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New Delhi: With the ongoing global coronavirus outbreak weighing down oil price benchmarks Indian consumers are heaving a sigh of relief on declining fuel prices. Low oil prices also bode well for the government, especially at a time it is trying to revive economic growth and increase the spending capacity of citizens.
India’s heavy dependence on imported oil has over the years left its economy vulnerable to spikes in international oil rates. High oil prices tend to upset the government’s arithmetic on the trade deficit and fiscal deficit besides increasing inflation and weakening the Rupee.

Concerns of oversupply in the global oil market during the first quarter of 2020 have already pulled down global oil prices. With the rise in the rate of infections benchmark global commodity prices have started falling, prompting India’s oil marketing companies to reduce fuel prices since late January.
The price of petrol in Delhi fell to Rs 71.44 per litre on Tuesday, down by Rs 3.70 since 1 January 2020. Similarly, the price of diesel in the national capital also fell to Rs 64.03 per litre, down by Rs 3.93 per litre.

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