Fuel prices were unchanged on Wednesday after both petrol and diesel prices were hiked sharply a day ago. Petrol and diesel prices are likely to rise further as global crude oil rates are rising rapidly.

As of today, Petrol costs Rs 101.39 per litre in Delhi and Rs 107.47 per litre in Mumbai. Petrol is retailing at Rs 101.87 per litre in Kolkata and it costs Rs 99.15 per litre in Chennai. Petrol price remains above Rs 100 per litre in most major cities.

On the other hand, diesel price has jumped to Rs 89.57 per litre in the national capital. The price in Mumbai has gone crossed Rs 97 per litre after an increase of 27 paise on Tuesday. It is retailing at Rs 92.67 per litre in Kolkata and Rs 94.17 per litre in Chennai.

Recap | Check Tuesday’s fuel prices

While global crude oil prices fell today for the second straight day as the supply-driven rally fizzled out, experts believe that crude oil prices could rise in the near term as demand is expected to rise by December.

This could lead to a sharp rise in petrol, diesel and gas rates in the country, threatening higher inflation levels.

Prices of many essential and non-essential goods are likely to go up in cases fuel prices remain elevated. This is because companies manufacturing those goods will hike prices due to higher input costs.

The Reserve Bank of India (RBI) has already warned about rising input costs. It asked the Centre and states to contain input cost pressure on businesses.

One of the ways of doing that is reducing taxes levied on petrol and diesel. It is worth mentioning that India levies one of the highest taxes on petrol and diesel.

However, the Centre and state governments have made it clear that they will not cut taxes at the moment. In such a scenario, domestic fuel prices may see a sharp increase if there is no drop in global crude oil rates.

Petrol and Diesel prices in major Indian cities: