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Petrol, diesel prices become cheaper after 3 big cuts. Check latest rates here

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NEW DELHI :
As Brent crude oil rates declined more than 6% this week, petrol and diesel prices were cut today for the third consecutive day. State-run fuel retailers made petrol cheaper by 27 paise a litre and diesel by 30 paise a litre. In just three days, petrol has become cheaper by 66 paise and diesel by 74 paise.

Petrol today costs 74.16 a litre in Delhi, 79.76 a litre in Mumbai, 76.77 a litre in Kolkata and 77.03 a litre in Chennai. Diesel, on the other hand, costs 67.31 a litre in Delhi, 70.56 a litre in Mumbai, 69.67 per litre in Kolkata and 71.11 a litre in Chennai.

Petrol and diesel prices began 2020 on an inflationary note but since January 12 the rates are on a declining mode.

The ministry of petroleum and natural gas has been pushing for inclusion of petroleum products like petrol and diesel in Goods and Services Tax (GST) as it would bring down volatility in retail prices which are constantly under pressure on rising global oil prices.

Amid fears that the spread of the deadly virus in China will affect global oil demand, crude rates slumped by more than 2% yesterday with Brent posting its biggest weekly decline in over a year. Brent crude settled at $60.69 a barrel, down $1.35, or 2.2%. The global benchmark fell 6.4% this week, its biggest weekly loss since Dec. 21, 2018. US crude futures ended at $54.19 a barrel, shedding $1.4, or 2.5% on Friday and clocking a 7.4% weekly decline, their largest since July 19.

(Inputs from agencies)

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