Petrol and diesel prices remained unchanged on Wednesday after touching new highs in the previous session.
Petrol and diesel prices in Delhi stayed at Rs 85.20 and Rs 75.38 per litre, respectively, according to a price notification from oil marketing companies. Fuel prices in Mumbai too remained constant with petrol and diesel being sold at Rs 91.80 and Rs 82.13 per litre, respectively.
In Chennai and Kolkata, petrol is selling at Rs 87.85 and Rs 86.63 per litre and diesel at Rs 80.67 and Rs 78.97 per litre, respectively.
Petrol and diesel prices are revised daily in line with the benchmark international price and foreign exchange rates. They vary from state to state depending on the local taxes.
While petrol and diesel prices in Mumbai are at a record high, those in the national capital are at an all-time high—the per-litre rate of diesel is just short of Rs 75.45, a record touched on October 4, 2018.
State-owned fuel retailers—Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., and Hindustan Petroleum Corporation Ltd.—had on January 6 resumed daily price revision after nearly a month-long hiatus.
Since then, petrol prices have gone up by Rs 1.49 a litre and diesel prices by Rs 1.51. This increase follows the firming up of international oil prices on hopes of demand returning after the roll out of the COVID-19 vaccines in several countries, including India.
When fuel prices had last touched a record high on October 4, 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre, to ease inflationary pressure and boost consumer confidence. Simultaneously, state-owned fuel retailers had cut prices by another Re 1 a litre, which they recouped later. This time, there are no indications of a duty cut so far.