Analysts do not expect oil prices to quickly regain the nearly 25 per cent slump
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.
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.