New Delhi | Jagran Business Desk: Petrol and diesel prices remained unchanged across major cities in India on Friday due to the stability in global crude rates despite fears over the Omicron variant of COVID-19 which is suspected to be more infectious than the Delta strain.

In Delhi and Mumbai, a litre of petrol continues to cost Rs 95.41 and Rs 109.98 respectively. On the other hand, petrol is priced at Rs 101.40 in Chennai and Rs 104.67 in Kolkata.

Talking about diesel, it is priced at Rs 94.14 per litre in Mumbai and Rs 89.79 per litre in Kolkata. In Delhi and Chennai, a diesel of diesel continues to cost Rs 86.67 and Rs 91.43 respectively.

Highlights of Thursday, December 2:

On Thursday, petrol got cheaper in Delhi by Rs 8. This came a day after the Arvind Kejriwal-led Aam Aadmi Party (AAP) government reduced the value-added tax (VAT) on petrol. However, in the rest of India, petrol and diesel rates remained unchanged on Thursday amid stability in global crude rates.

Highlights of Wednesday, December 1:

On Wednesday, the Delhi government had decided to reduce VAT on petrol, bringing down the price of the fuel in the city by about Rs 8 per litre.

Highlights from Tuesday, November 30:

Fuel prices remained unchanged for the 28th consecutive day on Tuesday (November 30).

Highlights from Monday, November 29:

Petrol and diesel rates remained stable across major cities in India for the 27th consecutive day on Monday, nearly a month after the central government announced a reduction of excise duty on fuel leading to a sharp decline in its prices.

Factors affecting fuel price hike:

Petrol and diesel prices are revised daily by state-owned retailers Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) as per the global Brent crude rates in the international market.

Generally, Brent crude oil prices range between USD 80 to USD 82 per barrel. Last week, the prices fell by around USD 4 per barrel till the Asian timestamp. It reduced further by USD 6 to close at USD 72.91 a barrel at ICE London after the opening of the US market.

Government sources, quoted by news agency PTI, have said that the Centre will now unlikely cut rates on fuels and petrol and diesel prices will only be reduced if "the current drop in international oil prices is sustained for a few more days".

"Natural expectation from the drop in rates on Friday is that retail pump rates will also go down. But that is not how retail rates move. Since the international oil prices have been range bound in most of November, the drop on Friday when averaged out with the previous fortnight does not translate into any significant change," the PTI source explained.

"Only when the fall in rates is sustained for a few more days will we see a reduction in retail petrol and diesel prices".

Posted By: Aalok Sensharma