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India plans to pay about Rs 200 billion ($2.5 billion) to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices.
Fuel prices in the country have remained steady for over a fortnight now even though the global oil market remains volatile with regular variations in prices. Accordingly, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the capital on Wednesday. Fuel prices have not been revised now for 18 days. In Mumbai, the petrol price stood at Rs 97.57 per litre the same since Feb 27. In Chennai, petrol was at Rs 93.11. Diesel was selling at Rs 86.45 in the city. In Bengaluru, petrol and diesel prices stayed at Rs 94.22 and 86.37 respectively. Prices have stabilised amid an outcry over record-high fuel prices, which have been witnessing an upswing since January, leading to demands for a cut in excise duty. Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates.
diesel price was also unchanged at Rs 81.47, according to a price notification from oil marketing companies. In Mumbai, petrol price stood at Rs 97.57 per litre the same since Feb 27. In Chennai, petrol was at Rs 93.11. Diesel was selling at Rs 86.45 in the city. In Bengaluru, petrol and diesel prices stayed at Rs 94.22 and 86.37 respectively. Prices have stabilised amid an outcry over record high fuel prices, which have been witnessing an upswing since January, leading to demands for a cut in excise duty. Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates. Yesterday, the Parliament s lower house was adjourned amid heated exchanges between members over skyrocketing fuel prices. Earlier this month, a report said that the finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, quoting three government officials close to the discuss