Petrol Price Rise In Past Six Days Highest In Two Years: Report
- 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.
- 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).
- 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.
- The domestic fuel prices are determined broadly by dollar-rupee exchange rate and global crude oil prices.
- 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.
- Oil prices have cooled since the spike on September 16 but remain on the edge.
- 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.
- 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.
- However, experts say the shock to the global oil market will be felt for years.
- India depends on Saudi Arabia for a fifth of its oil imports and has been in constant touch with Kingdom officials on securing its supplies.
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Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
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