Petrol and diesel prices decreased on Saturday. Petrol prices have slashed by 13 paise in the capital and diesel is 16 paise cheaper than yesterday. The government also declared a hike of Rs.3 on excise duty on petrol and diesel. The hike in excise duty may dampen the collapse of fuel prices in India following the coronavirus outbreak across the globe.
The price of per liter of petrol in Delhi is Rs.69.87 downfrom Rs.70 on Friday. Diesel is selling at Rs.62.58 in Delhi down from Rs.62.74yesterday. The price in Mumbai for a liter of petrol is Rs.75.57 down fromRs.75.70 on Friday. A liter of diesel will cost Rs.65.51 on Saturday, comparedto Rs.65.68 on Friday.
The fall in price ofglobal crude oil has sent petrol and diesel rates in a downward spiral. A pricewar over the demand of a production cut has led to to the crash in oil prices.This week, Saudi Arabia cut down its selling price in order to compete withRussia. Moreover, Saudi also pledged to increase the production further, whichis expected to bring down the prices of crude oil further.