The fuel rates continue to hover around Rs 90 . This is the seventh consecutive day where fuel rates has remained unchanged. It is reported that the Prime Minister Narendra Modi is contemplating to reduce the excise rates on the fuels so that the state Governments would also reduce them.
This will automatically bring down the rates of fuels giving some relief to the consumers. It is reported that Jaganmohan Reddy has already ordered the officials to bring down the duty from the stateside for the benefit of the consumers.
After a spike in global oil prices seen over last two weeks with crude price jumping close to $67 a barrel, prices had fallen to around $63 a barrel but it rose again to cross $69 a barrel mark now after after the OPEC+ decision to continue with crude production cut in April.
The fuel rates have been rising continuously since February 9. In the 14 increases since then, price have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.
The rise in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.
The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.