Markets News

Fuel prices remain stable for 2nd day after hitting record high-levels

On February 27, fuel rates hiked after a gap of three days as per reports.

The petrol and diesel prices were steady on Sunday, February 28, after touching new record highs on Saturday.

In the national capital, the price of petrol was steady at Rs 91.17 per litre according to IOC.

Meanwhile, diesel was untouched at Rs 81.47 per litre in Delhi.

Mumbai recorded the petrol and diesel rates at Rs 97.57 per litre and Rs 88.60 per litre respectively.

Currently, the fuel rates are the highest in Mumbai compared to all the four metro cities.

After staying unchanged for almost a month, petrol and diesel prices have recorded an upswing since January 6, 2021.

The fuel prices surged amid a rally in global crude oil prices with Covid-19 vaccination rollout across the world.

Moreover, Chennai witnessed the prices of petrol and diesel at Rs 93.11 and Rs 86.45 per litre.

Further, the petrol and diesel prices in Kolkata remained stable at Rs 91.35 per litre and Rs 84.35 per litre.

This is post the poll-bound state of West Bengal cut the state value-added tax by Re 1 on February 20.

The month of February saw fuel prices flare up like never before in the country.

In some places, branded petrol crossed Rs 100 mark and in Delhi, it crossed Rs 90 mark for the first time.

Further, Puducherry Lt Governor declared a 2 percent drop in Value Added Tax on petrol and diesel on February 26.

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