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Petrol prices rise Re 1.60 in one week post Aramco attack
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SME Times News Bureau | 23 Sep, 2019
Domestic fuel prices have
increased significantly over the past one week after the recent drone
attacks on Saudi-oil major Aramco and petrol prices across major cities
by around Rs 1.60 per litre.
In the national capital, petrol
prices have risen Rs 1.65 since the attacks on September 21. On Sunday,
the fuel was priced at Rs 73.62 per litre.
Prices in Chennai,
Mumbai and Kolkata rose by Rs 1.67, Rs 1.64 and Rs 1.66 to Rs 76.52, Rs
79.29 and Rs 76.36 per litre, respectively, on Sunday, data on the
Indian Oil Corp's website showed.
The rate of increase in prices
has been higher in the past four days. On a daily basis, prices in
Delhi, Chennai, Mumbai and Kolkata rose by 27 paise, 28 paise, 27 paise
and 31 paise compared to Saturday's price levels.
Diesel prices
across the metro cities also increased by over a rupee after since
September 14. In Delhi, Chennai, Mumbai and Kolkata, prices of diesel
have so far increased by Rs 1.37, Rs 1.47, Rs 1.45 and Rs 1.37 to Rs
66.74, Rs 70.56, Rs 70.01 and Rs 69.15 per litre, respectively, on
Sunday.
Experts suggested that following the largest
ever-disruption of crude production in Saudi Arabia amid drone attacks
on its key facilities, prices of petrol and diesel in India may shoot up
by Rs 5 to 6 a litre.
A recent report by Kotak said that in
light of the sharp rise in international crude oil prices, Indian oil
marketing companies (OMCs) may increase the retail price of diesel and
gasoline by Rs 5 to 6 per litre in the following fortnight.
However,
government sources have indicated that, even if the surge in crude
prices holds on for a longer period, consumers would not be burdened
with high auto fuel prices as oil companies and the government may
absorb a portion of the price hike.
On September 16, the first
working day post the attacks, prices of benchmark Brent crude surge to
$72 per barrel. Eventually, however, they have eased following
assurances improvement in supplies by Aramco. The demand scenario also
has remained stagnant which has helped prices come down from the highs.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
Japanese
Yen |
55.05 |
53.40 |
As on 12 Oct, 2024 |
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