Petrol, Diesel prices remain stable for 2nd day after touching new highs, LPG price hike effective today

Representative image: Reuters

Retail fuel prices remained steady for the second consecutive day across the country after touching record highs on Saturday (February 27). The price of Liquified Petroleum Gas (LPG) or cooking gas was also hiked by Rs 25 effective today.

A domestic LPG cylinder weighing 14.2 Kilogram will now cost Rs 819 in the national capital. A commercial cylinder weighing 19 Kilogram will cost Rs 1614 per cylinder, Rs 95 higher than before.

While the prices of LPG cylinders are revised at the beginning of the month, February saw the revision twice.

The prices of petrol and diesel in New Delhi stood at Rs 91.17 per litre and Rs 81.47 per litre, respectively, according to the Indian Oil Corporation Limited (IOCL). In Mumbai, the price of petrol is Rs 97.57 per litre. The price of diesel stood at Rs 88.60 per litre.

The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country. The fuel prices have increased amid a rally in global crude oil prices, with coronavirus vaccination drives across the world.

Meanwhile, the prices of petrol and diesel in Chennai stood at Rs 93.11 and Rs 86.45 per litre, respectively. The price of petrol and diesel in Kolkata was stable at Rs 91.35 per litre and Rs 84.35 per litre, after the poll-bound state of West Bengal cut the state value-added tax (VAT) by Re 1 on February 20.

On February 26, Puducherry Lt Governor Tamilisai Soundararaja announced a 2 percent reduction in Value Added Tax (VAT) on petrol and diesel in the union territory, reported ANI. While there has been no respite from the centre in tax cuts for petrol and diesel, states including West Bengal, Assam, Rajasthan and Meghalaya.

On February 26, Union Oil Minister Dharmendra Pradhan had said that the raging fuel prices will come down as the winter ends.

"Prices will come down a little as winter goes away. It's an international matter, price is high due to increase in demand, it happens in winter. The price will come down," he said, as quoted by ANI.