Petrol diesel prices unchanged for 7 days, is the worst over?

Petrol and diesel prices have now remained unchanged for seven straight days after a dizzying rise over two weeks and the buzz from the corridors of power is that the worst may be over.

CNBC TV18 reported quoting government sources that sustained hikes may not be required if crude stabilises at current levels. Around a month more of losses may still be recoverable by oil marketing companies.

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Petrol price hikes began on April 6 post assembly elections and have escalated by Rs 10 in just 16 days as crude prices hovered about the $100/bbl mark and the rupee struggled vs the dollar.

Petrol in Delhi now costs Rs 105.41 per litre, while diesel rate is Rs 95.87 per litre to Rs 96.67, according to a price notification of state fuel retailers. In Mumbai, petrol and diesel prices per litre stand at Rs 120.51 and Rs 104.77 respectively. Rates across the country and vary from state to state, depending upon the incidence of local taxation.

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The govt is not considering a excise duty cut right now as it may cost the exchequer over Rs 70,000 cr.