Petrol, diesel prices reduced further for the fourth straight day

Topics petrol | Diesel prices | Fuel prices

Fuel prices were further reduced on Thursday due to slump in demand after the coronavirus was declared pandemic. The price of petrol was reduced by 15-16 paise and that of diesel by 12-13 paise across all major cities in the country.

Petrol now costs Rs 70.14 per litre in Delhi, Rs 75.84 per litre in Mumbai, Rs 72.83 a litre in Kolkata and Rs 72.86 per litre in Chennai after the price cut.

Similarly, diesel costs Rs 62.89 a litre in Delhi, Rs 65.84 a litre in Mumbai, Rs 65.22 a litre in Kolkata and 66.35 per litre in Chennai, according to Indian Oil Corporation website.

International crude oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates vowed to boost production, escalating a global price war between OPEC and its allies. Brent was trading at $33.86 per barrel, down by $1.98 or 5.52 per cent.

The travel and leisure industry has been badly impacted by the coronavirus after Italy locked down the entire country and the United States put a ban on travel to the country for at least 30 days.

The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports over 80 per cent of its crude requirements.

Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.

 



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel