Petrol and diesel prices were cut by 5 paise per litre each on Thursday according to information provided by Indian Oil Corporation (IOCL).
So now, a litre of diesel costs Rs 67.75 in Mumbai, and Rs 64.65 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 the basis of crude prices in the international market. Hence the prices vary according to the company.
In a worrying sign for the worldwide economy, the deadly coronavirus is fast spreading beyond China. As coronavirus fears gripped world economy, on the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 56, or 1.54 per cent, to Rs 3,588 per barrel with a business volume of 68,629 lots. Crude oil for April delivery was quoting lower by Rs 57, or 1.55 per cent, to Rs 3,615 per barrel with an open interest of 1,097 lots.
Globally, West Texas Intermediate crude oil fell 0.20 per cent at USD 49.80 per barrel. While Brent Crude, the international benchmark, fell 0.38 per cent to trade at USD 54.74 per barrel in New York.
(Inputs from PTI)