In a major relief for people in Delhi, petrol and diesel prices were cut by Rs 2.69 per litre and Rs 2.33 per litre respectively.

So on Wednesday, petrol costs Rs 70.29 per litre in Delhi, Rs 75.99 per litre in Mumbai. Similarly, diesel costs Rs 63.01 a litre in Delhi, Rs 65.97 a litre in Mumbai, according to information provided by Indian Oil Corporation (IOCL). A litre of petrol in Chennai costs Rs 73.02 per litre and diesel Rs 66.48 per litre. While in Bengaluru, petrol is now selling at Rs 72.70 and diesel at Rs 65.16. The price of petrol were cut by 30 paise a litre and that of diesel by 25-27 a litre across all major cities in the country on Tuesday.

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Oil War: What does stand-off between Saudi Arabia and Russia over crude oil prices mean to India?

After oil markets witnessed a slump, crude oil prices rose around 11 per cent on Tuesday as Russia indicated that talks with the Organisation of the Petroleum Exporting Countries (OPEC) may continue. The international crude oil prices tumbled the most in decades. The crude oil prices tumbled due to coronavirus scare worldwide. Brent crude prices fell to $31 per barrel on Monday.

Currently, Brent crude futures have somewhat recovered and are currently around $36.81 per barrel. Along with the global stock markets, the Indian equity market also witnessed a bloodbath on Monday with the BSE Sensex registering its biggest single day fall in its history as it closed 1,941 points lower.

(Inputs from Agencies)