Petrol, diesel prices see big cut today. Latest rates here
Premium- Petrol, diesel prices were cut for the fifth straight day today
- Fuel rates could see a major decline this week as crude rates have dropped by 30%
PremiumNEW 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.
MINT PREMIUM
See All
(Agency inputs)
Catch all the Industry News, Banking News and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.
More
Less
