NEW DELHI : As crude oil rates plunged about 30% in its worst single-day drop since the 1991 Gulf War, petrol and diesel prices are all set to be slashed further this week. Petrol price was cut by 24 paise a litre today while diesel price dropped by 25 paise.
So far this year, the price of petrol has fallen by ₹4.55 a litre and that of diesel by ₹4.7 a litre. Today’s was the fifth day of fuel rate cut.
In Delhi, a litre of petrol is priced at ₹70.59 per litre and diesel at ₹63.26 per litre. In Mumbai, petrol is selling at ₹76.29 per litre and diesel at ₹66.24 per litre. In Chennai, a litre of petrol will cost ₹73.33 per litre whereas diesel is now priced at ₹66.75 per litre. In Bengaluru, petrol is now selling at ₹73.01 and diesel at ₹65.42. In Hyderabad, petrol pumps will charge ₹75.04 for petrol and ₹68.88 for diesel.
As India imports around 80% of its crude oil requirements, petrol and diesel prices are dependent directly on the international benchmark rates.
Brent crude futures fell the most since the 1991 Gulf War today, dropping 31% in a matter of seconds, as Saudi Arabia slashed rates in a price war with Russia. Oil market was already under stress from declining demands due to coronavirus.
Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel. That was the biggest percentage drop since Jan. 17, 1991, at the start of the first Gulf War and the lowest since Feb. 12, 2016. It was trading at $35.75 at 0114 GMT.