Petrol and diesel prices remained unchanged for a month despite crude oil rates tumbled over 54 per cent from its peak in this year due to weak demand caused by the coronavirus pandemic. The fuel rates were hiked in Mumbai and Kolkata by Rs 1 on April 2.
According to the official website of Indian Oil Corporation, on Wednesday, petrol now costs Rs 69.59 per litre in Delhi, Rs 76.31 per litre in Mumbai. Similarly, diesel costs Rs 62.29 a litre in Delhi, Rs 66.21 a litre in Mumbai. In Kolkata, a litre of petrol will cost Rs 73.30 per litre whereas diesel is now priced at Rs 65.62 per litre. In Chennai, a litre of petrol will cost Rs 72.28 per litre whereas diesel is now priced at Rs 65.71 per litre.
Crude oil futures on Monday plummeted 12.69 per cent to Rs 1,816 per barrel as participants trimmed their positions on weak spot demand. On the Multi Commodity Exchange, crude oil for April delivery fell by Rs 264, or 12.69 per cent, to Rs 1,816 per barrel with a business volume of 24,671 lots.
Crude oil for May delivery was quoting lower by Rs 137, or 5.68 per cent, to Rs 2,273 per barrel with an open interest of 3,271 lots. Globally, however, West Texas Intermediate crude oil rose 1.27 per cent to USD 23.05 per barrel and Brent Crude gained 0.57 per cent to USD 31.66 per barrel in New York.