After international crude oil went into a free fall, fuel prices in India further reduced on Wednesday. The prices of petrol and diesel have been cut by more than Rs 2. The crude oil due to a major slump in demand following the global outbreak of the coronavirus epidemic.
Petrol has been cut by 2.69, now costs Rs 70.29 per litre. Meanwhile, diesel prices have been reduced by Rs 2.33 at Rs 63.01.
International crude oil prices tumbled the most in decades overnight on Sunday. The collapse was triggered by sinking demand due to coronavirus scare worldwide.
On Monday, the Petrol prices slipped below Rs 71 mark, the first time in eight months.
International oil prices crashed by close to 31 per cent, the second-largest margin on record, after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia.