Home >News >India >Petrol, diesel prices cut for 5th day today. Check latest rates

NEW DELHI : With crude oil rates getting bogged down by fears of slowdown after the outbreak of coronavirus in China, petrol and diesel prices were cut for the fifth consecutive day today. Petrol is now cheaper by 6 paise a litre and diesel by 5 paise a litre.

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.

On a decline since January 12, fuel rates are now at their cheapest levels so far in 2020. Diesel price is now back to mid-December levels while petrol is tracking November second week rates.

Crude oil rates:

In one of the steepest declines in recent months, crude oil rates fell about 12% last month and is now hovering around $55 a barrel. At its peak in early January, Brent crude oil rates had risen to $70 a barrel. The price of Brent, the global oil benchmark, has fallen about 14% since Jan. 20, when financial markets first took notice of the magnitude of the health crisis in China.

Brent crude was trading at $55.83 a barrel by 0047 GMT, down 79 cents, or 1.4%, after losing nearly 12% in January, the steepest monthly decline since November 2018. US West Texas Intermediate (WTI) crude fell 50 cents to $51.06 a barrel, after earlier hitting a session low of $50.42. The front-month WTI price fell 15.6% in January, the biggest monthly drop since May.

Bloomberg reported that oil demand from China has now gone down by about 20% as Beijing has locked millions of people in quarantine to contain the virus’s spread.

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