As the crude oil prices slumped amid coronavirus outbreak, petrol and diesel prices also witnessed a cut on Sunday. Petrol and diesel prices were cut by 16-18 paise and 21-26 paise per litre on Sunday as per the details released by the state-owned Indian Oil Corporation (IOCL).
So now, a litre of diesel costs Rs 67.34 in Mumbai, and Rs 64.34 in Delhi, while a litre of petrol is priced at Rs 77.40 in Mumbai, and Rs 71.71 in Delhi. The retail prices of petrol and diesel are revised daily. The petroleum companies revise the two automobile fuel prices based on the crude prices in the international market. And that is why the prices vary according to the company.
The fears of coronavirus has gripped the worldwide economy. With the viral outbreak spreading to more countries, the price of oil saw a drop precipitously as global demand weakened even further.
During the week, the benchmark for US crude oil fell 16 percent, settling at USD 44.76 a barrel on Friday. While on the other hand, that the Brent crude, the international standard, dropped 14 percent during the week, closing at USD 50.52 a barrel on Friday.
Even the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 90, or 2.54 percent, to Rs 3,456 per barrel with a business volume of 44,128 lots.
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