The price of petrol in the country has surged to its highest level in the year following eight days of continuous rise in fuel prices. Oil marketers have increased petrol price today by 22-23 paise per litre, at the same time diesel prices also saw an increase by 14-15 paise per litre. Fuel prices are on the boil after the drone attack on Saudi Arabia-based Aramco's oil processing facility.
After today's price revision, petrol in Delhi is available for Rs. 74.13 per litre as against Rs.73.91 a day before, diesel prices have also scaled to Rs. 67.07 per litre in comparison to Rs. 66.93 yesterday. Petrol and diesel prices are the cheapest in Delhi among all metro cities and most of the state capitals owing to lower taxes.
When considering past eight days of hike, petrol has increased in price by Rs. 2.09 per litre while diesel has gone up by Rs. 1.65/ litre.
Fuel prices are being revised daily in India since June 15, 2017 and its price trajectory depends on global crude oil prices as well as rupee-dollar exchange rates.
In the international oil market, crude prices declined in early trade today on the back of weak set of manufacturing data from Europe as well as Japan-focused market attention with respect to weak demand outlook. Nonetheless, uncertainty concerning Saudi supply disruption capped the drop. It is suggested that Saudi Arabia has managed to restore over 75% of crude supply hit after terror attack on its facilities and will return to its full capacity by early next week.
Brent crude futures dropped 29 cents from their last close to $64.48 per barrel by 0154 GMT, while U.S. West Texas Intermediate (WTI) futures were at $58.40, down 24 cents.