Petrol And Diesel Prices Slashed In Delhi

Petrol prices have been slashed by Rs 2.69 while diesel prices get a reduction by Rs 2.33 in Delhi.
  • Published On: 11/03/20
  • Views
  • 0 Comments
  • Likes
  • 2 min read
Petrol & Diesel Price India

Petrol and Diesel prices in India were reduced on Wednesday due to the looming price war between Russia and Saudi Arabia. International Crude Oil rates were at its lowest in ages due to OPEC (The Organization of the Petroleum Exporting Countries) failing to reach an agreement with Russia in regards to production cuts. Saudi Arabia plans to increase the crude output above 10 million barrels per day in April if no agreement is reached. 

The rising uncertainty in the International crude market is source of good news for Delhi residents who saw a sharp fall in petrol and diesel prices on Wednesday. Petrol per litre in Delhi on Wednesday was reduced by Rs 2.69 which now stands at Rs 70.29. Meanwhile, diesel prices have gone down by Rs 2.33 at Rs 63.01 which will cheer the National Capital’s residents. Fuel prices have been falling since February 27, 2020, and will be going down further due to the failure of the oil-producing countries to come on a single page regarding pricing and supply. Fall in crude prices is good news for India as it will reduce India’s import bill and help in controlling the fiscal deficit outlined in the 2020 Economic Budget. 

On Monday, the Petrol prices went below Rs 71 mark, the first time it happened in eight months. Wednesday price cut wouldn’t be the last fuel price cut in India if the international trends are anything to go by. Current petrol and diesel prices in India don’t immediately reflect the slump in International prices as the oil companies base the prices on the 15-day average of international benchmark rates. Saudi Arabia and Russia are respectively the largest and second-largest exporter of crude oil and both of them haven’t come to a consensus regarding the production cuts so we can expect a further reduction in petrol and diesel prices in India.

Buy on DroomView All

Related Stories

Mercedes Benz India Appoints Vyankatesh Kulkarni as Head of Operations

Mercedes Benz India Appoints Vyankatesh Kulkarni as Head of Operations

Vyankatesh is currently associated with Mercedes-Benz Research and Development India Pvt. Ltd. (MBRDI) as Vice President ...

  • Published On: 30/05/22
  • 49 Views
  • 2 min read
Tata Motors Acquires Ford India's Sanand Production Facility

Tata Motors Acquires Ford India's Sanand Production Facility

It will develop electric vehicles at this manufacturing unit with an installed capacity of 300,000 units per annum ...

  • Published On: 30/05/22
  • 51 Views
  • 2 min read

Abhinav Smith
Author Abhinav Smith

Giving emotions to the machines, Abhinav Smith loves to write on automobiles which is his undying passion. Currently working as an auto correspondent at Droom Discovery, he is an ardent fan of machines and Manchester United in equal measure. He pursued Engineering as a degree but took up writing as a career like many of his peers. Abhinav has 5 years plus of experience in the writing field.

  • Published On: 11/03/20
  • Views
  • 0 Comments
  • Likes
  • 2 min read

Discover Your Dream Vehicle

Eg: Maruti Suzuki Alto VXI
Eg: Bajaj Pulsar 150
Eg: Honda Activa