NEW DELHI :
As the crude oil rate slumped below $55 a barrel from a peak of $70 a barrel, petrol and diesel prices have fallen by around ₹3 a litre during the period. Fuel rates started falling in India since January 12 after hitting this year's high a day before. On 11 January, petrol retailed at ₹76.01 in New Delhi and diesel ₹69.17. Since then, petrol price has fallen by ₹2.97 paise a litre and diesel price by ₹3.08.
State-run fuel retailers, however, chose not to decrease the price today after five days of consecutive rate cuts.
In New Delhi, a litre of petrol today costs ₹73.04 and diesel ₹66.09. In Mumbai, a litre of petrol comes at a price of ₹78.69 a litre and diesel ₹69.27 a litre. If you are in Bengaluru, you will have to pay ₹75.52 for petrol and ₹68.32 for diesel. In Chennai, petrol costs ₹75.89 and diesel ₹69.81. Those in Hyderabad will have to pay ₹77.71 for petrol and ₹72.07 for diesel. In Gurgaon, you pay ₹72.94 for petrol and ₹65.35 for diesel.
Crude oil rates:
Hit by fears of a supply glut after the outbreak of coronavirus in China, crude oil prices have fallen by more than 20% from this year's peak and are at its lowest range since more than a year. Oil demand from China has already fallen by around 20%.
Brent crude was at $54.66 a barrel by 0227 GMT, up 21 cents, or nearly 0.4%, while US West Texas Intermediate (WTI) crude was up 32 cents, or 0.6%, at $50.43 a barrel. Both Brent and WTI are currently down by more 20% from this year's peak on January 6.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are considering a further 500,000 bpd cut to their oil output, Reuters reported.
Ratings agency Fitch said the coronavirus outbreak could push the global oil market into surplus and that OPEC and its allies may need to cut production further if the outbreak lasts for several months.