New Delhi, March 9 (SocialNews.XYZ) Fuel prices dropped further after international crude oil went into a free fall due major slump in demand following the global outbreak of coronavirus epidemic.
The price of petrol was cut by 24-27 paise a litre and that of diesel by 25-26 a litre across all major cities in the country on Monday.
Petrol now costs Rs 70.59 per litre in Delhi, Rs 76.29 per litre in Mumbai, Rs 73.28 a litre in Kolkata and Rs 73.33 per litre in Chennai after the price cut.
Similarly, diesel costs Rs 63.26 a litre in Delhi, Rs 66.24 a litre in Mumbai, Rs 65.59 a litre in Kolkata and 66.75 per litre in Chennai, according to Indian Oil Corporation website.
International crude oil prices tumbled the most in decades overnight on Sunday. The collapse was triggered by sinking demand due to coronavirus scare worldwide.
Benchmark Brent was down by over 29 per cent and was trading at $32.28 per barrel, down by $13.22 per barrel, the biggest fall since the Gulf War in 1991 after Saudi Arabia decided to slash prices on its inventory.
The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent 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 a.m.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
