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Petrol Price Highest In Two Years, Rise In Past Six Days: Report
Price of Petrol was on Sunday hiked by 27 paise to Rs. 73.62 a litre in the Delhi-- the benchmark for national rates.
New Delhi: In the last six days, the prices of Petrol and Diesel increased by Rs. 1.59 a litre and Rs. 1.31 respectively. This increase is the most since the current system of daily price reviews was introduced in 2017. Petrol price on Sunday was hiked by 27 paise to Rs. 73.62 a litre in Delhi. The rate of diesel was increased by 18 paise to Rs. 66.74 per litre in Delhi. This is the sixth straight daily increase and has taken the cumulative price hike since September 17 to Rs. 1.59 per litre in case of petrol and Rs. 1.31 for diesel. On September 17, global energy prices spiked by 15 per cent after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record.
Summary To Price Surge Of Petrol
1- State-run oil marketing companies review the domestic fuel prices on a daily basis and any revisions are implemented at the fuel stations with effect from 6 am.
2- With effect from 6 am on Sunday, the price of petrol was at Rs. 76.32 per litre in Kolkata, Rs. 79.29 per litre in Mumbai and Rs. 76.52 per litre in Chennai, according to notifications from state-run Indian Oil Corporation (IOC).
3- The rate of diesel was at Rs. 69.15 per litre in Kolkata, Rs. 70.01 per litre in Mumbai and Rs. 70.56 per litre in Chennai.
4- The domestic fuel prices are determined broadly by dollar-rupee exchange rate and global crude oil prices.
5- Global oil prices shot up the most since the Gulf war in the immediate aftermath of the unprecedented drone missile strikes on key oil facilities in Saudi Arabia that disabled 5 per cent of the global supply. The drone strike drove crude oil prices to their highest level in nearly four months.
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6- Oil prices have cooled since the spike on September 16 but remain on the edge.
7- According to analysts, the style of the attacks on Saudi Aramco's Abqaiq and Khurais oil facilities may add a permanent risk premium to oil and gasoline prices.
8- Saudi Arabia has said it would restore lost production by the end of this month, and bring its capacity back to 12 million barrels per day by the end of November.
9- However, experts say the shock to the global oil market will be felt for years.
10- India is in constant touch with Kingdom officials on securing supplies and depends on Saudi Arabia for a fifth of its oil imports.
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