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 Petrol and Diesel price cut by Rs 2 per litre, here's why fuel prices slashed for seventh consecutive day

Jagran English (11/03/2020) New Delhi | Jagran Business Desk: What comes to a major relief to commuters in Delhi, oil companies have announced a Rs 2.69 and Rs 2.33 cut in petrol and diesel prices per litre. The drop in prices comes amid coronavirus scare around the world and biggest-ever price cut in the crude oil prices since 1991 by Saudi Arabia. Following the announcement, the petrol price has come down to Rs 70.29 and Diesel to Rs 63.01 per litre in the national capital.

Petrol per Litre:

Rs 72.58 in Noida, Rs 75.99 in Mumbai, Rs 72.98 in Kolkata and Rs 73.02 in Chennai

Diesel per Litre:

Rs 63.01 in Delhi, Rs 65.97 in Mumbai, Rs 65.34 in Kolkata and Rs 66.48 in Chennai.

Here's how fuel price cut will affect the common man:

India imports 70% crude oil from abroad. In that case, it will get crude oil for about half the price, which will directly affect freight movement in the country. India consumes 235 lakh tonnes of oil every year.

Mustard oil prices have fallen by 13 per cent, while the price of rice bran has been reduced by 20 per cent due to a decrease in crude oil prices. In such a situation, common people will directly benefit from this decline.

Aviation sector which is operating in bad times may also get some relief due to the reduction in crude oil.

The demand for natural gas is increasing rapidly. The cost may also decrease in the coming days.

The prices of edible oils may come down by more than 10 per cent.

Overall inflation (prices of vegetables, spices) may also come down.

The prices of CNG, PNP and gas cylinders may be reduced after fall in crude oil prices.

Palm oil wholesale prices had increased by 35 per cent in December, is likely to come down in upcoming days.

Increased prices of soya bean and other oils such as sunflower and mustard may also decrease.

In the next few months, wholesale prices may fall by 10-15 per cent, which will be a big relief for the central government.

Read more at https://english.jagran.com/business/petrol-and-diesel-prices-slashed-over-rs-2-per-litre-heres-how-it-will-affect-common-man-10-points-10009549

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