Petrol, diesel may get cheaper soon; crude oil demand cools, and set to fall further

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Published: February 26, 2020 2:29:54 PM

Both petrol and diesel prices fell over Rs 3 per litre since last month.

petrol prices, diesel prices, fuel prices, petroleum, coronavirus, oil demand, IEAPetrol price in Delhi in the last three days is unchanged at Rs 72.01 per litre while diesel price remained Rs 64.7 per litre in the same duration.

Petrol and diesel prices in India may significantly fall in the coming days as the oil demand in the international market has touched a decade-low. The likelihood of petrol and diesel getting cheaper is even higher as the International Energy Agency (IEA) has predicted that the global crude oil demand may fall further. In the latest report of the IEA released yesterday, it has said that the agency sees demand rising by 825,000 bpd in 2020, although suffering an outright contraction of 435,000 bpd in the first quarter. “We certainly see the lowest oil demand growth in the last 10 years and we may need to revise it downwards,” IEA executive director Fatih Birol told Reuters at an energy conference in London.

Petrol and diesel prices have remained constant in the last three days. Petrol price in Delhi in the last three days remained unchanged at Rs 72.01 per litre while diesel price remained Rs 64.7 per litre in the same period. Amid a major stir caused by China’s coronavirus, the global oil demand has taken a hit since the beginning of the current calendar year. Both petrol and diesel prices fell over Rs 3 per litre in Delhi in the period, according to the figures provided by the IndianOil. The Financial Express story filed two days beforementioned how petrol and diesel prices may fare in the near-term.

Also Read: Petrol, diesel prices to no longer pinch your pocket; retail fuel may remain cheap in coming months

One of the major reasons behind the fall in the fuel prices is the fall in crude prices in the global market. Brent crude price has fallen around 15 per cent since the beginning of the year. However, apart from the crude prices in the international market, there are other factors too that influence the prices of fuel in the retail market. 

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