Petrol, diesel prices left unchanged for almost a month today
NEW DELHI : Amid a slump in oil demand during lockdown, state-run fuel retailers today left the price of petrol and diesel unchanged for the 29th day in a row. Crude oil prices are down by more than 54% this year while auto fuel rates have fallen by only about 8-10% from their peaks in this year.
Despite an unprecedented deal by the world’s biggest producers to cut output to steady a market pummelled by coronavirus, oil futures are still trading around %32 a barrel.
In India, fuel sales have slumped by around 70% this month as industries, barring those falling under the essential services category, are shut. Slump in fuel demand has already forced some refiners to halve crude processing and raise prompt exports of refined fuels.
