New Delhi :
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 the same as Monday and was retailing at Rs 73.04 a liter in Delhi, Rs 78.69 a liter in Mumbai, Rs 75.71 a liter in Kolkata and Rs 75.89 a liter in Chennai.
Similarly, diesel costs Rs 66.09 a liter in Delhi, Rs 69.27 a liter in Mumbai, Rs 68.49 per liter in Kolkata and Rs 69.81 a liter 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 percent 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 percent 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 percent of its requirement.