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