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.