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

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

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

Marginal growth in demand

Meanwhile, the outbreak hitting the 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 the same quarter last year due to falling bank credit, a crisis in the NBFC sector and the slump in consumer spending.

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

Read: Over 2,800 deaths and 83,000 confirmed cases of Coronavirus globally: Reports

Coronavirus outbreak

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

Read: Petrol prices up 15 paisa, diesel by 17 paisa as crude hits USD 70 mark

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

Read: Hong Kong: Pet dog quarantined after testing 'weak positive' for Coronavirus

Read: 'Kerala successful in containing spread of Coronavirus': State Health Minister KK Shailaja