Petrol and diesel prices recorded the biggest drop so far in this month on Friday. Oil marketing companies reduced the price of petrol by 21 to 22 paise, and that of diesel by 24 to 26 paise per litre.
Due to the steep fall in the price of crude oil in the international market, consumers in the country are constantly getting relief in the price of petrol and diesel. So far in this month, petrol has become cheaper by 59 paise per litre in Delhi, while in diesel prices, consumers have got 60 paise per litre relief.
According to the Indian Oil website, the price of petrol in Delhi, Kolkata, Mumbai and Chennai has come down to Rs 72.68, Rs 75.36, Rs 78.34 and Rs 75.51 per litre respectively.
At the same time, the price of diesel in the four metros has also come down to Rs 65.68, Rs 68.04, Rs 68.84 and Rs 69.73 per litre respectively.
Oil marketing companies cut petrol prices by 21 paise in Delhi, Kolkata and Mumbai on Friday and 22 paise per litre in Chennai. At the same time, the price of diesel has been cut by 24 paise in Delhi, 25 paise in Kolkata and Mumbai and 26 paise per litre in Chennai.
Due to the outbreak of coronavirus in China, there has been a steep decline in the crude oil prices in the international market in the last two weeks causing fears of slowdown in the economy there. Benchmark crude oil Brent crude has lost nearly $10 a barrel. However, on Friday, oil prices showed a slight increase compared to the previous session.
Brent crude's April contract on the Intercontinental Exchange (ICE) was trading at $55.13 a barrel, up 0.36 per cent over the previous session. At the same time, US crude West Texas Intermediate's March contract on the New York Mercantile Exchange (NYMEX) was trading at $51.09 a barrel, up 0.27 per cent from the previous session.