With third straight day of cut in crude oil rates with the surfacing of fears around respiratory virus in China that could lower demand for oil as well as due to reports that suggests oil inventories have inched higher in the US last week. Brent crude futures were down $1.05, or 1.7%, to $62.16 a barrel by 0125 GMT.
Because of the deadly virus, Goldman Sachs is of the view that oil consumption shall take a hit by as much as 260000 barrels per day this year.
Crude oil prices have dropped to their lowest in 7 weeks. And amid it in the domestic market, petrol and diesel price have become the cheapest in a month's time. Since June 15, 2017, petrol and diesel is following dynamic pricing model, wherein based on the international crude oil price, auto fuel rates are revised on a daily basis at 6:00 am.
Today, the prices of petrol and diesel have been revised lower by 17 paise and 19 paise per litre.
In New Delhi, a litre of petrol today costs Rs. 74.65 and diesel Rs. 67.86. In Mumbai, a litre of petrol comes at a price of Rs. 80.25 a litre and diesel Rs. 71.15 a litre. In Chennai, petrol costs Rs. 77.54 and diesel Rs. 71.70. It is to be noted that since January 12, the prices have been declining which during the start of the month were inching higher.