The Downfall in the Prices of Petrol and Diesel, 5 Facts to Know About the Rates of Fuel

Prices of petrol have seen a downfall by the Rs.71 mark in Delhi and Rs.76 mark in Mumbai.

Highlights

• Consistent fall in the prices of petrol and diesel from the last six days.
• For the last 8 months, these are the lowest prices of petrol and diesel.

New Delhi

Due to the clash between Saudi Arabia and Russia, the rates of crude oil are their lowest since February 2016. Since then the prices of petrol and diesel have been fluctuating. Today, the rates of petrol and diesel saw a fall by 30 paise a litre and 25 paise a litre, in that order. The prices of fuel saw a decline by a quarter of a rupee yesterday as well. Such a downfall or low rate of fuel will continue to impress the people until the end of this week.

In Delhi, the prices of petrol per litre are Rs.70.29 per litre whereas Rs.63.01 per litre for diesel. On the other hand, in Mumbai, the selling price of petrol is Rs.75.99 per litre and Rs.65.97 per litre. The prices of the fuel in the city of Chennai is Rs.73.02 per litre for petrol and Rs.66.48 per litre for diesel. Bengaluru fuel prices are petrol for Rs.72.70 per litre and Rs.65.16 per litre for diesel. Whereas, in Hyderabad petrol is at the rate of Rs.74.72 per litre and Rs.68.60 per litre for diesel.

5 Facts to Know About the Rates of Fuel

• The fall since February 27 in the price of fuel is about Rs.5 per litre in the year 2020 so far, the prices of petrol and diesel are low at an 8-9 month.
• The recent prices of retail do not reflect on the 30 percent massive crash in the rates of crude oil. This is so because the oil marketing companies take into consideration a 15 day average of the rate by an international benchmark. Therefore, the extreme instability happening in the oil and currency market the fall or rise in the fuel prices gets shocking over a period of a few days.
• The prices of crude oil ended yesterday by a fall of 25% but regained toady by 6%. The spin under the dejection of low demand because of the coronavirus outbreak globally, the war of prices between Russia and Saudi Arabia ignited the biggest daily collapse in the global market since the Gulf War of 1991.
• The Brent crude futures saw a rise by $2.36, or 6.9%, to $36.72 a barrel by 0307 GMT, whereas U.S. West Texas Intermediate crude raised by $1.87 or 6% to $33.00 a barrel.
• However, in India, the opposition party Congress blames the Centre for not cutting the prices of fuel in tune with the rates of crude oil. “We see crude oil declining to the lowest prices of all-time of $32 a barrel, but in India petrol and diesel are still sold at the prices of Rs.74 and Rs.64 per litre”, spokesman of Congress, Randeep Singh Surjewala said.