Petrol prices were cut 5 paise, while diesel prices dropped 7-8 paise across the four metro cities today. Both petrol and diesel prices have seen a steady decline in prices since February 26. Overall, the petrol prices were cut 57 paise in the national capital, while the diesel prices were slashed 67 paise.
Here are the fuel prices across four major cities today
Crude oil prices rose for a second day on Tuesday on expectations that central banks were likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC would order deeper output cuts this week, Reuters reported. Brent crude rose $1.48 per barrel, or 2.5 per cent, to $53.18 per barrel. US West Texas Intermediate (WTI) rose $1.33, or 2.8 per cent, to $48.07 a barrel.
Meanwhile, there will likely be a price surge in petrol and diesel from the next month. National oil marketer Indian Oil Corporation (IOC) last week said it was ready to supply low emission BS-VI fuels from April 1 and that there would be a marginal increase in retail prices.
The largest oil supplier has spent over Rs 17,000 crore to upgrade its refineries to produce the low-sulphur diesel and petrol, Chairman Sanjiv Singh said. Without disclosing the quantum of price increase, Singh said, "There will be a marginal increase in retail prices of the fuels from April 1 when the whole country will be run on new fuels, which will have a sulphur content of only 10 parts per million (ppm) as against the present 50 ppm."Also read: Coronavirus to have larger economic impact than SARS, says OECD
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