Petrol and Diesel Price Slashed Amid G20's Warning on Global Trade Tensions

Fuel prices in the country were cut across the metro cities on Monday, as per the data on the official website of IOC (Indian Oil Corporation). It is the fourth consecutive day of price cuts in the metro cities, except for Delhi, where is it the fifth time.

Petrol price per litre in metro cities were lowered to Rs 76.30 in Delhi, Rs 83.75 in Mumbai, Rs 79.15 in Kolkata and Rs 79.25 in Chennai. On Sunday, it was priced at Rs Rs 76.37 in Delhi, Rs 83.82 in Mumbai, Rs 79.20 in Kolkata and Rs 79.33 in Chennai.

Diesel per litre, on the other hand, was at Rs 67.89 in Delhi, Rs 72.07 in Mumbai, Rs 70.56 in Kolkata and Rs 71.70 in Chennai.

Price for petrol and diesel in Indian cities are based on international crude oil rates and taxes levied by the central and state governments. The global benchmark Brent fell by 10 cents (0.1 percent) on Monday morning to $72.97 a barrel.

The oil market reacted to the increasing worries of demand for fuel after the finance ministers, as well as the central bank governors of the G20 countries, warned that the global economic growth will be hurt from the rising trade and geopolitical tensions. The leaders met in Buenos Aires over the weekend to discuss the issues concerning economic growth. A slower growth will reduce trade and demand for crude.

Group of 20 finance ministers warned on Monday that "heightened trade and geopolitical tensions" posed risks to global economic growth as two days of meetings came to a close. The G20 emphasized "the need to step up dialogue and actions to mitigate risks and enhance confidence", in its final communique after a summit dominated by fears over an escalating global trade conflict. The statement did not mention the United States, which is at the centre of multiple trade disputes, but was still stronger than the statement in March when the G20 avoided the issue altogether.

Inputs from PTI