Fuel prices on Wednesday remained unchanged in metro cities after skyrocketing to fresh record high. As per the IOC application, petrol in Mumbai is selling for Rs. 88.26 for a litre with an increase of 14 paise from earlier record high levels whereas in the NCR region it has scaled close to Rs. 81, selling for Rs. 80.87 per litre. In Chennai and Kolkata, the prices of petrol were Rs 84.05 and Rs. 82.74, respectively for a litre.

The Centre has ruled out any possibility of immediate excise duty cut to reduce the fuel price rates and instead asked states to cooperate now. In line, in the states of Rajasthan and Andhra Pradesh, VAT on auto fuel has been reduced to extend relief to the common man. Petrol and diesel prices have dropped by Rs 2.5 in Rajasthan and by Rs 2 in Andhra Pradesh. Further, on Tuesday, West Bengal government also slashed petrol and diesel rates by Rs. 1.

In the state of Maharashtra, petrol prices have breached Rs. 90-mark as rising international crude oil prices and rupees fall has driven domestic fuel prices higher.

Oil prices in today's trade have again surged on reports of declining crude inventories in the US and also due to hovering sanctions against Iran that raises concerns over tightening supplies.

As per Reuters report, U.S. West Texas Intermediate (WTI) crude futures were up 56 cents at $69.81 per barrel at 0047 GMT while WTI futures gained 2.5 percent in the earlier session.

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