Fuel prices in Delhi: Petrol sells at Rs 70.29 today
Petrol and diesel in the national capital on Wednesday continued to sell at Rs 70.29 per litre and Rs 63.01 respectively, similar to the rates as Tuesday.
Fuel prices in the national capital on Tuesday went down by 30 paise a litre for petrol and 25 paise a litre for diesel to sell at Rs 70.29 and Rs 63.01 respectively.
On Monday, petrol prices slipped below Rs 71-mark for the first time in eight months.
In Delhi, petrol prices dropped to Rs 70.59 a litre on Monday, the lowest since early July 2019.
The rate of diesel on Monday was cut to Rs 63.26, according to a price notification of state-owned firms.
Fuel prices have been on the decline since February 27 on international trends. Petrol prices have in all fallen by Rs 1.42 a litre since then and diesel rates have dropped by Rs 1.44 per litre.
India looks set to reap windfall from a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.
International oil prices crashed by close to 31 per cent, the second-largest margin on record, after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia.
Brent futures plummeted to about USD 31 a barrel on Monday as Goldman Sachs warned prices could drop to near USD 20.
For India, which imports over 84 per cent of its oil needs, the slump would lead to lower import bill and a cut in retail prices but will harm already stressed upstream firms such as ONGC. Lower oil prices will also help economy from its 11-year low growth rate by way of reducing input cost for a lot of sectors.
The fall in oil prices comes at a time when the global economy is already reeling under the impact of coronavirus, which has dented demand across sectors and economies.
(With inputs from PTI)