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Updated on: Wednesday, March 04, 2020, 08:31 AM IST

Petrol and diesel prices remain unchanged after three days of cut

Representative Image  | Photo Credit: Pixabay

Representative Image | Photo Credit: Pixabay

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After three days of cut, petrol and diesel prices remain unchanged on Wednesday as per the information given by the state-owned Indian Oil Corporation (IOCL).

So now, a litre of diesel costs Rs 67.05 in Mumbai, and Rs 64.03 in Delhi, while a litre of petrol is priced at Rs 77.13 in Mumbai and Rs 71.44 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 have 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.

Crude oil prices on Tuesday gained 1.87 percent to Rs 3,495 per barrel as participants widened their holdings tracking a positive trend overseas.

On the Multi Commodity Exchange, crude oil for delivery in March traded higher by Rs 64, or 1.87 percent, to Rs 3,495 per barrel in 25,185 lots. Crude oil for April delivery was up by Rs 66, or 1.91 percent, to Rs 3,523 per barrel with an open interest of 987 lots.

Globally, West Texas Intermediate was trading higher by 2.33 percent at USD 47.84 per barrel and Brent crude was up by 2.14 percent to USD 53.01 per barrel in New York.

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Published on: Wednesday, March 04, 2020, 08:31 AM IST
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