Sharp drop in the price of international crude oil followed by the outbreak of coronavirus in China has resulted in further depreciation of the petrol and diesel rates in India.
The price of petrol was cut by 15 paise and diesel fell by 25 paise across all major cities on Monday.
Petrol rates in Delhi is now at Rs 73.71 a litre, Rs 79.32 a litre in Mumbai, Rs 76.33 a litre in Kolkata and Rs 76.56 a litre in Chennai after the price cut.
On the other hand, diesel is priced at Rs 66.71 a litre in Delhi, Rs 69.93 a litre in Mumbai, Rs 69.07 per litre in Kolkata and Rs 70.47 a litre in Chennai, according to the Indian Oil Corporation website.
Global oil benchmark Brent crude fell nearly five dollars per barrel since last week due to sluggish demand following a sharp rise in coronavirus cases in China. The Brent crude fell below $60 per barrel to $59.39 a barrel on Monday as the death toll due to coronavirus rose sharply.
Chinese health authorities on Monday informed that 2,744 confirmed cases of pneumonia caused by coronavirus, including 461 in critical conditions, had been reported in the country.
The outbreak of the virus, especially at a time when China is entering one of its busiest travel periods on account of its Lunar New Year holiday, has received a sharp adverse reaction from Asian, US and European stock markets.
(With input from agencies)