Saudi attack fallout: Fuel up Rs 2-2.25/Litre in a fortnight
On Friday, petrol had touched Rs 80 a litre in Mumbai and Rs 74.34/litre in Delhi. The rates for diesel were Rs 70.55/litre and Rs 67.24/litre, respectively.
NEW DELHI: Domestic rates of petrol and diesel have risen by Rs 2-2.5 per litre in a fortnight since the drone attack on Saudi oil facilities sent international oil prices soaring.
On Friday, petrol had touched Rs 80 a litre in Mumbai and Rs 74.34/litre in Delhi. The rates for diesel were Rs 70.55/litre and Rs 67.24/litre, respectively.
State oil companies, which control nearly 90% the domestic fuel market and act as price-setters, are expected to revise local fuel prices daily after factoring in 15 days’ moving average of fuel prices in the international markets as well as the exchange rate.
However, oil companies do not strictly follow this, resulting in amplified increases or cuts in local prices at times. In Delhi, the price of petrol has increased by Rs 2.37/litre and that of diesel by Rs 1.87/litre since September 14 when a pre-dawn strike by an army of drones halved Saudi Arabia’s oil production and took away 5% of world supplies.
