Petrol, diesel prices: In a relief for common man, the oil marketing companies (OMCs) cut petrol and diesel prices for the sixth day in a row as global crude prices see sustained fall.
Petrol, diesel prices: In a relief for common man, the oil marketing companies (OMCs) cut petrol and diesel prices for the sixth day in a row as global crude prices see sustained fall. While petrol prices were cut by 16-17 paise, diesel prices were down by 20-22 paise across the major cities in the country. In Delhi, petrol was seen selling at Rs 71.94, the lowest in nearly 5 months. In Mumbai and Chennai, the petrol prices were at Rs 77.6 a litre and Rs 74.73 a litre, respectively. In Kolkata, petrol retailed at Rs 75.58 a litre on Tuesday.
Diesel was selling at Rs 64.87 a litre in Delhi, the lowest in seven months. While in Kolkata diesel can be availed at Rs 67.19 a litre. In Mumbai and Chennai, the fuel retailed at Rs 67.98 a litre and Rs 68.5 a litre, respectively. The fuel prices are reviewed by OMCs on a daily basis.
Crude oil prices have remained volatile after the Coronavirus outbreak. However, the prices have recovered marginally today as Brent crude rose 70 cents, or 1.3 per cent, to $53.97 a barrel by 0428 GMT, retreating from an intraday high of $54.13. U.S. West Texas Intermediate was up 61 cents, or about 1.2 per cent, at $50.18 a barrel. The coronavirus outbreak could lower China’s full-year economic growth rate by as much as 1 percentage point in 2020 bringing down demand of the commodity, said the Chinese government think tank National Institute for Finance and Development. Meanwhile, the rupee appreciated by 10 paise to 71.20 against the US dollar in opening trade on Tuesday, driven by a positive opening in domestic equities.