Petrol price up by Rs 1.50/ltr
Pune: Crude oil markets worldwide have been badly affected since the attack on Saudi Arabian oil refinery plants. Due to this, in the last six days, the price of petrol in Pune has increased by Rs 1.50 per litre and diesel by Rs 1 per litre. Petrol prices in the city increased by 26 paise per litre on Sunday.
With this, petrol has reached Rs 79.03 per litre. Diesel price has increased by 22 paise per litre and reached Rs 68.68 per litre.
According to the notification of public sector petroleum companies, fuel prices have increased for the sixth consecutive day. Since September 17, petrol prices have increased by a total of Rs 1.59 a litre and diesel has become expensive by Rs 1.31 a litre across the country.
Global crude oil supplies have declined by five per cent since the drone strikes at Saudi Aramco’s plants. Although Saudi Arabia said it will normalise supplies soon, experts say the impact of the shock will be visible on global markets for many years.
All India Petrol Dealers Association spokesperson Ali Daruwalla said, “Petrol prices went up by close to Rs 1.50 per litre and diesel by around Rs 1 per litre in the past five days, owing to the Aramco drone attack. The price of crude went up to 69 dollars per barrel in one week. But luckily today (Sunday) crude has fallen by 7 dollars per barrel and reached 62 dollars per barrel and hopefully, it may go down further. So the great news is the customers can expect a cut in the prices of fuel due to this reason. Some critics argue that the prices came down due to elections in the state of Maharashtra and Haryana.”
Saudi Arabia supplies 2 million tonnes of crude oil to India every month.
Out of this, supply of 12 to 13 lakh tonnes has been received for September.
The remaining supplies are expected soon. Petroleum Minister Dharmendra Pradhan has spoken to his counterpart in Saudi Arabia on this issue. Saudi Arabia has assured India of maintaining its supply of crude oil.
Crude oil prices
Crude oil prices have been limited in the international market for the last few sessions, but the benchmark crude oil Brent crude’s November delivery contract on the Intercontinental Exchange rose nearly four-and-a-half dollars a barrel in the last session of last trading week on Friday. To close at $ 64.63 a barrel, Brent on Monday in the first trading session of the week crude prices went close to 71.95 dollars a barrel, with strong gains of 20 per cent.
