Fuel prices drop sharply, petrol at Rs 70.29 per litre, diesel at Rs 63.01 per litre in Delhi

On the decline since February 27, fuel prices have fallen by around Rs 5 a litre so far in 2020. Petrol and diesel prices are now at an 8-9 month low.
An empoyee at a petrol bunk fills fuel in a car. (File photo | Debadatta Mallick, EPS)
An empoyee at a petrol bunk fills fuel in a car. (File photo | Debadatta Mallick, EPS)

Amid sliding crude oil prices, the oil marketing companies have slashed fuel prices. Petrol prices have fallen by Rs 2.69 while diesel prices fell by Rs 2.33 in over two days. 

Fuel prices in Delhi on Tuesday went down by 30 paise a litre for petrol and 25 paise a litre for diesel to sell at Rs 70.29 and Rs 63.01 respectively.  As shown by Indian Oil website, petrol was selling at Rs 70.59 and diesel at Rs 63.26 in the national capital on Monday.

On Sunday, the petrol prices fell below Rs 71-mark in Delhi, the lowest in eight months. According to reports, fuel rates have fallen by around Rs 5 a litre so far in 2020. Petrol and diesel prices are now at an 8-9 month low.

Metro citiesPetrol price (per litre)Diesel price (per litre)
ChennaiRs 73.02Rs 66.48
DelhiRs 70.29Rs 63.01
KolkataRs 72.98Rs 65.34
MumbaiRs 75.99Rs 65.97

*Prices as on Wednesday

Following the breakdown of OPEC+ talks on production cuts and Saudi Arabia's decision to pump more oil into the market as a retaliatory step, the global oil market went into a bloodbath with crude prices tumbling more than 30 per cent to just about USD 35 a barrel on Monday.

While this should have immediately brought down retail prices of petrol and diesel as well, an Indian Oil Corporation official said that family revision of petroleum product prices in India is based on 15 days trailing average price of products based on indices.

So consumers will have to wait and hope that the softening of oil prices continues or is maintained for the next 10 days so that deeper cuts in petrol and diesel could be effected. If it does, a sharper Rs 5-6 per litre cut in the price of petrol and diesel could be expected sometime next week.

Meanwhile, Congress leader Rahul Gandhi on Wednesday urged the Prime Minister Narendra Modi to pass on the benefits of the 35 per cent crash in global oil prices to the general public.

He also took a dig at the Prime Minister saying he may have "missed noticing" the 35 per cent crash in global oil prices, as he was "busy destabilising" an elected Congress government.

"Hey PMO India, while you were busy destabilising an elected Congress government, you may have missed noticing the 35 per cent crash in global oil prices.

"Could you please pass on the benefit to Indians by slashing the petrol prices to under Rs 60 per litre? Will help boost the stalled economy," Gandhi tweeted.

(With inputs from agencies) 

Related Stories

No stories found.
The New Indian Express
www.newindianexpress.com