Business

Petrol Prices Rise Re 1.60 in One-Week Post-Aramco Attack

Sentinel Digital Desk

New Delhi: Domestic fuel prices have increased significantly over the past one week after the recent drone attacks on Saudi-oil major Aramco and petrol prices across major cities by around Rs 1.60 per litre.

In the national capital, petrol prices have risen Rs 1.65 since the attacks on September 21. On Sunday, the fuel was priced at Rs 73.62 per litre.

Prices in Chennai, Mumbai and Kolkata rose by Rs 1.67, Rs 1.64 and Rs 1.66 to Rs 76.52, Rs 79.29 and Rs 76.36 per litre, respectively, on Sunday, data on the Indian Oil Corp’s website showed.

The rate of increase in prices has been higher in the past four days. On a daily basis, prices in Delhi, Chennai, Mumbai and Kolkata rose by 27 paise, 28 paise, 27 paise and 31 paise compared to Saturday’s price levels.

Diesel prices across the metro cities also increased by over a rupee after since September 14. In Delhi, Chennai, Mumbai and Kolkata, prices of diesel have so far increased by Rs 1.37, Rs 1.47, Rs 1.45 and Rs 1.37 to Rs 66.74, Rs 70.56, Rs 70.01 and Rs 69.15 per litre, respectively, on Sunday.

Experts suggested that following the largest ever-disruption of crude production in Saudi Arabia amid drone attacks on its key facilities, prices of petrol and diesel in India may shoot up by Rs 5 to 6 a litre.

A recent report by Kotak said that in light of the sharp rise in international crude oil prices, Indian oil marketing companies (OMCs) may increase the retail price of diesel and gasoline by Rs 5 to 6 per litre in the following fortnight.

However, government sources have indicated that, even if the surge in crude prices holds on for a longer period, consumers would not be burdened with high auto fuel prices as oil companies and the government may absorb a portion of the price hike.

On September 16, the first working day post the attacks, prices of benchmark Brent crude surge to $72 per barrel. Eventually, however, they have eased following assurances improvement in supplies by Aramco. The demand scenario also has remained stagnant which has helped prices come down from the highs. (IANS)