Diesel prices remain at Rs 62.29 per litre in Delhi, Rs 65.71 in Chennai. (Photo Credit: Representative Image)
Fuel Prices Today: Amid coronavirus outbreak worldwide, the prices of petrol and diesel have remained unchanged for the 15th consecutive day on Wednesday (April 1). The price of petrol is Rs 69.59 per litre in Delhi while it stands at Rs 75.30 per litre in Mumbai, Rs 72.29 per litre in Kolkata, and Rs 72.28 per litre in Chennai, respectively, reports ET. Diesel prices remain at Rs 62.29 per litre in Delhi, Rs 65.71 in Chennai, Rs 64.62 per litre in Kolkata and Rs 65.21 per litre in Mumbai.
Amid the slowing global growth and COVID-19 pandemic, the oil prices earlier plunged to their lowest level since 2002. The record decline in the oil prices came after US president Donald Trump extended social distancing guidelines, reported LiveMint. However, Saudi Arabia has continued with its surplus production targets. The Saudi Arabian Oil company (Saudi Aramco’s), world’s largest oil producer, is likely to boost supplies to 12.3 million barrels per day in April.
How Global Crude Prices Impact India
The decline of USD 10 per barrel, would mean a saving of USD 15 billion in India’s import bill. In the financial year 2018-19, the oil import costed USD 111.9 billion which was USD 87.9 in the financial year 2017-18.
Earlier, the Modi government had hiked the excise duty on diesel and petrol by Rs 3 per litre. The special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre in case of petrol while it was raised to Rs 4 in the case of diesel.
Moreover, reports had earlier surfaced that Indian Oil Corporation was ready to supply low emission BS-VI fuels from April 1 which might have resulted in a marginal increase in retail prices.
Why Petrol Diesel Prices Revised Every Day
The petrol diesel prices are revised every day at 6 am such that the variation in the crude prices on the global front can be transferred to consumers in the domestic market. In case, the international crude oil prices gain, the prices in India also surge. Rupee to US dollar exchange rate is also a big factor which decides the cost of crude oil, global cues, demand for fuel, and so on in India.