Petrol, diesel prices: Indian consumers face the heat of drone attacks on Saudi oil facilities - EntornoInteligente /

New Delhi: Indian consumers have started feeling the heat of the recent drone attacks on Saudi Arabia ’s largest oil assets with fuel prices across the country hiked by more than 25 paise per liter for petrol and diesel today. The increase in the fuel prices by state-owned Oil Marketing Companies (OMCs) is the biggest single-day hike since 5 July, when the government increased excise duty on both the fuels leading to a direct spike of Rs 2.50 per litre. In Delhi, petrol prices increased by 25 paise to Rs 72.42 per litre on Wednesday while the price of one litre of diesel was increased by 24 paise to Rs 65.82. In Mumbai, the price of petrol and diesel was hiked by 25 paise to Rs 78.10 per litre and 26 paise to 69.04 per litre, respectively. LISTEN IN: PODCAST – In discussion with ICRA’s K Ravichandran on recent Saudi attacks OMCs fix the price of petrol and diesel at retail outlets based on an average of the past 15 days of the benchmark prices of petrol and diesel in the Middle East. Brent futures jumped almost $12 a barrel in the seconds after their opening on Monday, the biggest intraday advance in dollar terms since they were launched in 1988. However, after Saudi Arabia’s energy minister said that the kingdom will restore lost oil production by the end of the month, the price of Brent fell in opening trade today to $64.40 per barrel. Market research agencies on Tuesday projected that Indian refiners may increase prices of both the fuels by Rs 5-6 in the coming fortnight. Also, M K Surana, the Chairman of state-run refiner Hindustan Petroleum ( HPCL ) has said the price of fuels may be impacted if crude oil rates continue to rise by 10 per cent. Oil Minister Dharmendra Pradhan had yesterday told reporters the government is in contact with Saudi Arabia and the Indian refining companies and Saudi Arabia has assured the Indian government there will be no disruption in oil supply. However, it remains unclear by when will the Kingdom be able to effectively restart its oil processing facilities and oil fields. Reserve Bank of India Governor Shaktikanta Das had on Monday said that India’s current account deficit and fiscal deficit might take a hit if oil prices continue to rise.
LINK ORIGINAL: Energy.economictimes.indiatimes

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