NEW DELHI : Petrol and diesel prices continued to tumbled today despite a recent reversal in crude oil rates. Petrol is now cheaper by 21 paise a litre and diesel by 24 paise a litre. Fuel rates began to decline from January 12 and since then there has been no hike in prices.

In New Delhi, a litre of petrol today costs 72.68 and diesel 65.68. In Mumbai, a litre of petrol comes at a price of 78.34 a litre and diesel 68.84 a litre. If you are in Bengaluru, you will have to pay 75.14 for petrol and 67.90 for diesel. In Chennai, petrol costs 75.51 and diesel 69.37. Those in Hyderabad will have to pay 77.33 for petrol and 71.63 for diesel. In Gurgaon, you pay 72.66 for petrol and 65 for diesel.

Petrol and diesel prices are set for a round of hike in April when the new BS-VI emission norms come into force. However, if the government accepts a proposal of Niti Aayog to blend 15% methanol in both petrol and diesel, then fuel prices could see a sharp reduction. At present India mandates 5% ethanol doping with petrol. In addition to the reduction of sugar sector subsidies and oil imports, boosting ethanol blends in petrol will also facilitate emission reduction, helping counter air pollution problems in large cities.

Crude oil rates:

Brent crude oil has gone back above $55 a barrel mark as the OPEC and its allies are likely to cut output amid contracting demand for crude as China battles the coronavirus epidemic that has hit global markets.

Brent crude futures rose 32 cents, or 0.6%, to $55.25 a barrel by 0104, after falling 0.6% on Thursday. U.S. West Texas Intermediate (WTI) crude futures were up 26 cents, or 0.5%, at $51.21 a barrel, having gained 0.4& the previous session.

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