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Representational image

Petrol and diesel prices dropped further on Tuesday as per information given by the state-owned Indian Oil Corporation (IOCL).

Going by the IOCL data, this is the third day that petrol prices have fallen, whereas diesel prices have been declining since February 26, 2020.

Petrol prices are at Rs. 71.44 in Delhi and Rs. 77.13 in Mumbai, down from Rs. 71.49 and Rs. 77.18 respectively on Monday, March 2. Diesel prices too fell, from Rs. 64.10 to Rs. 64.03 in Delhi and from Rs. 67.13 to Rs. 67.05 in Mumbai.

In Noida petrol is selling for Rs. 73.48 while diesel costs Rs. 64.45. The price of petrol in Gurugram is Rs. 71.66, and the price of diesel is Rs. 63.57.

In Chennai petrol costs at Rs.74.23 while diesel is priced at Rs. 67.57.

In Kolkata too, prices fell, with petrol costing Rs. 74.11 while diesel is priced at Rs. 66.36.

Domestic fuel rates are dependent on international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements. With the coronavirus having reached nearly 60 countires across the globe, crude oil prices have been falling recently amid fears of a worldwide pandemic.

On Monday however, global crude oil benchmark, crude oil prices on Monday climbed Rs 77 to Rs 3,340 per barrel as speculators increased their holdings driven by firm trend overseas. Analysts said raising of bets by participants kept crude prices higher in futures trade in New Delhi.

CNG prices:

The price of CNG currently in Delhi is Rs. 45.20/ Kg as per the Indraprastha Gas website. It is priced at Rs. 51.35/ Kg for the neighbouring areas of Noida, Greater Noida and Ghaziabad, while in Gurugram it is priced at Rs. 58.50/Kg.

According to the Indraprastha website, from 12:00 am to 6:00 am the prices are slightly lower in select CNG outlets. This lowered price is Rs. 44.20/Kg for Delhi and Rs. 50.35/Kg for Noida, Greater Noida and Ghaziabad.

(With inputs from agencies)

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Free Press Journal