Fuel prices have not been changed on Monday despite weakening global crude oil prices. Petrol and diesel prices have remained steady for 30 straight days.

Global fuel prices fell more than 1 per cent, dropping for a third straight session due to fresh concern about surging cases of Covid-19 Delta variant in many parts of the world. Benchmark Brent crude oil dipped to $69.90 per barrel, down by nearly 1 per cent.

While global oil prices have fallen, there has been no change in domestic fuel prices. State-run oil marketing companies (OMCs) are responsible for revising domestic fuel rates in line with international prices.

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In Delhi, petrol is retailing at Rs 101.84 per litre and nearly Rs 108 per litre in Mumbai. In Kolkata petrol costs over Rs 102 per litre. However, petrol price has dipped in Chennai to Rs 99.47 after the state government announced a tax cut.

However, there are at least 25 cities across 15 states where petrol price is retailing above Rs 100 per litre.

On the other hand, diesel prices remain elevated — a major concern for small businesses and citizens. It is retailing at Rs 89.87 per litre in the national capital and above Rs 90 per litre in most major cities.

Experts are worried that high fuel rates will lead to a prolonged inflation period as they impact the prices of many other commodities, including essential items like food. While inflation dipped in July, higher fuel prices could again lead to a rise.

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Cutting high taxes seems to be the only solution to quickly rationalise fuel prices, but the central government has clearly said it will not reduce excise duty due to higher expenditures on Covid relief measures and vaccinations.

This means citizens won’t get any substantial relief even if OMCs decide to cut oil prices. A daily revision leads to a marginal decline in prices, unlike a tax cut. However, citizens may have to wait longer for a tax cut and hope that OMCs decide to pass on the benefit of lower international oil prices soon.

Fuel rates in Indian cities: