Accordingly despite a recent spike in crude oil rates to above $59 a barrel, petrol prices are now at a 5-month low while diesel rates are touching 7-month low levels. petrol and diesel prices were left unchanged for the third consecutive day today. In New delhi, a litre of petrol is being sold for ₹71.89, diesel ₹64.65. In mumbai, petrol costs ₹ ₹77.56 a litre and diesel ₹64.65. Those in bengaluru will have to pay ₹74.34 for a litre of petrol and ₹66.84 for diesel. In chennai, a litre of petrol costs ₹74.68 and diesel ₹68.27.
petrol rates are tracking mid-September levels while diesel is back to where it was in July 2019. Fuel rates have maintained a declining trend this month. So far in february, petroleum is down by ₹1.21 a litre while diesel by ₹1.49 a litre. Crude oil rates, however, are on course for a second weekly gain as stimulus measures are expected to cushion the economies of several countries including china from the impact of the coronavirus outbreak. The impact of coronavirus on oil demand is still unclear.
Brent crude was down 28 cents, or 0.5%, at $59.03 a barrel by 0332 GMT, while U.S. crude was also off by 28 cents, or 0.5%, at $53.60 a barrel. OPEC and its allies have been withholding supply from the market to support prices for several years now and many analysts expect an extension or deepening of the restrictions on production during their meeting on march 5-6 in Vienna.