Oil marketing companies keep fuel prices steady on Wednesday

The oil marketing companies kept prices of diesel and petrol unchanged across major Indian cities on Wednesday.

Accordingly, diesel and petrol prices in Delhi stood at Rs 86.67 per litre and Rs 95.41 per litre, respectively. In the financial capital Mumbai, they were priced at Rs 94.14 and Rs 109.98, respectively.

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Prices also remained static in Kolkata at Rs 89.79 and Rs 104.67, respectively.

In Chennai too, it remained untouched at Rs 91.43 and Rs 101.40 per litre, respectively.

Across the country as well, the price of the fuel largely remained unchanged on Wednesday but the retail rates varied depending on the level of local taxes.

Notably, fuel prices remained largely steady since Diwali when the Centre and some states reduced duties on them.

On Wednesday, Reserve Bank of India Governor Shaktikanta Das in his policy statement speech post Monetary Policy Committee`s December meet said: "...the reduction of excise duty and VAT on petrol and diesel will bring about a durable reduction in inflation by way of direct effects as well as indirect effects operating through fuel and transportation costs."

"Though crude oil prices have seen some correction in the recent period, a durable containment of price pressures would hinge on strong global supply responses to match the pick-up in demand as pandemic restrictions ease," he added.