Fuel prices were unchanged on Tuesday as state-run oil marketing companies (OMCs) decided to keep watch over volatile international crude oil rates. Petrol and diesel prices have not been changed for over a week after a minor reduction in rates.

International crude oil prices fell slightly after damage from Hurricane Ida led to the shutdown of several US refiners. US West Texas Intermediate (WTI) crude futures were down to $68.88 per barrel, while benchmark Brent crude futures fell to $73 per barrel.

However, that marginal fall in crude oil prices may not lead to a reduction in domestic fuel rates.

Read | Fuel rates remain static for fifth consecutive day

OMCs had reduced rates a few weeks ago after Brent crude futures slipped to $66 per barrel and any further relief is unlikely if it stays above $70. Domestic prices remain elevated as a result.

Petrol price remains steady at Rs 101.49 per litre in Delhi and above Rs 107 per litre in Mumbai. It costs Rs 101.82 per litre in Kolkata and Rs 99.20 for an equal quantity in Chennai. The price of petrol remains above Rs 100 per litre in many cities despite the recent cut in prices.

Diesel prices also remain high at Rs 88.92 per litre in the national capital and above Rs 96 per litre in Mumbai. It costs nearly Rs 92 per litre in Kolkata and Rs 93.52 per litre in Chennai.

Citizens may have to bear the burden of higher fuel prices for a longer period as OMCs are unlikely to reduce rates in view of higher international crude oil rates.

As the situation stands, only daily revision by OMCs can bring down fuel prices as taxes levied on petrol and diesel are unlikely to be cut anytime in the near future.

Petrol, diesel prices in major Indian cities: