Home >News >India >Petrol, diesel price today: No rate cut for 13 days, crude oil slumps another 5%

NEW DELHI : Even as crude oil rates slumped another 5% to below $25 a barrel, petrol and diesel prices were left unchanged for the 13th day in a row today. Fuel rates are directly dependent on crude oil rates as India imports more than 80% of its crude oil requirements.

In Delhi, a litre of petrol is priced at 69.59 per litre and diesel at 62.29 per litre today. In Mumbai, petrol is selling at 75.30 per litre and diesel at 65.21 per litre. In Chennai, a litre of petrol will cost 72.28 per litre whereas diesel is now priced at 65.71 per litre. In Bengaluru, petrol is now selling at 71.97 and diesel at 64.41. In Hyderabad, petrol pumps are charging 73.97 for petrol and 67.82 for diesel. If you are in Gurgaon, you will have to shell out 70.21 for petrol and 62.08 for diesel.

After hiking the excise duty on the two fuels by 3 a litre earlier this month, the finance ministry is now considering another round of hike. Since the oil marketing companies have enough room to cut rates, a hike in excise duty might not translate into a hike in retail prices.

According to a report by brokerage firm Emkay, petrol pump dealers have indicated 70-80% hit to auto-fuel sales volumes during the 21-day coronavirus lockdown while company checks suggest it to be 50%. Although petrol pumps are in the exempted category during the shutdown period, yet most retail outlets have curtailed their operating hours.

CNG sales in Delhi and Mumbai are also estimated to be down 70-80% as except for a reduced number of buses and essential service vehicles, other vehicles remain mostly off-road.

In the international market, crude oil posted a fifth straight weekly loss and fell about 8% during the week. Brent crude settled down $1.41, or 5.35% at $24.93 a barrel. As compared to its January highs, crude oil is down more than 60% now.

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