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The prices of gasoline and diesel are dropping sharply today. The latest rates here

NEW DELHI :
While crude oil rates plunged by about 30% into their worst day-long decline since the 1991 Gulf War, gasoline and diesel prices should all be further reduced this week. The price of petrol has been reduced by 24 liters per liter today while the price of diesel has dropped by 25 points.

So far this year, the price of gasoline has dropped by 4.55 per liter and diesel per 4.7 a liter. Today was the fifth day of lower fuel rates.

In Delhi, a liter of gasoline is priced at 70.59 per liter and diesel at 63.26 per liter. In Mumbai, gasoline sells to 76.29 liter and diesel to 66.24 per liter. In Chennai, a liter of gas will cost 73.33 per liter while diesel is now priced at 66.75 per liter. In Bengaluru, gasoline now sells to 73.01 and diesel at 65.42. In Hyderabad, gas pumps will recharge 75.04 for petrol and 68.88 for diesel.

As India imports around 80% of its crude oil needs, the prices of petrol and diesel are directly dependent on international benchmark rates.

Brent crude futures fell the most since the 1991 Gulf War today, falling 31% in seconds, as Saudi Arabia cut rates in a price war with Russia. The oil market was already stressed by the drop in demand due to the coronavirus.

Brent crude futures fell $ 14.25, or 31.5%, to $ 31.02 a barrel. This is the largest percentage decline since January 17, 1991, at the start of the first Gulf War and the smallest since February 12, 2016. It was trading at $ 35.75 at 0114 GMT.

(Agency contributions)

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