Fuel Price

Fuel prices were unchanged across the four metros. In the national capital, petrol was sold for Rs 83.71 per litre. Similarly, in Mumbai, Chennai and Kolkata, petrol prices were unchanged at Rs 90.34, Rs 86.51 and Rs 85.19 per litre, respectively. Diesel price has also been the same since the last revision on December 7.

In the national capital, petrol was sold for Rs 83.71 per litre. Similarly, in the other key cities of Mumbai, Chennai and Kolkata, the fuel was priced at unchanged levels of Rs 90.34, Rs 86.51 and Rs 85.19 respectively. The prices have been the same since they were last revised on December 7.

Sources said that the maths being worked out by the Finance Ministry ahead of the presentation of Budget 2021-22 in February next year could see petroleum subsidy burden falling by more than half from the FY21 levels of Rs 40,915 crore. A major saving on the subsidy is expected to come from reduced government support for domestic LPG cylinders.

The pump price of petrol remained at Rs Rs 83.71 a litre and diesel Rs 73.87 a litre in Delhi on Wednesday. Across the country as well, the price of the two petroleum products remained unchanged. OMCs have gone on a pause mode at a time when news of successful coronavirus vaccine and expectations of big pick up in demand had kept crude on the boil with prices breaching $50 a barrel mark.

Taxes and duties now account for 62.5 per cent of the retail price of petrol and 57.77 per cent of the retail price of diesel in the capital at current level of pump prices. The taxes component has fallen over the fortnight as global price of petrol and diesel has also risen in past few days. Otherwise taxes were well over 70 per cent of the retail price of petrol till the start of the month.

The price of petrol here increased by a margin of 30 paise per litre on Monday to Rs 83.71 a litre from a level of Rs 83.41 a litre on Sunday.

The news of a successful coronavirus has ignited the oil market again with crude price moving up more than 20 per cent in a month to hover close to $50 a barrel now.

The oil marketing companies (OMCs) on Sunday increased the retail price of petrol by 28 paise per to Rs 83.41 a litre in Delhi. Similarly, diesel price also increased by 29 paise a litre to Rs 73.61 a litre.