Fuel price today: The increase in fuel prices has come following the drone attack on Saudi oil facilities.
Petrol and diesel saw up to 7 paise rise across all major metropolitan cities of India on Thursday. The fuel prices have been on the rise for over a week now. Barring Wednesday, petrol and diesel prices have seen a continuous rise in prices. With this upward rally, petrol has been hiked by Rs 2.7 and diesel rates by Rs 2.3 in the past 10 days. As per Indian Oil's daily fuel pricing formula, consumers will have to shell out Rs 74.19 for a litre of petrol in Delhi today, while they will have to pay Rs 67.14 for a litre of diesel. Things are worse in Mumbai with Rs 79.85 per litre for petrol and Rs 70.44 per litre for diesel. In Chennai and Kolkata, petrol prices have reached Rs 77.12 and Rs 76.88, respectively, while diesel rates are Rs 70.98 and Rs 64.56, respectively.
Fuel prices across 4 metropolitan cities (per litre) today
Delhi: Petrol Rs 74.19; Diesel Rs 67.14
Mumbai: Petrol 79.85; Diesel Rs 70.44
Chennai: Petrol Rs 77.12; Diesel 70.98
Kolkata: Petrol Rs 76.88; Diesel Rs 64.56
The increase in fuel prices has come following the drone attack on Saudi oil facilities. The attack jolted global oil markets, disabling around 5 per cent of the global supply, after which fuel prices have seen a significant rise in India. India depends on Saudi Arabia for a fifth of its oil imports. It buys around 2,00,000 tonnes of LPG every month from Saudi Arabia.
Attackers using low-flying drones and cruise missiles knocked out 5.7 million barrels of production, or about 60 per cent of what Saudi Arabia currently produces, making it the largest supply disruption in history. Analysts have warned the style of the attacks on Saudi Aramco's Abqaiq and Khurais oil facilities might add a permanent risk premium to oil and gasoline prices. Union Oil Minister Dharmendra Pradhan said on Monday that global oil prices would ease if there was no further escalation of geopolitical tensions.