The rates of petrol and diesel were once again slashed yesterday, and today. And after the price cuts, the current rate of petrol and diesel is at 8-month low.
This means that the petrol and diesel is now cheapest in the last 8 months.
How did this happen? And what are the current rates of petrol and diesel in the 4 metropolitan cities of India?
Keep reading to find out more..
Petrol, Diesel Cheapest In 8 Months
Globally, the price of crude oil has tumbled, due to weak demand across industries, corporates and individuals.
Last week, global prices of crude oil witnessed one of the steepest drops, and this has directly resulted in price of petrol and diesel coming down in India.
Yesterday, price of petrol was down by 5 paisa and diesel by 7 paisa, per litre.
Today, it went further down.
This has made the price of petrol and diesel cheapest in 8 months.
Current Price of Petrol, Diesel in 4 Metros
As of now, these are current prices of petrol and diesel in the 4 major metros of India:
Petrol
Price in Delhi: Rs 71.44 (down by 5 paisa/litre)
Price in Mumbai: Rs 77.13 (down by 5 paisa/litre)
Price in Kolkata: Rs 74.11 (down by 5 paisa/litre)
Price in Chennai: Rs 74.23 (down by 5 paisa/litre)
Diesel
Price in Delhi: Rs 64.03 (down by 7 paisa/litre)
Price in Mumbai: Rs 67.05 (down by 8 paisa/litre)
Price in Kolkata: Rs 66.36 (down by 7 paisa/litre)
Price in Chennai: Rs 67.57 (down by 8 paisa/litre)
(These are the current rates at the time of writing this artivle. Sourced from here. Please check the current price by clicking the link)
What Is The Reason For Dip in Fuel Prices?
India’s sluggish economic growth right now, along with the panic around coronavirus has been attributed as the main reason behind the drop in price.
Globally, due to coronavirus, the demand is anyways low since most of the factories in China are operating at 20-30% capacity.
And in India, both petrol and diesel will witness less demand: While 86.6 million tonnes of diesel will be required in India (just .09% growth), 33.43 million tonnes of petrol will be needed, which is growth of 8.4% compared to 9% last year.
We will keep you updated, as more details come in.