New Delhi | Jagran Business Desk: Petrol and diesel prices - which are revised daily by the oil marketing companies (OMCs) like Indian Oil Corporation Ltd. (IOCL), Hindustan Petroleum Corporation Ltd. (HPCL) and Bharat Petroleum Corporation Ltd. (BPCL) - remained unchanged in India on Wednesday, two months after the Centre reduced the excise duty on fuel rates after they reached an all-time high in the country.

In Delhi, petrol is retailing at Rs 95.41 per litre and diesel costs Rs 86.67 per litre. Meanwhile, in Mumbai, a litre of petrol and diesel can be purchased for Rs 109.98 and Rs 94.14 respectively. In Chennai, you can purchase a litre of petrol and diesel for Rs 101.40 and Rs 91.43 respectively. In Kolkata, petrol is priced at Rs 104.67 per litre while diesel can be purchased for Rs 89.97 for one litre.

Updates from Tuesday:

Petrol and diesel prices on Tuesday as well remain unchanged in major cities across the country. 

Updates from Monday:

Fuel prices across the country remained unchanged on Monday.

OMCs revise petrol and diesel rates daily at 6 am in the morning as per the average rate of benchmark fuel in the international market. However, fuel rates differ in India from state to state as per the local taxes like a value-added tax (VAT) and freight charges.

Last month, oil futures had eased due to the rising COVID-19 cases across the world, which experts had predicted could reduce crude demand. It should be noted that governments across the world, including in India, are tightening restrictions to stop the spread of the Omicron variant.

The Organization of the Petroleum Exporting Countries - a group known as OPEC+ - raised its world oil demand forecast for the first quarter of 2022 but left its full-year growth prediction steady, saying the Omicron variant would have a mild impact as the world gets used to dealing with the COVID-19 pandemic.

"Some of the recovery previously expected in the fourth quarter of 2021 has been shifted to the first quarter of 2022, followed by a more steady recovery throughout the second half of 2022," OPEC said in the report. "Moreover, the impact of the new Omicron variant is projected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges."

Posted By: Talibuddin Khan