Petrol and diesel prices remained unchanged today in top metros. In Delhi, petrol was retailing at ₹72.98 a litre in Delhi, the lowest since 9th November. In Kolkata, Mumbai and Chennai, petrol retailed at ₹75.65, ₹78.63 and ₹75.83 respectively. Similarly, in Delhi, diesel cost ₹66.04 a litre today, the lowest since 18th December. In Kolkata, Mumbai and Chennai, diesel today cost ₹68.41, ₹69.22 and ₹69.76 a litre respectively.
India has benefited from a slide in global crude prices as it imports 80% of its oil requirement. Oil marketing companies review petrol and diesel prices on a daily basis. Price revisions are effected at petrol pumps with effect from 6 am.
The retail prices of petrol and diesel in India is dependent on the international crude prices and the rupee-US dollar exchange rate.
The Indian rupee has also appreciated to 71.17 against the US dollar.
Oil prices climbed more than 1% on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China's fast-spreading coronavirus.
Despite rebounding from recent lows, Brent crude oil futures traded below $54.70 a barrel.
But analysts have warned that the impact of production curbs might be cancelled out if problems persist longer-term in China, the world's biggest crude oil importer and the main driver of global energy demand growth in recent years. (With Agency Inputs)