Petrol, diesel prices up in India as US strike roils oil market

Petrol price

Cost of petrol and diesel surges as supermarket price war ends

Diesel prices have increased by Rs 2.95 per litre over this period while petrol has become costlier by 1.06 paise.

State-run fuel retailers today increased the price of petrol by 15 paise a litre and that of diesel by 17 paise a litre. According to the Indian Oil website, after the revised rates came into effect on Saturday morning, the price of petrol in Delhi was Rs 75.45 per liter, Rs 81.04 per liter in Mumbai, Rs 78.04 per liter in Kolkata and Rs 78.39 per liter in Chennai. The price of diesel has increased by 11 paise in Chennai, after which its price has increased to 68.51, 70.87, 71.84 and 72.39 per liter respectively.

Oil prices rose $ 3 a barrel on Friday after a US airstrike killed top Iranian general Qassem Soleimani and escalated major tensions in the Middle East.

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US President Donald Trump on Sunday warned of a "major retaliation" against Tehran after it threatened revenge for the killing.

While global equity markets have been mixed after the U.S. assassination of Qasem Soleimani, oil prices rose more than 3% on Friday.

Brent futures rose as much as 3.1 per cent, or USD 2.14, to USD 70.74 per barrel while West Texas Intermediate advanced 1.7 per cent to USD 64.10 on the New York Mercantile Exchange.

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The deaths of the two generals have brought tensions between Tehran and Washington to new heights. The US has, however, denied responsibility for those attacks.

The Middle East accounts for more than two thirds of the country's oil imports, with Iraq and Saudi Arabia being the main suppliers.

"While there was some positive news for drivers in December with an overdue fuel price cut from the supermarkets mid-month, after Christmas things unfortunately took a turn for the worse when oil began to go up as a result of the US's trade war with China cooling down".

Similarly, diesel prices also saw an increase across all major cities. "Oil continues to flow as usual", said an official.

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Suleimani was widely seen as the second most powerful figure in Iran behind Khamenei. State television showed large crowds in Tehran for Soleimani's funeral.

"As we embark on a new decade it is hard to see that 2020 will be a good year for drivers in terms of fuel prices".

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