new Delhi: After the recent drop in crude oil in the international market, oil marketing companies on Thursday cut the prices of petrol and diesel marginally. The price of petrol has been reduced by eight to nine paise, while the price of diesel has been reduced by 10 to 12 paise per liter. On the other hand, the prices of crude oil recovery in the last session in the international market have again softened. Fears of a decrease in the demand for oil due to the outbreak of the Corona epidemic have softened prices. Also Read – Petrol and Diesel Price Update: People can get relief on Petrol Diesel, know today’s rate
According to the website of Indian Oil, petrol prices in Delhi, Kolkata, Mumbai and Chennai have come down to Rs 81.99, Rs 83.49, Rs 88.64 and Rs 84.96 per liter respectively. At the same time, diesel prices have come down to Rs 73.05, Rs 76.55, Rs 79.57 and Rs 78.38 per liter. Also Read – LPG Gas Cylinder Update: Reduce the price of gas cylinders, know what is the rate in your city
Brent crude’s November delivery contract on the international futures market Inter Continental Exchange (ICE) was trading at $ 40.64 a barrel, down 0.37 percent from the previous session on Thursday. Brent crude prices recovered more than two percent in the last session. Also Read – Diesel Price Today 4 September 2020: Diesel price drops after 6 months, now what is the price of one liter petrol-diesel
At the same time, WTI’s October delivery futures contract was trading at $ 37.84 per barrel, a decline of .0.55 per cent over the previous session. Commodity market experts point out that global demand for oil is expected to soften, which is putting pressure on prices.