Amid coronavirus outbreak, the petrol and diesel prices across major cities on Tuesday remained unchanged for fifteenth consecutive day.
According to the official website of Indian Oil Corporation, on Thursday, 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. In Chennai, a litre of petrol will cost Rs 72.28 per litre whereas diesel is now priced at Rs 65.71 per litre, while in Kolkata, petrol and diesel will cost Rs 64.62 and Rs 72.29, respectively. The retail prices of the 2 fuels are revised daily. The petrol and diesel rates are revised on the basis of crude prices within the international market.
International oil prices on Monday plunged to a 17-year low but retail petrol and diesel prices in India remained on freeze as oil companies continued to set off gains against the excise duty hiked by the government.
Brent crude futures dropped to around USD 23 per barrel - the lowest since November 2002, while US crude briefly dipped below USD 20 as coronavirus lockdowns dried up demand while the crude surplus ballooned.
Crude oil futures on Monday plummeted 4.12 per cent to Rs 1,629 per barrel as participants trimmed their positions in line with weak trend overseas.
On the Multi Commodity Exchange, crude oil for April delivery fell by Rs 70, or 4.12 per cent, to Rs 1,629 per barrel with a business volume of 55,017 lots. Crude oil for May delivery was quoting lower by Rs 46, or 2.36 per cent, to Rs 1,906 per barrel with an open interest of 1,073 lots.
(Inputs from PTI)