Petrol, diesel prices fall; check new rates here
What's the story
The prices of petrol and diesel fell for the fifth consecutive day on Monday as the global coronavirus outbreak had a ripple effect on crude oil rates. Petrol prices fell up to 25 paise from the previous day across major Indian cities, while diesel prices fell by 26 paise. The lowered rates are a result of falling international crude oil prices.
New rates
Check the petrol and diesel prices on Monday here
Delhi: Petrol at Rs. 70.59/liter (decreased Rs. 0.24 from Sunday); diesel at Rs 63.26/liter (decreased Rs. 0.25). Mumbai: Petrol at Rs. 76.29/liter (decreased Rs. 0.24); diesel at Rs. 66.24/liter (decreased Rs. 0.26). Chennai: Petrol at Rs. 73.33/liter (decreased Rs. 0.25); diesel at Rs. 66.75/liter (decreased Rs. 0.26). Kolkata: Petrol at Rs 73.28/liter (decreased Rs. 0.23); diesel at Rs. 65.59/liter (decreased Rs. 0.25).
Details
Petrol rates fell Rs. 4.55/liter this year
With this latest revision, in this year, petrol rates have fallen by Rs. 4.55/liter and diesel rates have fallen by Rs. 4.7/liter. Petrol and diesel rates have also been reduced for the fifth consecutive day today. The state-run Indian Oil Corporation reviews petrol and diesel rates daily. The rates differ across the country, due to multiple factors such as transportation, taxation, etc.
Reason
Why have petrol and diesel rates been slashed?
The Organization of the Petroleum Exporting Countries (OPEC) failed to strike a deal to cut oil production —a plan devised to prop up fuel prices as the coronavirus outbreak has caused oil demands to crash. After Russia refused to cut production, Saudi Arabia—the world's top oil exporter—slashed prices to retain its market. International benchmark Brent crude then fell by 30%, retailing $31.02 a barrel.