No change for 3rd day, petrol stable at Rs 86.30 a ltr, diesel at Rs 76.48

Petrol price on Saturday remained stable at Rs 86.30 for the third straight day in the national capital. Diesel was also unchanged at Rs 76.48 per litre. 

Petrol and diesel prices were hiked by 25 paise per litre on Wednesday, according to a price notification from oil marketing companies. This had taken prices in Delhi to Rs 86.30 per litre and Rs 76.48, respectively.

Petrol prices in Mumbai stood at Rs 92.86 per litre -- the same as yesterday. One litre of diesel will cost Rs 83.30 in the city. In Chennai, petrol remained unchanged to sell at Rs 88.82. Diesel was retailing at Rs 81.71 in the city. 

In Kolkata, the retail price of petrol remained at Rs 87.69 and diesel at Rs 80.08 per litre. 

Rates differ from state to state, depending on value-added tax (VAT). Petrol and diesel prices are revised on a daily basis in line with benchmark international price and foreign exchange rates. 

The Rajasthan government has reduced value-added tax (VAT) rate by two per cent on petrol and diesel, giving people the much needed respite from rising fuel prices. The state finance department late Thursday issued orders, which came into effect from Thursday midnight.

Chief Minister Ashok Gehlot said that despite the price of crude oil being at the lowest level for a long time at the international market, inflation is rising as prices of petrol and diesel are hovering at all-time high levels and the common man is facing economic difficulties.

The price of branded or premium petrol price had crossed Rs 100-mark in Sriganganagar town of Rajasthan on January 27.

Oil prices edged up on Friday but traded in a tight range as demand concerns caused by new coronavirus variants and slow vaccine rollouts offset a cut in Saudi Arabian oil supply and falling U.S. oil inventories. Brent crude futures for March rose 24 cents, or 0.4%, to $55.77 a barrel. 

Saudi Arabia is set to cut output by 1 million barrels per day (bpd) in February and March. Compliance with output curbs by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, has improved in January. A 9.9 million barrel drawdown in U.S. oil inventories last week and forecasts for a small drop in U.S. oil production in February were also price-supportive.