Coronavirus outbreak: Petrol, diesel set to get cheaper as crude oil hits 13-month low

Amid Coronavirus outbreak, petrol rate is down by 3.74 a litre and diesel by 4.41 a litre since mid-January. In Delhi, petrol price was at Rs 71.96 and diesel Rs 64.65 per litre. domestic rates of petrol and diesel are set to decrease furr as crude oil faced a 13-months low on Thursday. 

Meanwhile, crude oil has slumped by 12 per cent in eight days as cases of Coronavirus hit across several countries. 

Marginal growth in demand

Meanwhile, outbreak hitting global supply chain, consumption has grown slightly in Q2 by 5 per cent compared to 3.1 per cent. Meanwhile, investment collapsed to 1 per cent compared to an almost 12 per cent growth registered in same quarter last year due to falling bank credit, a crisis in NBFC sector and slump in consumer spending.

Manufacturing, on or hand, grew marginally by 2 per cent, while construction growth fell to a six-year low to 3.2 per cent. corporate tax cut which was implemented in September seems to boost investment marginally leing to a slight recovery in Indian ecomy.

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Coronavirus outbreak

According to latest report, 47 new deaths in China due to coronavirus infections have been confirmed, taking total death toll to nearly 2,835. National Health Commission also tallied 427 new cases, an increase from previous day, bringing total number of infections to 79,251. While most of cases are from Hubei province of China and city of Wuhan, epicentre of outbreak, or countries, including Iran, Italy, Japan and Philippines, have also w reported deaths related to COVID-19.

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First detected in city of Wuhan, in Hubei Province of China, virus outbreak has w spre across 20 countries since December 2019.  World Health Organisation (WHO) has dubbed virus as COVID-19. 

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