Petrol price slashed to 8-month low, diesel at 9-month low. Latest rates here

In Delhi, a litre of petrol is priced at 71.49 per litre and diesel at 64.03 per litre. In Mumbai, petrol is selling at 77.13 per litre and diesel at 67.05 per litre.
(Mint)
(Mint)
Updated on Mar 03, 2020 02:15 PM IST
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Livemint, New Delhi | ByNikhil Agarwal

Reflecting the last week’s slump in crude oil market, petrol and diesel prices were cut once again today. Petrol is now cheaper by 5 paise a litre and diesel by 7 paise a litre in Delhi. Following today’s cut, petrol price is now at 8-month low level while diesel is at 9-month low.

In Delhi, a litre of petrol is priced at 71.49 per litre and diesel at 64.03 per litre. In Mumbai, petrol is selling at 77.13 per litre and diesel at 67.05 per litre. In Chennai, a litre of petrol will cost 74.23 per litre whereas diesel is now priced at 67.57 per litre. In Bengaluru, petrol is now selling at 73.89 and diesel at 66.22. In Hyderabad, petrol pumps will charge 75.94 for petrol and 69.71 for diesel.

After a slowdown in fuel consumption in India due to the dipping of economic growth, diesel demand is estimated to see a 2.8% growth in FY21 to 86.6 million tonnes as compared with just 0.9% expansion in the current financial year. Oil ministry’s estimates also show that petrol demand is expected to slow to 8.4% to 33.43 million tonnes, from 9%.

After rising for more than 4% yesterday, Brent crude rose $1.26 per barrel, or 2.4%, to $53.16 per barrel early morning today. Spooked by the spread of coronavirus, crude oil had dropped by more than 20% from its peak in January this year. But since Friday, Brent has climbed 7% amid hopes of an economic stimulus and an output cut.

OPEC and its allies, a group known as OPEC+, are expected to announce deeper output cuts at their meeting on March 5-6 in Vienna. The group had agreed to cut output by 1.7 million bpd in a deal that runs to the end of March.

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Saturday, January 22, 2022