Fuel prices spike on Tuesday; petrol jumps 19 paise in Delhi to Rs 74.61, diesel 16 paise to Rs 67.49

Petrol and diesel prices in the country have increased for the second consecutive day after remaining flat for three days at a stretch. Petrol prices in the country have increased in the range of 13-19 paise, while diesel prices were hiked by 10-16 paise.

The biggest jump among the four metropolitan cities was witnessed by Delhi where petrol rates increased by 19 paise and diesel rates increased by 16 paise. However, fuel prices in Delhi were still the cheapest between the four metropolitan cities.

Petrol, diesel prices in the four metropolitan cities:

Delhi: Petrol - Rs 74.61; Diesel - Rs 67.49

Kolkata: Petrol - Rs 77.23; Diesel - Rs 69.85

Mumbai: Petrol - Rs 80.21; Diesel - Rs 70.76

Chennai: Petrol - Rs 77.50; Diesel - Rs 71.30

The continuous spike in fuel prices were propelled by the drone attack on Saudi oil facilities that disabled around 5 per cent of the global supply. Not only fuel prices in India were impacted as an aftermath, retailers were also scouring the market for liquefied petroleum gas (LPG) ahead of the festive season.

While the price of petrol and diesel is impacted by the global crude price and the value of rupee, the Saudi Arabia drone attack compounded the increase in prices.

However, Reliance Industries that sources a significant share of its crude from Saudi Aramco has said that the company has confirmed and reassured supplies for October will be maintained. A spokesperson for RIL said, "In the immediate aftermath of the incident, Aramco maintained supply with alternate grades of crude oil. The alternate grades being heavier suited Reliance's refining needs. Aramco have confirmed and assured that supplies for October will be maintained both in terms of quantity and mix of grades as per our requirement."

Also read: Fuel prices increase after 3 days; petrol Rs 74.42 in Delhi, Rs 80.08 in Mumbai