NEW DELHI : After successive rate cuts, petrol and diesel prices are now at its lowest range so far this month. Amid a slump in crude oil rates over coronavirus outbreak in China, state-run fuel retailers today dropped fuel price once again today. Petrol price was cut by 17 paise a litre while diesel price by 19 paise a litre.

In New Delhi, a litre of petrol today costs 74.65 and diesel 67.86. In Mumbai, a litre of petrol comes at a price of 80.25 a litre and diesel 71.15 a litre. If you are in Bengaluru, you will have to pay 77.15 for petrol and 70.12 for diesel. In Chennai, petrol costs 77.54 and diesel 71.70. Those in Hyderabad will have to pay 79.38 for petrol and 73.99 for diesel. In Gurgaon, you pay 74.17 for petrol and 66.86 for diesel.

Petrol and diesel prices, which had been on the increasing side during the beginning of this month, started declining from January 12.

Since India imports 84% of its crude oil requirements, out of which two-thirds come from the Middle East countries like Iraq and Saudi Arabia, oil minister Dharmendra Pradhan has said that the government is trying to diversifying its crude oil supply.

Fears that the outbreak of coronavirus in China could negatively impact oil demand, crude rates fell more than 2% yesterday. Brent crude futures were down $1.05, or 1.7%, to $62.16 a barrel by 0125 GMT, and earlier dropped to the lowest since Dec. 4, after falling 2.1% the previous session. U.S. West Texas Intermediate futures fell 95 cents, or 1.7%, to $55.78 a barrel after earlier falling to the lowest since Dec. 3. The contract declined 2.7% on Wednesday.

The International Energy Agency says the world is “awash with oil," while Goldman Sachs predicts the virus may crimp global consumption by 260,000 barrels a day this year, with jet fuel accounting for around two-thirds of the loss, if the SARS epidemic in 2003 is any guide.

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