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Petrol, diesel prices fall due to sharp drop in international crude oil rates

On Monday, petrol and diesel prices were further cut due to sharp drop in international crude oil rates following the outbreak of coronavirus in China. The price of petrol was cut by 15 paise and that of diesel by 25 paise across all major cities today.

So now, a litre of diesel costs Rs Rs 69.93 in Mumbai, and Rs 66.71 in Delhi, while a litre of petrol is priced at Rs 79.32 in Mumbai, and Rs 73.71 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.

Global oil benchmark Brent crude fell nearly five dollars per barrel since last week due to sluggish demand following a sharp rise in coronavirus cases in China. On the Multi Commodity Exchange, crude oil for delivery in February traded higher by Rs 51, or 1.3 per cent, to Rs 3,982 per barrel in 27,758 lots. Crude oil for March delivery was up by Rs 47, or 1.19 per cent, at Rs 3,994 per barrel with an open interest of 671 lots.

Globally, the West Texas Intermediate was trading up 0.38 per cent to USD 55.80 per barrel. Meanwhile, Brent crude, the international benchmark, edged up 0.35 per cent to USD 62.26 per barrel in New York.

(Inputs from Agencies)