NEW DELHI : As crude oil rates plunged about 30% in its worst single-day drop since the 1991 Gulf War, petrol and diesel prices are all set to be slashed further this week. Petrol price was cut by 24 paise a litre today while diesel price dropped by 25 paise.

So far this year, the price of petrol has fallen by 4.55 a litre and that of diesel by 4.7 a litre. Today's was the fifth day of fuel rate cut.

In Delhi, a litre of petrol is priced at 70.59 per litre and diesel at 63.26 per litre. In Mumbai, petrol is selling at 76.29 per litre and diesel at 66.24 per litre. In Chennai, a litre of petrol will cost 73.33 per litre whereas diesel is now priced at 66.75 per litre. In Bengaluru, petrol is now selling at 73.01 and diesel at 65.42. In Hyderabad, petrol pumps will charge 75.04 for petrol and 68.88 for diesel.

As India imports around 80% of its crude oil requirements, petrol and diesel prices are dependent directly on the international benchmark rates.

Brent crude futures fell the most since the 1991 Gulf War today, dropping 31% in a matter of seconds, as Saudi Arabia slashed rates in a price war with Russia. Oil market was already under stress from declining demands due to coronavirus.

Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel. That was the biggest percentage drop since Jan. 17, 1991, at the start of the first Gulf War and the lowest since Feb. 12, 2016. It was trading at $35.75 at 0114 GMT.

(Agency inputs)

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