Petrol and diesel prices were cut for third consecutive day on Saturday by 12 paise and 13 paise per litre respectively, according to information provided by Indian Oil Corporation (IOCL).
So on Saturday, a litre of diesel costs Rs 66.69 in Mumbai, and Rs 63.69 in Delhi, while a litre of petrol is priced at Rs 76.71 in Mumbai, and Rs 71.02 in Delhi. The reatil prices of the two fuels are revised daily. The petrol and diesel rates are revised on the basis of crude prices in the international market.
Petrol and diesel will likely by costlier by Rs one per litre in Maharashtra. While presenting budget, Finance Minister Ajit Pawar announced that VAT on petrol and diesel would be increased by Rs one per litre. The VAT increased on petrol and diesel would help the state exchequer garner and additional Rs 1800 crore, Ajit Pawar said.
On Friday, the crude oil futures fell 1.92 per cent to Rs 3,365 per barrel amid coronavirus outbreak. On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 66 or 1.92 per cent, to Rs 3,365 per barrel with a business volume of 31,783 lots. Crude oil for April delivery was quoting lower by Rs 67, or 1.93 per cent, to Rs 3,396 per barrel with an open interest of 1,097 lots. Globally, West Texas Intermediate crude oil fell 1.11 per cent to USD 45.39 per barrel and Brent Crude slumped 1.12 per cent to USD 49.43 per barrel in New York.
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(Inputs from PTI)
