State-run oil marketing companies have not revised fuel prices on Tuesday as global crude oil rates keep climbing. Petrol and diesel prices have remained steady for nine straight days.

Petrol is retailing at Rs 101.19 per litre in Delhi and over Rs 107 per litre in Mumbai. It is retailing at Rs 101.62 per litre in Kolkata and Rs 98.96 per litre in Chennai. There are several cities where petrol costs over Rs 100 per litre.

Similarly, diesel prices remain elevated across the country. It is retailing at Rs 88.62 per litre in the national capital and over Rs 96 per litre in Mumbai. Diesel costs Rs 91.71 per litre in Kolkata and over Rs 93 per litre in Chennai.

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Fuel prices have not been reduced by OMCs for more than a week due to rising global crude oil prices that started rising on concerns of US supply disruptions.

An uptick in oil demand around the globe is also leading to improvement in crude oil prices. If the present trend continues, domestic fuel prices may not decrease anytime soon as OMCs may not have the room required to reduce petrol and diesel rates.

Another way fuel prices can come down is through a revision in taxes, but the central government has made it clear that it will not reduce excise duty levied on fuel. A majority of state governments have also indicated that they will not be able to reduce value-added tax (VAT) unless the economic situation improves.

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In such a scenario, fuel and energy prices are likely to remain on the higher side. Experts indicate that higher fuel prices could lead to slower economic recovery as it will directly affect demand during the upcoming festive season.

Petrol and Diesel prices in major Indian cities: