Petrol diesel prices in India cut for a fifth successive day
11 March 2020
Auto fuel prices in India fell for a fifth successive day today as the global coronavirus outbreak continued to hammer crude oil prices in the international markets.
State-run oil marketing companies reduces petrol prices by 25 paise from the previous day across major Indian cities, while diesel prices were cut by 26 paise.
In Delhi, petrol now costs Rs70.59/liter (down Rs0.24 from Sunday) while diesel is priced at Rs63.26/liter (down Rs0.25).
In Mumbai, petrol is priced at Rs76.29/liter (down Rs0.24) while diesel costs Rs66.24/liter (down Rs0.26).
In Chennai, petrol is priced at Rs73.33/liter (down Rs0.25) while diesel is being sold at Rs66.75/liter (down Rs0.26).
In Kolkata, petrol now costs Rs73.28/liter (down Rs0.23) while diesel is being sold at Rs65.59/liter (down Rs0.25).
With this revision petrol prices have fallen by Rs4.55/liter and diesel rates by Rs4.7/liter this year.
State-run Indian Oil Corporation and other OMCs review petrol and diesel rates on a daily basis.
The rates differ across the country, due to multiple factors such as transportation, taxation, etc.
The latest reduction owes to a failed production cut deal between the Organisation of the Petroleum Exporting Countries (Opec) and Russia, aimed at propping up fuel prices after the coronavirus outbreak caused a crash in oil demand.
After Russia refused to cut production, Saudi Arabia—the world's top oil exporter — slashed prices by up to 30 per cent to retain its market share. However, prices have made some gains on reports that the two may still agree on production cutback.