NEW DELHI :
At its lowest range so far this year, petrol and diesel prices became cheaper once again today as state-run fuel retailers today cut rates by 9 paise and 12 paise a litre each, respectively. Fuel prices have been on a decline since January 12 after the outbreak of coronavirus in China which led crude oil into a bear market. The price of both petrol and diesel are now on a three-month low.
In New Delhi, a litre of petrol today costs ₹72.89 and diesel ₹65.92. In Mumbai, a litre of petrol comes at a price of ₹78.55 a litre and diesel ₹69.09 a litre. If you are in Bengaluru, you will have to pay ₹75.36 for petrol and ₹68.15 for diesel. In Chennai, petrol costs ₹75.73 and diesel ₹69.63. Those in Hyderabad will have to pay ₹77.55 for petrol and ₹71.89 for diesel. In Gurgaon, you pay ₹72.82 for petrol and ₹65.21 for diesel.
Crude oil rates
The Organisation of Petroleum Exporting Countries (OPEC) and its allies are now expected to raise crude oil output to support prices after demand in China, the second largest consumer of oil, is expected to slump by 20% over coronavirus. Experts have warned that the coronavirus outbreak could turn into a full-blown pandemic leading to the further slump in demand.
Unconfirmed reports of a medical breakthrough in fighting coronavirus also helped crude oil price rebound for the second consecutive day today. Brent futures rose by 98 cents, or 1.8%, to $56.26 a barrel by 0311 GMT, having risen 2.4% in the last session. U.S. West Texas Intermediate (WTI) futures gained $1.08, or 2.1%, to $51.83 a barrel after rising 2.3% on Wednesday.