NEW DELHI :
As Brent crude oil slumped below the $60 a barrel mark, petrol and diesel prices were cut today for the fifth consecutive day. State-run fuel retailers, who have been cutting rates since January 12, today decreased the price of petrol by 15 paise a litre while the drop in diesel rates was much sharper at 25 paise. During the last five days alone, petrol price has fallen by ₹1.11 a litre and diesel by ₹1.34 a litre.
In New Delhi, a litre of petrol today costs ₹73.71 and diesel ₹66.71. In Mumbai, a litre of petrol comes at a price of ₹79.32 a litre and diesel ₹69.93 a litre. If you are in Bengaluru, you will have to pay ₹76.17 for petrol and ₹68.93 for diesel.
In Chennai, petrol costs ₹76.56 and diesel ₹70.47. Those in Hyderabad will have to pay ₹78.38 for petrol and ₹72.74 for diesel. In Gurgaon, you pay ₹73.44 for petrol and ₹65.88 for diesel.
Crude oil rates:
After tanking more than 2% on Friday, oil prices slumped another 2% today to fall below the $60 a barrel mark. Brent crude fell by $1.12 a barrel, or 1.9%, to $59.57 by 0113 GMT, having earlier dropped to $58.68, the lowest since late October. U.S. crude slipped by $1.14, or 2.1%, to $53.05, having earlier eased to $52.15, the lowest since early October.
Traders fear that the spread of coronavirus in China, which has so far claimed 80 lives and shows no sign of slowing down, will hit global oil demand. The epidemic was first reported from China’s Wuhan province and has now spread to other countries like Japan, Hong Kong, Thailand, South Korea and the US.
The virus is the latest upheaval for the oil market, which has been hit with turmoil in OPEC producers from the Middle East and North Africa. The market is also dealing with plentiful global crude supply, even as the Organization of Petroleum Exporting Countries and its allies trim output to prop up prices. Investors are selling crude amid a broad withdrawal from riskier assets and fears the virus will curtail fuel consumption as travel is restricted.
(Inputs from agencies)
Source: livemint
