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)

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