Petrol And Diesel Prices Slashed In Delhi

  • Special
  • Published On: 11 March 2020
  • Views
  • Likes
  • 2 min read
  • Download

Petrol prices have been slashed by Rs 2.69 while diesel prices get a reduction by Rs 2.33 in Delhi.

Petrol & Diesel Price India
  • 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.

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. more

Search Your Dream Vehicle

Select Category

  • Bikes
  • Scooters

Recent News

2021 Honda Gold Wing Tour Launched at Rs 37.20 Lakhs
Published On : 16 June 2021 | 1 min read

It is available in two variant options - Dual Clutch Transmission (DCT) with airbag & Manual Transmission

Click here to Read More
All-New BMW S 1000 R Launched at Rs 17.90 Lakhs
Published On : 15 June 2021 | 1 min read

The superbike is presented in three variants namely Standard, Pro and Pro M Sport

Click here to Read More
2021 Triumph Speed Twin Pre-Bookings Begin in India
Published On : 10 June 2021 | 1 min read

The official pre-booking for the updated Speed Twin commences at a token amount of Rs 50,000

Click here to Read More
Yamaha FZ-X Unofficial Bookings Start in India
Published On : 9 June 2021 | 1 min read

some Yamaha dealers are charging Rs 1,000 as booking amount for the FZ-X

Click here to Read More
Most Popular Adventure Tourer Bikes in India
Published On : 9 June 2021 | 1 min read

A look at the most popular adventure tourer bikes on sale in the country

Click here to Read More
2021 Kawasaki Ninja H2R Launched at Rs 79.90 Lakhs
Published On : 8 June 2021 | 1 min read

Being a track-specific model, it is not legal for riding on public roads

Click here to Read More