After a sharp jump in crude oil prices after the drone attacks on Saudi oil facilities, state-owned oil retailers increased fuel rates in India for two consecutive days.
On Wednesday, petrol prices per litre were hiked by 25 paise in New Delhi to Rs 72.42, by 27 paise in Mumbai to Rs 78.10, by 29 paise in Chennai to Rs 75.26 and by 28 paise in Bengaluru to Rs 74.89.
Diesel prices were also increased. In New Delhi, it was raised by 21 paise a litre to Rs 65.82, by 28 paise in Mumbai to Rs 69.04, by 28 paise in Chennai to Rs 69.57 and by 29 paise in Bengaluru to Rs 68.08.
Meanwhile, international oil prices saw a steep decline of 6.5 percent on Tuesday, after Saudi Arabia reassured the markets that it will restore to full production by the end of September and also said that it will ensure full supply commitments to its customers.
Energy Minister Prince Abdulaziz bin Salman said that average oil production in September and October would be 9.89 million barrels per day. On Wednesday morning, Brent crude oil futures were trading at 64.40 a barrel.
Last week, on Saturday, oil processing facility at Abqaiq and the nearby Khurais oil field were attacked by drone strikes, knocking out 5.7 million barrels of daily crude production or 50 percent of Saudi Arabia's oil output. Abqaiq is the world's largest oil processing facility. Crude oil prices surged as much as 20 percent on Monday when commodities markets opened.
Fuel prices in India are revised every day based on global crude oil prices and foreign exchange rates in the last 15 days.
India imports 83 percent of its oil needs, with Saudi Arabia being its second-biggest supplier.