Petrol, Diesel Prices Updated January 16: Check Latest Rates in Your City

• Oil Marketing Companies (OMCs) update petrol and diesel prices daily at 6 AM.
• Prices are influenced by global crude oil rates and currency exchange rates.
• Fuel prices in India have remained largely unchanged since May 2022 due to tax reductions.
• Key factors affecting prices include crude oil costs, exchange rates, central and state taxes, refining costs, and demand-supply dynamics.
• Consumers can check daily prices via SMS using specific codes for Indian Oil, BPCL, and HPCL.

Why It Matters: Daily fuel prices for January 16 are out, influenced by global crude and taxes, check city rates.