National/International: Petrol and diesel prices rose for the fifth day in India after the US killed an Top military Iranian commander Major General Qassem Soleimani, fuelling fresh fears of conflict in the crude-rich Middle East. Oil markets reopened on Monday after the weekend break.
According to a notification from state-owned fuel retailers, the price of petrol retail pump was increased by 9 paise per liter and diesel by 11 paise.
The domestic fuel prices continued to go upward as the price of petrol went up by 15-16 paise and that of diesel by 17-18 paise across all major cities on 6 January 2020.
According to information on the Indian Oil Corporation website, petrol now costs Rs 75.69 a litre in Delhi, Rs 81.28 a litre in Mumbai Rs 78.28 a litre in Kolkata, Rs 80.14 a litre in Hyderabad, and Rs 78.64 a litre in Chennai, after the increase.
Similarly, diesel prices cost Rs 68.68 a litre in Delhi, Rs 72.02 a litre in Mumbai, Rs 71.04 a litre in Kolkata and Rs 72.58 in Chennai and Rs 74.53 a litre in Hyderabad.
As per report several petroleum dealers in the states of Southern, the trend might continue for some more time till the crisis in the East Middle is sorted.
India imports 84% of its oil and any spike in global prices has a direct bearing on its economy. According to international benchmarks the priced is not just imports but even domestic crude oil, which forms the raw material for making petroleum, diesel and other petroleum products.
East Middle accounts for more than 2/3rd of the country’s oil imports, From Saudi Arabia and Iraq being the top suppliers. Officials Report said there is no immediate threat of any supply disruption to India and the only impact would be felt in prices.
An official said, “Nowhere in the world has US supply been blocked due to US attacks. Oil is routinely flowing.” (With agencies information)