On Friday, diesel price was cut by 5 paise per litre, while petrol rate remained unchanged as per the details released by the state-owned Indian Oil Corporation (IOCL).
So now, a litre of diesel costs Rs 67.69 in Mumbai, and Rs 64.60 in Delhi, while a litre of petrol is priced at Rs 77.62 in Mumbai, and Rs 71.96 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on crude prices in the international market. Hence the prices vary according to the company.
Crude oil futures on Thursday slumped 2.54 percent to Rs 3,456 per barrel amid rising fears of the coronavirus outbreak turning into a pandemic and hitting the world economy.
As coronavirus fears gripped world economy, on 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.
Crude oil for April delivery was quoting lower by Rs 89, or 2.49 percent, to Rs 3,482 per barrel with an open interest of 991 lots. Globally, West Texas Intermediate petroleum fell 1.33 percent to USD 48.08 per barrel and Brent Crude slumped 1.24 percent to USD 52.77 per barrel in New York.