NEW DELHI :
Petrol and diesel prices were cut by 22 paise a litre and 20 paise a litre, respectively, today as Brent crude oil dropped by almost 14% last week.
In Delhi, a litre of petrol is priced at ₹71.49 per litre and diesel at ₹64.10 per litre. In Mumbai, petrol is selling at ₹77.18 per litre and diesel at ₹67.13 per litre. In Chennai, a litre of petrol will cost ₹74.28 per litre whereas diesel is now priced at ₹67.65 per litre. In Bengaluru, petrol is now selling at ₹73.94 and diesel at ₹66.29. In Hyderabad, the pumps will charge ₹75.99 for petrol and ₹69.79 for diesel.
Petrol prices are now at a 5-month low while diesel rates are at a 7-month low.
Brent crude was at $50.32 a barrel, up 65 cents, or 1.3%, by 0105 GMT, after earlier dropping to $48.40, the lowest since July 2017. Last week, Brent crude oil lost almost 14%, its biggest weekly percentage decline since January 2016, while WTI fell over 16% in its biggest weekly percentage drop since December 2008.
The economic impact of coronavirus is now being felt across different parts of the world. Four-week average jet fuel demand in the US has dropped by 18% in the past 10 weeks. Consultants JBC Energy have cut global demand growth for the fuel to just 50,000 barrels a day this year, little more than a third of what they saw a month ago.
Several key members of the Organization of the Petroleum Exporting Countries (OPEC) are mulling an additional production cut of 1 million barrels per day, more than the 600,000 bpd proposed last month, on growing fears that the virus outbreak will hit oil demand badly.
OPEC and its allies including Russia, a grouping known as OPEC+, have already been curbing oil output by 1.7 million bpd under a deal that runs to the end of March.