Fuel prices drop sharply, in Delhi petrol costs Rs 70.29 and diesel Rs 63.01

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New Delhi: Fuel prices in Delhi slashed by Rs 2.69 for petrol and by Rs 2.33 for diesel. The price of 1 litre of petrol in Delhi as on Wednesday (March 11, 2020) is Rs 70.29, while the price of diesel is Rs 63.01. 

The reason for this price cut is a result of crude oil rates dropping to their lowest since February 2016 due to a price war between Saudi Arabia and Russia.

Meanwhile, in Mumbai, petrol is being sold at Rs 75.99 per litre and diesel at Rs 65.97 per litre.

In Chennai, a litre of petrol will cost Rs 73.02 per litre whereas diesel is now priced at Rs 66.48 per litre.

In Bengaluru, petrol is now being sold at Rs 72.70 and diesel at Rs 65.16. In Hyderabad, petrol pumps are charging Rs 74.72 for petrol and Rs 68.60 for diesel.

Fuel prices have been on the decline since February 27 on international trends. Petrol prices have in all fallen by Rs 1.42 a litre since then and diesel rates have dropped by Rs 1.44 per litre.

The fall in oil prices comes at a time when the global economy is already reeling under the impact of coronavirus, which has dented demand across sectors and economies.

(With inputs from agencies)