 32 straight days.

After today’s revision, a litre of petrol in Chennai will cost Rs 99.32 to Rs 99.20, while diesel will cost Rs 93.66 per litre to Rs 93.52. In Bengaluru, a litre of petrol and diesel will costs Rs 104.98 and Rs 94.34 respectively.

In Vijayawada, which has highest auto fuel prices among all South Indian cities, petrol and diesel are being retailed at Rs 107.35 and Rs 98.33, respectively.

Fuel prices in south Indian cities

Tamil Nadu government to bear the loss of the tax revenue

Tamil Nadu finance minister Palanivel Thiagarajan had cut the cess on petrol by Rs 3 and said it would help in bringing down the prices. Thiagarajan added that this was done as per the instructions of chief minister MK Stalin and this reduction will cost the state treasury close to Rs 1,160 crore. Petrol prices have been hiked for 41 days in the current fiscal. The price per litre of petrol has breached the Rs 100 mark in all metros across the country.

Price changes due to these factors

In India, petrol and diesel prices depend on various factors like valuation of  Indian rupee against US dollar, consumption ratio of refineries and demand for fuel. The fuel prices are revised by oil marketing companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on international crude prices and foreign exchange rates. Petrol and diesel prices get revised in India every day at 6 am.