Home > News > India > Petrol, diesel prices see big cut today as crude oil hovers around $50 mark. Latest rates here

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.

(Agency inputs)

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