Every morning at 6:00 a.m., fuel prices are updated. The dynamic fuel price mechanism, which went into effect in India in June 2017, involves daily revisions to the price of fuel. This ensures that gasoline consumers and dealers can be informed of even minute changes in global oil prices. The Indian government has given oil marketing corporations permission to base their determination of the retail price of fuel on changes in currency exchange rates and the price of crude internationally. Prior to this, fuel prices were adjusted every two weeks. The price of fuel is affected by a number of things. These include the rate at which the rupee to the US dollar is exchanged, the price of crude oil, global cues, the demand for fuel, and so on. Prices rise in India as crude oil prices rise globally. Going more in depth in the factors that affect fuel prices it could we said:
- US dollars are employed in the trade of crude oil and refined gasoline, which is why their value is declining. In order to avoid losses, manufacturers modify their prices as the US dollar’s value falls.
- Increase in Demand: A product’s price typically increases when there is a shortage of it and an increase in demand. This is true for oil everywhere, but is particularly true in developing nations like China and India. In general, the level of demand directly correlates with an increase in gas prices. The less demand there is for gasoline, the lower the price will be.
- Seasonal Changes: The season will have an impact on fuel extraction. Generally speaking, refiners use the change in seasons to schedule maintenance, which reduces the pace of manufacture. As a result, bunk prices for gasoline will increase.
The Fuel Prices in India API will keep you informed if you want to know whether any of these factors have changed the cost of fuel in your location in any manner. You can receive daily updates on the price of fuel and diesel using this API. Prices are updated every day at 6 a.m., so you can count on staying informed.
If you’re curious in how it functions, the API takes the City ID you select and gives you the most recent prices for kerosene, diesel, and compressed natural gas. If there is a variation in pricing, you will also be given that amount. For courier businesses who need to have access to all fuel information for each city they cover, this API is ideal. Evidently, this will help them determine the cost of petrol in each city. Additionally, you’ll be able to inform your customers of the most affordable costs. Other than the monthly call cap, the API is unrestricted, which is one of its main advantages.
If this API piques your interest, you must:
1- To start using the API, go to the Fuel Prices in India API website and select “Subscribe for free.”
2- After registering an account at the Zyla API Hub, you will obtain your special API key. Using this special combination of numbers and letters, you can use, connect to, and manage APIs.
Apply your search criteria to the various API endpoints.
4- Once you’ve found the relevant endpoint, use the “run” button to make the necessary API call, and the results will show up on your screen.