New Delhi, January 28: The price of petrol and diesel witnessed a sharp dip on Tuesday due to a drop in international crude oil rates following the outbreak of coronavirus in China. The price of petrol was cut by 12 paise and that of diesel by 14 paise across all metro cities on Tuesday. According to the official website of Indian Oil Corporation (IOC), the retail pump price of petrol in Mumbai was Rs 79.21 a litre, Rs 73.60 a litre in Delhi, Rs 76.22 a litre in Kolkata and Rs 76.44 a litre in Chennai.
Meanwhile, the retail pump price of diesel was Rs 69.79 a litre in Mumbai, Rs 66.58 a litre in Delhi, Rs 68.94 per litre in Kolkata and Rs 70.33 a litre in Chennai after the rate cut. Reports inform that the rising number of coronavirus cases in China and the lockdown of several cities there have impacted crude demand in that country as China is the second largest consumer of crude oil. China Coronavirus Outbreak: How Spread of Wuhan Virus Can Impact Indian Economy.
Check Petrol & Diesel Price in Metro Cities on January 28, 2020:
|Metro Cities||Petrol Price/ Ltr||Diesel Price/ Ltr|
|Mumbai||Rs 79.21||Rs 69.79|
|Delhi||Rs 73.60||Rs 66.58|
|Chennai||Rs 76.44||Rs 70.33|
|Kolkata||Rs 76.22||Rs 68.94|
According to experts, petrol and diesel prices in India might see a dip further in the coming days as people are restricting their travel plans to China leading to decrease in demand. The fuel prices are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements. Each day, the price of petrol and diesel are reviewed by oil marketing companies. Price revisions are implemented at the fuel stations with effect from 6 am.