Petrol, diesel prices see big cut on Saturday following Coronavirus outbreak

New Delhi: Fuel prices were dropped further on Saturday after international crude oil rates fell sharply following the outbreak of Coronavirus in China.

The price of petrol was cut by 27 paise and that of diesel by diesel by 30 paise a litre across all major cities on Saturday.

The petrol now costs Rs 74.16 a litre in Delhi, Rs 79.76 a litre in Mumbai, Rs 76.77 a litre in Kolkata and Rs 77.03 a litre in Chennai after the price cut.

Similarly, diesel costs Rs 67.31 a litre in Delhi, Rs 70.56 a litre in Mumbai, Rs 69.67 per litre in Kolkata and Rs 71.11 a litre in Chennai, according to the Indian Oil Corporation website.

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Brent crude was trading at $60.56 per barrel on Saturday morning, down by 2.43 per cent from the previous close of $62.07 per barrel on fears of slump in demand follwing the outbreak of deadly Coronavirus in China.

The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements.

Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.