Magento 1: Format Date and Time using Configuration options

format-date-time.php

<!-- Date Short Type -->
<?php 
// Short Type
//Output will be: 18/3/17
?>
<?php 
$today = '2017-03-18';
$date = Mage::helper('core')->formatDate($today, Mage_Core_Model_Locale::FORMAT_TYPE_SHORT, false);
echo $date;
?>

<!-- Date Medium Type -->
<?php 
// Medium Type
//Output will be: 18 Mar, 2017
?>
<?php 
$today = '2017-03-18';
$date = Mage::helper('core')->formatDate($today, Mage_Core_Model_Locale::FORMAT_TYPE_MEDIUM, false);
echo $date;
?>

<!-- Date Long Type -->
<?php 
// Long Type
//Output will be: 28 March, 2017
?>
<?php 
$today = '2017-03-18';
$date = Mage::helper('core')->formatDate($today, Mage_Core_Model_Locale::FORMAT_TYPE_LONG, false);
echo $date;
?>

<!-- Date Full Type -->
<?php 
// Full Type
//Output will be: Friday, 18 March, 2017
?>
<?php 
$today = '2017-03-18';
$date = Mage::helper('core')->formatDate($today, Mage_Core_Model_Locale::FORMAT_TYPE_FULL, false);
echo $date;
?>