On Monday, fuel prices in India remained unchanged for the second straight day after hitting new all-time highs as international crude oil rates remains high and the central government provides no tax relief.
Petrol prices per litre stayed at Rs 91.17 in New Delhi, Rs 91.35 in Kolkata, Rs 97.57 in Mumbai and Rs 93.11 in Chennai.
Diesel prices per litre were stagnant at Rs 81.47 in New Delhi, Rs 84.35 in Kolkata, Rs 88.60 in Mumbai and Rs 86.45 in Chennai.
These rates are revised on a daily basis based on These rates are revised on a daily basis by oil marketing companies in line with changes in the international prices and the rupee's exchange rate. Oil prices have been on a rise since January on optimism in the global economy after progress in the US stimulus package and on hopes for improving fuel demand as vaccines are rolled out. The surge in oil prices and high central, as well as state taxes, have pushed premium petrol price past Rs 100 a litre in several cities across the country.
A large percentage, that is up to 60%, of the retail price on petrol or diesel price paid by consumers in the country is just a form of central, state or local tax. In the last two weeks, five states (West Bengal, Rajasthan, Assam, Nagaland and Meghalaya) have cut taxes to reduce the burden on consumers.
On Friday, when asked about the concerns of consumers amid soaring prices, Union Minister Dharmendra Pradhan said that the price of these petroleum products will decrease as the winter season ends.
"Increase in petroleum price in international market has affected consumers too. Prices will come down a little as winter goes away. It is an international matter, price is high due to increase in demand, it happens in winter. It will come down as the season ends," Pradhan said in an interview with ANI.