NEW DELHI: Oil prices in the international market on Wednesday witnessed two-month highs, an indication of easing fear of Omicron coronavirus variant.
Brent crude oil was up by 0.6% to $84.19 per barrel and WTI crude oil was up 0.8% to $81.88 per barrel.
Despite the oil prices again climbing to $84 per barrel in the international market, the prices of petrol and diesel have remained unchanged for 68 days in a row in India.
The last time prices were changed was on November 4, 2021, when the central government cut excise duty to give relief from rates that had touched an all-time high.
Thus, this is the longest duration of no-change in prices since the daily price revision was introduced in June 2017, as per the data. Prior to that, there was an 82-day hiatus in rate revision between March 17, 2020, and June 6, 2020.
On November 4, 2021, excise duty on diesel was cut by Rs 10 a litre and that on petrol by Rs 5 per litre, resulting in an equivalent reduction in retail pump rates.
According to a price notification by state-owned oil marketing companies (OMCs), a litre of petrol in Delhi costs Rs 95.41, while the price of diesel costs Rs 86.67 per litre.
In Mumbai, the price of petrol is highest among metros at Rs 109.98 per litre. In Kolkata it costs Rs 104.67 and Rs 101.40 per litre in Chennai.
Diesel retails at Rs 94.14 per litre in Mumbai, Rs 101.56 in Kolkata and Rs 91.43 per litre in Chennai.