Petrol price remains stable at Rs 86.95 after hitting record in New Delhi

Petrol prices in India remained stable after touching new all-time highs as oil marketing companies increased rates on Friday, fuelling hopes that the government cuts excise duties.

Petrol lrice iin Delhi stayed at Rs 86.95 a litre on Saturday. Petrol hit this price yesterday, marking the highest ever price at which petrol has been sold in New Delhi. Diesel also remained unchanged at Rs 77.13.

Petrol price in Mumbai stood at Rs 93.49 on Saturday-- the same as yesterday. One litre of diesel will cost Rs 83.99 in the city. In Chennai, petrol inched up 0.07 paise to sell at Rs 89.46. Diesel was retailing at Rs 82.39 in the city.

In Bangalore, petrol and diesel prices dropped by 0.07 paise and 0.06 paise respectively to Rs 89.85 and Rs 81.76. In Kolkata, the retail price of petrol price stayed put at Rs 88.30 per litre.

Rates differ from state to state, depending on value-added tax (VAT). Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.

Fuel prices have been witnessing an upswing in the past month, leading to demands for a cut in excise duty. Earlier, Petroleum Minister Dharmendra Pradhan had said that the fuel prices had gone up because of a lower production in oil-producing nations in the wake of the coronavirus pandemic. Organization of the Petroleum Exporting Countries in a meeting on February 3 decided to go on with the output curbs.

In January, state-owned fuel companies, including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation resumed daily price revision after a almost a month-long break.