Crude oil prices dropped about 30 per cent in its worst single-day drop since the 1991 Gulf War. The price of petrol in Bhubaneswar has fallen by around Rs 5.43, and diesel by ₹6.40 since January 10.
Currently, petrol is priced at ₹69.55 a litre in Bhubaneswar following a 24 paise cut on Monday. Diesel which stands at ₹67.73 a litre saw a 25 paise drop for the fifth consecutive day.
Brent crude fell 31 per cent as Saudi Arabia cut prices competing with Russia.
Crude futures fell by as much as $14.25, to $31.02 a barrel. This is the biggest drop since January 17, 1991.
