Petrol, diesel prices remain unchanged for third consecutive day

On Wednesday, petrol and diesel prices across major cities remained unchanged for the third consecutive day as global crude oil prices slumped due to price war between Russia and OPEC countries.

According to the official website of Indian Oil Corporation, on Thursday, petrol now costs Rs 69.59 per litre in Delhi, Rs 75.30 per litre in Mumbai. Similarly, diesel costs Rs 62.29 a litre in Delhi, Rs 65.21 a litre in Mumbai. In Chennai, a litre of petrol will cost Rs 72.28 per litre whereas diesel is now priced at Rs 65.71 per litre, while in Kolkata, petrol and diesel will cost Rs 64.62 and Rs 72.29, respectively. The retail prices of the 2 fuels are revised daily. The petrol and diesel rates are revised on the basis of crude prices within the international market.

Amid coronavirus outbreak, domestic demand for petrol, diesel, jet fuel and shipping fuel has fallen by over 10 per cent in the first two weeks of March.

Meanwhile, Crude oil futures on Wednesday plunged Rs 116 to Rs 1,979 per barrel. Crude oil for April delivery was quoting lower by Rs 96, or 4.42 per cent, to Rs 2,077 per barrel with an open interest of 6,242 lots. Analysts said the fall in crude oil futures was mostly due to trimming of positions by participants amid weak demand.