Petrol and diesel prices remained unchanged for second consecutive day as per the details released by the state-owned Indian Oil Corporation (IOCL).
So now, a litre of diesel costs Rs 67.80 in Mumbai, and Rs 64.70 in Delhi, while a litre of petrol is priced at Rs 77.67 in Mumbai, and Rs 72.01 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.
In a worrying sign for the global economy, the deadly coronavirus is fast spreading beyond China. South Korea went on high alert on Sunday following a sharp jump in coronavirus cases, and Italy and Iran took their own drastic containment steps. Further, the IMF also warned that the deadly epidemic could put an already fragile global economy recovery at risk.
On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 98, or 2.54 per cent, to Rs 3,761 per barrel with a business volume of 34,936 lots. Crude oil for April delivery was quoting lower by Rs 92, or 2.37 per cent, to Rs 3,789 per barrel with an open interest of 740 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand. Globally, West Texas Intermediate crude oil fell 2.27 per cent at USD 52.17 per barrel. While Brent Crude, the international benchmark, fell 2.41 per cent to trade at USD 57.09 per barrel in New York.
(Inputs from PTI)
