NEW DELHI : With crude oil rates hovering around $64 a barrel, petrol and diesel prices were cut today by 15 paise and 14 paise a litre, respectively. After days of successive price hikes in the beginning of 2020, fuel rates have taken a u-turn in the past few days following a slump in crude rates. The price of petrol has fallen by 35 paise a litre this week and that of diesel by 19 paise a litre.

In New Delhi, a litre of petrol today costs 75.55 and diesel 68.92. In Mumbai, a litre of petrol comes at a price of 81.14 a litre and diesel 72.27 a litre. If you are in Bengaluru, you will have to pay 78.08 for petrol and 71.2 for diesel. In Chennai, petrol costs 78.49 and diesel 72.83. Those in Hyderabad will have to pay 80.33 for petrol and 75.14 for diesel. In Gurgaon, you pay 74.88 for petrol and 67.77 for diesel.

New petrol pump rules

The Central Pollution Control Board has asked fuel retailers to ensure that all petrol pumps to ensure fuel stations are at least 50 metres away from schools, hospitals and residential areas. Petrol pump owners would also be required to install vapour recovery systems (VRS) at new fuel stations which have a sale potential of 300 kilo litres motor spirit per month.

Crude oil rates

As China committed to buying over $50 billion more of American oil, liquefied natural gas and other energy products over two years after signing a Phase 1 trade deal, oil prices got a boost. Brent crude oil was 33 cents, or 0.5%, higher at $64.33 a barrel by 0118 GMT, while U.S. crude was up by 28 cents, or 0.5%, at $58.09 a barrel.

Oil prices are now returning to range trading, analysts said, as the threat of conflict between Iran and the US receded further after they traded missile and drone attacks earlier this month that sent Brent to highs above $71 a barrel.

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