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New Delhi: Fuel prices have been cut for the third day in a row on Saturday. Petrol prices are down by 12 paise and diesel price has also been slashed by 12 paise in the national capital. Petrol and diesel prices have receded by over 4 since the beginning of the year. The global impact of coronavirus has been steering the oil price trends.

In Delhi, petrol is now selling at 71.02 compared to 71.14 on Friday whereas diesel is selling at 63.69. In Mumbai, petrol’s cost has been brought down by 12 paise to 76.71 and diesel is priced at 66.69 a liter, which is 13 paise cheaper compared to yesterday. In Chennai, a liter of petrol will cost 73.70, down by 12 paise and diesel will sell at 67.21 a liter which is 13 paise cheaper compared to Friday’s price.

The fall in prices can be attributed to a massive cut in global oil prices on Friday. According to a report by Reuters, Russia rejected pleas by OPEC+ countries to make extra reduction in oil output.

In reponse to the rejection, Bjornar Tonhaugen, head of oil markets at Rystad Energy told Reuters, "If this results in OPEC not going through with their own proposed 1 million bpd cuts in Q2, the result ... could be devastating. Brent could swiftly drop 15% to the low $40s and WTI to the high $30s in this scenario."

Brent futures fell to a record low since July 2017 on Friday. The futures fell $3.71, or 7.4%, to $46.31 a barrel by 10:23 a.m. EST (1523 GMT on Friday). The spread of coronavirus has led to a slowing global economy. The virus has infected over 100,000 people worldwide and has claimed the lives of over 3,200 people.

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