Petrol, Diesel Prices Unchanged After 6 Consecutive Days Of Rate Cuts

Fuel prices were left unchanged on Wednesday by state-owned oil retailers after six consecutive days of rate cuts.

Petrol prices per litre stood at Rs 70.29 in New Delhi, Rs 72.98 in Kolkata, Rs 75.99 in Mumbai and Rs 73.02 in Chennai. Diesel per litre was priced at Rs 63.01 in New Delhi, Rs 65.34 in Kolkata, Rs 65.97 in Mumbai and Rs 66.48 in Chennai.

Amid a decline in international crude oil prices, fuel prices have been steadily matching the fall for the last 15 days.

On Monday, international benchmark Brent crude futures plummeted over 27 percent on Monday to $32.93 a barrel while US West Texas Intermediate (WTI) crude fell close to 30 percent to a low of $27.34 per barrel.

The massive one-day decline came after OPEC's (Organization of the Petroleum Exporting Countries) failure to strike a deal with its allies in last week's meeting on production cuts triggered Saudi Arabia, the de-facto leader of the organisation, to slash its selling prices, causing concerns of an all-out price war.

The prices have now recovered over expectations that the US shale oil producers will trim output to help improve market sentiment. Brent crude futures were trading at $38.66 a barrel on Wednesday while the US WTI rose to $35.48 per barrel.

After the slump in oil prices, that caused the stock markets to tumble amid prevailing worries over coronavirus, the US Energy Department said that the Trump administration was watching the situation.

"These attempts by state actors to manipulate and shock oil markets reinforce the importance of the role of the United States as a reliable energy supplier to partners and allies around the world. The United States, as the world's largest producer of oil and gas, can and will withstand this volatility. The growth of the unconventional oil and gas industry in the United States has led to a more secure, resilient and flexible market," the statement said.