There are just a few hours left for the Union Budget to be presented, and the attention of the common man is fixed on the prices of petrol and diesel. The ongoing geopolitical tensions around the world and fluctuations in crude oil prices have created uncertainty in the market. Today, on January 31, fuel prices remain high across major cities of the country, directly impacting everything from household budgets to transportation costs.
Budget 2026: Will there be relief from expensive petrol?
The middle class and the transport sector have high expectations from the budget to come in February 2026. Experts believe that only if the government announces a reduction in excise duty, the general public will get any relief. At present, due to the position of the rupee against the dollar and international pressure, oil companies seem to be in no mood to reduce prices.
City Petrol (₹/Litre) Diesel (₹/Litre) New Delhi 94.72 87.62 Mumbai 104.21 92.15 Hyderabad 107.46 95.70 Bengaluru 102.92 89.02 Kolkata 103.94 90.76 Chennai 100.75 92.34 Patna 105.58 93.80 Jaipur 104.72 90.21 Lucknow 94.69 87.80
January 31, 2026: Latest prices in major cities
According to the rates released by oil companies at 6 am today, prices have remained stable in most metro cities, but this stability is not a matter of relief as rates are already close to record highs.
The real reason for the difference in prices
People often ask why prices are different in every city? The main reason for this is VAT (Value Added Tax) imposed by the states. Additionally, central government excise duty, freight charges and dealer commission together decide the final price. The movement of crude oil in the international market and the strength of the rupee against the dollar also play an important role in this.
Check prices in your city in minutes from home
Oil companies have started an SMS service for customers, through which you can check the latest prices sitting at home:
Indian Oil: Send ‘RSP’ followed by your city code to 9224992249.
BPCL: Type ‘RSP’ and send it to 9223112222.
HPCL: Type ‘HP Price’ and send it to 9222201122.
