Fuel price today: The increase in fuel prices has come following the drone attack on Saudi oil facilities.
After eight days of continuous rise, petrol and diesel prices remained unchanged across four metropolitan cities of the country on Wednesday. On Tuesday, petrol prices saw an increase of 22 paise, while diesel rates increased by 14 paise. With this increase, petrol has seen an overall price rise of Rs 2.1 and diesel rates have spiked by Rs 1.64 in the past eight days.
After the eight-day price rise, consumers will now have to shell out Rs 74.13 for a litre of petrol in Delhi, while they will have to pay Rs 67.07 for a litre of diesel. Things are worse in Mumbai with Rs 79.79 per litre for petrol and Rs 70.37 per litre for diesel. In Chennai and Kolkata, petrol prices have reached Rs 77.06 and Rs 76.82, respectively, while diesel rates are Rs 70.91 and Rs 64.49, respectively.
Fuel prices across 4 metropolitan cities (per litre)
Delhi: Petrol Rs 74.13; Diesel Rs 67.07
Mumbai: Petrol 79.79; Diesel Rs 70.37
Chennai: Petrol Rs 77.06; Diesel Rs 70.91
Kolkata: Petrol Rs 76.82; Diesel Rs 64.49
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 been 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.