The rising petrol and diesel prices in India remained unaltered for the 12th consecutive day on Thursday, March 11, while continuing to remain at their new record high across the country. Ahead of assembly elections in four states and one Union territory,many are in hope that the central government might reduce taxes on both the fuels to provide much needed respite to consumers.
Currently,petrol price in New Delhi stands at Rs 91.17 per litre, Rs 91.35 in Kolkata, Rs 93.11 in Chennai, while Mumbai still hovers as the highest among metros at Rs 97.57.
Similarly, corresponding prices for diesel remained unchanged. Currently in the national capital diesel retails at Rs 81.47 per litre, Rs 84.35 in Kolkata, Rs 86.45 in Chennai and Rs 88.60 in Mumbai.
Oil Marketing Companies (OMC) are going easy on oil prices, even as Brent crude topped $70 per barrel recently. Meanwhile, fuel prices have continued to soar over the past few months, with the key fuel breaching the psychological barrier of Rs 100 per litre in states like Madhya Pradesh and Rajasthan, and diesel selling at Rs 80 per litre across the country. The soaring oil prices has led to a significant rise in transportation costs, which in turn make essential commodities costlier and its subsequent domino effect on the financial recovery.
However, petrol and diesel prices have not risen despite a spike in the crude oil price rose from around $61 per barrel to $68 per barrel, and in the last 11 days weakening of rupee from Rs 73.6 per dollar to Rs 73.3 per dollar have added to the case. Added to it are high central and state taxes have kept fuel prices inflated even when international crude prices were low.Nevertheless, these incessant rises in crude prices are not reduced, it is likely to burden the government exchequer as the country is heavily dependent on oil imports.