Petrol, diesel prices reduced for second straight day even as oil recovers

Topics Fuel prices | petrol | diesel

Analysts do not expect oil prices to quickly regain the nearly 25 per cent slump
Retail petrol and diesel prices fell sharply on Tuesday across India's metro cities, even as Brent crude price rose by $2.31, or 6.7 per cent, to $36.67 a barrel, after a steep plunge on Monday. Petrol price in national capital Delhi saw a cut of Rs 3-4 a litre, while the diesel price is the city was reduced by Rs 1-3. Fuel rates had seen a cut yesterday, too. And they are likely to maintain a declining trend through this week.

Petrol in Delhi now costs Rs 70.29 per litre and diesel Rs 63.01 a litre. In Chennai, a litre of petrol will cost Rs 73.02 per litre, whereas diesel is now priced at Rs 66.48 per litre. In Mumbai, petrol is now selling at Rs 75.99 and diesel at Rs 65.97. 

Analysts do not expect oil prices to quickly regain the nearly 25 per cent slump after Saudi Arabia and Russia failed to reach a deal, triggering a price war. Adding to the fire is the Coronavirus outbreak which is expected to force a demand slump.

Opposition Congress had earlier attacked the Centre for not cutting fuel prices in tune with the global crude oil rates. 


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