Fuel prices in the country have remained steady for over a fortnight now even though the global oil market remains volatile with regular variations in prices. Accordingly, petrol continues to be priced at Rs 91.17 a litre, and diesel Rs 81.47 a litre in the capital on Wednesday. Fuel prices have not been revised now for 18 days. Across the country as well the petrol and diesel price remain unchanged. But the pause has not helped in bringing down fuel prices that have crossed the Rs 100 per litre mark in several parts of the country. Minister of State for Finance Anurag Thakur said in Parliament on Tuesday that states and centers should look at taxes on petroleum products to see if relief can be provided to consumers.

Since the beginning of February crude has gained more than $7 per barrel that pushed OMCs to increase fuel prices on 14 occasions raising the prices by Rs 4.22 per litre for petrol and by Rs 4.34 a litre for diesel in Delhi. Crude is now sitting at around $ 69 a barrel. The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.

Officials in public sector oil companies said that retail price may rise again once daily revision starts again post voting in various state elections. The crude is expected to move up the further on-demand rise and continued production cut by OPEC+ in April.