Petrol prices rose by Rs 1.59 a litre and diesel by Rs 1.31 in the past six days – the highest since daily price revision was introduced in 2017, PTI reported on Sunday. The increase came in the backdrop of drone attacks on two facilities of Saudi Arabia’s state-run oil producer Saudi Aramco last week.
The price of petrol on Sunday was increased by 27 paise to Rs 73.62 per litre in Delhi, diesel rates rose by 18 paise to Rs 73.62 per litre, the sixth consecutive daily increase.
The rise in fuel rates are attributed to the attacks that took place in the oil facilities in Abqaiq and Khurais in Saudi Arabia. Abqaiq has the world’s largest oil processing plant, and Khurais has the country’s second largest oilfield.
The attack, which triggered a massive fire, hit almost half of the supplies of the world’s largest oil exporter. Around 5.7 million barrels of crude supplies, part of which was offset with stockpiles, were interrupted by the fires.
Saudi Arabia is responsible for more than 10% of global crude oil and the loss of about 5.7 million barrels a day would be equal to 5% of the international supply. Yemen’s Houthi rebels took responsibility for the episode.
Oil Minister Dharmendra Pradhan on Thursday reportedly spoke to Saudi Arabia’s new oil minister Prince Abdulaziz bin Salman about the fuel supply. Bharat Petroleum Corporation Limited has already tendered for liquefied petroleum gas import in October possibly due to the disrupted supply in oil. India imports 83% of its oil with Saudi Arabia providing a fifth of the purchase.
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