State-run oil marketing companies (OMCs) have not revised oil prices on Wednesday as global crude oil rates inched higher. Petrol and diesel prices have not been changed for the 17 consecutive days.

This indicates that OMCs are not in a rush to cut fuel prices even as petrol and diesel rates remain on the higher side, risking a period of prolonged inflation. However, state-run oil companies are unlikely to cut domestic rates if crude oil prices remain at current levels.

Petrol is retailing at Rs 101.19 per litre in Delhi and over Rs 107 per litre in Mumbai. It costs Rs 101.62 per litre in Kolkata and Rs 98.96 per litre in Chennai. It may be noted that petrol costs over Rs 100 per litre in several Indian cities.

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A similar trend has been seen in Diesel prices after a few cuts a month ago. It currently costs Rs 88.62 per litre in the national capital and over Rs 96 per litre in Mumbai. Diesel is retailing at Rs 91.71 per litre in Kolkata and over Rs 93 per litre in Chennai.

It may be noted that high taxes levied on petrol and diesel are the main reason behind elevated prices. India levies the highest taxes on petrol and diesel — a trend that is likely to continue as both the Centre and state governments have rejected the possibility of fuel price cuts in the near future.

In such a scenario, only a reduction in global crude oil prices could lead to a revision in domestic fuel prices. However, chances of a favourable revision by OMCs are low at the moment due to rising crude oil prices.

Petrol and Diesel prices in major Indian cities: