Petrol and diesel prices were reduced by over Rs 2 per litre across major metropolitan cities of the country. In Delhi, petrol was cut by Rs 2.69 per litre to Rs 70.29 per litre, while diesel saw Rs 2.33 cut to Rs 63.01 per litre. A major reason for the drop in fuel prices is the biggest rout in crude oil prices in the past 30 years on Monday.
Petrol, diesel prices in four major cities today:
- Delhi: Petrol - Rs 70.29; Diesel - Rs 63.01
- Mumbai: Petrol - Rs 75.99; Diesel - Rs 65.97
- Kolkata: Petrol - Rs 72.98; Diesel - Rs 65.34
- Chennai: Petrol - Rs 73.02; Diesel - Rs 66.48
Crude oil prices plunged about 25 per cent on Monday but rebounded on Tuesday along with equities and other financial markets. Oil prices climbed on Wednesday, lifted by hopes that US producers will cut output, but gains were limited compared with Monday's crash after Saudi Arabia and Russia triggered a price war, Reuters reported.
Brent crude futures rose $1.44, or 3.9 per cent, to $38.66 a barrel by 0226 GMT, while US West Texas Intermediate (WTI) crude gained $1.12, or 3.3 per cent, to $35.48 a barrel, following a jump of over 8 per cent the previous day.