The fuel prices were further reduced on Monday due to a slump in demand after the coronavirus was declared pandemic. The petrol and diesel prices were cut by 16 paise and 15-16 paise per litre respectively, across all major cities in the country.
Petrol now costs Rs 69.59 per litre in Delhi, Rs 75.30 per litre in Mumbai. Similarly, diesel costs Rs 62.29 a litre in Delhi, Rs 65.21 a litre in Mumbai, according to information provided by Indian Oil Corporation (IOCL). The retail 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.
On Saturday, Indian government hiked excise duty on petrol and diesel by Rs 3 per litre. Special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre incase of petrol and to Rs 4 incase of diesel.
Oil prices swung more than six per cent on Friday, but were still on track for their biggest weekly loss in more than a decade owing to a price war and the spreading coronavirus pandemic.
Crude oil prices on Friday surged 2.32 per cent to Rs 2,382 per barrel as participants enlarged their holdings tracking a positive trend overseas. On the Multi Commodity Exchange, crude oil for delivery in March traded higher by Rs 54, or 2.32 per cent, to Rs 2,382 per barrel in 60,516 lots. Crude oil for April delivery was up by Rs 47, or 1.96 per cent, to Rs 2,439 per barrel with an open interest of 3,595 lots.
(Inputs from Agencies)