Petrol and diesel prices were cut for the fourth consecutive day on Monday. The Petrol and diesel prices were cut by 24 paise and 22-26 paise per litre respectively, according to information provided by Indian Oil Corporation (IOCL).
So on Monday, a litre of diesel costs Rs 66.24 in Mumbai, and Rs 63.26 in Delhi, while a litre of petrol is priced at Rs 76.29 in Mumbai, and Rs 70.59 in Delhi. 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 petrol and diesel prices are set to rise by Rs one per litre in Maharashtra after Finance Minister Ajit Pawar announced during Maharashtra that VAT on two fuels would be increased by Rs one per litre.
The crude oil futures fell 1.92 percent to Rs 3,365 per barrel amid coronavirus outbreak on Friday. On the Multi Commodity Exchange, crude oil for March delivery dropped by Rs 66 or 1.92 percent, to Rs 3,365 per barrel with a business volume of 31,783 lots. Crude oil for April delivery was quoting lower by Rs 67, or 1.93 percent, to Rs 3,396 per barrel with an open interest of 1,097 lots. Globally, West Texas Intermediate crude oil fell 1.11 percent to USD 45.39 per barrel and Brent Crude slumped 1.12 percent to USD 49.43 per barrel in New York.
(Inputs from PTI)
