There has been no change in the prices of petrol and diesel across the country on Wednesday, December 1, 2021. The state-run oil marketing companies (OMCs) have maintained stability in domestic fuel prices amid a sharp decline in crude oil prices in the international market.

The U.S. benchmark, West Texas Intermediate (WTI) crude fell below $70 per barrel, marking the biggest decline since April 2020. Similarly, the price of Brent crude also fell to $72 a barrel.

However, amidst the softening of crude oil prices in the international market, the prices of petrol and diesel at the national level remained stable on December 1, making it the 27th consecutive day since the last revision in fuel prices.

The prices of petrol and diesel were last revised on November 4 after the Centre announced a cut in excise duty on fuels, providing relief to the consumers from all-time high fuel rates.

According to the Indian Oil Corporation, the country’s largest fuel retailer, petrol is retailing at Rs 103.97 per litre in Delhi whereas diesel costs Rs 86.67 per litre in the national capital.

In India’s financial hub, Mumbai, petrol is available at Rs 109.98 per litre and people have to shell out Rs 94.14 for one litre of diesel, which is still the highest among four metro cities.

Similarly, in Tamil Nadu’s capital, Chennai, one litre of petrol is being sold at Rs 101.56 and the price of diesel remained unchanged at Rs 91.58 per litre.

The prices of petrol and diesel remained unaltered in Kolkata and stood at Rs 104.67 and Rs 89.79 per litre, respectively.

Among the four metro cities (Delhi, Mumbai, Chennai, Kolkata), petrol is the cheapest in Chennai and diesel is the least expensive in the national capital, Delhi.

Petrol, diesel prices in major Indian cities

Fuel prices are revised by OMCs like Indian Oil, Bharat Petroleum and Hindustan Petroleum based on international prices in the preceding 15 days and foreign stock exchanges. However, in the domestic market, the prices of petrol and diesel vary from state to state, depending on various factors including local taxes like value-added tax (VAT) and freight charges.

Apart from this, the central government charges an excise duty on petrol and diesel. Notably, the oil marketing companies update the prices of petrol and diesel every day at 6 AM