The trend of decline in the prices of petrol and diesel continued for the fourth consecutive day on Tuesday. Oil marketing companies cut the price of petrol by five paise per liter in Delhi, Kolkata, Mumbai, and Chennai. While the price of diesel in Delhi and Kolkata were reduced by seven paise. While in Mumbai and Chennai it has been reduced by eight paise per liter.
Petrol and Diesel Prices
In these four days, consumers have got relief of about 55 paise per liter in the price of petrol and diesel. In the international market, petrol and diesel prices have come down due to the steep fall in the price of crude oil. Although crude oil has returned again.
According to the website of Indian Oil, the price of petrol in Delhi, Kolkata, Mumbai and Chennai has come down to Rs 71.44, Rs 74.11, Rs 77.13 and Rs 74.23 per liter respectively.
In the four metros, the price of diesel has also come down to Rs 64.03, Rs 66.36, Rs 67.05 and Rs 67.57 respectively.
Heavy Cut On Monday Also
The price of petrol and diesel was also cut drastically on Monday. On Monday, while the price of petrol has been cut by 22-23 paise per liter. Diesel has again become cheaper by 20-21 paise per liter.
Why Crude Oil Became Stronger
In the international market, the price of crude oil had increased by more than three percent on Monday. Crude oil remained strong for the second consecutive day on Tuesday. Many central banks of the world have started preparations to bring relief packages to protect the economy from the outbreak of Coronavirus. It has also raised hopes that this week OPEC countries will further cut their production.
Brent crude rose 2.5 percent to $ 53.18 a barrel on Tuesday. Similarly, the US West Texas Intermediate rose 2.8 percent to $ 48.07 per barrel.