Delhi residents woke up to post-Holi festive cheer on Wednesday, 11 March, as petrol prices in the national capital fell Rs 2.69 to Rs 70.29 and diesel prices reduced by Rs 2.33 at Rs 63.01.
On Tuesday, petrol was selling at Rs 72.98, whereas diesel cost Rs 65.34.
Petrol prices slipped below the Rs 71 mark for the first time in eight months on Monday, as India looks set to reap a windfall from a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.
Brent futures plummeted to about USD 31 a barrel on Monday as Goldman Sachs warned prices could drop to near USD 20.
For India, which imports over 84 percent of its oil needs, the slump would lead to lower import bill and a cut in retail prices but will harm already stressed upstream firms such as ONGC. Lower oil prices will also help economy from its 11-year low growth rate by way of reducing input cost for a lot of sectors.
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