FM Says Fuel Concerns Are Back, Check Revised Petrol, Diesel Price In Bangalore, Other Cities Here

Finance Minister Nirmala Sitharaman said on Friday that fuel concerns are back and many emerging market countries are concerned about the impact on fuel prices due to the ongoing crisis in the Middle East. Sitharaman said that the major concerns in the near future include fuel concerns affecting food security aspects and impact on inflation, and fragmentation of supply chains.

The FM said this while detailing the discussions held by G20 finance leaders in Marrakech.

Referring to the Israel-Hamas conflict, Minister Nirmala Sitharaman said, "The recent crisis in the Middle East, and concerns about fuel back again, are worries which many countries do hold and they have expressed as well."

Sitharaman is on an official visit to Marrakech, Morocco, to attend the IMF-World Bank Annual Meetings 2023.

The G20 finance leaders are meeting on the sidelines of the International Monetary Fund and World Bank annual meeting in Marrakech. India holds the rotating presidency of the G20, which expires in November.

In her address, the minister also talked about the role of IMF in addressing debt restructuring process bottlenecks and fostering cooperation on debt issues, including through co-chairing the Global Sovereign Debt Roundtable (GSDR) with India and the World Bank.

Since last week after the war between Israel and Hamas started drastic volatility has been seen in the price of Gold and fuel prices.

Oil prices leaped almost 6% on Friday, with Brent recording its highest weekly gain since February, as investors priced in the possibility of escalation in the Middle East conflict.

Fuel Prices In Different Indian Cities On October 14:

Brent futures closed 5.7% higher at $90.89 per barrel, while West Texas Intermediate (WTI) crude rose 5.8% to $87.69 per barrel.

Fuel prices have increased in various Indian cities including Chennai and Gurgaon. In Delhi, petrol price stands at Rs 96.72 per litre, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol is being sold for Rs 106.31 per litre, while diesel is available for Rs 94.27 per litre.

In Kolkata, the cost of petrol is Rs 106.03 per litre inclusive of taxes, diesel is available for Rs 92.76 per litre with taxes. In Bangalore, petrol is available at Rs 101.94 per liter, while diesel can be obtained at Rs 87.89 per liter.