Fuel prices unchanged as Brent hits 13 months low

Business | Written by : IANS| Updated:

Fuel prices unchanged as Brent hits 13 months low

New Delhi, Feb 4 (IANS) After five days of continuous decline, the fuel prices remained unchanged on Tuesday even as Brent crude continued its downward slide hitting 13 months low as oil demand faltered following the outbreak of coronavirus in China.

The petrol costs same as Monday and was retailing at Rs 73.04 a litre in Delhi, Rs 78.69 a litre in Mumbai, Rs 75.71 a litre in Kolkata and Rs 75.89 a litre in Chennai.

Similarly, diesel costs Rs 66.09 a litre in Delhi, Rs 69.27 a litre in Mumbai, Rs 68.49 per litre in Kolkata and Rs 69.81 a litre in Chennai, according to the Indian Oil Corporation website.

Brent crude was trading at $54.26 per barrel, the last time oil was that low was during the last week of 2018.

Experts said that demand is falling due to China cutting its March orders from oil exporting countries including Saudi Arabia. China's oil demand is likely to fall by 20 per cent compared to normal demand this time of the year due to the stringent restrictions on travel within China, and as well as to and from China.

China is the second largest consumer of oil.

WTI crude was also trading down on Monday, at $49.99 per barrel, below the $50 threshold after falling 3.04 per cent on the day at New York Mercantile Exchange.

Experts have warned that the coronavirus outbreak could turn into a full-blown pandemic leading to the further slump in demand.

However, India is likely to benefit from this slump as it imports 80 per cent of its requirement.