Diesel prices slashed for third day in a row, petrol cheaper. Check latest rates1 min read . Updated: 29 Feb 2020, 11:34 AM IST
- Petrol in Delhi is 7 paise cheaper than it was yesterday and diesel by 9 paise
- Crude oil rates are at its lowest in more than a year
NEW DELHI : As crude oil slumped for the sixth day in a row, petrol and diesel prices in India also witnessed a cut today. Petrol in Delhi is 7 paise cheaper than it was yesterday. Diesel in Delhi is also cheaper by 9 paise. Diesel prices have been slashed for the third day in a row.
In Delhi, a litre of petrol is priced at ₹71.89 per litre and diesel at ₹64.51 per litre. In Mumbai, petrol is selling at ₹77.56 per litre and diesel at ₹67.60 per litre. In Chennai, a litre of petrol will cost ₹74.68 per litre whereas diesel is now priced at ₹68.12 per litre. In Bengaluru, petrol is now selling at ₹74.34 and diesel at ₹66.70. In Hyderabad, the pumps will charge ₹76.40 for petrol and ₹70.27 for diesel.
Internationally, oil prices are at its lowest in more than a year. This has caused global markets to crash further. The fall was the most in a week since 2016. The spread of coronavirus also stoked fears that a dampening global economy would hit energy demand across the globe.
Brent lost almost 14%, its biggest weekly percentage decline since January 2016, while U.S. West Texas Intermediate (WTI) crude fell over 16% in its biggest weekly percentage drop since December 2008.
Six new countries reported coronavirus infections for the first time. The World Health Organization (WHO) also raised its impact risk alert to "very high" which impacted most markets.
The panic created by the coronavirus led to a massive wipe out of $5 trillion across the global markets. The loss has amounted to the greatest since the 2008 global financial crisis. Travel bans, disruptions in supply chain and closure of institutes has led to a gloomy forecast.