Petrol and diesel prices dropped further on Tuesday after international crude oil went into a free fall due major slump in demand amid outbreak of coronavirus epidemic.
The price of petrol was cut by 30 paise a litre and that of diesel by 25-27 a litre across all major cities in the country on Tuesday. Petrol now 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).
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.
The international crude oil prices tumbled the most in decades. The collapse was triggered by sinking demand due to coronavirus scare worldwide. Benchmark Brent was down by over 29 per cent and was trading at $32.28 per barrel, down by $13.22 per barrel, the biggest fall since the Gulf War in 1991 after Saudi Arabia decided to slash prices on its inventory.
(Inputs from Agencies)
