After a day's break, the prices of petrol and diesel were reduced on Thursday as crude oil rates continued to decrease over fears of the spread of coronavirus in China. The petrol price has come down by 23 - 25 paise per litre, and the price of diesel has decreased by 22-24 paise per litre.
Petrol prices have declined by 24 paise per litre in Delhi and Mumbai, 23 paise in Kolkata and 25 paise in Chennai. At the same time, diesel has become cheaper by 22 paise in Delhi and Kolkata, 23 paise in Mumbai and 24 paise per litre in Chennai.
According to the Indian Oil website, petrol prices in Delhi, Kolkata, Mumbai and Chennai were reduced to Rs 73.36, Rs 75.99, Rs 78.97 and Rs 76.19 per litre respectively on Thursday.
At the same time, the price of diesel in the four metros has also come down to Rs 66.36, Rs 68.72, Rs 69.56 and Rs 70.09 per litre respectively.
In China, crude oil has declined further due to the spread of coronavirus and the rising number of casualties.
Another reason for the fall in the price of crude oil is that the stock of oil has increased in the US in the past week. According to Wednesday's report by the US agency Energy Information Administration, oil reserves in the US rose by 35 lakh barrels last week.
On the international futures market Intercontinental Exchange (ICE) on Thursday, Brent crude's April delivery contract was trading at $ 58.31 a barrel, down 1.02 per cent over the previous session.
At the same time, the March contract of American Light Crude West Texas Intermediate (WTI) was trading at $ 52.82 a barrel, down 0.96 per cent from the previous session.