NEW DELHI :
Amid a slump in crude oil rates, state-run fuel retailers today cut the price of petrol and diesel for the second consecutive day today. Petrol price is cheaper by 22 paise a litre while the drop in diesel price has been higher at 25 paise. Yesterday, petrol price was cut by 17 paise while diesel price by 19 paise.
In New Delhi, a litre of petrol today costs ₹74.43 and diesel ₹67.61. In Mumbai, a litre of petrol comes at a price of ₹80.03 a litre and diesel ₹70.88 a litre. If you are in Bengaluru, you will have to pay ₹76.92 for petrol and ₹69.86 for diesel. In Chennai, petrol costs ₹77.31 and diesel ₹71.43. Those in Hyderabad will have to pay ₹79.14 for petrol and ₹73.72 for diesel. In Gurgaon, you pay ₹74 for petrol and ₹66.65 for diesel.
Fuel prices, which have been on a declining trend since January 12, have fallen by around ₹1.5 a litre each during the period.
Crude oil rates:
After falling 1.9% yesterday, crude oil prices are on track for a fall of up to 5% for the week on growing concern that the deadly virus from China will affect global oil demand. Brent crude futures were 4 cents lower to $62 a barrel by 0225 GMT, its lowest since Dec. 4, after falling 1.9% the previous session. For the week, Brent is down 4%.
U.S. West Texas Intermediate futures were down by 1 cent to $55.58 a barrel, its lowest since Nov. 29. The contract fell 2% on Thursday and is 5% lower for the week.
S&P Global Ratings warned that the virus could hit Chinese consumption following a prediction from Goldman Sachs Group Inc. earlier in the week that oil demand may drop.