New Delhi, February 1: Ahead of the Budget 2020 presentation in the Parliament, petrol and diesel prices were further cut on Saturday. The dip in the fuel prices comes amid a slump in international crude oil rates following the outbreak of coronavirus in China. The price of petrol was cut by 0.5 to 0.8 paise per litre while that of diesel was slashed by 0.5 to 0.6 paise across all major cities on Saturday. Check Petrol and Diesel Prices in Mumbai, Delhi and Other Cities Here.
According to the official website of Indian Oil Corporation (IOC), the retail pump price of petrol was Rs 78.83 per litre in Mumbai, Rs 73.19 per litre in Delhi, Rs 75.85 per litre in Kolkata and Rs 76.03 per litre in Chennai on February 1. Meanwhile, diesel on Saturday was priced at Rs 69.42 per litre in Mumbai, Rs 66.22 per litre in Delhi, Rs 68.59 per litre in Kolkata and Rs 69.96 per litre in Chennai after the cut.
Check Petrol & Diesel Price in Metro Cities on February 1, 2020:
|Metro Cities||Petrol Price/ Ltr||Diesel Price/ Ltr|
|Mumbai||Rs 78.83||Rs 69.42|
|Delhi||Rs 73.19||Rs 66.22|
|Chennai||Rs 76.03||Rs 69.96|
|Kolkata||Rs 75.85||Rs 68.59|
On Friday, the petrol price was Rs 73.27 a litre in Delhi, Rs 78.88 a litre in Mumbai, Rs 75.90 a litre in Kolkata and Rs 76.09 a litre in Chennai. According to reports, crude oil rates rebounded on Friday after the World Health Organization (WHO) said travel and trade restrictions were not necessary due to the outbreak of coronavirus in China, indicating that the fuel prices may rise in coming days.
The prices of petrol and diesel are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 am. Some factors that closely impact the price of fuel include rupee to US dollar exchange rate, cost of crude oil, global cues and international crude oil prices gain.