After soaring to fresh record highs yesterday, petrol prices remained unchanged in metros on Wednesday. In case of national capital Delhi, petrol price hit an all-time high yesterday, and were retailing at above Rs 79. One litre of petrol is selling for Rs 79.31 in Delhi, up by 16 paise since Monday. Petrol is retailing at Rs 86.72 in Mumbai, implying a hike of 16 paise from previous levels. Petrol is priced at Rs 82.22 for one litre in Kolkata and Rs. 83.41 per litre in Chennai, data from IOC app showed. The revised rates are applicable from 6 am on September 5th. Notably, petrol prices have been unchanged after ten consecutive days of price hike by the oil marketing companies.
The opposition has called for a excise duty cut to provide relief for the common man. “Relentless rise in prices of petrol and diesel is not inevitable. Because the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly,” former finance minister P Chidambaram had said on Twitter. Petrol prices have increased by Rs 2.17 per litre since August 16 while diesel rates have climbed by Rs 2.62 — the biggest increase in rates witnessed in any fortnight since the launch of daily price revision in mid-June last year.
While, the retail prices of petrol and diesel may have risen for the tenth consecutive day on Tuesday, the Centre has no plan to reduce the excise duties, as fiscal deficit worries weigh. “We already know that there will be a hit on current account. Knowing that we can’t disturb the fiscal deficit, we should rather be fiscally prudent,” a finance ministry official told The Financial Express.
Oil prices fell on Wednesday, partly reversing a strong jump from the previous day, as the impact of a tropical storm on U.S. Gulf coast production was not as strong as initially expected.
U.S. West Texas Intermediate (WTI) crude futures were at $69.34 per barrel at 0036 GMT, down 53 cents, or 0.8 percent, from their last settlement, Reuters reported. International Brent crude futures fell 34 cents, or 0.4 percent, to $77.83 a barrel, according to Reuters report.