Coronavirus affect on Petrol, Diesel price: After WHO declares COVID-19 pandemic, fuel price plunges

Fuel prices were further reduced on Thursday due to fall in damand after the World Health Organisation (WHO) declared the coronavirus a pandemic. The price of petrol was narrowed by 15-16 paise and diesel by 12-13 paise across all major cities in the country.

Petrol now is priced at Rs 70.14 per litre in Delhi, Rs 75.84 per litre in Mumbai, Rs 72.83 a litre in Kolkata and Rs 72.86 per litre in Chennai after the price cut.

Likewise, diesel is priced at Rs 62.89 per litre in Delhi, Rs 65.84 per litre in Mumbai, Rs 65.22 per litre in Kolkata and Rs 66.35 a litre in Chennai, as per Indian Oil Corporation website.

International crude oil prices plummeted on Wednesday after Saudi Arabia and the UAE pledged to augment production, stepping up a global price war between OPEC and its allies. Brent was trading at $33.86 per barrel, down by 5.52%.

The travel and leisure industry had been badly hit by the coronavirus after Italy closed the entire country and the United States placed a ban on travel for at least 30 days.

The retail prices of fuel are determined by the international crude prices and the rupee-US dollar exchange rate as India imports over 80% of it crude requirement.

Domenstic diesel and petrol rates are re-evaluated by oil marketing firms on a daily basis.

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