Petrol and diesel prices are at its lowest range so far in the month.
Petrol costs Rs.74 in Gurgaon today while in Mumbai the rate is near the Rs.80 mark.
Amid a slump in crude oil rates, state-run fuel retailers today cut the price of petrol and diesel for the second consecutive day today. Petrol price is cheaper by 22 paise a litre while the drop in diesel price has been higher at 25 paise. Yesterday, petrol price was cut by 17 paise while diesel price by 19 paise.
In New Delhi, a litre of petrol today costs Rs.74.43 and diesel Rs.67.61. In Mumbai, a litre of petrol comes at a price of Rs. 80.03 a litre and diesel Rs. 70.88 a litre. If you are in Bengaluru, you will have to pay Rs. 76.92 for petrol and Rs. 69.86 for diesel. In Chennai, petrol costs Rs. 77.31 and diesel Rs. 71.43. Those in Hyderabad will have to pay Rs. 79.14 for petrol and Rs. 73.72 for diesel. In Gurgaon, you pay Rs. 74 for petrol and Rs. 66.65 for diesel.
Fuel prices, which have been on a declining trend since January 12, have fallen by around ₹1.5 a litre each during the period.
Crude oil rates:
After falling 1.9% yesterday, crude oil prices are on track for a fall of up to 5% for the week on growing concern that the deadly virus from China will affect global oil demand. Brent crude futures were 4 cents lower to $62 a barrel by 0225 GMT, its lowest since Dec. 4, after falling 1.9% the previous session. For the week, Brent is down 4%.
U.S. West Texas Intermediate futures were down by 1 cent to $55.58 a barrel, its lowest since Nov. 29. The contract fell 2% on Thursday and is 5% lower for the week.
S&P Global Ratings warned that the virus could hit Chinese consumption following a prediction from Goldman Sachs Group Inc. earlier in the week that oil demand may drop.