Fuel prices were raised again by state-owned oil retailers on Friday as the effects of drone attacks on Saudi Aramco continue to loom.
Petrol prices per litre were increased by 15 paise to Rs 80 in Mumbai, Rs 74.34 in Delhi, Rs 77.03 in Kolkata and Rs 77.28 in Chennai. It is the first time in 2019 that the retail price of petrol has touched Rs 80-mark in the financial capital.
Diesel prices per litre rose to Rs 70.55 in Mumbai, Rs 67.24 in Delhi, Rs 69.66 in Kolkata and Rs 71.09 in Chennai.
Fuel prices were hiked by oil retailers every day except on 25 September after the attacks on Saudi Arabia's oil facilities destroyed almost half of the kingdom's oil production capacity.
A few days after the attack, the Saudi's oil minister had assured that the lost production would be restored by the end of this month and its production capacity would be 12 million barrels per day by the end of November. As per recent numbers, there has been a much quicker recovery in production, easing international crude oil prices. Saudi Aramco has increased its production capacity to over 11 million barrels a day, which beats their self-imposed deadline by about a week.
As a result, benchmark Brent crude futures were down by 0.8 percent on Friday to $62.25.
A decline in oil prices should be reflected in retail prices of petrol and diesel in India soon. These rates are revised on a daily basis by state-owned oil retailers in the country based on an average of international crude oil prices for the last 15 days and foreign exchange rates.