Business Tidings

Petrol And Diesel Prices Fell for the Sixth Consecutive Day

Fuel-price-down

Petrol and diesel prices have dropped for the sixth consecutive day. The price of petrol has been reduced by 6 paise while diesel has been reduced by 5 paise per liter. Coronavirus has caused a drop in crude oil in the international market.

The trend of decline in the price of petrol and diesel in the country continued on the sixth day on Tuesday. Oil marketing companies have cut the price of petrol by six paise while diesel by five paise per liter. On the other hand, due to Coronavirus, crude oil has reached a 13-month low in the international market. Petrol in Delhi has been reduced by 73 rupees a liter.

Price Will Decrease Further

After the steep fall in the price of crude oil for the past few days, petrol and diesel prices can be seen again in the coming days. Benchmark crude oil has fallen below $ 55 per barrel, the lowest level in nearly 13 months. Due to the Corona virus outbreak in China, the demand for crude oil may decrease as the economy is affected because China is a major importer of crude oil.

 

How Much Reduced Petrol and Diesel Prices

Oil marketing companies on Tuesday cut the price of petrol by six paise per liter in Delhi, Kolkata, Mumbai, and Chennai. At the same time, the price of diesel has been reduced by five paise per liter in the four metros. According to the website of Indian Oil, the price of petrol in Delhi, Kolkata, Mumbai and Chennai has come down to Rs 72.98, Rs 75.65, Rs 78.63 and Rs 75.83 per liter respectively.

 

According to news agency IANS, the price of diesel in the four metros has also come down to Rs 66.04, Rs 68.41, Rs 69.22 and Rs 69.76 respectively. On the other hand, on the international market Intercontinental Exchange (ICE), although the recovery of crude oil prices has come down after last four days, Brent crude price is below $ 55 per barrel while US crude West Texas Intermediate (WTI) at $ 50 Made close to the barrel.

On Tuesday, Brent crude on ICE was trading at $ 54.77 per barrel, up 0.59 percent over the previous session, while it was down to $ 53.95, the lowest level since January 3, 2019. Brent was broken down to $ 53.93 per barrel.

WTI’s March contract on the New York Mercantile Exchange, or NyMax, was trading at $ 50.48 a barrel, up 0.74 percent from the previous session, compared to the previous price of $ 49.66 a barrel.

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