State-run oil marketers are under pressure to reduce pump prices of petrol and diesel as international oil prices plunged by over $10 a barrel on Friday, the biggest decline since April 2020, mainly on fears of new coronavirus variant Omicron, three people said.
Expect petrol and diesel price cuts soon, may be in one or two days, as international fuel rates have fallen sharply,” said one of them, who is a government official. Benchmark Brent crude on Friday plummeted 11.55% to $72.72 a barrel, while US crude West Texas Intermediate closed 13.1% lower at $68.15 per barrel on the last trading day of the week.
International oil prices are expected to fall further because of demand concerns due to Omicron, which has been named a “variant of concern” by the World Health Organisation and the European Centre for Disease Prevention and Control, the people said, requesting anonymity.
