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Petrol prices spike to Rs 72.42 in Delhi, Rs 78.10 in Mumbai; highest hike since Budget' 19

BusinessToday.In     September 18, 2019

Petrol and diesel prices across the country have seen the highest single-day spike since the Union Budget in July. Prices of petrol increased by 25 paise while diesel prices spiked by 24 paise. The rise in fuel rates is the fallout of the drone attacks on Saudi oil facilities on Saturday. The attack wiped away 5 per cent of the world's crude oil supplies. Crude oil rates jumped 20 per cent on Monday, following the attacks.

A litre of petrol costs Rs 72.42 in Delhi, while it costs Rs 78.10 in Mumbai, Rs 75.14 in Kolkata and Rs 75.26 in Chennai. A litre of diesel costs Rs 65.82 in Delhi, Rs 69.04 in Mumbai, Rs 68.23 in Kolkata and Rs 69.57 in Chennai.

This spike is the highest since Finance Minister Nirmala Sitharaman announced an increase of excise duty on fuel by almost Rs 2.50 per litre during the Budget 2019 speech. The increase in fuel prices started reflecting since July 6.

On Saturday, ten unmanned aerial vehicles attacked Saudi state-owned oil giant Aramco's crude-processing facility in Abqaiq as well as the kingdom's second-biggest oil field in Khurais, sparking huge fires and disrupting more than half of Saudi Arabia's oil capacity, or an estimated 5.7 million barrels. The attacks resulted in "the temporary suspension of production operations" at the Abqaiq oil processing facility and the Khurais oil field, Energy Minister Prince Abdulaziz bin Salman said in a statement.

Salman said on Tuesday that more than half of the country's daily crude oil production that was knocked out by an attack had been recovered and that production capacity at its targeted plants would be fully restored by the end of the month.

"Where would you find a company in this whole world that went through such a devastating attack and came out like a phoenix?" Salman said about the state-owned Saudi Aramco, which was the target of the attacks.

Also read: Petrol, diesel prices may surge in India after attack on Saudi oil facilities

Also read: Petrol, diesel prices may jump Rs 5-6 per litre due to Saudi Aramco drone strikes

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