Diesel price cut again, petrol at 5-month low. Check latest rates1 min read . Updated: 28 Feb 2020, 09:23 AM IST
- Petrol price is now at a 5-month low while diesel is at a 7-month low
- Diesel price was cut by 5 paise a litre
NEW DELHI : As crude oil rates continued to tumble, state-run fuel retailers cut the price of diesel by 5 paise a litre while that of petrol was left untouched today. It was the second day of diesel price cut.
In New Delhi, a litre of petrol is being sold for ₹71.96, diesel ₹64.60. In Mumbai, petrol costs ₹ ₹77.62 a litre and diesel ₹67.69. Those in Bengaluru will have to pay ₹74.41 for a litre of petrol and ₹66.79 for diesel. In Chennai, a litre of petrol costs ₹74.75 and diesel ₹68.21. Retailers in Hyderabad are charging ₹76.47 for petrol and ₹70.37 for diesel.
Petrol price is now at a 5-month low while diesel is at a 7-month low.
In the international market, Brent crude oil fell for a sixth straight session today. On track for a 12% fall for the week, oil rates were down 90 cents, or 1.7%, at $50.83 a barrel. Brent crude is now at a 14-month low and could post steepest weekly decline since mid-January 2016.
For both Brent and WTI, the spread between December 2020 futures and December 2021, a popular trade used as a barometer for supply expectations, fell firmly into negative territory. Both spreads hit the widest levels since January 2019, signaling that erosion in demand could lead to a glut through the end of this year.
The oil market is hoping for steeper supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, who have said they will take a responsible approach in the wake of the virus outbreak.
The producer group known as OPEC+, which is currently reducing output by roughly 1.2 million barrels per day to support prices, is set to meet in Vienna on March 5-6.