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Petrol Prices Raised By Over Re 1 This Week; Further Hike Expected

By Staff
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Fuel prices in the country have been persistently rising this week as international crude oil prices remain high. Post the Saudi drone attack, state-owned oil retailers have raised prices on a daily basis. In the National Capital, petrol price rose by Rs 1.03 per litre this week (between Tuesday and Friday) while diesel rates saw an 86 paise increase.

Petrol Prices Raised By Over Re 1 This Week; Further Hike Expected
 

Price hike on Friday

On Friday, petrol prices per litre were increased by 35 paise, the highest in two months to Rs 73.06 in Delhi, Rs 78.73 in Mumbai, Rs 75.93 in Chennai and Rs 75.56 in Bengaluru. Diesel prices were increased to Rs 66.29 per litre in Delhi, Rs 69.54 in Mumbai, Rs 70.07 in Chennai and Rs 68.55 in Bengaluru.

Petrol and diesel rates in India are revised every day based on the average of international crude oil prices and foreign exchange rates in the last 15 days.

International prices remain high

While the 20 percent jump in the global crude oil benchmark Brent had eased, pressure on the prices has remained high as tensions in the Middle East intensified.

Last Saturday, Saudi Arabia's production dropped by almost half after drone strikes a major oil processing facility.

Yemen's Houthi rebels claimed responsibility for the attack.

On Tuesday, the kingdom's oil minister assured that the lost production would be restored by the end of this month, bringing its capacity back to 12 million barrels per day by the end of November.

However, Brent crude is on track to record about 7.7 percent increase this week, the biggest weekly gain since January on account of escalation in tensions in the Middle East.

Middle East tensions intensify

The US and Saudi Arabia have blamed Iran for the assault on the oil facilities, while Tehran denies any involvement.

 

Crude oil prices continued to rise on Friday after a Saudi-led coalition launched a military operation north of Yemen's port city of Hodeidah while the US worked with the Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.

Further, in the US, torrential rain from Tropical Storm Imelda has forced a major refinery in the country to cut production and shut a key oil pipeline, terminals and a ship channel in Texas. The US is the biggest oil producer in the world.

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