Petrol, Diesel Prices Remain Unchanged For Second Consecutive Day

Petrol and diesel prices across major cities of the country remained unchanged for the second consecutive day on Wednesday even as global crude oil prices slumped to multi-year lows as a result of price war between Russia and OPEC countries. According to the official website of Indian Oil Corporation, on Tuesday, in Delhi, a litre of petrol is priced at Rs 69.59 per litre and diesel at Rs 62.29 per litre. In Mumbai, petrol is selling at Rs 75.30 per litre and diesel at Rs 65.21 per litre. In Chennai, a litre of petrol will cost Rs 72.28 per litre whereas diesel is now priced at Rs 65.71 per litre, while in Kolkata, petrol and diesel will cost Rs 64.62 and Rs 72.29, respectively.

Meanwhile, crude oil prices settled below $30 a barrel on Tuesday as the coronavirus pandemic slowed economic growth and oil demand while Saudi Arabia and Russia kept up their battle for market share. Countries including the United States and Canada, along with nations in Europe and Asia, are taking unprecedented steps to contain the virus, which has killed 7,500 people.

Numerous governments have told residents to restrict their movements while businesses shutter, curbing demand for fuels, reported news agency Reuters.

On the domestic front, a report by State Bank of India (SBI) said that the nearly 30 per cent fall in crude oil prices could lower petrol prices by Rs 12 per litre and diesel prices by Rs 10 per litre in India from their present prices.