On January 23, petrol and diesel prices across major cities in India dropped by 17 paise and 19 paise a litre respectively.
Petrol and diesel prices have been falling since January 12 after a significant spike in the early part of the month following tensions in the Middle East.
On January 23, petrol and diesel prices across major cities in India dropped 17 paise and 19 paise a litre, respectively, the lowest for the month of January.
A litre of petrol on January 23 cost Rs 74.65 in New Delhi, Rs 80.25 in Mumbai, Rs 77.54 in Chennai and Rs 77.26 in Kolkata. Meanwhile, a litre of diesel in these very cities costs Rs 67.86, Rs 71.15, Rs 71.70 and Rs 70.22 a litre, respectively.
In Bengaluru, consumers will have to shell out Rs 77.15 and Rs 70.12 for a litre of petrol and diesel. respectively. Those in Gurugram and Hyderabad will be able to buy a litre of petrol for Rs Rs 74.17 and Rs 79.38 and a litre of diesel at Rs 66.86 and Rs 73.99, respectively.
Oil prices hit a seven-week low on January 23 on the back of fears that the outbreak of the SARS-like coronavirus in China may lower fuel demand.
India, the world's third-biggest oil consumer, imports about 84 percent of its oil needs and traditionally relies on Middle East for majority of its supplies.However, work on a strategy to diversify India's oil supply sources in order to cut dependence on the Middle East is underway, Oil Minister Dharmendra Pradhan said last week, adding that some refiners are in advance negotiations to boost Russian oil imports.
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