NEW DELHI: The fuel prices in India dwindled more as petrol faced a reduction by 17 paise while diesel got lessened by 21 paise today i.e. 1 March 2020.
The price of petrol is Rs. 71.71 per litre in the capital city of Delhi, in Mumbai it's Rs. 77.40 per litre, Rs. 74.38 per litre in Kolkata and Rs. 74.51 per litre in Chennai after the reduction.
In terms of Diesel, for Delhi the prices are Rs. 64.30/litre, while Mumbai is at Rs 67.34, Rs 66.63 in Kolkata and Rs. 67.86 in Chennai. The website of Indian Oil Corporations gave out the aforementioned details.
As there was descent in demand, international crude oil prices experienced a descending trend. The Brent also faced a slump as it experienced a reduction of $0.86 per barrel. It was trading at $50.50/barrel due to the change in the market amidst the coronavirus outbreak which is spreading over different countries now.
The fuel prices in India are linked to international crude prices and Dollar-INR exchange rates. India is the importer of 80% of crude requirements.
Oil marketing companies keep an eye on the petrol and diesel prices on am everyday basis and updated prices are initiated in petrol stations from 6:00 am.