Petrol and diesel prices remained unchanged on Sunday after touching new highs in the previous session.
Petrol and diesel prices in Delhi stayed at Rs 85.70 and Rs 75.88 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 92.28 and Rs 82.66 per litre, respectively.
In Chennai and Kolkata, petrol is selling at Rs 88.29 and Rs 87.11 per litre and diesel at Rs 81.14 and Rs 79.48 per litre, respectively.
Fuel prices in the country on Saturday touched new all-time highs after rates were hiked by 25 paise per litre each.
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.
Oil Minister Dharmendra Pradhan earlier this week blamed Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.
Top oil explorer Saudi Arabia has pledged additional voluntary output cuts of 1 million barrels per day in February and March, which has led to price climbing to most since the pandemic broke out.
State-owned fuel retailers -- Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- had on January 6 resumed daily price revision after nearly a month-long hiatus.
Since then, rates have gone up by Rs 1.99 a litre on petrol and Rs 2.01 in case of diesel. This comes after international oil prices firmed up on hopes of demand returning from the rollout of coronavirus vaccines in different countries, including India.
Prior to the current highs triggered by the price hikes this month, fuel prices had last touched record high on October 4, 2018.
At that time the government had cut excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later. This time, there are no indications of a duty cut so far.
(With inputs from Agencies)
