Petrol, diesel prices drop further after WHO declares coronavirus a pandemic
The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports over 80% of its crude requirements.Updated: Mar 12, 2020 10:54 IST
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.
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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%.
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% 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 am.